Frequently Asked Questions
Here are answers to some of the most common questions our clients ask. If you have a specific query not covered here, please contact us.
General Queries
We are a full-service Chartered Accountancy firm. Our core services include Income Tax (ITR, Planning, Notices), GST (Registration, Returns, Audit), Statutory & Tax Audits, Accounting & Book-keeping, and Business Advisory (Incorporation, ROC compliance).
You can schedule a consultation by calling us at +91 9755233617, sending an email to info@grkco.top, or using the contact form on our website. We are available Mon - Sat: 10:00 AM - 6:00 PM.
Income Tax
The correct ITR form depends on your sources of income. For example, ITR-1 is for salaried individuals with income up to ₹50 Lakhs, while ITR-3 or ITR-4 is for business/profession income. Our team will analyze your income sources and file the appropriate form.
Do not panic, but do not ignore it either. Time limits to respond are strict. Forward the notice to us immediately. We will review the cause (e.g., mismatch in 26AS/AIS, scrutiny assessment), formulate a response strategy, and represent you before the tax authorities.
GST Compliance
Generally, GST registration is mandatory if your aggregate turnover exceeds ₹40 Lakhs (for goods) or ₹20 Lakhs (for services). However, thresholds vary for special category states. Also, certain businesses (like e-commerce sellers or those involved in inter-state supply) require mandatory registration regardless of turnover.
Late filing attracts a late fee of ₹50 per day (₹20 per day for nil returns) subject to a maximum cap, plus interest at 18% p.a. on the outstanding tax amount. We help establish systems to ensure you never miss a deadline.
Audit & Business
For businesses, a tax audit is generally mandatory if total sales, turnover, or gross receipts exceed ₹1 Crore in a financial year (limit extended to ₹10 Crore under specific conditions regarding cash transactions). For professionals, the limit is gross receipts exceeding ₹50 Lakhs.
If you plan to raise equity funding from venture capitalists or angel investors, a Private Limited Company is strictly preferred. If you want lower compliance costs, flexibility in internal management, and no immediate plans for external equity funding, an LLP might be better. We provide personalized advisory based on your specific business goals.