If you receive a tax notice, log in to the Income Tax e-filing portal, go to the ‘Pending Actions’ section, and submit the required response. If needed, consult a tax expert for assistance.

ments in ELSS funds, PPF, NSC, tax-saving FDs, life insurance premiums, and deductions under Section 80C, 80D, and 80E for health insurance and education loans.

GST registration can be done online through the GST portal. You need to provide business details, PAN, Aadhaar, bank details, and other necessary documents. Once verified, you’ll receive a GSTIN (GST Identification Number).

Yes, if you have made a mistake in your ITR, you can file a revised return before December 31st of the assessment year or before the assessment is completed, whichever is earlier.

Any individual or business whose income exceeds the exemption limit set by the government must file an ITR. Salaried employees, self-employed professionals, companies, and partnership firms all fall under this requirement.

ITC allows businesses to reduce the tax paid on purchases from the tax payable on sales. It ensures that tax is only paid on the value addition at each stage of the supply chain.

Registering as a private limited company provides limited liability protection, better credibility, easier funding opportunities, and perpetual succession, making it a preferred structure for startups.

A late fee of ₹50 per day (₹25 CGST + ₹25 SGST) applies for regular taxpayers. For nil returns, the penalty is ₹20 per day. Interest at 18% per annum may also be charged on outstanding tax liabilities.

Documents include PAN card, Aadhaar card, business address proof, partnership deed or incorporation certificate, and bank details. Requirements may vary depending on the type of business structure.

Businesses can apply for a GST refund through the GST portal by submitting Form RFD-01 along with relevant documents. The refund is usually processed within 60 days if everything is in order.