Answers to your
tax questions

The due date for individuals and salaried taxpayers is 31 July 2026. Filing after the due date attracts a penalty of up to ₹5,000 under Section 234F, plus interest under Section 234A on outstanding tax.

ITR-1 (Sahaj) is for salaried individuals with income up to ₹50 lakh and one house property. ITR-2 covers capital gains, foreign income, or multiple properties. ITR-3 is for business/professional income. ITR-4 (Sugam) applies to presumptive taxation under 44AD/44ADA. CA Naveen determines the correct form after a quick review of your income sources.

The New Regime is generally better if your total deductions (80C, 80D, HRA, home loan interest) are below approximately ₹3.75 lakh. If you have a home loan, full 80C investments, and HRA, the Old Regime often saves more. A free personalised comparison is run for every ITR filing client.

For salaried individuals: Form 16 from employer, Form 26AS / AIS / TIS from TRACES, bank statements, investment proofs (80C, 80D), and details of any other income. For business owners: additionally GST returns, P&L account and balance sheet.

You can file a belated return for the immediately preceding year (e.g. FY 2024–25 in AY 2025–26) with a penalty. For older years, you can file an updated return (ITR-U) within two years of the relevant assessment year, subject to additional tax of 25–50%.

Form 26AS is your annual tax statement showing all TDS deducted and deposited against your PAN, advance tax paid, and refunds received. The newer Annual Information Statement (AIS) also shows interest, dividends, and capital gains reported by banks and brokers. Reconciling these before filing prevents notices and ensures you claim the correct TDS credit.

Capital gains (equity or debt funds, shares, property) require ITR-2 (for individuals without business income) or ITR-3 (with business income). Short-term and long-term gains are taxed at different rates. A CA review ensures correct computation, including the grandfathering provisions applicable to pre-January 2018 equity gains.

Businesses with aggregate turnover exceeding ₹40 lakh (goods) or ₹20 lakh (services) in a financial year must register. The threshold is ₹10 lakh for special category states. Certain businesses — e-commerce sellers, inter-state suppliers, reverse charge recipients — must register regardless of turnover.

GSTR-1 is a statement of outward supplies (sales invoices) filed monthly or quarterly. GSTR-3B is a summary return showing net GST liability after setting off input tax credit (ITC), and includes the actual tax payment. Both must be filed; mismatches between them trigger GST department scrutiny.

ITC allows you to offset the GST paid on purchases (inputs) against the GST collected on sales (output). ITC is available only if your supplier has filed GSTR-1, the invoice appears in your GSTR-2B, and the goods/services are used for business purposes. Incorrect ITC claims are a common reason for GST notices.

The Composition Scheme allows small businesses (turnover up to ₹1.5 crore for goods, ₹50 lakh for services) to pay a flat rate of GST (1–6%) on turnover instead of the regular rate. The trade-off: you cannot collect GST from customers or claim ITC. It simplifies compliance but is not suitable for all businesses.

Late filing attracts a late fee of ₹50/day (₹20/day for nil returns) up to ₹10,000 per return, plus 18% interest on unpaid tax. Consistent non-filing can lead to suspension or cancellation of GST registration, blocking of e-way bill generation, and scrutiny assessments.

Yes. If your turnover falls below the threshold and you have no inter-state or e-commerce sales, you can apply for cancellation on the GST portal. All pending returns must be filed and dues cleared before cancellation is granted. A CA can advise on whether cancellation or surrender is the right move for your situation.

Any person (individual, firm, company) who makes specified payments — salaries, contractor fees, rent, professional fees, interest — above the threshold prescribed in the Income Tax Act must deduct TDS. Individuals and HUFs in personal capacity are generally exempt from TDS on payments other than salary, rent (194IB above ₹50,000/month), and contractor payments above ₹50 lakh.

Key rates: Salary — per applicable slab; Contractors (194C) — 1% (individual/HUF), 2% (others); Professional fees (194J) — 10%; Rent on property (194I) — 10% (building), 2% (plant/machinery); TDS on rent by individuals (194IB) — 5% above ₹50,000/month; Section 194T (partner salary) — 10% above ₹20,000.

Form 16 is the TDS certificate issued by an employer for salary TDS. It has two parts: Part A (TDS deducted and deposited) and Part B (salary computation and deductions). Form 16A is issued for TDS on non-salary payments — interest, rent, professional fees, etc. Both must be reconciled with Form 26AS before filing ITR.

If TDS is not deducted: 30% of the payment is disallowed as a business expense under Section 40(a)(ia), increasing your taxable profit. Additionally, interest of 1% per month for non-deduction and 1.5% per month for non-deposit applies, plus a penalty equal to the TDS amount and potential prosecution for continued default.

Download your Form 26AS and Annual Information Statement (AIS) from the Income Tax portal (incometax.gov.in) using your PAN login. These show all TDS deposited against your PAN. If a deductor has deducted TDS but not deposited it, it will not appear here — and you cannot claim credit for it.

All establishments with 20 or more employees must register under the Employees' Provident Fund & Miscellaneous Provisions Act. Certain industries have a lower threshold of 10 employees. Once covered, coverage continues even if employee count falls below the threshold.

Both employer and employee contribute 12% of basic salary + DA to PF. Of the employer's 12%: 8.33% goes to the Employee Pension Scheme (EPS) and 3.67% to the EPF account. Additionally, the employer contributes 0.5% to EDLI (Employee Deposit Linked Insurance) and 0.5% as admin charges.

ESI covers employees earning up to ₹21,000/month (₹25,000 for persons with disability) in establishments with 10 or more employees in specified industries. The contribution rate is 3.25% by employer and 0.75% by employee on gross salary.

Yes, partial withdrawals are permitted for specific purposes: home purchase/construction (after 5 years), medical treatment, marriage/education (after 7 years), and unemployment (after 2 months of job loss, up to 75% of balance, 100% after 3 months). Full withdrawal is allowed only on retirement, permanent disability, or emigration.

Fees depend on the complexity of your return. ITR-1 for salaried individuals is the most affordable. ITR-3 for business income involves more work and is priced accordingly. A transparent quote is provided after a free 30-minute review — no hidden charges, no surprises.

Simply fill in the callback form or connect via LinkedIn. You'll receive a call within one working day. We'll discuss your situation, determine what's needed, and share a quote. Onboarding typically takes one to two working days — documents are collected digitally.

Yes. Most compliance work — ITR filing, GST returns, TDS — is done entirely online. Documents are shared securely via WhatsApp or email. Video consultations are available. Clients across Delhi NCR and beyond are served regularly.

A straightforward ITR-1 or ITR-2 is typically filed within 1–2 working days of receiving all required documents. GST returns are filed on the same day documents are received, ahead of due dates. Returns with business income or capital gains take 3–5 working days.

Completely. All client information is handled with strict professional confidentiality as required by ICAI guidelines. Documents are not shared with any third party without explicit consent. Digital files are stored securely and not retained beyond the engagement period.