Understanding business starts with clarity
Why did I receive a tax notice?
Understand common reasons and what you should do next.
A tax notice may be issued for reasons such as mismatch in income, non-filing of returns, high-value transactions, or verification requests. It is important to review the notice carefully and respond within the prescribed timeline.
What happens if GST return is filed late?
Know the fees, interest and consequences of late filing.
Late filing of GST returns may result in late fees, interest, and restrictions on filing subsequent returns. Regular compliance helps avoid unnecessary notices and penalties.
Why is there profit but low cash?
Learn why cash flow can be different from accounting profit.
Profit is calculated on an accounting basis, whereas cash flow depends on actual receipts and payments. Factors like pending customer payments, inventory purchases, or loan repayments may reduce available cash despite profits.
Can I save more tax legally?
Explore legal ways to optimise your tax responsibly.
Tax planning within the framework of applicable laws may help optimise tax liability. Proper structuring, eligible deductions, and timely compliance are important aspects of responsible tax planning.
Quick clarity for common concerns
Why is GST payable even if customer payment is pending?
Understand how GST liability arises and key compliance rules involved.
Under GST law, liability generally arises at the time of invoicing or supply of goods or services, even if payment from the customer is received later.
What documents should businesses maintain?
A simple guide to essential records every business should keep.
Businesses should maintain proper records such as invoices, bank statements, agreements, tax filings, payroll records, and supporting financial documents for compliance and operational clarity.
Proprietorship vs Partnership vs LLP vs Pvt. Ltd.
Choose the right structure for your business
Formation
Simplest to start, no formal registration.
Liability
Unlimited personal liability.
Compliance
Very low compliance burden.
Taxation
Taxed at individual slab rates.
Best For
Freelancers, solo founders, small retail.
Compare specific structures
Select two entities to stack and compare.
Need clarity on the right business structure? Connect with us.
Explore more business insights
Do small businesses also need audit?
Know when audit is mandatory and why it adds value.
Audit requirements depend on factors such as turnover, nature of business, and applicable laws. In certain cases, audits may also help improve financial discipline and credibility.
What is the difference between turnover and profit?
Clear understanding of two important business terms.
Turnover refers to total sales or revenue earned by a business, whereas profit is the amount remaining after deducting all expenses from that revenue.
Can cash deposits create issues?
Understand reporting rules and when it may trigger scrutiny.
Large or unusual cash deposits may attract regulatory scrutiny in certain situations. Maintaining proper supporting records and a clear business justification is advisable.
Why is TDS deducted from payments?
Learn how TDS works and why it is important.
TDS is a mechanism introduced under the Income Tax Act for collection of tax at the source of income. The deducted amount is generally adjustable against the recipient's final tax liability.