An E-Way Bill is an electronic document required for transporting goods valued above Rs. 50,000 across India under the GST framework. Generated on the e-way bill portal (ewaybillgst.gov.in), the document tracks goods movement, ensures tax compliance during transit, and must be carried by the transporter throughout the journey. The system was implemented nationwide on April
GSTR-10 is the final return that must be filed by every taxpayer whose GST registration has been cancelled, whether voluntarily surrendered or compulsorily cancelled by the tax authority. This one-time return declares the stock of inputs, semi-finished goods, finished goods, and capital goods held on the day preceding the cancellation date, and requires payment of
A Limited Liability Partnership (LLP) is a business structure in India that combines the advantages of a traditional partnership with the limited liability protection of a company. Governed by the Limited Liability Partnership Act, 2008, an LLP requires a minimum of two partners (no maximum limit) and at least two designated partners who are natural
Pradhan Mantri Awas Yojana (PMAY) is a flagship government housing scheme launched in 2015 to provide affordable permanent housing to India’s economically weaker sections and lower-income groups. The scheme operates through two components: PMAY-Urban (PMAY-U) for city and town residents, and PMAY-Gramin (PMAY-G) for rural households. Financial assistance includes direct subsidies, interest subsidies through the
Filing your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26) is done online through the Income Tax e-filing portal. The portal provides pre-filled data from Form 26AS, Annual Information Statement (AIS), and employer Form 16, simplifying the filing process. The due date for non-audit individual taxpayers is September 16, 2025. Selecting the correct form
GST registration is mandatory for businesses exceeding the prescribed turnover thresholds and for specific categories of taxpayers, regardless of turnover. Registration is completed online through the GST portal at no cost. Upon approval, the taxpayer receives a unique 15-digit GSTIN that enables them to collect GST, issue tax invoices, and claim Input Tax Credit. Non-registration
GST registration in India is conducted entirely online through the official portal at gst.gov.in. Businesses exceeding the prescribed turnover threshold (Rs. 40 lakh for goods suppliers, Rs. 20 lakh for service providers, with lower limits for special category states) must register under the Goods and Services Tax framework. The CBIC has recently streamlined the registration
ITR-4 (Sugam) is the simplified Income Tax Return form for individuals, HUFs, and partnership firms (excluding LLPs) that opt for presumptive taxation under Sections 44AD, 44ADA, or 44AE of the Income-tax Act, 1961. The form allows small businesses and professionals to declare income at a fixed percentage of turnover without maintaining detailed books of accounts.
Input Service Distributors (ISDs) operate under Rule 39 of the CGST Rules, which prescribes the procedures and formulas for allocating Input Tax Credit (ITC) from common input services to various business units. From April 1, 2025, the ISD mechanism has become mandatory under Notification No. 16/2024-Central Tax, requiring all entities that centralise the procurement of
India’s Goods and Services Tax (GST) system, implemented on July 1, 2017, unified the country’s indirect tax framework by replacing 17 central and state taxes with a single, destination-based tax on supply. This guide covers the core compliance requirements, including registration, return filing, Input Tax Credit, e-invoicing, e-way bills, and recent regulatory changes. Whether you
The GST Invoice Management System (IMS) is a dashboard feature on the GST portal launched on October 1, 2024, that allows recipients to accept, reject, or keep pending the invoices and credit/debit notes filed by their suppliers in GSTR-1. The IMS acts as an intermediary layer between supplier filings and the recipient’s GSTR-2B, ensuring that
Every taxpayer in India must declare their income, tax payments, and deductions through an Income Tax Return (ITR) filed with the Income Tax Department. Seven ITR forms (ITR-1 through ITR-7) are available, each designed for specific taxpayer categories based on income sources, total earnings, and residential status. For FY 2024-25 (AY 2025-26), the filing deadline
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