Frequently Asked Questions

Every individual whose gross total income exceeds the basic exemption limit (₹2.5 lakh for those below 60 years, ₹3 lakh for senior citizens, ₹5 lakh for super senior citizens) is required to file an ITR. Additionally, filing is mandatory if you have foreign assets, are a director in a company, or have deposited more than ₹1 crore in a bank account, among other conditions.

The old tax regime allows you to claim various deductions and exemptions (such as HRA, LTA, 80C, 80D etc.), while the new regime offers lower tax rates but does not permit most deductions. The new regime is now the default, but you can opt for the old regime if it results in lower tax.

For individuals not subject to audit, the due date is typically 31st July of the assessment year. For those whose accounts are subject to tax audit, the due date is 31st October. Belated returns can be filed up to 31st December.

If you miss the deadline, you can file a belated return by 31st December (current year). A late filing fee of ₹5,000 (₹1,000 for income below ₹5 lakh) is applicable under Section 234F. Additionally, interest under Sections 234A, 234B, and 234C may be applicable on tax dues.

Businesses with an aggregate turnover exceeding ₹40 lakh (₹20 lakh for service providers, ₹10 lakh for special category states) must register for GST. Mandatory registration is also required for e-commerce operators, inter-state suppliers, and those making taxable supplies on behalf of others.

CGST (Central GST) and SGST (State GST) are levied on intra-state supplies, with the revenue shared between the Centre and State. IGST (Integrated GST) is levied on inter-state supplies and imports, and the Centre collects and distributes the revenue.

ITC can be claimed when you receive goods or services, possess a valid tax invoice, have paid the tax, and the supplier has uploaded the invoice in GSTR-1. The credit must appear in your GSTR-2B. ITC cannot be claimed on blocked credits listed under Section 17(5).

Penalties include 10% of tax due (minimum ₹10,000) for genuine errors, 100% of tax for tax evasion, ₹200 per day (up to ₹5,000) for late filing of returns, and 18% annual interest on delayed tax payment.

The process involves: (1) Obtaining DIN and DSC for directors, (2) Name approval via SPICe+ on MCA portal, (3) Filing incorporation forms with MOA and AOA, (4) Obtaining Certificate of Incorporation, PAN, and TAN. The process typically takes 10-15 working days.

There is no minimum paid-up capital requirement for incorporating a Private Limited Company in India since the Companies (Amendment) Act, 2015. You can start with even ₹1 as authorised and paid-up capital.

A Private Limited Company has shareholders and directors as separate entities with limited liability, is governed by the Companies Act, and is better suited for fundraising. An LLP has partners with limited liability, is governed by the LLP Act, has fewer compliance requirements, and is more flexible in management.

After filing, the examination report is typically issued within 1-3 months. If accepted, the mark is published in the Trademark Journal for 4 months for opposition. If no opposition is filed, registration is granted, making the total process approximately 18-24 months in practice.

Yes, you can use the ™ symbol as soon as you file a trademark application. The ® symbol can only be used after the trademark is officially registered by the Trade Marks Registry.

A registered trademark in India is valid for 10 years from the date of application. It can be renewed indefinitely for subsequent periods of 10 years each, provided renewal fees are paid.

We offer a free initial 30-minute consultation for new clients. Post that, our advisory fees depend on the nature and complexity of the matter. Please contact us or book a consultation for a detailed fee structure.

Yes. While our offices are in Connaught Place and Punjabi Bagh, New Delhi, we serve clients across India through video consultations, email, and digital document management. Our expertise is not limited by geography.

Yes. Our team includes experienced Advocates and Chartered Accountants who appear before Income Tax Appellate Tribunals (ITAT), GST authorities, NCLT, and various courts for tax and corporate litigation matters.