FAQ
Frequently Asked Questions
Audits may be mandatory if your business meets certain revenue or ownership thresholds or if required by investors or creditors. Audits are also beneficial to ensure accuracy and compliance for growing businesses.
TDS stands for Tax Deducted at Source. It is a method of collecting income tax where a certain percentage of tax is deducted by the payer at the time of making specific payments like salary, rent, interest, commission, etc. The deducted amount is then deposited with the government on behalf of the recipient.
Yes, interest paid on education loans can be claimed as a deduction under Section 80E, with no upper limit on the amount, for a maximum of eight years or until the interest is paid, whichever is earlier.
Missing the deadline for filing GST returns can result in penalties and interest charges. A late fee of INR 50 per day (INR 20 for NIL returns) applies until the return is filed, along with interest on the unpaid tax liability.
Non-compliance can lead to financial penalties, interest charges, cancellation of GST registration, and increased scrutiny from tax authorities. Persistent non-compliance may also result in legal action.
GST can be paid online through the GST portal. After filing GSTR-3B, taxpayers must pay the net GST liability using an online payment option (Challan) provided on the portal.
