Any individual or entity whose income exceeds the basic exemption limit, or who meets specific conditions (like owning foreign assets, spending on foreign travel, etc.), is required to file an ITR.
For individuals and non-audit cases: 31st July of the assessment year. (15th September, 2025 for AY 2025-26
For companies and audit cases: 31st October (subject to changes by the Income Tax Department).
Yes, a return can be revised before the end of the assessment year or before the completion of assessment, whichever is earlier.
A late fee of ₹1,000 to ₹5,000 may apply under section 234F, depending on income and filing delay.
You may face penalties, interest, loss of refund claim, or prosecution in serious cases.
Yes. It’s beneficial to file ITR to claim refunds, carry forward losses, or maintain financial/legal proof of income.
It is a consolidated annual tax statement showing TDS, advance tax, and other income tax-related details linked to your PAN.
Visit incometax.gov.in → Login → Go to "View Returns/Forms" → Check refund status for the relevant AY.
Yes, linking PAN with Aadhaar is mandatory for filing ITR
GST (Goods and Services Tax) is a unified indirect tax levied on the supply of goods and services across India, replacing various state and central taxes.
Any business with an aggregate turnover exceeding the prescribed threshold (₹40 lakh for goods, ₹20 lakh for services; ₹10 lakh for special category states) must register. Voluntary registration is also allowed.
GSTIN (Goods and Services Tax Identification Number) is a 15-digit unique number assigned to every GST-registered taxpayer.
Most businesses need to file:
ITC allows businesses to reduce the tax they have paid on purchases from the tax they owe on sales, thus avoiding cascading of taxes.
Yes, the entire registration process is online through the GST Portal.
Penalties include late fees for delayed filing, interest on tax dues, and fines for failure to register or furnish accurate information.
Small taxpayers with turnover up to ₹1.5 crore (₹75 lakh in some states) can opt for the composition scheme, paying tax at a lower rate with fewer compliance requirements.
Yes, if their turnover exceeds the threshold or if they provide inter-state services.
TDS (Tax Deducted at Source) is the tax deducted by a person (deductor) while making specified payments such as salary, rent, interest, commission, etc., to another person (deductee) as per the prescribed rates under the Income Tax Act.
TCS (Tax Collected at Source) is the tax collected by a seller from the buyer at the time of sale of specified goods or services such as liquor, scrap, or sale above a certain limit (e.g., motor vehicles, overseas remittances).
Individuals, companies, and other entities making certain specified payments (like salary, rent, contractor payments, commission, etc.) above threshold limits are required to deduct TDS.
TDS must be deposited by the 7th of the following month, except for March (due by 30th April).
Form 26AS is a consolidated tax statement that shows all TDS/TCS deducted on your behalf and deposited with the government, along with advance tax and self-assessment tax.
The deductor may face interest, penalties, and disallowance of expenses under section 40(a)(ia). It can also attract prosecution in some cases.
You can check your Form 26AS or download AIS (Annual Information Statement) from the Income Tax Portal.
Yes, under section 194N, TDS is applicable on cash withdrawals exceeding specified limits (e.g., ₹1 crore or ₹20 lakh in certain cases).
Yes, clients paying more than ₹30,000 in a financial year must deduct TDS @ 10% under section 194J (or 194C for contractors).
ROC compliance refers to the statutory obligations and filings that companies and LLPs must fulfill with the Ministry of Corporate Affairs (MCA) through the Registrar of Companies.
All registered companies (Private, Public, One Person Company) and LLPs in India must file annual returns and other event-based forms with the ROC, regardless of business turnover or activity.
Late filing attracts additional fees (₹100 per day per form) and may lead to penalties, disqualification of directors, or company strike-off in severe cases.
Yes, even if the company has no transactions or is dormant, it must file its annual ROC returns unless officially closed or struck off.
Apart from late fees, directors may be disqualified, and the company can be marked as non-compliant, affecting its credibility and ability to raise funds.
Every director who holds a DIN (Director Identification Number) must update their KYC annually through DIR-3 KYC or DIR-3 KYC Web form.
Some forms can be revised by filing a fresh form with the correct information, but late fees or penalties may still apply.
ROC filing is with the MCA for regulatory compliance, while Income Tax Return (ITR) is with the Income Tax Department for tax purposes. Both are mandatory and serve different purposes.
Registering your business provides legal recognition, builds credibility, enables you to open a business bank account, obtain licenses, and avail tax benefits or government schemes.
It depends on ownership, funding needs, liability concerns, and compliance willingness. Private Limited Company or LLP is generally preferred for startups due to limited liability and scalability.
Typically, 5–10 working days, depending on the structure and completeness of documentation.
If your turnover exceeds the threshold limit (₹20L for services, ₹40L for goods) or you make interstate supply, GST registration is mandatory. Voluntary registration is also possible.
Yes, you can use a residential address as your business's registered office, provided proper documents (like NOC from owner) are submitted.
Costs vary by structure (Proprietorship is minimal, Pvt Ltd involves ROC fees, professional charges, etc.). You can consult for a custom quote.
While basic registrations can be done by individuals, involving a professional ensures proper structuring, compliance, and smooth processing.
No, each registered entity (like LLP or Pvt Ltd) gets a unique PAN and incorporation number. However, one individual can be a director/partner in multiple businesses.
