Frequently Asked Questions

Any individual whose gross total income exceeds the basic exemption limit (₹2.5 lakh for below 60 years, ₹3 lakh for 60–80 years, ₹5 lakh for above 80 years) must file an ITR. Companies, firms and LLPs must file regardless of income.

For individuals not requiring audit: 31st July. For businesses requiring audit: 31st October. For transfer pricing cases: 30th November. These dates may be extended by the government.

PAN card, Aadhaar, Form 16 (for salaried), bank statements, investment proofs (80C, 80D), capital gains statements, rental income details and any other income documents.

You can file a belated return by 31st December of the assessment year with a late fee of ₹1,000 (income up to ₹5 lakh) or ₹5,000 (income above ₹5 lakh). Interest under Section 234A also applies.

A tax audit is mandatory for businesses with turnover exceeding ₹1 crore (₹10 crore for digital transactions) and professionals with gross receipts exceeding ₹50 lakh. It must be conducted by a Chartered Accountant.

Businesses with aggregate turnover exceeding ₹40 lakh (₹20 lakh for services, ₹10 lakh for special category states) must register for GST. Certain businesses must register regardless of turnover (e.g., inter-state suppliers, e-commerce operators).

PAN card, Aadhaar, proof of business address (electricity bill/rent agreement), bank account details (cancelled cheque), photographs of proprietor/partners/directors and digital signature.

GSTR-1: 11th of next month (monthly) or last day of month after quarter (quarterly). GSTR-3B: 20th of next month. GSTR-9 (Annual): 31st December of next financial year.

ITC allows businesses to reduce their GST liability by the amount of GST already paid on purchases. Proper reconciliation of ITC in GSTR-2B is essential to claim it correctly.

Late filing attracts a penalty of ₹50/day (₹20/day for nil returns) up to a maximum of ₹10,000 per return. Interest at 18% per annum also applies on outstanding tax liability.

Accurate bookkeeping ensures your financial records are up to date, helps in timely tax filing, supports loan applications and gives you a clear picture of your business performance. It also avoids penalties due to incorrect or missing records.

Bookkeeping involves recording day-to-day financial transactions (sales, purchases, payments). Accounting involves interpreting, classifying and summarising those records into financial statements, tax returns and management reports.

Yes, businesses with employees must maintain proper payroll records, deduct TDS on salary, file Form 24Q quarterly and comply with PF and ESI regulations. Non-compliance attracts penalties and interest.

We work with Tally Prime, Tally ERP 9, Zoho Books, QuickBooks and other popular accounting software. We can also maintain accounts in Excel-based formats as per client preference.

A Private Limited Company must file AOC-4 (financial statements) and MGT-7 (annual return) with the ROC every year. It must also hold an AGM, maintain statutory registers, file income tax returns and comply with TDS and GST obligations.

DIR-3 KYC is an annual filing required for every individual who holds a Director Identification Number (DIN). It must be filed by 30th September each year. Failure to file results in deactivation of the DIN and a penalty of ₹5,000.

A company can be struck off by filing Form STK-2 with the ROC under the Fast Track Exit (FTE) scheme, provided it has no active liabilities and has filed all pending returns. An LLP can be closed via Form 24. We handle the entire process end to end.

Late filing of ROC forms attracts additional fees ranging from ₹100 to ₹1,000 per day depending on the form. Continued non-compliance can lead to company strike-off by the ROC and disqualification of directors.

Yes, NRIs must file returns if their Indian income exceeds the basic exemption limit. This includes rental income, capital gains from property/shares, interest from NRO accounts and any other Indian-sourced income.

NRO (Non-Resident Ordinary) accounts hold Indian-earned income and are taxable in India. NRE (Non-Resident External) accounts hold foreign earnings converted to INR and are tax-free in India. Repatriation from NRO requires CA certification.

Form 15CA is a declaration by the remitter for foreign remittances. Form 15CB is a certificate issued by a Chartered Accountant confirming that applicable taxes have been deducted. Both are required for most foreign remittances above ₹5 lakh.

NRIs can repatriate up to USD 1 million per financial year from their NRO account, subject to payment of applicable taxes and submission of Form 15CA/15CB and other FEMA documentation.