Who must file an Income Tax Return?
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Any individual whose gross total income exceeds basic exemption Limit must file an ITR. Filing is also advisable below the threshold β for refunds, visa applications, or loan processing.
When is GST registration mandatory?
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GST registration is mandatory when aggregate turnover exceeds βΉ40 lakh (goods) or βΉ20 lakh (services). Businesses in inter-state supply, e-commerce, or reverse charge must register regardless of turnover.
When is a Tax Audit under Section 44AB required?
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A Tax Audit is required when business turnover exceeds βΉ2 crore (βΉ10 crore if 95% digital transactions). For professionals the threshold is βΉ50 lakh. Different thresholds apply under presumptive taxation sections.
What is Form 15CA and 15CB?
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Form 15CB is a CA certificate confirming TDS has been deducted on a foreign remittance. Form 15CA is an online declaration filed by the remitter on the Income Tax portal. Both are required under Section 195.
What documents are needed to incorporate a Private Limited Company?
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PAN and Aadhaar of all directors and shareholders, address proof, photographs, registered office address proof (utility bill + NOC), and 3 proposed company names. The process is completed on MCA21.
What is the due date for GSTR-3B?
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For monthly filers, GSTR-3B is due on the 20th of the following month. For QRMP quarterly filers, it is due by the 22nd/24th after the quarter. Due dates are subject to CBIC extension notifications.
What is advance tax and who must pay it?
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Advance tax is income tax paid in instalments during the year. It applies when tax liability exceeds βΉ10,000. Instalments: 15% by 15 June, 45% by 15 September, 75% by 15 December, 100% by 15 March.