The old regime allows you to claim deductions (80C, HRA, etc.) to reduce taxable income. The new regime offers lower slab rates but disallows most deductions. For most salaried individuals with significant investments, the old regime may be more beneficial — but it depends on your income and deduction profile. We recommend a personalised assessment.

For most individuals and non-audit cases, the due date is 31st July of the assessment year. For businesses requiring audit, it is 31st October. For transfer pricing cases it is 30th November. Filing late attracts a penalty under Section 234F (up to ₹5,000).

The Composition Scheme is a simplified GST option for small businesses with turnover up to ₹1.5 crore (₹75 lakh for service providers). Registrants pay a fixed percentage of turnover as tax and file quarterly returns. The trade-off: they cannot issue tax invoices or claim input tax credit (ITC).

Typically required documents include:

• Ledger, trial balance, and final accounts
• Bank statements and reconciliation
• GST returns and reconciliation with books
• TDS challans and returns (Form 26Q, 24Q)
• Fixed asset register and depreciation schedule
• Loan agreements and board resolutions

TDS (Tax Deducted at Source) is a withholding tax mechanism. If your business makes specified payments (salary, rent, professional fees, contractor payments) above threshold limits, you must deduct tax at the applicable rate and deposit it by the 7th of the following month. Failure to deduct attracts interest under Section 201 and penalties.

Business valuation for M&A typically uses three approaches: Income Approach (DCF — discounting future cash flows), Market Approach (comparable company multiples), and Asset Approach (net asset value). The most appropriate method depends on industry, profitability, and deal structure. Our team provides independent certified valuations.

Any taxpayer with a tax liability exceeding ₹10,000 in a year must pay advance tax in instalments. The schedule is: 15% by 15 Jun, 45% by 15 Sep, 75% by 15 Dec, 100% by 15 Mar. Senior citizens (60+) with no business income are exempt. Non-payment attracts interest under Sections 234B and 234C.

Every private limited company must file annually with the MCA: AOC-4 (financial statements, within 30 days of AGM) and MGT-7A (annual return, within 60 days of AGM). Other event-based forms may apply for director changes, address changes, or share allotments. Non-filing attracts daily penalties and eventual disqualification of directors.

ITC is available on most business-related purchases, but there are important restrictions. You cannot claim ITC on: motor vehicles (for personal use), food and beverages, works contract services for immovable property, and goods/services used for exempt supplies. ITC must be reflected in GSTR-2B and payment to the vendor must be made within 180 days. Reconciliation errors are a common audit trigger.