Applicability & Basic Exemption

Q1. Who is required to file an Income Tax Return in India?
Any individual or entity whose income exceeds the basic exemption limit or who fulfills specified conditions under the Income-tax Act is required to file an Income Tax Return.

Q2. Is income up to ₹12 lakh taxable in India?
Under the new tax regime, individuals with income up to ₹12 lakh may not have any tax liability after applicable rebates and provisions, subject to conditions prescribed under law.

Q3. Is filing Income Tax Return mandatory if no tax is payable?
Yes, filing may still be mandatory in certain cases such as high-value transactions, claiming refunds, or meeting specific compliance requirements.

Q4. Can salaried individuals skip filing if tax is fully deducted by employer?
Not always. Filing is recommended to ensure correct reporting, claim refunds, and comply with legal requirements.

Old vs New Tax Regime

Q5. What is the difference between old and new tax regimes?
The old regime allows various deductions and exemptions, while the new regime offers lower tax rates with limited deductions.

Q6. Can a taxpayer choose between old and new tax regimes?
Yes, eligible taxpayers may choose between the two regimes as per the provisions of the Income-tax Act.

Due Dates & Filing

Q7. What is the due date for filing Income Tax Return for individuals?

• Non-audit cases: Generally 31 July of the assessment year
  
  

• Audit cases: Generally 31 October
  
  

Q8. What is the due date for filing a Tax Audit Report?
Tax audit reports are generally required to be filed by 30 September, unless extended.

Q9. Can Income Tax Return be filed after the due date?
Yes, a belated return can be filed within the prescribed time limits, subject to applicable fees and conditions.

Late Fee, Interest & Penalties

Q10. What is the late fee for filing Income Tax Return after due date?
Late filing may attract a fee under the Income-tax Act, subject to maximum limits and conditions.

Q11. Is interest charged for late payment of income tax?
Yes, interest may be charged on delayed payment of tax or advance tax shortfall as per applicable provisions.

Q12. Can losses be carried forward if return is filed late?
Certain losses cannot be carried forward if the return is not filed within the due date.

Advance Tax & TDS

Q13. What is advance tax and who is required to pay it?
Advance tax is tax paid in instalments during the financial year by taxpayers whose tax liability exceeds the prescribed limit.

Q14. What are the due dates for advance tax payment?
Advance tax is generally payable on 15 June, 15 September, 15 December, and 15 March.

Q15. What is TDS and why is it deducted?
Tax Deducted at Source (TDS) is a mechanism to collect tax at the time of income payment.

Revision, Refunds & Compliance

Q16. Can an Income Tax Return be revised after filing?
Yes, a return can be revised within the time allowed under the Income-tax Act if any error or omission is identified.

Q17. How long does it take to receive an income tax refund?
Refund timelines vary based on verification and processing by the Income Tax Department.

Q18. Do income tax rules change every year?
Yes, income tax provisions may change annually through Finance Acts and government notifications.

GST Applicability & Registration

Q1. Who is required to register under GST?
Any person or business whose aggregate turnover exceeds the prescribed threshold limit or who falls under mandatory registration categories is required to register under GST.

Q2. What is the turnover limit for GST registration?
The threshold limit generally depends on the nature of supply (goods or services) and the state of operation, as prescribed under GST law.

Q3. Is GST registration compulsory for service providers?
Service providers are required to register if their turnover exceeds the prescribed limit or if they are engaged in notified activities requiring mandatory registration.

Q4. Can a business voluntarily register under GST?
Yes, a business may opt for voluntary GST registration even if its turnover is below the threshold limit.

GST Returns & Filing

Q5. What are the common GST returns to be filed?
Common returns include GSTR-1, GSTR-3B, annual returns, and other returns depending on the nature of the taxpayer and scheme opted.

Q6. What is the due date for filing GSTR-1?

• Monthly filers: 11th of the following month
  
  

• Quarterly filers (QRMP): 13th of the month following the quarter
  
  

Q7. What is the due date for filing GSTR-3B?

• Monthly filers: 20th of the following month
  
  

• Quarterly filers (QRMP): Due dates are notified, generally 22nd or 24th
  
  

Q8. Is filing GST return mandatory even if there is no business activity?
Yes, nil returns must be filed if the taxpayer is registered under GST, even if there are no transactions during the period.

Late Fee, Interest & Penalties

Q9. What is the late fee for delayed GST return filing?
Late fee is charged per day of delay, subject to maximum limits, as prescribed under GST law.

Q10. Is late fee applicable for nil GST returns?
Yes, late fee may be applicable even for nil returns, though concessional rates may apply.

Q11. What is the rate of interest on late payment of GST?
Interest is charged on delayed payment of tax at the rate prescribed under GST law.

Q12. What happens if GST returns are not filed continuously?
Non-filing may lead to blocking of e-way bill generation, suspension or cancellation of GST registration, and recovery proceedings.

Input Tax Credit (ITC)

Q13. Can input tax credit be claimed without filing GST returns?
No, input tax credit can be claimed only if GST returns are filed and other prescribed conditions are fulfilled.

Q14. Is ITC available if the supplier has not filed GST returns?
Input tax credit is subject to matching and compliance by the supplier as per GST provisions.

General Compliance

Q15. Can GST returns be revised after filing?
GST returns cannot be revised; however, errors can be corrected in subsequent returns as permitted under law.

Q16. Do GST due dates remain the same every year?
Due dates may change based on government notifications, extensions, or special relief measures.