Frequently Asked Questions

For individual taxpayers, the last date to file income tax returns is typically July 31st following the end of the financial year (which runs from April 1 to March 31). However, for taxpayers whose accounts require auditing under the Income Tax Act, the deadline is usually October 31st. The government occasionally extends these deadlines, so it's advisable to check the official Income Tax Department website for the most current information.

The ITR form you should use depends on your income sources and taxpayer category:

• ITR-1 (Sahaj): For individuals with income from salary, one house property, and other sources (interest, etc.) up to ₹50 lakhs
• ITR-2: For individuals and HUFs with income from salary, house property, capital gains, and other sources
• ITR-3: For individuals and HUFs having income from business or profession
• ITR-4 (Sugam): For presumptive income from business or profession

Our tax experts can help you determine the correct form based on your specific situation.

Not filing income tax returns can lead to several consequences:

• Penalty of ₹5,000 if filed after the due date but before December 31st, and ₹10,000 if filed after December 31st
• Interest charges of 1% per month on the tax amount due
• Inability to carry forward certain losses to future years
• Difficulties in obtaining loans, visas, or completing high-value transactions
• Potential scrutiny from tax authorities and legal proceedings in cases of deliberate evasion

To claim deductions under Section 80C (up to ₹1.5 lakhs), you need to make investments or expenses in eligible instruments during the financial year, such as:

• Employee Provident Fund (EPF) contributions
• Public Provident Fund (PPF)
• Life Insurance premiums
• Equity Linked Savings Scheme (ELSS)
• National Pension Scheme (NPS)
• Tax Saving Fixed Deposits (5-year lock-in)
• Principal repayment of home loan
• Tuition fees for children (maximum 2 children)

When filing your returns, you need to report these investments in the appropriate sections of your ITR form. Our platform guides you through this process and helps maximize your eligible deductions.

The key differences between the old and new tax regimes are:

Old Tax Regime:

• Higher tax rates
• Allows for various deductions and exemptions (80C, 80D, HRA, etc.)
• Beneficial for those with significant eligible deductions

New Tax Regime:

• Lower tax rates across income slabs
• Most deductions and exemptions are not available
• Simpler compliance with fewer documentation requirements
• May benefit those with limited deductions or exemptions

Taxpayers can choose which regime to opt for each financial year. Our tax calculator can help you determine which regime would be more beneficial based on your specific financial situation.

GST registration is mandatory for:

• Businesses with an annual turnover exceeding ₹40 lakhs for goods (₹20 lakhs for some states)
• Businesses with an annual turnover exceeding ₹20 lakhs for services
• All inter-state suppliers, regardless of turnover
• E-commerce operators and suppliers through e-commerce platforms
• Casual taxable persons and non-resident taxable persons
• Agents of taxable persons
• Input service distributors
• Persons liable to pay tax under reverse charge mechanism

Even if your business falls below these thresholds, voluntary registration is possible and may be beneficial if you deal with GST-registered businesses.

The main GST returns and their due dates are:

• GSTR-1: Monthly/quarterly return for outward supplies - 11th of the following month (monthly filers) or last day of the month following the quarter (quarterly filers)
• GSTR-3B: Monthly/quarterly summary return - 20th of the following month (monthly filers) or specific dates based on state category for quarterly filers
• GSTR-9: Annual return - 31st December of the following financial year
• GSTR-9C: Annual reconciliation statement - 31st December of the following financial year (for turnover above ₹5 crores)
• GSTR-4: Annual return for composition dealers - 30th April of the following financial year

Our GST filing services ensure timely compliance with all applicable returns based on your business category.

Input Tax Credit (ITC) is the credit you can claim for GST paid on purchases used for business purposes. To claim ITC:

• You must be GST registered
• You must have a valid tax invoice or debit note from the supplier
• You must have received the goods or services
• The supplier must have paid the tax to the government
• You must have filed your GSTR-3B return

ITC must be claimed within the specified timeframe (generally before the due date of September return of the following financial year). Our GST services include ITC reconciliation to ensure you maximize eligible credits while maintaining compliance.

The Composition Scheme is a simplified tax payment option for small businesses with turnover up to ₹1.5 crores. Key features include:

• Lower tax rates: 1% for manufacturers and traders, 5% for restaurants, 6% for other service providers
• Quarterly tax payments instead of monthly
• Simplified returns (GSTR-4 annually and CMP-08 quarterly)
• No need to issue tax invoices
• Cannot collect GST from customers
• Cannot claim Input Tax Credit
• Cannot engage in inter-state supplies

Our tax experts can help you evaluate whether the Composition Scheme is beneficial for your business based on your specific circumstances.

GST non-compliance can result in various penalties:

• Late filing of returns: ₹50 per day (₹20 per day for nil returns), up to a maximum of ₹10,000
• Late payment of tax: 18% per annum interest on the tax amount
• Incorrect information or tax evasion: 100% of the tax amount or ₹10,000, whichever is higher
• Failure to register when required: ₹10,000 or the tax amount evaded, whichever is higher
• Issuing invoices without supply: Tax amount evaded or ₹10,000, whichever is higher

Our GST compliance services help you avoid these penalties by ensuring timely filing and accurate reporting.

The main types of business entities in India include:

• Sole Proprietorship: Easiest to set up, unlimited liability, suitable for small businesses
• Partnership Firm: Two or more partners, shared liability, governed by the Partnership Act, 1932
• Limited Liability Partnership (LLP): Partners have limited liability, separate legal entity, less compliance than a company
• Private Limited Company: Separate legal entity, limited liability for shareholders, minimum 2 directors and 2 shareholders (maximum 200)
• Public Limited Company: Can offer shares to the public, minimum 7 shareholders and 3 directors, higher compliance requirements
• One Person Company (OPC): Single person as shareholder, limited liability, less compliance than Private Limited
• Section 8 Company: Non-profit organizations with charitable objectives

Our business registration services can help you select and register the most appropriate entity type based on your business goals, scale, and liability considerations.

For company registration in India, you typically need:

For Directors and Shareholders:

• PAN Card
• Aadhaar Card
• Passport-sized photographs
• Residential proof (utility bill, bank statement, etc.)
• Identity proof (passport, driving license, voter ID)
• Mobile number and email ID linked with Aadhaar

For Registered Office:

• Rental agreement or ownership proof
• NOC from the property owner (if rented)
• Utility bills as address proof

Other Requirements:

• Digital Signature Certificate (DSC) for all directors
• Proposed company name options
• Description of business activities
• Details of authorized share capital

Our team guides you through the entire documentation process, ensuring all requirements are met for smooth registration.

The timeline for company registration in India typically follows this schedule:

• DSC Acquisition: 2-3 working days
• Name Approval (RUN): 1-2 working days
• Filing SPICe+ Form: 1 day for preparation
• Approval from ROC: 3-7 working days

In total, the process typically takes 7-14 working days from start to finish, assuming all documents are in order. With our expedited services, we aim to complete the process in the shortest possible time while ensuring compliance with all regulatory requirements.

MSME (Micro, Small, and Medium Enterprises) registration is a government certification for small businesses. The classification is based on investment in plant and machinery/equipment and annual turnover.

Key benefits include:

• Protection against delayed payments from large enterprises
• Easier access to bank loans with lower interest rates
• Concessions on patent and trademark registration fees
• Preference in government tenders and procurement
• Subsidies on technology upgradation and quality certification
• Reimbursement of ISO certification expenses
• Tax benefits and exemptions
• Eligibility for various government schemes and incentives

Registration is free and can be done online through the Udyam Registration portal. Our services include assistance with the registration process and guidance on availing applicable benefits.

After company incorporation, several ongoing compliances are required:

Initial Compliances:

• Appointment of auditor within 30 days
• Opening of bank account
• GST registration (if applicable)
• PF and ESI registration (if applicable)
• Professional Tax registration (state-specific)
• Business licenses based on industry

Annual Compliances:

• Filing of Annual Financial Statements
• Annual Return (MGT-7)
• Income Tax Returns
• GST Returns (if registered)
• Director's KYC (DIR-3 KYC)
• Annual General Meeting (within 6 months from FY end)

Other Regular Compliances:

• Board Meetings (minimum 4 per year)
• Maintenance of statutory registers
• TDS filings (if applicable)
• PF/ESI monthly returns (if applicable)

Our compliance management services ensure you meet all these requirements on time, avoiding penalties and maintaining good standing with regulatory authorities.

TDS (Tax Deducted at Source) filing requirements for businesses include:

TDS Returns:

• Form 24Q: For TDS on salary payments (quarterly)
• Form 26Q: For TDS on payments other than salary to residents (quarterly)
• Form 27Q: For TDS/TCS on payments to non-residents (quarterly)
• Form 27EQ: For Tax Collected at Source (TCS) (quarterly)

Due Dates:

• Q1 (April-June): July 31st
• Q2 (July-September): October 31st
• Q3 (October-December): January 31st
• Q4 (January-March): May 31st

Other Requirements:

• Deposit TDS within 7 days from the end of the month (except March, where it's due by April 30th)
• Issue TDS certificates (Form 16/16A) to deductees
• Maintain proper records of deductions
• File correction statements if errors are identified

Our TDS compliance services ensure accurate deduction, timely deposit, and proper filing of all TDS returns to avoid penalties and interest charges.

Companies registered in India must file the following annual returns with the Registrar of Companies (ROC):

• Annual Financial Statements: Balance Sheet (Form AOC-3/AOC-4), Profit & Loss Account, and related attachments
• Annual Return (Form MGT-7): Contains details about the company's share capital, shareholders, directors, meetings, etc.
• Cost Audit Report (if applicable): For specified industries where cost audit is mandatory
• Secretarial Audit Report (Form MR-3): Required for larger companies

Due Dates:

• Financial Statements (AOC-4): Within 30 days of the AGM
• Annual Return (MGT-7): Within 60 days of the AGM
• The Annual General Meeting (AGM) must be held within 6 months from the end of the financial year

Failure to comply with these requirements can result in penalties ranging from ₹100 to ₹50,000 per day of default. Our ROC compliance services ensure all filings are completed accurately and on time.

The process for handling income tax notices involves:

1. Notice Identification: Determine the type of notice (adjustment notice, scrutiny notice, defective return notice, etc.) and the section under which it's issued
2. Understanding Requirements: Carefully read the notice to understand what information or action is required
3. Document Collection: Gather all relevant documents, receipts, and evidence required to respond
4. Response Preparation: Draft a comprehensive response addressing all points raised in the notice
5. Timely Submission: Submit the response within the specified deadline (usually 30 days from receipt)
6. Follow-up: Track the status of your response and be prepared for any additional queries
7. Personal Appearance: If required, represent yourself or through an authorized representative before the tax authorities

Our tax notice resolution services include expert analysis of the notice, preparation of a comprehensive response, document organization, and representation before tax authorities if needed. We handle the entire process to minimize stress and ensure the best possible outcome.

Different businesses require various licenses depending on their nature and location. Common licenses include:

General Licenses (Most Businesses):

• Shop and Establishment License
• Trade License from local municipal authorities
• GST Registration
• Professional Tax Registration
• MSME Registration (optional but beneficial)

Industry-Specific Licenses:

• Food Business: FSSAI License/Registration
• Pharmacy: Drug License
• Tourism: Tourism License from Department of Tourism
• Manufacturing: Factory License, Pollution Control Board Clearance
• Import/Export: IEC Code
• Financial Services: RBI/SEBI Registration
• Healthcare: Clinical Establishment Registration
• Education: Education Department Recognition

Our business license services include identifying all required licenses for your specific business, preparing applications, and following up until successful issuance. We also provide renewal reminders to ensure continuous compliance.

Foreign investments in India are subject to several compliance requirements:

Initial Reporting:

• Form FC-GPR: Within 30 days of issuance of shares to foreign investors
• Form FCGPR-R: For rights issue to existing non-resident shareholders
• Form FC-TRS: For transfer of shares between residents and non-residents

Annual Reporting:

• Annual Return on Foreign Liabilities and Assets (FLA)
• Annual Performance Report (APR) for companies with overseas direct investment

Other Compliances:

• Adherence to sectoral caps and entry routes (automatic vs. approval route)
• Compliance with pricing guidelines for share issuance/transfer
• FEMA regulations for fund repatriation
• Downstream investment reporting
• Compliance with conditions specific to the sector

Our foreign investment compliance services include guidance on FDI policy, preparation and filing of all required forms, and ongoing compliance management to ensure adherence to all RBI and FEMA regulations.

Getting started with GrowthLink Tax Filings is simple:

1. Click on the "Get Started" button on our website
2. Fill out the basic information form about your requirements
3. Schedule a free consultation with our tax experts
4. Receive a customized service proposal based on your needs
5. Accept the proposal and complete the onboarding process
6. Upload required documents through our secure portal
7. Our team will handle the rest and keep you updated throughout the process

Alternatively, you can call us directly at +91 9936093609 or use the WhatsApp button on our website to speak with our customer service team.

For individual tax filing, you typically need to provide:

• PAN card and Aadhaar card
• Form 16 from your employer(s)
• Bank statements for all accounts
• Investment proofs for tax-saving investments (80C, 80D, etc.)
• Home loan statements (if applicable)
• Rent receipts and landlord details (if claiming HRA)
• Capital gains statements (if you sold property, shares, etc.)
• Details of other income sources

For business tax filing, additional documents include:

• Books of accounts
• Balance sheet and profit & loss statement
• GST returns (if registered)
• Business expense receipts
• Bank statements for business accounts
• Previous year's tax returns

Our platform provides a detailed checklist specific to your situation after initial consultation, and you can securely upload all documents through our portal.

Our service pricing is transparent and based on the complexity of your requirements:

Individual Tax Filing:

• Basic Filing (Salaried with one employer): Starting from ₹999
• Standard Filing (Multiple income sources): Starting from ₹1,499
• Complex Filing (Capital gains, foreign income): Starting from ₹2,499

Business Tax Filing:

• Proprietorship: Starting from ₹2,999
• Partnership/LLP: Starting from ₹4,999
• Private Limited Company: Starting from ₹7,999

GST Services:

• GST Registration: ₹1,499
• Monthly Filing: ₹999 per month
• Quarterly Filing: ₹2,499 per quarter
• Annual Return: ₹3,999

Business Registration:

• Proprietorship: ₹2,999
• Partnership Firm: ₹4,999
• LLP Registration: ₹7,999
• Private Limited Company: ₹9,999

We offer customized packages for ongoing services with discounted rates. All prices are inclusive of professional fees but exclude government fees. A detailed quote will be provided after understanding your specific requirements during the initial consultation.

We take the security of your financial information extremely seriously and implement multiple layers of protection:

• 256-bit Encryption: All data transmission uses bank-grade encryption
• Secure Document Storage: Documents are stored in encrypted format on secure servers
• Multi-factor Authentication: Required for accessing your account
• Access Controls: Strict role-based access controls for our staff
• Regular Security Audits: Conducted by independent cybersecurity firms
• ISO 27001 Certification: Adherence to international information security standards
• Privacy Policy: Strict policy against sharing your information with third parties
• Staff Training: Regular training on data protection and privacy

We are committed to maintaining the highest standards of data security and confidentiality, treating your information with the same care we would expect for our own.

If you have a question that's not covered in our FAQs, we're here to help. You can:

• Call our customer support team at +91 9936093609 (Monday to Saturday, 9:00 AM to 7:00 PM IST)
• Email us at connect@growthlinktaxfilings.com
• Use the live chat feature on our website for immediate assistance
• Send a message through WhatsApp using the button on our website
• Fill out the contact form in the section below
• Schedule a free consultation with our tax experts

We typically respond to all queries within 24 business hours. For urgent matters, we recommend calling our support line for immediate assistance.