FAQs & Knowledge Base
Answers to common questions on tax, GST, company law, loans and investments.
18 items
When must TDS be deposited?
By the 7th of the following month; tax deducted in March can be deposited by 30 April.
Pending review→Do I need an IEC to export services?
An IEC is generally required for import and export, but services exporters need it only when availing benefits under the Foreign Trade Policy or as required by banks and regulators.
Pending review→How is a home loan EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan, r the monthly interest rate and n the number of months.
Pending review→Are mutual fund returns guaranteed?
No. Mutual fund returns depend on market performance and are not guaranteed.
Pending review→What are the MSME classification limits?
From 1 April 2025: micro up to Rs 2.5 crore investment and Rs 10 crore turnover; small up to Rs 25 crore and Rs 100 crore; medium up to Rs 125 crore and Rs 500 crore.
Pending review→Is Udyam registration free?
Yes. Udyam registration on the official portal is free and paperless, based on Aadhaar.
Pending review→What annual filings does an LLP have?
Form 11 (annual return) by 30 May and Form 8 (Statement of Account and Solvency) by 30 October, plus the income-tax return.
Pending review→Is there a minimum capital requirement for a private limited company?
No. The minimum paid-up capital requirement was removed in 2015.
Pending review→How many directors and members does a private limited company need?
At least two directors and two members (shareholders); the same persons can be both. At least one director must have stayed in India for 182 days or more in the previous calendar year.
Pending review→What is the late fee for filing GSTR-3B late?
Rs 50 per day (Rs 25 CGST + Rs 25 SGST), or Rs 20 per day for nil returns, subject to the caps notified for different turnover slabs, plus 18% interest on tax paid late.
Pending review→Can I claim input tax credit if my supplier has not filed GSTR-1?
Generally no. ITC is available only for invoices reflected in your GSTR-2B, along with the other conditions of section 16.
Pending review→What are the GST rates after 22 September 2025?
Most goods and services are now taxed at 5% or 18%, with a 40% rate for specified goods. Special rates such as 0.25% and 3% continue.
Pending review→Who must register under GST?
A supplier must register when aggregate turnover exceeds the threshold: Rs 20 lakh for services; for goods, Rs 40 lakh in States that adopted the higher limit (Rs 20 lakh in others, including Telangana, and lower limits in special category States).
Pending review→What happens if I miss the ITR due date?
You can still file a belated return by 31 December, but a late fee of up to Rs 5,000 applies (Rs 1,000 if total income does not exceed Rs 5 lakh), along with interest on unpaid tax.
Pending review→What is the due date for filing an income-tax return for individuals?
31 July following the end of the year, for individuals whose accounts are not required to be audited.
Pending review→Can a salaried person switch between the old and new tax regime every year?
Yes. A taxpayer without business or professional income can choose the regime each year when filing the return within the due date.
Pending review→Is income up to Rs 12 lakh tax-free under the new regime?
Yes, for resident individuals with total income up to Rs 12 lakh from FY 2025-26, tax on normal income is nil because of the rebate of up to Rs 60,000.
Pending review→Which income-tax law applies to my income from 1 April 2026?
Income earned from 1 April 2026 (Tax Year 2026-27 onwards) is governed by the Income-tax Act, 2025. Earlier years remain under the Income-tax Act, 1961.
Pending review→