Question 1

What is tax consultancy and why do I need it?

Accepted Answer

Tax consultancy provides professional guidance on tax matters to ensure compliance, reduce liabilities, and maximize available benefits.

Question 2

How can a tax consultant help me save money?

Accepted Answer

By identifying deductions, exemptions, and optimal business structures to legally minimize your tax obligations.

Question 3

What are the benefits of proper tax planning?

Accepted Answer

It avoids penalties, lowers your tax burden, optimizes cash flow, and ensures adherence to tax laws.

Question 4

What documents do I need for tax consultancy services?

Accepted Answer

Typically: PAN, Aadhaar, bank statements, salary slips, investment proofs, GST invoices, and business registration certificates.

Question 5

Who needs to register for GST?

Accepted Answer

Businesses with annual turnover exceeding ₹40 lakh (₹20 lakh for services; ₹10 lakh in special category states).

Question 6

Can I register for GST voluntarily?

Accepted Answer

Yes, voluntary registration is allowed, but mandates full compliance with GST return filings thereafter.

Question 7

Is PAN mandatory for GST registration?

Accepted Answer

Yes. Partnerships and companies must each have their own PAN for GST registration.

Question 8

What happens if I miss the GST registration deadline?

Accepted Answer

You may incur penalties and lose eligibility for input tax credit until registration is regularized.

Question 9

Do I need to file returns if my business is dormant?

Accepted Answer

Yes. Registered entities must file nil returns for periods without transactions.

Question 10

What is the due date for filing income tax returns?

Accepted Answer

Individuals: July 31 (extended to September 15 for FY 2024-25); audit cases: October 31.

Question 11

Can I file income tax returns online?

Accepted Answer

Yes, via the Income Tax Department's e-filing portal.

Question 12

What documents are required for filing?

Accepted Answer

Form 16, Form 26AS, bank statements, investment proofs, property documents, and other income records.

Question 13

What if I file late?

Accepted Answer

Penalties up to ₹5,000 and interest on unpaid tax apply.

Question 14

Can I revise my return?

Accepted Answer

Yes, through revised or belated returns within specified timelines (penalties may apply).

Question 15

What company types can I register?

Accepted Answer

Private Limited Company, LLP, One Person Company, or Partnership Firm.

Question 16

What is the first step in registration?

Accepted Answer

Obtain Digital Signature Certificates (DSC) for proposed directors.

Question 17

Is a Director Identification Number (DIN) required?

Accepted Answer

Yes. All directors must have a DIN before incorporation.

Question 18

How long does registration take?

Accepted Answer

Typically 10–15 working days post document submission.

Question 19

Is there a minimum capital requirement?

Accepted Answer

No statutory minimum, but ₹1 lakh authorized capital is common.

Question 20

What is DPIIT recognition?

Accepted Answer

It qualifies startups for tax holidays, funding, and incentives under Startup India.

Question 21

What are the eligibility criteria?

Accepted Answer

Less than 10 years old, turnover under ₹100 crore, and a scalable or innovative business model.

Question 22

Which documents are needed?

Accepted Answer

Certificate of Incorporation, detailed business description, innovation proof, and scalability evidence.

Question 23

How long does it take?

Accepted Answer

Approximately 2–4 weeks after complete submission.

Question 24

What is a DSC?

Accepted Answer

An electronic signature that verifies identity and ensures document integrity.

Question 25

Why do I need a DSC?

Accepted Answer

It's mandatory for e-filing with government portals (MCA, GST, etc.).

Question 26

What DSC types are available?

Accepted Answer

Class 2 and Class 3 for individuals or organizations.

Question 27

How long is a DSC valid?

Accepted Answer

Typically 1–3 years; renewal is required prior to expiry.

Question 28

Which licenses do I need in India?

Accepted Answer

Common ones include GST, trade license, professional tax registration, and industry-specific approvals.

Question 29

How do I determine applicable licenses?

Accepted Answer

Requirements depend on business type, location, turnover, and industry sector.

Question 30

What are the consequences of non-compliance?

Accepted Answer

Penalties, fines, potential closure, and legal complications.

Question 31

Do licenses need renewal?

Accepted Answer

Yes. Most licenses require periodic renewal to remain valid.

Question 32

How long do registrations take?

Accepted Answer

Standard: 10–15 working days; complex cases may take longer.

Question 33

Do you offer end-to-end services?

Accepted Answer

Yes. From documentation to registration and ongoing compliance support.

Question 34

What are your service charges?

Accepted Answer

Fees are competitive, transparent, and depend on service complexity. Contact us for detailed quotes.

Question 35

Do you provide post-registration support?

Accepted Answer

Yes. Annual filings, compliance advisory, and ongoing support are available.

Question 36

Can you expedite urgent requests?

Accepted Answer

Yes, subject to additional government processing times and fees.

FAQ's