Frequently asked questions

You can still file a late return within the time allowed, but a late fee and interest apply, and some losses can no longer be carried forward.

The new regime has lower rates but allows few deductions. The old regime can work out better if you have large deductions such as home-loan interest, insurance or tuition fees. We compute both before filing.

Form 26AS shows only the tax deducted or collected on your behalf. The AIS also shows high-value transactions reported by banks, brokers and others. Any differences should be explained or reported in the return to avoid a mismatch notice.

Don't ignore it. Notices have a fixed time to respond. We review what is being asked and prepare a reply with supporting documents.

Anyone whose tax for the year, after TDS, is ₹10,000 or more, in four instalments during the year. Late or short payment attracts interest.

Yes. A revised return can be filed within the time allowed, or before the assessment is completed, whichever is earlier.

Businesses whose turnover crosses ₹40 lakh for goods or ₹20 lakh for services (lower limits in some states). Some businesses must register whatever their turnover, such as those making inter-state supplies, e-commerce sellers and those liable under reverse charge.

Input tax credit depends on your supplier reporting the invoice. Matching your purchases with GSTR-2B every month shows missing invoices and mismatches before you file, and avoids later demands, interest and penalties.

A late fee applies for each day of delay, and interest is charged on tax paid late.

The annual return is required for regular taxpayers with turnover above ₹2 crore, and the reconciliation statement for those above ₹5 crore.

Yes. Exports can be made without paying GST under a Letter of Undertaking and unused credit refunded, or GST can be paid and then refunded, subject to conditions.

Check the notice and the reply date, reconcile the figures it relates to, and file a reply with supporting records within the time given.

When a payment to a non-resident is taxable in India and the total paid in the year is above ₹5 lakh, a Chartered Accountant's certificate is needed before your bank can send the money.

Usually a Tax Residency Certificate from its home country, Form 10F filed online, and a declaration that it has no permanent establishment in India.

Only on income earned or received in India, such as rent, capital gains on Indian property or shares, and interest on NRO deposits. Income earned abroad is not taxed in India.

Up to USD 1 million can be repatriated in a financial year. The bank needs a CA certificate confirming that Indian taxes have been paid.

Transactions between an Indian business and related companies abroad must be priced as they would be between unrelated parties. Such businesses must keep documentation and file an accountant's report.

When a business's turnover crosses ₹1 crore (₹10 crore if cash transactions are within 5%), or a professional's receipts cross ₹50 lakh (₹75 lakh in the same case).

30 September, or 31 October where transfer pricing applies.

Yes. Every company must have its annual accounts audited by an independent auditor, whatever its size.

It reviews operations through the year and finds gaps and leakages early, so the statutory audit goes smoothly without qualifications.

Your books are kept by qualified professionals who follow tax and company-law requirements, without the cost of a full-time team, and stay ready for audit and filings.

Tally Prime, Zoho Books, QuickBooks, SAP Business One, Busy and other ERPs. We can work in your system or set one up.

Profit and loss and balance sheet, cash flow, receivables and payables ageing, key margins, and budget versus actual.

We compute salaries from attendance, deduct TDS, PF, ESI and professional tax, issue payslips and prepare payment files.

Weekly or monthly, depending on the number of transactions.

An accountant records past transactions and files returns. A Virtual CFO looks ahead: cash flow, budgets, margins and growth decisions.

When cash flow is uneven despite good sales, margins are falling, the business is preparing for bank or investor funding, or founders spend too much time on finance.

With a rolling 13-week forecast that gives early warning of shortfalls and helps manage payments and collections.

Yes. We prepare financial models, clean up the cap table, set up the data room and answer diligence queries.

Usually a monthly engagement covering management meetings, cash oversight and monthly reviews, with the scope agreed in advance.

Its audited financial statements and annual return after the AGM, director KYC for each director, and a return of deposits where applicable.

An annual return and a statement of accounts and solvency. Accounts must be audited above certain turnover or contribution limits.

A late fee of ₹100 per day per form applies, with no upper limit. Long delays can lead to penalties on the company and directors.

The director's DIN is deactivated. It can be reactivated by filing KYC with a fee of ₹5,000.

The Registrar can begin strike-off, and directors can be disqualified for five years.