GST Notices What is a notice under GST? A notice under GST is a formal communication sent by the GST department when something seems wrong in your returns, payments, or compliance. It's like a warning asking you ...
GST Registration- Composition Scheme What is the GST Composition Scheme? It’s a simpler tax scheme under GST designed for small businesses. Instead of paying GST at full rates and doing loads of paperwork, eligible businesses can pay a f...
Advance under GST What does “advance” mean under GST? An advance means money received before supplying any goods or services. Is GST applicable when I receive an advance from a customer? Yes, but it depends on whether ...
Taxation of future options What is F&O income considered as in Income Tax? F&O income is treated as Non-Speculative Business Income, even though it’s trading. It’s not considered gambling or speculative. Do I need to report F&O...
Income under Salary Does my salary include pension? If the pension is received from your current or former employer, it’s treated as salary income. But if the pension comes from a life insurance policy, it’s taxed under ...
Income under House property What is 'Income from House Property' under Income Tax? It refers to rental income earned from buildings or land attached to buildings, like a garden or parking area, owned by you. Can commercial prope...
AOA What is Articles of Association (AoA)? The Articles of Association is a legal document that contains the rules and regulations for the internal management of a company. It defines how the company will...
Taxation of Crypto Is crypto taxed in India? Yes, crypto profits are taxed at a flat 30%, no matter how long you held them. You’ll also have to pay 4% health and education cess and sometimes a surcharge depending on you...
MOA What is a Memorandum of Association (MoA)? The Memorandum of Association is a legal document required to start a company. It explains the company’s main purpose, its powers, and how it will operate. I...
GSTR-2A What is GSTR-2A and why should I care? GSTR-2A is an auto-generated statement on the GST portal that shows details of all your purchases for a particular month. It’s created from the data your sellers...
Invoice management system What is the Invoice Management System (IMS) under GST? It is a new tool introduced on the GST portal that allows buyers (recipients) to accept, reject, or keep invoices pending that were uploaded by t...
QRMP What does QRMP mean in GST? QRMP stands for Quarterly Return Monthly Payment. It allows eligible taxpayers to file GSTR-1 and GSTR-3B every quarter, instead of every month, while paying tax monthly....