Question 1

Which ITR form is right for me?

Accepted Answer

ITR-1 is for salaried individuals with one house property. ITR-2 covers capital gains and foreign income. ITR-3 is for business income, and ITR-4 for presumptive schemes. We assess your income profile and file the correct form.

Question 2

Can I file for past years?

Accepted Answer

Yes. Under ITR-U (Updated Return), you can file or correct returns for up to 2 past assessment years, subject to additional tax payment as per the Income Tax Act.

Question 3

How long does ITR filing take?

Accepted Answer

Typically 24–48 hours once all documents are received. Complex cases involving capital gains or foreign assets may take up to 72 hours.

Question 4

What documents do I need?

Accepted Answer

Form 16, bank statements, capital gain statements, Form 26AS, rent receipts, and investment proofs. We send a precise checklist after understanding your income profile.

Question 5

Who must register for GST?

Accepted Answer

Any business with aggregate turnover exceeding ₹40 Lakhs (goods) or ₹20 Lakhs (services) must register. Inter-state suppliers, e-commerce operators, and reverse charge payers must register regardless of turnover.

Question 6

What is GSTR-9 and is it mandatory?

Accepted Answer

GSTR-9 is the annual return summarising all supplies. It is mandatory for taxpayers with turnover above ₹2 Crores. GSTR-9C (reconciliation statement) is mandatory above ₹5 Crores.

Question 7

How can I claim GST refund as an exporter?

Accepted Answer

Exporters can claim refund of IGST paid on exports or ITC accumulated under the LUT route. We handle RFD-01 applications, annexure preparation, and follow-up with the GST officer.

Question 8

What happens if I miss a GSTR filing?

Accepted Answer

Late filing attracts a ₹50/day penalty (₹20/day for NIL returns), capped at ₹10,000, plus 18% interest on unpaid liability. We file with mitigation strategies to reduce exposure.

Question 9

I received a 143(1) intimation. What should I do?

Accepted Answer

A 143(1) intimation is a computer-processed comparison of your return vs departmental data. If there is a demand, you can file an online rectification. Ignoring it leads to recovery proceedings.

Question 10

What is the time limit to respond to a notice?

Accepted Answer

Response windows range from 7 to 30 days depending on notice type. Section 148A requires a reply within 7 days. DRC-01 typically requires a reply within 30 days. We track all deadlines on your behalf.

Question 11

Can I file a CIT(A) appeal myself?

Accepted Answer

Yes, but professional representation significantly improves outcomes. Grounds of appeal require precise statutory framing — weak grounds may result in ex-parte disposal or adverse orders.

Question 12

What if I cannot pay the outstanding demand?

Accepted Answer

You can apply for a stay of demand pending appeal. This prevents coercive recovery while your case is heard. We handle the stay application and follow-up with the Assessing Officer.

Question 13

Why can a buyer not deduct 1% TDS under Section 194-IA when buying property from an NRI?

Accepted Answer

Section 194-IA applies exclusively when the seller is an Indian tax resident. For NRI sellers, Section 195 is mandatory. The buyer must obtain a TAN under Section 203A and withhold 20% plus applicable surcharge and 4% cess on the gross sale value. Deducting only 1% exposes the buyer to interest under Section 201 and penalty under Section 271C.

Question 14

How much TDS does Form 13 Lower Deduction Certificate save on NRI property sale?

Accepted Answer

Without Form 13, the buyer must deduct between 20.8% and 23.92% on the TOTAL sale consideration (e.g., ~₹23.9 Lakhs on a ₹1 Crore sale). Form 13 allows TDS to be calculated only on the actual net capital gain, reducing withholding to 3% to 5%, or Nil if proceeds are reinvested under Section 54/54EC.

Question 15

When is Form 15CB from a Chartered Accountant mandatory for foreign remittance?

Accepted Answer

Under Rule 37BB, Form 15CB is mandatory if the remittance is chargeable to tax in India, exceeds ₹5,00,000 in a financial year, and no certificate under Section 195(2), 195(3), or 197 has been obtained from the Assessing Officer. The CA verifies tax liability, applies DTAA relief, and generates an official UDIN.

Question 16

What is the penalty for not reporting foreign shares (RSUs) in Schedule FA?

Accepted Answer

Under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, failure to disclose or inaccurate disclosure of foreign assets in Schedule FA attracts a flat penalty of ₹10,00,000 per assessment year, even if the individual has paid all income taxes or earned nil dividend.

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