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A R C S Consulting Taxation | Accounting | Business Consulting

Questions

The questions we are asked most

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Company Formation

How long does incorporation of Pvt Ltd Co. takes?
Usually 10 to 15 working days, assuming director KYC and registered-office documents are ready.
Can one person form a company?
Yes — a One Person Company is permitted. With two or more promoters, a private limited company or an LLP is usually the better fit.

GST

When is GST registration compulsory?
Broadly, When aggregate turnover crosses ₹40 lakh for goods(Rs. 20 Lakh in few states) or ₹20 lakh for services. And for any inter-state supply, e-commerce activity or reverse-charge liability it is compulsory to get GST registration.
What does late filing cost?
A late fee is based on the return and turnover of the taxpayer. Late fee for Nil return of GSTR 3B is Rs. 20/day. And for normal return, ₹50/day plus interest at 18% a year on unpaid tax.
What are the documents required to get GST registration?
In case of Sole proprietor,
1) PAN
2) AADHAR
3) Passport size photo
4) Rental agreement/property document/Consent letter of the office premises
5) Utility bills of the office premises

For partnership/LLP - All the above details plus partnership deed.
For companies - All the above details, plus details of all the directors and Inc certificate.
How to get GST registration?
A application for GST registration must be submitted electronically in form GST REG 01 with all the relevant supporting.
A R C S Will make it simple and affordable for you.

Income Tax

Do I need to file ITR when my income is below the basic exemption limit?
Filing is generally not mandatory when your income is less than Rs.4 lakh, but it is worth doing. A return record helps with loans, visas and TDS refunds.
Old regime or new regime? Which is best?
It depends, both has its own pros and cons. The new regime has lower slab rates but disallows most deductions. The old regime allows 80C, 80D, HRA and home-loan interest. We compare both the models each year before filing to get maximum benefits.
When is the income tax return due?
For persons who are not required to get audited, the due date is 31 July of the next tax year. For audit cases it is 31 October. For Ex: Due date for the FY 26-27 is 31st July of 2027.

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