May
7
TDS / TCS Payment
AGARWAL SHASWAT & CO
Chartered Accountants
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Agarwal Shaswat & Co.
Chartered Accountants | Established in 2022
Agarwal Shaswat & Co. is a proprietorship chartered accountancy firm founded by CA Shaswat Agarwal in 2022. The firm is dedicated to providing reliable, accurate and value-driven professional services while upholding the highest standards of the chartered accountancy profession.
📄
Taxation
Tax planning, advisory and individual & business return filings.
🧾
Audit & Assurance
Statutory audits, internal audits, tax audits and management assurance.
💼
GST Services
GST registration, GST returns, GST audits and compliance support.
🏢
Corporate Advisory
Company law matters, due diligences, business advisory and consultancy.
Our Vision
To be a trusted and respected chartered accountancy firm known for professionalism, quality and client-focused solutions that contribute to long-term success.
Our Mission
To deliver accurate, reliable and responsible professional services while establishing strong professional standards and cultivating an environment that supports growth for both clients and team members.
Core Values
- Integrity – Commitment to reliable and transparent practices.
- Professionalism – Delivering services backed by diligent research and expertise.
- Client Focus – Providing tailored solutions with confidentiality and precision.
- Quality – Ensuring accuracy, compliance and timely execution.
- Continuous Learning – Staying updated with evolving laws and best practices.
Agarwal Shaswat & Co.
Chartered Accountants | Established in 2022
Agarwal Shaswat & Co. is a proprietorship chartered accountancy firm founded by CA Shaswat Agarwal in 2022. The firm is dedicated to providing reliable, accurate and value-driven professional services while upholding the highest standards of the chartered accountancy profession.
📄
Taxation
Tax planning, advisory and individual & business return filings.
🧾
Audit & Assurance
Statutory audits, internal audits, tax audits and management assurance.
💼
GST Services
GST registration, GST returns, GST audits and compliance support.
🏢
Corporate Advisory
Company law matters, due diligences, business advisory and consultancy.
Our Vision
To be a trusted and respected chartered accountancy firm known for professionalism, quality and client-focused solutions that contribute to long-term success.
Our Mission
To deliver accurate, reliable and responsible professional services while establishing strong professional standards and cultivating an environment that supports growth for both clients and team members.
Core Values
- Integrity – Commitment to reliable and transparent practices.
- Professionalism – Delivering services backed by diligent research and expertise.
- Client Focus – Providing tailored solutions with confidentiality and precision.
- Quality – Ensuring accuracy, compliance and timely execution.
- Continuous Learning – Staying updated with evolving laws and best practices.
Compliance Calendar
May 2026
Stay compliant. Stay ahead.
Monthly & Quarterly Deadlines
May
11
GSTR-1
Monthly
May
13
GSTR-1 IFF (Optional) for QRMP
Optional
May
15
TCS Return in Form 27EQ
Quarterly
May
15
PF & ESI Returns and Payment
Monthly
May
20
GSTR-3B
Monthly
May
25
GST Challan Payment if no sufficient ITC for QRMP
Deadline
May
30
Form 11 for LLPs
Annually
May
30
TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments), 26QE (Crypto Assets)
Monthly
May
30
Issue of TCS Certificates in Form 27D
Quarterly
May
31
TDS Return in Form 24Q, 26Q, and 27Q
Quarterly
May
31
SFT in Form 61A
Annually
Compliance Calendar
May 2026
Stay compliant. Stay ahead.
Monthly & Quarterly Deadlines
May
7
TDS / TCS Payment
Monthly
May
11
GSTR-1
Monthly
May
13
GSTR-1 IFF (Optional) for QRMP
Optional
May
15
TCS Return in Form 27EQ
Quarterly
May
15
PF & ESI Returns and Payment
Monthly
May
20
GSTR-3B
Monthly
May
25
GST Challan Payment if no sufficient ITC for QRMP
Deadline
May
30
Form 11 for LLPs
Annually
May
30
TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments), 26QE (Crypto Assets)
Monthly
May
30
Issue of TCS Certificates in Form 27D
Quarterly
May
31
TDS Return in Form 24Q, 26Q, and 27Q
Quarterly
May
31
SFT in Form 61A
Annually
SERVICES
GST
We offer GST services to help businesses navigate the complexities of India’s GST regime. Our team ensures accurate GST registration, return filing, and compliance management. We assist in GST audits, refunds, input tax credit reconciliation, and resolving notices from the GST department. We help clients to minimize compliance risks and streamline GST processes, making taxation seamless and hassle-free.
INCOME TAX
Our Income Tax services are designed to help individuals, businesses, and organizations in meeting their tax compliances. We provide guidance on income tax planning, return filing, and compliance with the latest tax laws. Our services include tax advisory, representation before tax authorities, tax audit, and strategic planning to optimize tax liabilities while ensuring compliance with the Income Tax Act.
COMPLIANCES
In today’s dynamic regulatory environment, staying compliant is crucial for sustained growth and risk mitigation. Our compliance services encompass company law, registrations under various laws, and other statutory requirements. We assist clients in maintaining accurate records, timely filing of returns, and fulfilling other regulatory obligations.
AUDITING
Our auditing services are tailored to provide insightful and transparent assessments of financial statements. We conduct statutory audits, internal audits, tax audits, and special purpose audits in accordance with the prevailing standards and regulations. Our audit processes are robust and thorough, focusing on enhancing financial accuracy, internal controls, and operational efficiency.
A Commitment to Professional Excellence
Professional services encompass a range of specialized support aimed at helping businesses improve their operations, enhance efficiency, and achieve strategic goals. This includes consulting, auditing, and advisory services tailored to meet client-specific requirements.
Income Tax
Income tax filing, notices, audit, deductions, regime choice and refund questions.
Who should file an income tax return?
Anyone whose income crosses the applicable exemption limit, or who falls into a mandatory filing category such as TDS, foreign assets, business income, high-value spending, or specific reporting triggers.
What is the income tax return due date for individuals?
For most individual taxpayers, the due date is the one notified under section 139(1), unless extended by the department.
Is the new tax regime the default now?
Yes. For most individuals, HUFs, AOPs, BOIs and AJP, the new regime is the default regime.
Can I still choose the old tax regime?
Yes, eligible taxpayers can choose the old regime where permitted by law, subject to the prescribed option process.
What standard deduction is available now?
The standard deduction is ₹50,000 under the old regime and ₹75,000 under the new regime for eligible salary or pension income.
What is section 87A rebate now?
Under the current new regime, rebate can go up to ₹60,000 for taxable income up to ₹12,00,000. Under the old regime, rebate is generally ₹12,500 for income up to ₹5,00,000.
Can salaried employees claim HRA in the new regime?
Generally no. Most exemptions such as HRA are not available in the new regime unless specifically allowed.
Can I claim home loan interest in the new regime?
The treatment depends on the nature of the property and the regime chosen. Many self-occupied benefits remain linked to the old regime.
What is advance tax?
It is tax paid in instalments during the year when the estimated tax liability crosses the prescribed threshold.
What is self-assessment tax?
It is the tax paid before filing when the advance tax already paid is not enough to cover the final liability.
What is Form 26AS?
It is the tax credit statement that shows TDS, TCS and certain tax-related information linked to your PAN.
What is AIS?
AIS is the Annual Information Statement showing expanded income and transaction data reported from different sources.
Can I file ITR after the due date?
Yes, a belated return may be filed within the period allowed by law, though late fee and interest may apply.
Can I revise my income tax return?
Yes, a return can usually be revised within the permitted time limit if you notice an error or omission.
What is ITR-U?
ITR-U is the updated return route for correcting or reporting additional income in permitted cases within the allowed time window.
Is Aadhaar-PAN linking still important?
Yes. PAN-Aadhaar linkage remains important for smooth compliance and to avoid higher TDS/TCS consequences where applicable.
Do I need to declare foreign assets?
Yes, where applicable. Foreign assets and foreign income disclosures must be reported carefully in the return.
Are agricultural receipts taxable?
Agricultural income is generally exempt, though it can affect rate calculation in certain cases.
What if I have only salary income and no tax due?
You may still need to file in some cases, especially if reporting conditions apply or you want to claim a refund.
Is a return filing useful even if no tax is payable?
Yes. Filing creates a clean compliance trail, helps with refunds, and reduces future mismatch issues.
When is tax audit required for business?
Tax audit is generally required if business turnover exceeds ₹1 crore, or up to ₹10 crore where cash receipts and cash payments stay within the prescribed limit.
When is tax audit required for profession?
Tax audit is generally required when professional gross receipts exceed ₹50 lakh.
Who can sign a tax audit report?
A practising Chartered Accountant signs the tax audit report where the law requires audit.
What is the due date for tax audit report filing?
The audit report is to be furnished one month before the due date of the return in audit cases.
What is the difference between old and new regime?
The old regime allows many exemptions and deductions. The new regime has lower slabs in many cases but fewer deductions.
Can I switch between regimes every year?
Non-business taxpayers can generally choose as permitted each year. Business taxpayers have stricter switching rules.
What is income tax notice risk after filing?
Notice risk usually rises when return data does not match AIS, TDS, or reported transactions.
Why does the department ask about high-value transactions?
Because banks, registrars and other intermediaries report such transactions, and the department compares them with the return.
Can I get a refund without filing ITR?
Usually no. Refund claims are generally processed through the income tax return.
What is TDS?
TDS is tax deducted by the payer on specified payments and deposited against your PAN.
What is TCS?
TCS is tax collected by the seller on specified transactions and reported to the tax department.
Is PAN mandatory for filing ITR?
Yes, PAN is required for filing and for most financial compliance actions.
Can I file ITR with Form 16 only?
Form 16 helps, but you should also check AIS, Form 26AS, bank interest and other income sources before filing.
What if my return is selected for scrutiny?
You should respond carefully with supporting documents, reconciliations and explanations for reported figures.
Is interest on savings account taxable?
Yes, generally it is taxable, though deductions may be available in specific cases such as section 80TTA or 80TTB.
Can I claim deductions in the new regime?
Only limited deductions are available in the new regime. Most common deductions are restricted.
What is section 80D?
It is the deduction for eligible medical insurance premium and specified health expenses.
What is the importance of accurate ITR filing?
Accurate filing reduces notices, helps with loan and visa applications, and supports smooth tax processing.
Should I keep documents after filing?
Yes. Keep salary slips, rent proofs, bank statements, invoices, investment proofs and tax working papers for future reference.
GST
Registration, returns, input tax credit, e-invoice, refunds and compliance questions.
Who should register under GST?
Any business making taxable supplies and crossing the applicable threshold, or falling under mandatory registration rules, should register.
What is the GST threshold for services?
The general threshold is ₹20 lakh for most service suppliers, subject to State and special-case conditions.
What is the GST threshold for goods?
For certain suppliers of goods, the threshold can be up to ₹40 lakh subject to conditions and exclusions.
What is the threshold in special category States?
A lower threshold such as ₹10 lakh may apply in special category States depending on the rule framework.
How soon should GST registration be applied for?
The application should generally be filed within 30 days from the date the business becomes liable to register.
Do casual taxable persons need advance registration?
Yes. Casual and non-resident taxable persons generally need to register before starting taxable activity.
What is composite scheme?
It is a simplified GST scheme for eligible taxpayers with lower compliance but restricted ITC and invoice structure.
Can a composition taxpayer issue tax invoices?
No. Composition taxpayers issue a bill of supply, not a regular tax invoice.
What is QRMP?
QRMP is a quarterly return scheme for eligible taxpayers, with monthly tax payment through the prescribed process.
When is GSTR-1 due?
For monthly filers it is generally due on the 11th of the succeeding month. For quarterly filers, it is generally due on the 13th of the month after the quarter.
When is GSTR-3B due?
For monthly filers it is generally due on the 20th of the succeeding month. For quarterly filers, it is generally due on the 22nd or 24th depending on the State or Union Territory.
What is GSTR-2B?
It is the input tax credit statement that helps reconcile eligible ITC before claiming credit.
What is ITC?
Input tax credit is the GST paid on eligible business purchases that can be used against output GST liability.
Can I claim full ITC on all expenses?
No. ITC is allowed only where the supply is eligible and the GST law does not block the credit.
What is blocked credit?
It is ITC that the law does not allow, even if GST was paid on the expense.
What is reverse charge?
Under reverse charge, GST is paid by the recipient instead of the supplier in notified cases.
What is an e-invoice?
An e-invoice is a GST invoice reported to the Invoice Registration Portal and validated with an IRN and QR code.
Who must comply with e-invoicing now?
Businesses with annual aggregate turnover of ₹10 crore or more are covered, subject to the current notification and effective date.
What is the e-invoice reporting time limit?
Covered taxpayers must report e-invoices within 30 days from the invoice date under the current rule.
Do debit notes and credit notes also matter for e-invoicing?
Yes. Where an IRN is required, the reporting time limit applies to those document types too.
What is an e-way bill?
It is the document generated for movement of goods where the applicable value threshold and conditions are met.
When is an e-way bill required?
It is generally required for movement of goods above the threshold, subject to exemptions and notified cases.
What is the GST annual return?
It is the annual compliance return generally filed by normal taxpayers for the relevant financial year.
When is GSTR-9 due?
It is generally due by 31 December of the following financial year unless extended.
What is GSTR-9C?
It is the reconciliation statement required for eligible taxpayers where the audit and filing conditions apply.
What is GST refund?
It is the process of claiming back excess tax, inverted duty credit, export-related refund, or other eligible amounts.
Can exports be taxed under GST?
Exports are zero-rated supplies, subject to the prescribed compliance route and documentation.
What is LUT?
LUT is the Letter of Undertaking that allows export without payment of tax, subject to eligibility.
What is GST cancellation?
It is the formal cancellation of registration when the business ceases or when cancellation is otherwise permitted.
Can a cancelled GST registration be restored?
In some cases, restoration is possible under the rules if the proper process and timelines are followed.
What happens if GSTR-3B is not filed?
Late fee, interest and compliance blockage may follow, and ITC reconciliation can become difficult.
What happens if GST is paid late?
Interest and late fee can apply, and delays can affect cash flow and compliance standing.
Is a tax invoice mandatory under GST?
Yes, for taxable supplies a proper tax invoice is generally required.
Do freelancers need GST?
Freelancers may need GST based on turnover, nature of service and place-of-supply rules.
Do online sellers need GST?
Yes, online selling can trigger GST registration and compliance depending on the transaction structure and marketplace rules.
Can I issue one invoice for multiple supplies?
Only where permitted by GST rules and the transaction structure supports it.
Why is GST reconciliation important?
It helps match sales, tax liability and ITC, and reduces mismatch notices later.
Does GST apply even if I work from home?
Yes. The location of work does not remove GST liability if the supply is taxable and threshold conditions are met.
Can I run business without GST if turnover is low?
Only if you are below threshold and not under compulsory registration.
Why do GST notices come?
Common reasons are return mismatch, ITC mismatch, e-way bill issues, classification errors and delayed filing.
Should small businesses still maintain GST records?
Yes. Proper records make returns, notices and refund claims much easier.
Audit
Tax audit, statutory audit, internal audit and practical audit issues.
What is an audit?
An audit is a structured examination of books, records and supporting documents to verify accuracy and compliance.
What is a statutory audit?
It is the audit required by law for certain entities, especially companies, to report on financial statements.
What is a tax audit?
A tax audit is the audit under section 44AB when turnover or receipts cross the prescribed threshold.
When is tax audit required for business?
Generally when business turnover exceeds ₹1 crore, or up to ₹10 crore where cash receipts and cash payments stay within the prescribed limit.
When is tax audit required for profession?
Generally when gross receipts from profession exceed ₹50 lakh.
Can a Chartered Accountant do the audit?
Yes. The relevant statutory and tax audits are conducted and signed by a practising Chartered Accountant where permitted.
What is an internal audit?
It reviews controls, processes, risk areas and operational discipline to improve governance and efficiency.
Is GST audit still separate?
The old separate GST audit concept is removed, but reconciliation and record review remain important.
What is stock audit?
It is the verification of inventory records against actual stock to confirm quantity, valuation and control accuracy.
What is concurrent audit?
It is a real-time or near real-time review, commonly used in banks and high-volume transactions.
What is special audit?
It is a deeper audit directed in specific cases where complexity or risk requires extra review.
What is the tax audit report form?
The standard reporting route is through the prescribed tax audit forms such as 3CA/3CB and 3CD.
What documents are needed for audit?
Books of account, trial balance, ledger, vouchers, bank statements, contracts, invoices and statutory records are usually needed.
What is vouching in audit?
It is checking transactions against supporting documents to confirm genuineness and accuracy.
What is verification in audit?
It means confirming existence, ownership, valuation and disclosure of assets and liabilities.
What is an audit opinion?
It is the auditor’s conclusion on whether the financial statements present a true and fair view.
What is a qualified audit report?
It is an audit report that points out specific issues while still giving an overall opinion.
What is a management letter?
It is a note to management about internal control gaps, risks and process improvements.
Why do businesses need audit?
Audit improves credibility, supports lending, reduces errors and helps catch compliance issues early.
What is the penalty for not doing tax audit when required?
The penalty can go up to 0.5% of turnover or receipts, subject to the maximum limit prescribed.
Can audit be avoided by late filing?
No. Audit applicability is based on law, not on whether the return is filed late.
What happens if books are incomplete?
Incomplete books create audit difficulty, increase risk of qualification and may attract further scrutiny.
How long does a clean audit usually take?
If books are well maintained, a clean audit is usually far quicker than a messy year-end cleanup.
Can audit be done without reconciliations?
Practically no. Reconciliations are central to a reliable audit process.
Is audit only for large businesses?
No. Even smaller businesses and professionals may need audit if thresholds are crossed.
What is the difference between internal and statutory audit?
Internal audit is for management control. Statutory audit is a legal requirement with external reporting.
Why is bank reconciliation important in audit?
Because cash and bank balances are among the first areas examined for accuracy and fraud risk.
Do I need to preserve audit working papers?
Yes. Working papers support the audit conclusion and help in future reviews and notices.
Can audit findings affect tax notices?
Yes. Poor audit records often lead to follow-up questions and mismatch notices.
What is the best time to prepare for audit?
Monthly. Year-end audit becomes much smoother when books are reconciled regularly.
What is a risk-based audit approach?
It means focusing more on areas where errors, fraud or compliance failures are more likely.
Can a business owner do audit planning late?
They can, but it usually increases cost, stress and the chance of errors.
What is a financial statement audit?
It is the audit of the balance sheet, profit and loss account and related disclosures.
What is due diligence?
It is a review of financial and legal risk before a transaction, investment or acquisition.
Is audit only about numbers?
No. It also covers compliance, controls, documentation and risk behaviour.
Why do banks ask for audited statements?
They use them to judge credibility, profitability, stability and compliance quality.
What if there is a major discrepancy in books?
It should be corrected with proper explanation and supporting documents before finalization.
Do startup businesses need audit too?
They may need it once thresholds or statutory company requirements apply.
Can audit reduce business risk?
Yes. A proper audit often catches control weakness before it becomes a bigger loss.
Should audit be treated as a year-end formality?
No. It is best treated as a year-round discipline, not a rushed compliance task.
Company Law
ROC filings, AGM, annual return, DIN, DSC and company compliance questions.
What is ROC compliance?
It is the set of filings and statutory actions required under the Companies Act and MCA framework.
What is an AGM?
An Annual General Meeting is the yearly shareholder meeting for approval of accounts and other statutory business.
When must the AGM be held?
The AGM is generally held within 6 months from the close of the financial year, subject to applicable law.
When is financial statement filing due?
For most companies, the financial statements are filed within the statutory window after the AGM through the applicable form.
When is the annual return filed?
The annual return is generally filed within 60 days of the AGM through the applicable form.
What is MGT-7?
It is the annual return form used by companies.
What is MGT-7A?
It is the simplified annual return form for eligible small companies and OPCs.
What is AOC-4?
It is the filing used for financial statements and related documents.
What is DIR-3 KYC now?
Director KYC is now treated as a simpler compliance update once in every three years under the current framework.
What is DIN?
DIN is the Director Identification Number required for a person acting as director.
What is DSC?
DSC is the digital signature used for MCA filings and other electronic compliance actions.
Do companies need board meetings?
Yes. Board meetings are required as per the Companies Act and applicable rules.
What is a statutory auditor appointment?
It is the formal appointment of the company’s external auditor for the applicable term and compliance cycle.
What is ADT-1?
ADT-1 is the filing used to intimate auditor appointment to ROC.
Can a company with no business skip filings?
No. Even inactive companies must complete the filings that apply to them.
What is a dormant company?
It is a company that is inactive but kept in existence under the statutory framework.
What is strike-off?
It is the removal of a company’s name from the register when eligible under law.
What is authorised share capital?
It is the maximum capital the company can issue unless it is increased through the proper process.
What is paid-up capital?
It is the amount of share capital actually issued and paid for by shareholders.
What is share allotment?
It is the issue of shares to investors or subscribers after the required approvals and filings.
What is share transfer?
It is the legal transfer of shares from one holder to another.
What are statutory registers?
They are official company records such as registers of members, directors, charges and related interests.
What is a registered office?
It is the company’s official address recorded with MCA.
Can the registered office be changed?
Yes, but the required process and filing depend on the type of change.
What is a private limited company?
It is a company structure with limited shareholders and specific legal features under the Companies Act.
What is an OPC?
It is a One Person Company, a structure designed for a single owner with limited liability.
What is an LLP?
It is a Limited Liability Partnership combining partnership flexibility with limited liability.
What is the main ROC risk for owners?
Missed filing, late filing, and incomplete records are the usual problems.
What is a late filing fee?
It is the additional fee charged when a statutory return is filed after the due date.
What happens if ROC filings are missed?
Heavy additional fees may apply and directors can face compliance consequences.
Can directors be disqualified?
Yes, prolonged non-compliance can create disqualification risk under applicable rules.
What is a resolution?
It is a formal decision approved by the board or shareholders and often filed where required.
What is a special resolution?
It is a resolution passed with a higher voting threshold for important company matters.
What is a charge filing?
It is the filing related to creation or modification of a company’s charge on assets.
What is corporate compliance?
It is the broader discipline of meeting law, filing, governance and documentation obligations.
Why is company law compliance important?
It keeps the company active, avoids penalties and builds trust with banks, investors and counterparties.
Can MCA filings be done casually at year-end?
That usually creates mistakes. Company law works better when records are maintained throughout the year.
Do investors check ROC history?
Yes. They often review filing history, status and past compliance before making decisions.
Does company law affect funding?
Yes. Clean filings make funding, due diligence and banking much smoother.
Should small companies ignore compliance?
No. Small company status lowers some burden, but it does not remove core statutory duties.
Income Tax
Income tax filing, notices, audit, deductions, regime choice and refund questions.
Who should file an income tax return?
Anyone whose income crosses the applicable exemption limit, or who falls into a mandatory filing category such as TDS, foreign assets, business income, high-value spending, or specific reporting triggers.
What is the income tax return due date for individuals?
For most individual taxpayers, the due date is the one notified under section 139(1), unless extended by the department.
Is the new tax regime the default now?
Yes. For most individuals, HUFs, AOPs, BOIs and AJP, the new regime is the default regime.
Can I still choose the old tax regime?
Yes, eligible taxpayers can choose the old regime where permitted by law, subject to the prescribed option process.
What standard deduction is available now?
The standard deduction is ₹50,000 under the old regime and ₹75,000 under the new regime for eligible salary or pension income.
What is section 87A rebate now?
Under the current new regime, rebate can go up to ₹60,000 for taxable income up to ₹12,00,000. Under the old regime, rebate is generally ₹12,500 for income up to ₹5,00,000.
Can salaried employees claim HRA in the new regime?
Generally no. Most exemptions such as HRA are not available in the new regime unless specifically allowed.
Can I claim home loan interest in the new regime?
The treatment depends on the nature of the property and the regime chosen. Many self-occupied benefits remain linked to the old regime.
What is advance tax?
It is tax paid in instalments during the year when the estimated tax liability crosses the prescribed threshold.
What is self-assessment tax?
It is the tax paid before filing when the advance tax already paid is not enough to cover the final liability.
What is Form 26AS?
It is the tax credit statement that shows TDS, TCS and certain tax-related information linked to your PAN.
What is AIS?
AIS is the Annual Information Statement showing expanded income and transaction data reported from different sources.
Can I file ITR after the due date?
Yes, a belated return may be filed within the period allowed by law, though late fee and interest may apply.
Can I revise my income tax return?
Yes, a return can usually be revised within the permitted time limit if you notice an error or omission.
What is ITR-U?
ITR-U is the updated return route for correcting or reporting additional income in permitted cases within the allowed time window.
Is Aadhaar-PAN linking still important?
Yes. PAN-Aadhaar linkage remains important for smooth compliance and to avoid higher TDS/TCS consequences where applicable.
Do I need to declare foreign assets?
Yes, where applicable. Foreign assets and foreign income disclosures must be reported carefully in the return.
Are agricultural receipts taxable?
Agricultural income is generally exempt, though it can affect rate calculation in certain cases.
What if I have only salary income and no tax due?
You may still need to file in some cases, especially if reporting conditions apply or you want to claim a refund.
Is a return filing useful even if no tax is payable?
Yes. Filing creates a clean compliance trail, helps with refunds, and reduces future mismatch issues.
When is tax audit required for business?
Tax audit is generally required if business turnover exceeds ₹1 crore, or up to ₹10 crore where cash receipts and cash payments stay within the prescribed limit.
When is tax audit required for profession?
Tax audit is generally required when professional gross receipts exceed ₹50 lakh.
Who can sign a tax audit report?
A practising Chartered Accountant signs the tax audit report where the law requires audit.
What is the due date for tax audit report filing?
The audit report is to be furnished one month before the due date of the return in audit cases.
What is the difference between old and new regime?
The old regime allows many exemptions and deductions. The new regime has lower slabs in many cases but fewer deductions.
Can I switch between regimes every year?
Non-business taxpayers can generally choose as permitted each year. Business taxpayers have stricter switching rules.
What is income tax notice risk after filing?
Notice risk usually rises when return data does not match AIS, TDS, or reported transactions.
Why does the department ask about high-value transactions?
Because banks, registrars and other intermediaries report such transactions, and the department compares them with the return.
Can I get a refund without filing ITR?
Usually no. Refund claims are generally processed through the income tax return.
What is TDS?
TDS is tax deducted by the payer on specified payments and deposited against your PAN.
What is TCS?
TCS is tax collected by the seller on specified transactions and reported to the tax department.
Is PAN mandatory for filing ITR?
Yes, PAN is required for filing and for most financial compliance actions.
Can I file ITR with Form 16 only?
Form 16 helps, but you should also check AIS, Form 26AS, bank interest and other income sources before filing.
What if my return is selected for scrutiny?
You should respond carefully with supporting documents, reconciliations and explanations for reported figures.
Is interest on savings account taxable?
Yes, generally it is taxable, though deductions may be available in specific cases such as section 80TTA or 80TTB.
Can I claim deductions in the new regime?
Only limited deductions are available in the new regime. Most common deductions are restricted.
What is section 80D?
It is the deduction for eligible medical insurance premium and specified health expenses.
What is the importance of accurate ITR filing?
Accurate filing reduces notices, helps with loan and visa applications, and supports smooth tax processing.
Should I keep documents after filing?
Yes. Keep salary slips, rent proofs, bank statements, invoices, investment proofs and tax working papers for future reference.
GST
Registration, returns, input tax credit, e-invoice, refunds and compliance questions.
Who should register under GST?
Any business making taxable supplies and crossing the applicable threshold, or falling under mandatory registration rules, should register.
What is the GST threshold for services?
The general threshold is ₹20 lakh for most service suppliers, subject to State and special-case conditions.
What is the GST threshold for goods?
For certain suppliers of goods, the threshold can be up to ₹40 lakh subject to conditions and exclusions.
What is the threshold in special category States?
A lower threshold such as ₹10 lakh may apply in special category States depending on the rule framework.
How soon should GST registration be applied for?
The application should generally be filed within 30 days from the date the business becomes liable to register.
Do casual taxable persons need advance registration?
Yes. Casual and non-resident taxable persons generally need to register before starting taxable activity.
What is composite scheme?
It is a simplified GST scheme for eligible taxpayers with lower compliance but restricted ITC and invoice structure.
Can a composition taxpayer issue tax invoices?
No. Composition taxpayers issue a bill of supply, not a regular tax invoice.
What is QRMP?
QRMP is a quarterly return scheme for eligible taxpayers, with monthly tax payment through the prescribed process.
When is GSTR-1 due?
For monthly filers it is generally due on the 11th of the succeeding month. For quarterly filers, it is generally due on the 13th of the month after the quarter.
When is GSTR-3B due?
For monthly filers it is generally due on the 20th of the succeeding month. For quarterly filers, it is generally due on the 22nd or 24th depending on the State or Union Territory.
What is GSTR-2B?
It is the input tax credit statement that helps reconcile eligible ITC before claiming credit.
What is ITC?
Input tax credit is the GST paid on eligible business purchases that can be used against output GST liability.
Can I claim full ITC on all expenses?
No. ITC is allowed only where the supply is eligible and the GST law does not block the credit.
What is blocked credit?
It is ITC that the law does not allow, even if GST was paid on the expense.
What is reverse charge?
Under reverse charge, GST is paid by the recipient instead of the supplier in notified cases.
What is an e-invoice?
An e-invoice is a GST invoice reported to the Invoice Registration Portal and validated with an IRN and QR code.
Who must comply with e-invoicing now?
Businesses with annual aggregate turnover of ₹10 crore or more are covered, subject to the current notification and effective date.
What is the e-invoice reporting time limit?
Covered taxpayers must report e-invoices within 30 days from the invoice date under the current rule.
Do debit notes and credit notes also matter for e-invoicing?
Yes. Where an IRN is required, the reporting time limit applies to those document types too.
What is an e-way bill?
It is the document generated for movement of goods where the applicable value threshold and conditions are met.
When is an e-way bill required?
It is generally required for movement of goods above the threshold, subject to exemptions and notified cases.
What is the GST annual return?
It is the annual compliance return generally filed by normal taxpayers for the relevant financial year.
When is GSTR-9 due?
It is generally due by 31 December of the following financial year unless extended.
What is GSTR-9C?
It is the reconciliation statement required for eligible taxpayers where the audit and filing conditions apply.
What is GST refund?
It is the process of claiming back excess tax, inverted duty credit, export-related refund, or other eligible amounts.
Can exports be taxed under GST?
Exports are zero-rated supplies, subject to the prescribed compliance route and documentation.
What is LUT?
LUT is the Letter of Undertaking that allows export without payment of tax, subject to eligibility.
What is GST cancellation?
It is the formal cancellation of registration when the business ceases or when cancellation is otherwise permitted.
Can a cancelled GST registration be restored?
In some cases, restoration is possible under the rules if the proper process and timelines are followed.
What happens if GSTR-3B is not filed?
Late fee, interest and compliance blockage may follow, and ITC reconciliation can become difficult.
What happens if GST is paid late?
Interest and late fee can apply, and delays can affect cash flow and compliance standing.
Is a tax invoice mandatory under GST?
Yes, for taxable supplies a proper tax invoice is generally required.
Do freelancers need GST?
Freelancers may need GST based on turnover, nature of service and place-of-supply rules.
Do online sellers need GST?
Yes, online selling can trigger GST registration and compliance depending on the transaction structure and marketplace rules.
Can I issue one invoice for multiple supplies?
Only where permitted by GST rules and the transaction structure supports it.
Why is GST reconciliation important?
It helps match sales, tax liability and ITC, and reduces mismatch notices later.
Does GST apply even if I work from home?
Yes. The location of work does not remove GST liability if the supply is taxable and threshold conditions are met.
Can I run business without GST if turnover is low?
Only if you are below threshold and not under compulsory registration.
Why do GST notices come?
Common reasons are return mismatch, ITC mismatch, e-way bill issues, classification errors and delayed filing.
Should small businesses still maintain GST records?
Yes. Proper records make returns, notices and refund claims much easier.
Audit
Tax audit, statutory audit, internal audit and practical audit issues.
What is an audit?
An audit is a structured examination of books, records and supporting documents to verify accuracy and compliance.
What is a statutory audit?
It is the audit required by law for certain entities, especially companies, to report on financial statements.
What is a tax audit?
A tax audit is the audit under section 44AB when turnover or receipts cross the prescribed threshold.
When is tax audit required for business?
Generally when business turnover exceeds ₹1 crore, or up to ₹10 crore where cash receipts and cash payments stay within the prescribed limit.
When is tax audit required for profession?
Generally when gross receipts from profession exceed ₹50 lakh.
Can a Chartered Accountant do the audit?
Yes. The relevant statutory and tax audits are conducted and signed by a practising Chartered Accountant where permitted.
What is an internal audit?
It reviews controls, processes, risk areas and operational discipline to improve governance and efficiency.
Is GST audit still separate?
The old separate GST audit concept is removed, but reconciliation and record review remain important.
What is stock audit?
It is the verification of inventory records against actual stock to confirm quantity, valuation and control accuracy.
What is concurrent audit?
It is a real-time or near real-time review, commonly used in banks and high-volume transactions.
What is special audit?
It is a deeper audit directed in specific cases where complexity or risk requires extra review.
What is the tax audit report form?
The standard reporting route is through the prescribed tax audit forms such as 3CA/3CB and 3CD.
What documents are needed for audit?
Books of account, trial balance, ledger, vouchers, bank statements, contracts, invoices and statutory records are usually needed.
What is vouching in audit?
It is checking transactions against supporting documents to confirm genuineness and accuracy.
What is verification in audit?
It means confirming existence, ownership, valuation and disclosure of assets and liabilities.
What is an audit opinion?
It is the auditor’s conclusion on whether the financial statements present a true and fair view.
What is a qualified audit report?
It is an audit report that points out specific issues while still giving an overall opinion.
What is a management letter?
It is a note to management about internal control gaps, risks and process improvements.
Why do businesses need audit?
Audit improves credibility, supports lending, reduces errors and helps catch compliance issues early.
What is the penalty for not doing tax audit when required?
The penalty can go up to 0.5% of turnover or receipts, subject to the maximum limit prescribed.
Can audit be avoided by late filing?
No. Audit applicability is based on law, not on whether the return is filed late.
What happens if books are incomplete?
Incomplete books create audit difficulty, increase risk of qualification and may attract further scrutiny.
How long does a clean audit usually take?
If books are well maintained, a clean audit is usually far quicker than a messy year-end cleanup.
Can audit be done without reconciliations?
Practically no. Reconciliations are central to a reliable audit process.
Is audit only for large businesses?
No. Even smaller businesses and professionals may need audit if thresholds are crossed.
What is the difference between internal and statutory audit?
Internal audit is for management control. Statutory audit is a legal requirement with external reporting.
Why is bank reconciliation important in audit?
Because cash and bank balances are among the first areas examined for accuracy and fraud risk.
Do I need to preserve audit working papers?
Yes. Working papers support the audit conclusion and help in future reviews and notices.
Can audit findings affect tax notices?
Yes. Poor audit records often lead to follow-up questions and mismatch notices.
What is the best time to prepare for audit?
Monthly. Year-end audit becomes much smoother when books are reconciled regularly.
What is a risk-based audit approach?
It means focusing more on areas where errors, fraud or compliance failures are more likely.
Can a business owner do audit planning late?
They can, but it usually increases cost, stress and the chance of errors.
What is a financial statement audit?
It is the audit of the balance sheet, profit and loss account and related disclosures.
What is due diligence?
It is a review of financial and legal risk before a transaction, investment or acquisition.
Is audit only about numbers?
No. It also covers compliance, controls, documentation and risk behaviour.
Why do banks ask for audited statements?
They use them to judge credibility, profitability, stability and compliance quality.
What if there is a major discrepancy in books?
It should be corrected with proper explanation and supporting documents before finalization.
Do startup businesses need audit too?
They may need it once thresholds or statutory company requirements apply.
Can audit reduce business risk?
Yes. A proper audit often catches control weakness before it becomes a bigger loss.
Should audit be treated as a year-end formality?
No. It is best treated as a year-round discipline, not a rushed compliance task.
Company Law
ROC filings, AGM, annual return, DIN, DSC and company compliance questions.
What is ROC compliance?
It is the set of filings and statutory actions required under the Companies Act and MCA framework.
What is an AGM?
An Annual General Meeting is the yearly shareholder meeting for approval of accounts and other statutory business.
When must the AGM be held?
The AGM is generally held within 6 months from the close of the financial year, subject to applicable law.
When is financial statement filing due?
For most companies, the financial statements are filed within the statutory window after the AGM through the applicable form.
When is the annual return filed?
The annual return is generally filed within 60 days of the AGM through the applicable form.
What is MGT-7?
It is the annual return form used by companies.
What is MGT-7A?
It is the simplified annual return form for eligible small companies and OPCs.
What is AOC-4?
It is the filing used for financial statements and related documents.
What is DIR-3 KYC now?
Director KYC is now treated as a simpler compliance update once in every three years under the current framework.
What is DIN?
DIN is the Director Identification Number required for a person acting as director.
What is DSC?
DSC is the digital signature used for MCA filings and other electronic compliance actions.
Do companies need board meetings?
Yes. Board meetings are required as per the Companies Act and applicable rules.
What is a statutory auditor appointment?
It is the formal appointment of the company’s external auditor for the applicable term and compliance cycle.
What is ADT-1?
ADT-1 is the filing used to intimate auditor appointment to ROC.
Can a company with no business skip filings?
No. Even inactive companies must complete the filings that apply to them.
What is a dormant company?
It is a company that is inactive but kept in existence under the statutory framework.
What is strike-off?
It is the removal of a company’s name from the register when eligible under law.
What is authorised share capital?
It is the maximum capital the company can issue unless it is increased through the proper process.
What is paid-up capital?
It is the amount of share capital actually issued and paid for by shareholders.
What is share allotment?
It is the issue of shares to investors or subscribers after the required approvals and filings.
What is share transfer?
It is the legal transfer of shares from one holder to another.
What are statutory registers?
They are official company records such as registers of members, directors, charges and related interests.
What is a registered office?
It is the company’s official address recorded with MCA.
Can the registered office be changed?
Yes, but the required process and filing depend on the type of change.
What is a private limited company?
It is a company structure with limited shareholders and specific legal features under the Companies Act.
What is an OPC?
It is a One Person Company, a structure designed for a single owner with limited liability.
What is an LLP?
It is a Limited Liability Partnership combining partnership flexibility with limited liability.
What is the main ROC risk for owners?
Missed filing, late filing, and incomplete records are the usual problems.
What is a late filing fee?
It is the additional fee charged when a statutory return is filed after the due date.
What happens if ROC filings are missed?
Heavy additional fees may apply and directors can face compliance consequences.
Can directors be disqualified?
Yes, prolonged non-compliance can create disqualification risk under applicable rules.
What is a resolution?
It is a formal decision approved by the board or shareholders and often filed where required.
What is a special resolution?
It is a resolution passed with a higher voting threshold for important company matters.
What is a charge filing?
It is the filing related to creation or modification of a company’s charge on assets.
What is corporate compliance?
It is the broader discipline of meeting law, filing, governance and documentation obligations.
Why is company law compliance important?
It keeps the company active, avoids penalties and builds trust with banks, investors and counterparties.
Can MCA filings be done casually at year-end?
That usually creates mistakes. Company law works better when records are maintained throughout the year.
Do investors check ROC history?
Yes. They often review filing history, status and past compliance before making decisions.
Does company law affect funding?
Yes. Clean filings make funding, due diligence and banking much smoother.
Should small companies ignore compliance?
No. Small company status lowers some burden, but it does not remove core statutory duties.
Budget 2026 In a Nutshell
Personal Income Tax: Stability Amidst Change
- No change in slab rates under Old and New Tax Regimes
- No amendment in Section 87A rebate, standard deduction or exemptions
- Higher STT and indirect levies function as a silent tax increase
Revised ITR Filing Timelines
- System-driven enforcement makes adherence critical
| Taxpayer Category | Due Date |
|---|---|
| Salaried / Other Sources / Capital Gains | 31 July |
| Non-Audit Business / Profession | 31 August (Critical Change) |
| Audited Companies | 31 October |
| Transfer Pricing Cases | 30 November |
Mandatory Late Fees and Revised Returns
- Revision window extended till 31 March of the following year
- Mandatory fee applies if revised between 9–12 months
- Total Income ≤ ₹5 Lakh: ₹1,000
- Total Income > ₹5 Lakh: ₹5,000
- Fee payment does not bar independent penalty proceedings
Audit Compliance – Escalated Cost of Delay
| Default | Mandatory Late Fee |
|---|---|
| Audit delay up to 1 month | ₹75,000 |
| Audit delay beyond 1 month | ₹1.5 Lakh |
| TAR delay up to 1 month | ₹50,000 |
| TAR delay beyond 1 month | ₹1 Lakh |
Mandatory late fees are automated and do not replace penalties under Section 271B.
TDS and TCS Rationalization
- Manpower supply brought under Section 194C
- Ends service vs work contract ambiguity
Revised TCS Rates
| Category | Old | New |
|---|---|---|
| Alcoholic Liquor | 1% | 2% |
| Scrap / Material | 1% | 2% |
| Tendu Leaf | 5% | 2% |
| Overseas Tour Packages | — | 2% |
LRS Threshold Changes
- Unified ₹10 Lakh threshold introduced
- Education & Medical: Nil up to ₹10L; 2% above
- Other Remittances: Nil up to ₹10L; 20% above
STT Increase – F&O Segment
- Sale of options and securities: 0.15%
- Exercised options: 0.15%
- Futures: 0.05%
Crypto Assets and Foreign Asset Disclosure
- Exchange-level reporting reflected in AIS
- Non-submission penalty: ₹200 per day
- Incorrect reporting: ₹10,000 per instance
- 6-month foreign asset disclosure window
- No ₹10L penalty if liquid foreign assets < ₹20L
- Immovable foreign property excluded from relaxation
Digitalization of Lower Deduction Certificates
- Migration to rule-based digital portal
- Reduced AO discretion and manual follow-ups
GST Reforms – Union Budget 2026
GST 2.0 Framework
- Structural reform and rate rationalization
- Movement towards 5%, 18%, and 40% slabs
- Ease of Doing Business focus
Intermediary Services Reform
- Omission of Section 13(8)(b) of IGST Act
- Restores export status for cross-border services
Post-Supply Discounts and Credit Notes
- No prior agreement requirement
- No invoice-wise linkage needed
- Recipient must reverse proportionate ITC
- IMS automates credit note reconciliation
- Commercial credit notes without GST do not require ITC reversal
Inverted Duty Structure Refund Reforms
- 90% provisional refund within 7 working days
- Effective from 1 November 2025
- ARN delays and officer override remain concerns
- ₹1,000 postal export barrier removed for MSMEs
E-Commerce and E-Way Bill Modernization
- E-Way Bills repositioned as logistics enablers
- Proxy address allowed for e-commerce sellers
- 3-day registration timeline for small taxpayers
GST Appellate Tribunal Rollout
- 31 State benches operational
- Members active since 21 January
- Backlog resolution phase initiated
Budget 2026 In a Nutshell
Personal Income Tax: Stability Amidst Change
- No change in slab rates under Old and New Tax Regimes
- No amendment in Section 87A rebate, standard deduction or exemptions
- Higher STT and indirect levies function as a silent tax increase
Revised ITR Filing Timelines
- System-driven enforcement makes adherence critical
| Taxpayer Category | Due Date |
|---|---|
| Salaried / Other Sources / Capital Gains | 31 July |
| Non-Audit Business / Profession | 31 August (Critical Change) |
| Audited Companies | 31 October |
| Transfer Pricing Cases | 30 November |
Mandatory Late Fees and Revised Returns
- Revision window extended till 31 March of the following year
- Mandatory fee applies if revised between 9–12 months
- Total Income ≤ ₹5 Lakh: ₹1,000
- Total Income > ₹5 Lakh: ₹5,000
- Fee payment does not bar independent penalty proceedings
Audit Compliance – Escalated Cost of Delay
| Default | Mandatory Late Fee |
|---|---|
| Audit delay up to 1 month | ₹75,000 |
| Audit delay beyond 1 month | ₹1.5 Lakh |
| TAR delay up to 1 month | ₹50,000 |
| TAR delay beyond 1 month | ₹1 Lakh |
Mandatory late fees are automated and do not replace penalties under Section 271B.
TDS and TCS Rationalization
- Manpower supply brought under Section 194C
- Ends service vs work contract ambiguity
Revised TCS Rates
| Category | Old | New |
|---|---|---|
| Alcoholic Liquor | 1% | 2% |
| Scrap / Material | 1% | 2% |
| Tendu Leaf | 5% | 2% |
| Overseas Tour Packages | — | 2% |
LRS Threshold Changes
- Unified ₹10 Lakh threshold introduced
- Education & Medical: Nil up to ₹10L; 2% above
- Other Remittances: Nil up to ₹10L; 20% above
STT Increase – F&O Segment
- Sale of options and securities: 0.15%
- Exercised options: 0.15%
- Futures: 0.05%
Crypto Assets and Foreign Asset Disclosure
- Exchange-level reporting reflected in AIS
- Non-submission penalty: ₹200 per day
- Incorrect reporting: ₹10,000 per instance
- 6-month foreign asset disclosure window
- No ₹10L penalty if liquid foreign assets < ₹20L
- Immovable foreign property excluded from relaxation
Digitalization of Lower Deduction Certificates
- Migration to rule-based digital portal
- Reduced AO discretion and manual follow-ups
GST Reforms – Union Budget 2026
GST 2.0 Framework
- Structural reform and rate rationalization
- Movement towards 5%, 18%, and 40% slabs
- Ease of Doing Business focus
Intermediary Services Reform
- Omission of Section 13(8)(b) of IGST Act
- Restores export status for cross-border services
Post-Supply Discounts and Credit Notes
- No prior agreement requirement
- No invoice-wise linkage needed
- Recipient must reverse proportionate ITC
- IMS automates credit note reconciliation
- Commercial credit notes without GST do not require ITC reversal
Inverted Duty Structure Refund Reforms
- 90% provisional refund within 7 working days
- Effective from 1 November 2025
- ARN delays and officer override remain concerns
- ₹1,000 postal export barrier removed for MSMEs
E-Commerce and E-Way Bill Modernization
- E-Way Bills repositioned as logistics enablers
- Proxy address allowed for e-commerce sellers
- 3-day registration timeline for small taxpayers
GST Appellate Tribunal Rollout
- 31 State benches operational
- Members active since 21 January
- Backlog resolution phase initiated
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