Blog
Plain-English guides, checklists and updates for individuals, startups and SMEs.
10 min readSection 194Q requires a buyer whose turnover exceeds ₹10 crore in the previous FY to deduct 0.1% TDS on purchases of goods from a resident seller once the aggregate value crosses ₹50 lakh in the FY. TDS is calculated on the amount above ₹50 lakh, deducted at credit or payment, deposited under challan 281 by the 7th of the next month, and reported in Form 26Q.
9 min readSection 206C(1G) collects TCS at 20% on most LRS foreign remittances, with lower or nil rates for education loans from specified Indian financial institutions and for remittances within RBI exemptions. The TCS paid in a financial year is allowed as a credit in your ITR — so the cash drag is real but the tax hit usually reverses at filing.
9 min readTDS appears as tax credit in Form 26AS only after your deductor deposits it and files the TDS statement. Before filing your ITR, match Form 16 / 16A against 26AS and AIS, fix mismatches with the deductor, and claim only verified credit.
9 min readGSTR-2B is the sole ITC claim base from FY 2021-22 onwards. This guide explains what GSTR-2B shows, how to reconcile it against your purchase records, what happens when suppliers fail to file, and how to handle mismatch rejections in GSTR-3B.
9 min readSalaried employees earning additional freelance income, interest, rent or capital gains above Rs 10,000 in a financial year must pay advance tax. This guide covers who must pay, how to calculate it and the quarterly deadlines for FY 2026-27.
9 min readThe MSMED Act 2006 formula for interest on delayed payments, the 45-day payment rule, how to send a legal notice, and when to approach the Micro and Small Enterprises Facilitation Council.
11 min readMost income tax notices are routine and reply-ready within 7 to 30 days. Identify the section number, classify the bucket — self-service, CA-led, or counsel-led — prepare the response within the stipulated window, and escalate only when the demand crosses ₹10 lakh.
8 min readGST registration is mandatory when your turnover crosses ₹20 lakh (services) or ₹40 lakh (goods), but also applies to interstate suppliers, e-commerce sellers, and certain notified categories regardless of turnover.
6 min readLate filing of GSTR-1 / GSTR-3B / GSTR-9 attracts Section 47 late fee (₹50/day for normal filers, ₹20/day for NIL returns, capped per Act) plus 18% per annum interest on unpaid tax under Section 50. Repeated late filing without reasonable cause can escalate to Section 122 penalty up to ₹10,000 per offence.
6 min readMost Indian startups cross the GST threshold or make their first inter-State sale within the first six months — register early, pick the right scheme (regular vs composition), and avoid the seven mistakes that waste capital and trigger notices.
5 min readGSTR-1 is the outward-supply register — every B2B invoice, credit note, debit note and advance. GSTR-3B is the summary self-assessment — output tax, eligible ITC, and balance tax payment. Same month, two different returns, fixed order.
8 min readSection 194J governs TDS on professional, technical, royalty, director and non-compete fees. The standard rate is 10% above ₹30,000 per payee per year, except 2% for call-centre-only businesses and 10% for royalty with no threshold for director fees. Deductors missing PAN attract 20%.
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