Guides, FAQs & Resources from CA Mitul Pujara

Any individual with gross total income above the basic exemption limit (Rs. 2.5 lakh under old regime / Rs. 3 lakh under new regime for FY 2024-25), residents with foreign assets, anyone claiming a refund, and businesses/professionals as per Section 139 must file an ITR.

The new regime offers lower slab rates but removes most deductions (80C, 80D, HRA etc.). The old regime keeps higher rates but allows full deductions. The right choice depends on your investments, home loan interest and salary structure — we run a side-by-side computation for every client.

A belated return can be filed until 31 December of the assessment year with a late fee under Section 234F (up to Rs. 5,000) plus interest under Section 234A. Losses cannot be carried forward (except house property loss) if the return is belated.

Rs. 40 lakh for goods (Rs. 20 lakh in special-category states) and Rs. 20 lakh for services. Inter-state suppliers, e-commerce operators and casual taxable persons must register irrespective of turnover.

Only on purchases used for business, where the supplier has filed GSTR-1 and the invoice appears in your GSTR-2B, and where ITC is not blocked under Section 17(5) (e.g. motor vehicles, food & beverages, club memberships).

GSTR-9 is the annual return summarising the year's outward & inward supplies and tax paid. GSTR-9C is a self-certified reconciliation statement, mandatory for taxpayers with turnover above Rs. 5 crore.

There is no minimum paid-up capital requirement since the Companies (Amendment) Act, 2015. You can incorporate with as little as Rs. 1 lakh authorised capital — most founders start with Rs. 1 lakh to Rs. 10 lakh.

Form AOC-4 (financial statements) within 30 days of AGM and Form MGT-7 (annual return) within 60 days of AGM. DIR-3 KYC for every director by 30 September each year. Non-filing attracts daily penalties.

When making payments above specified thresholds — salary (Sec 192), contractor (194C, threshold Rs. 30,000/single or Rs. 1 lakh/annual), rent (194I), professional fees (194J), commission (194H), etc. The deductor must hold a TAN.

Interest @ 1% per month from date of deduction-due to actual deduction, and @ 1.5% per month from deduction to deposit. Plus late-filing fees under Section 234E (Rs. 200/day) for delayed returns.