Frequently Asked Questions

The due date is 31st July 2026 for salaried individuals and other non-audit cases. For audit cases, it is 31st October 2026. Late filing attracts a fee of ₹1,000 (income ≤ ₹5L) or ₹5,000 (income > ₹5L) plus interest.

Yes, under the new tax regime. If your total income is ₹12 lakh or less, the 87A rebate (₹60,000) covers your entire tax liability. For salaried employees, the ₹75,000 standard deduction makes the effective zero-tax limit ₹12.75 lakh.

The new regime has lower slab rates but no major deductions except standard deduction (₹75K). The old regime allows deductions under 80C, 80D, HRA, home loan interest, etc. New regime is better if your total deductions are less than ~₹3.75 lakh.

Form 16 (from employer), Form 26AS, AIS (from IT portal), bank statements, investment proofs (PPF, ELSS, LIC receipts), home loan interest certificate (if applicable), rent receipts for HRA.

You can file a belated return by 31st December 2026. Late fee applies: ₹1,000 (income ≤ ₹5L) or ₹5,000. You cannot carry forward losses if you file late.

Mandatory if turnover exceeds ₹40 lakh (goods) or ₹20 lakh (services). Some special category states have ₹10-20 lakh threshold. Also mandatory for inter-state supply, e-commerce sellers, and those making taxable supply.

GST registration is typically completed within 3-7 working days from the date of application if all documents are correct.

GSTR-3B (monthly): 20th of next month. GSTR-1 (monthly): 11th of next month. GSTR-1 (quarterly — QRMP): 13th of month after quarter end. GSTR-9 (annual): 31st December.

Yes, you can register for GST at your residential address. You need to provide rent agreement or NOC from property owner along with electricity bill.

Typically 7-10 working days from submission of all documents. The process involves DSC generation, DIN, name approval (SPICe+ form), and certificate of incorporation from MCA.

There is no minimum paid-up capital requirement. You can start with ₹1 lakh authorised capital (government fee applies on authorised capital).

LLP has lower compliance burden and no audit requirement up to ₹40L turnover. Pvt Ltd is better for raising equity funding, ESOP plans, and expanding operations. Pvt Ltd has higher credibility with banks and investors.

Yes, NRIs can be directors and shareholders of Indian companies. FDI is allowed in most sectors. However, at least one director must be an Indian resident.

TDS (Tax Deducted at Source) is income tax deducted at the time of payment. Employers deduct TDS on salary, businesses on professional fees, rent above ₹2.4L/year, contract payments, etc.

File your ITR. If taxes paid (including TDS) exceed your tax liability, the excess is automatically refunded to your bank account linked to PAN, typically within 30-45 days.

TDS is deducted at twice the applicable rate or 20% — whichever is higher — under Section 206AA.

HRA exempt = minimum of: (1) Actual HRA received, (2) Rent paid minus 10% of basic salary, (3) 50% of basic salary (metro) or 40% (non-metro). Use our HRA Calculator for exact computation.

Yes. HRA exemption is for rent paid on a different property. Home loan interest (Section 24b) is for a self-occupied or let-out property. Both can be claimed simultaneously in the old regime.

₹1,50,000 per year. Eligible: PPF, ELSS, EPF employee contribution, LIC premium, NSC, 5-year bank FD, home loan principal repayment, children's tuition fees.