Frequently Asked Questions

For individuals (non-audit cases), the ITR filing deadline is typically July 31 of the assessment year. For example, for FY 2024-25 (AY 2025-26), the due date is July 31, 2025. For taxpayers whose accounts are subject to audit, the deadline is extended to October 31. Always check the Income Tax Department's notifications for any extensions announced.

Under Section 234F, if you file your ITR after the due date: a late fee of ₹5,000 is levied if income exceeds ₹5 lakh; ₹1,000 if income is between ₹2.5 lakh and ₹5 lakh; and nil if income is below the basic exemption limit. Additionally, you may lose the right to carry forward certain losses. The last date to file a belated return is December 31 of the assessment year.

The correct ITR form depends on your income sources: ITR-1 (Sahaj) for salaried individuals with income up to ₹50 lakh from one house property and other sources; ITR-2 for individuals with capital gains or more than one property; ITR-3 for business or professional income; ITR-4 (Sugam) for presumptive taxation; ITR-5 for firms, LLPs, and associations; ITR-6 for companies; ITR-7 for trusts and NGOs.

Section 80C allows deductions up to ₹1.5 lakh per year for investments in: PPF, EPF, ELSS mutual funds, life insurance premiums, NSC, fixed deposits (5-year tax saving FD), tuition fees for two children, home loan principal repayment, Sukanya Samriddhi Yojana, Senior Citizens→ Savings Scheme and NPS (80CCD). Note: This deduction is available only under the old tax regime.

HRA exemption is available under the old tax regime. The exempt amount is the minimum of: (1) Actual HRA received; (2) 50% of basic salary if in metro cities (40% for non-metro); (3) Rent paid minus 10% of basic salary. You must have an agreement or rent receipts. If annual rent exceeds ₹1 lakh, the landlord→s PAN is required. Submit these to your employer for Form 16 or claim directly in your ITR.

The new tax regime (Section 115BAC) offers lower tax rates but eliminates most deductions (80C, HRA, LTA, etc.). It is now the default regime for AY 2024-25 onwards. It generally benefits individuals with fewer investments or those in lower-middle income brackets. The old regime benefits those who have significant investments and deductions. We recommend a comparative calculation based on your specific situation before choosing.

Yes, under Section 139(5), you can file a revised return to correct errors or omissions in your original return. The revised return can be filed before December 31 of the relevant assessment year or before the completion of assessment, whichever is earlier. There is no limit on the number of revisions you can make within this period. Contact us if you need to revise a previously filed return.

GST registration is mandatory if: your aggregate annual turnover exceeds ₹40 lakh (goods) or ₹20 lakh (services) • ₹10 lakh in special category states; you make inter-state supplies; you are an e-commerce operator or seller on e-commerce platforms; you were previously registered under VAT/Service Tax; you are liable to pay tax under reverse charge mechanism. Voluntary registration is also permitted for businesses below the threshold.

Filing frequency depends on your scheme: Regular taxpayers must file GSTR-1 (monthly or quarterly under QRMP) and GSTR-3B (monthly). Composition scheme taxpayers file CMP-08 quarterly and GSTR-4 annually. All regular taxpayers must file GSTR-9 annually. Additional forms like GSTR-9C (reconciliation) apply to taxpayers with turnover above ₹5 crore. Missing returns attracts late fees of ₹50/day (₹20/day for nil returns).

ITC is the credit of GST paid on your purchases that you can set off against GST payable on your sales. To claim ITC: the supplier must have filed their return, the invoice must reflect in your GSTR-2B, the goods/services must be received, and payment must be made to the supplier within 180 days. ITC is not available on personal expenses, motor vehicles (with exceptions), food, outdoor catering, and certain other categories.

GST penalties include: Late filing of GSTR-1 / GSTR-3B: ₹50/day (₹25 CGST + ₹25 SGST), capped at ₹10,000; Nil return late filing: ₹20/day; Non-filing: Potential cancellation of GST registration; Tax evasion: Penalty of 10% of tax due (minimum ₹10,000) or 100% of tax for intentional fraud; Wrongful ITC claim: Penalty equal to tax falsely availed. Regular and timely filing is the simplest way to avoid all penalties.

Do not ignore any GST notice. First, carefully read the notice to understand the issue (demand, mismatch, query, or audit). Gather all supporting documents including invoices, returns, ledgers and correspondence. Draft a factual, accurate reply within the stipulated time limit. If the notice involves significant amounts or legal complexity, engage a professional immediately. At Dheepam Consultant, we handle all GST notice responses with expertise and urgency.

For service providers, GST registration is mandatory if aggregate annual turnover exceeds ₹20 lakh (₹10 lakh in special category states like Manipur, Mizoram, Nagaland, Tripura, and Uttarakhand). However, if you provide services inter-state, you must register regardless of turnover. Freelancers providing services through e-commerce platforms must also register irrespective of turnover.

Key differences: Liability: Both offer limited liability, but in LLP partners→ liability is limited to their capital contribution; Compliance: Pvt Ltd has more compliances (ROC filings, board meetings, statutory audits) vs LLP which has fewer; Taxation: Pvt Ltd pays 25% / 30% corporate tax; LLP taxed at 30% but no dividend distribution tax; Fundraising: Pvt Ltd can issue equity shares to investors; LLP cannot issue equity; Cost: LLP is cheaper to run; Pvt Ltd preferred for scaling and VC funding.

With all documents ready and no queries from MCA, a Private Limited Company can typically be registered in 7•15 working days. The process includes: DSC application (1-3 days), DIN approval (1-2 days), name reservation via RUN/SPICe+ (2-5 days), certificate of incorporation (3-7 days after SPICe+ submission). At Dheepam Consultant, we handle the entire process end-to-end and keep you informed at every stage.

Required documents for all directors and shareholders: PAN card, Aadhaar card, passport-size photograph, latest bank statement or utility bill (address proof), mobile number and email ID. For registered office: utility bill not older than 2 months, and if rented • NOC from property owner. Minimum 2 directors and 2 shareholders (can be same persons). Minimum age: 18 years; at least one director must be an Indian resident.

DIN (Director Identification Number) is a unique 8-digit number issued by MCA to every proposed or existing director of a company. It is mandatory for all directors. DSC (Digital Signature Certificate) is an electronic signature used to sign MCA filings digitally. A Class 3 DSC is mandatory for all directors during company registration and for subsequent regulatory filings. We assist in obtaining both DIN and DSC as part of our registration service.

As per the Companies Act 2013, there is no minimum paid-up capital requirement for a Private Limited Company. You can start with as little as ₹1 as paid-up capital. However, you must mention the authorized capital (typically ₹1 lakh or more) in the MOA. Government fees and stamp duty for registration are based on the authorized capital. We recommend setting a practical initial capital based on your business plan.

Every Private Limited Company must annually: Hold at least 4 board meetings and one AGM; Prepare audited financial statements; File Form AOC-4 (financials) with ROC; File Form MGT-7/MGT-7A (annual return) with ROC; File income tax return; Maintain statutory registers and minutes; File DIR-3 KYC for all directors; Comply with GST, TDS and payroll regulations if applicable. Non-compliance attracts heavy penalties. We manage all these filings for our clients.

For companies with FY April•March: AGM: September 30; AOC-4 (financials): 30 days from AGM (October 29); MGT-7/MGT-7A (annual return): 60 days from AGM (November 28); DIR-3 KYC: September 30; ADT-1 (auditor appointment): 15 days from AGM. Missing these deadlines triggers additional fees of ₹100/day per form with no maximum cap, potentially running into lakhs over time.

Consequences of missing ROC deadlines are serious: Additional fee of ₹100 per day per form (no upper cap); Company and directors may be marked as defaulting; Directors can be disqualified under Section 164(2) from serving as directors of any company for 5 years; Company may be struck off under Section 248 if default continues; Personal prosecution of directors under the Companies Act. Early engagement with a professional is critical if deadlines are approaching.

MGT-7 (or MGT-7A for small companies) is the Annual Return filed with ROC containing details about the company's shareholders, directors, share capital, changes during the year, and compliance status. AOC-4 is the form for filing the company's annual audited financial statements (balance sheet, profit & loss, directors→ report, auditor→s report) with the ROC. Both are filed with MCA→s online portal and must be digitally signed by a director and a Practicing Company Secretary/CA.

Outsourcing accounting to professionals like Dheepam Consultant provides: Accuracy • trained professionals ensure correct bookkeeping; Compliance • timely GST reconciliation, TDS and statutory filings; Cost savings • no recruitment, training or software costs; Time • you focus on business growth while we handle numbers; Insights • regular MIS reports help informed decision-making; Audit readiness • books are always up to date and audit-ready. The cost of professional accounting is almost always less than the penalties and lost opportunities from DIY errors.

Bank reconciliation should ideally be done monthly • matching your accounting records with your bank statement to catch errors, unauthorized transactions and discrepancies. GST reconciliation (GSTR-2A/2B vs your books) should happen monthly before filing. Accounts payable and receivable should be reviewed weekly or bi-weekly. Year-end reconciliation is critical before statutory audit. We include regular reconciliation as part of our monthly bookkeeping service.

We work with a range of accounting tools depending on client requirements: Tally ERP 9 / Tally Prime (most popular for Indian businesses), QuickBooks, Zoho Books, and Excel-based solutions for smaller clients. We can work with your existing software setup or recommend the most suitable tool for your business size and industry. All data is handled securely with regular backups and access controls.

MIS (Management Information System) reporting translates your financial data into actionable business insights • typically provided monthly or quarterly. Standard MIS reports include: Profit & Loss statement, Balance Sheet, Cash Flow summary, Ageing report (debtors/creditors), Budget vs Actual variance, Sales and expense trends. If you manage a business with multiple products, departments or locations, MIS reporting is essential for informed decision-making and growth planning.

A Virtual CFO (vCFO) is an experienced finance professional who provides CFO-level strategic financial guidance to your business on a part-time or retainer basis • without the cost of a full-time CFO hire. Services include: financial strategy and planning, cash flow management, investor relations preparation, financial modeling and projections, fundraising support, risk management, and monthly/quarterly board presentations. Ideal for startups and growing MSMEs that need strategic finance leadership without full-time overhead.

We support startup growth at every stage: Registration (company, GST, Startup India); Initial compliance setup (accounting, payroll, TDS); Tax planning to optimize your startup→s tax position; Fundraising documentation (financial projections, investor memorandums); Valuation reports for equity dilution; Regulatory compliance as you scale; Virtual CFO services for strategic financial oversight. We→ve helped numerous startups navigate the complex regulatory landscape so founders can focus on product and growth.

Yes, we assist with the financial aspects of fundraising: Preparing audited financials and financial projections; Creating financial models and pitch deck financials; Valuation reports (required for equity dilution); Due diligence support • organizing financial records and compliance documents; ESOP structuring and documentation; Cap table management; Convertible note and SAFE agreements (financial aspects). We work alongside your legal counsel to ensure complete, investor-ready documentation.