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Practical tax tips, GST updates, company law insights and compliance alerts — from the partners of S.K. Vij & Associates. Hover any card to reveal the key insight.

40+Years of Practice

500+GST Clients

2000+Total Clients

Big 4Experienced Team

Tax AlertGSTR-3B due 20th every month for monthly filers

GSTE-Invoicing mandatory for turnover above ₹5 crore

Direct TaxFaceless Assessment — respond within 15 days of notice

Company LawDIR-3 KYC for all directors — September 30 deadline

Tax AlertAdvance Tax 4th instalment: 100% by March 15

ComplianceStatutory Audit + AGM must be completed by September 30

GSTGSTR-9 Annual Return due December 31 — turnover above ₹2 crore

Tax AlertGSTR-3B due 20th every month for monthly filers

GSTE-Invoicing mandatory for turnover above ₹5 crore

Direct TaxFaceless Assessment — respond within 15 days of notice

Company LawDIR-3 KYC for all directors — September 30 deadline

Tax AlertAdvance Tax 4th instalment: 100% by March 15

ComplianceStatutory Audit + AGM must be completed by September 30

GSTGSTR-9 Annual Return due December 31 — turnover above ₹2 crore

Knowledge Cards

Hover Any Card to Reveal the Key Insight

Practical guidance from our partner team — direct tax, GST, audit, company law, international tax and startup compliance. Tap on mobile to flip.

Direct Tax

5 Deductions Every Business Owner Must Claim Before March 31

FY 2024-25Hover ↻

Key Insight

Don't miss: Sec 80C ₹1.5L in ELSS/PPF/LIC, Sec 80D health insurance ₹25K self + ₹50K parents, 80CCD(1B) NPS extra ₹50K, HRA if paying rent, Sec 54EC bonds for capital gains. Investments made after March 31 cannot be claimed for the current year.

Consult our direct tax team for personalised planning

Direct Tax

Received an Income Tax Notice? Here's Exactly What to Do

Faceless AssessmentHover ↻

Action Steps

1. Identify notice type (143(1), 143(2), 148). 2. Note the deadline — typically 15–30 days. Missing it = ex-parte order. 3. Gather all supporting documents. 4. Never respond without professional advice. 5. File detailed response via e-proceedings portal. Never ignore a notice — it escalates to demand + penalty.

Our team handles all levels of income tax notices

Direct Tax

TDS Quick Reference — Rates on Your Common Business Payments

TDS ComplianceHover ↻

TDS Rates

Salary (192): As per slab. Professional fees (194J): 10% above ₹30K p.a. Rent (194I): 10% above ₹2.4L p.a. Contractors (194C): 1–2% above ₹30K. Interest (194A): 10% above ₹40K. Missing TDS = 30% expense disallowance + 1.5%/month interest + penalty equal to TDS amount.

We file all quarterly TDS returns on time for our clients

Direct Tax

New Tax Regime vs Old Regime — Which Actually Saves More?

Tax PlanningHover ↻

How to Decide

Old regime: Higher slabs but allows 80C (₹1.5L), HRA, 80D, NPS. Better if investments are substantial. New regime: Lower flat rates, no major deductions, default now. Better for those with limited tax-saving investments. Rule of thumb: If total deductions exceed ₹3.75L, old regime usually wins. Always calculate both before filing.

Our tax team calculates optimal regime for every client

GST

GSTR-2B Mismatch With Books — Root Causes and Fixes

ITC ReconciliationHover ↻

Root Causes & Fix

Causes: supplier hasn't filed GSTR-1 yet, wrong GSTIN on invoice, B2C vs B2B misclassification, different period reporting. Fix: send supplier a reminder with exact invoice detail, or reverse ITC now and re-claim when it appears in GSTR-2B. Never claim ITC not in GSTR-2B — attracts demand under Rule 86B.

We reconcile GSTR-2B monthly for all our clients

GST

Reverse Charge (RCM) — Are You Paying GST That You're Liable For?

Common IssueHover ↻

RCM Applies To

You must pay GST yourself on: Legal services from advocates, GTA freight (road transport), Imported services (foreign software, cloud, consulting), Security services, Unregistered dealer purchases in notified categories. Missing RCM = top GST audit finding. Liability: 100% demand + 18% interest + equal penalty.

We review all transactions for RCM applicability monthly

GST

GSTR-9 vs GSTR-9C — Who Must File What and by When?

Annual ReturnHover ↻

Who Files What

GSTR-9: All regular taxpayers with turnover > ₹2 crore. Due December 31. Summarises all monthly returns. GSTR-9C: Turnover > ₹5 crore. Reconciliation Statement — CA must certify before filing. Late fee: ₹200/day per Act (max 0.5% of turnover). Start reconciliation by October — don't wait until December.

We prepare and file GSTR-9 and 9C for all applicable clients

GST

ITC Blocked Credits Under Sec 17(5) — What You Cannot Claim

ITC RulesHover ↻

Blocked ITC List

No ITC on: Motor vehicles (generally), food & beverages, club memberships, health & fitness, works contract for immovable property, beauty services. Even if used for business. Also: ITC only valid if supplier has filed, paid GST, and it appears in your GSTR-2B. Claiming blocked ITC = 100% demand + interest + penalty.

Our team reviews ITC eligibility for all client purchases

Audit

Is Statutory Audit Mandatory for Your Private Limited Company?

Companies Act 2013Hover ↻

Short Answer: Yes

Every company incorporated in India — regardless of turnover or profit — must get its accounts audited annually by a CA. This includes Pvt Ltd, OPC, and Section 8 companies. No turnover exemption exists under Companies Act 2013. Due date: before the AGM, which must be held by September 30 each year without exception.

We handle statutory audits for companies of all sizes

Audit

IFC Under Companies Act — What the Board Must Confirm Each Year

Section 134(5)(e)Hover ↻

Board Responsibility

Section 134(5)(e) requires the Board Report to state that adequate Internal Financial Controls (IFC) exist and are operating effectively. The statutory auditor must report on IFC under Section 143(3)(i). Weak IFC = qualified audit report = investor and lender concern. We design, document, and test IFC annually using our REEM framework.

Our REEM framework delivers comprehensive IFC coverage

Audit

Which Companies Must Adopt Ind AS for Financial Reporting?

Ind AS AdoptionHover ↻

Applicability Check

Ind AS is mandatory if: Listed on any stock exchange, OR unlisted with net worth ≥ ₹250 crore. Applies to both standalone and consolidated statements. Once adopted, you cannot revert to Indian GAAP — ever. If approaching the ₹250Cr threshold, begin planning at least 12 months ahead. Voluntary adoption is also permitted.

We have guided 50+ companies through Ind AS transitions

Company Law

Director Disqualification — When Directors Lose the Right to Serve

Section 164(2)Hover ↻

Know the Risk

A director is disqualified under Sec 164(2) if the company fails to file Annual Returns or Financial Statements for 3 consecutive years, or fails to repay deposits/dividends for over 1 year. Result: cannot serve in ANY company for 5 years. DIN KYC non-filing also deactivates DIN immediately. Annual ROC filings are not optional — they protect directors personally.

We track all ROC and DIN compliance deadlines for our clients

Company Law

Annual ROC Filings Every Indian Company Must Complete

MCA ComplianceHover ↻

Annual Filing Checklist

AOC-4 — Financial Statements (within 30 days of AGM). MGT-7/7A — Annual Return (within 60 days of AGM). ADT-1 — Auditor appointment (within 15 days of AGM). DIR-3 KYC — Director KYC by September 30. AGM — Must be held by September 30. Late fee: ₹200/day per form with no upper cap in most cases.

We manage all ROC filings for our corporate secretarial clients

International Tax

Transfer Pricing Documentation — When Is It Mandatory for You?

Section 92EHover ↻

TP Triggers

Local File (Form 3CEB): international transactions with associated enterprises > ₹1 crore. Master File: consolidated group revenue > ₹500 crore AND Indian entity's international transactions > ₹50 crore. CbCR: consolidated revenue > ₹5,500 crore. TP penalty: 2% of transaction value. Due date: October 31.

We prepare full TP documentation and handle TPO proceedings

International

Foreign Investment in India — FEMA Compliance Steps Required

FDI ComplianceHover ↻

FEMA Steps

After receiving foreign investment: 1) Report to AD Bank within 30 days. 2) Issue shares within 60 days. 3) File FC-GPR within 30 days of allotment. 4) FLA Annual Return by July 15 every year. Valuation certificate from SEBI-registered CA is required. Non-compliance = compounding + penalties up to 3x the amount involved.

We handle complete FEMA and RBI compliance for FDI

Startup

Angel Tax — The Tax Trap Every Startup Founder Must Avoid

Section 56(2)(viib)Hover ↻

What It Is & How to Avoid

Angel Tax = income tax on excess share premium over Fair Market Value. Now applies to foreign investors too. Example: FMV ₹100/share, issued at ₹300 → ₹200 taxed at 30% in company. Fix: DPIIT Startup India recognition + file Form 2 exemption before the funding round closes. Proper DCF/NAV valuation from a SEBI-registered CA also protects you.

We help startups get DPIIT recognition and angel tax exemption

Startup

ESOPs — When Are Employees Taxed and How Much?

ESOP TaxationHover ↻

ESOP Tax Points

At exercise: spread (FMV on exercise date minus exercise price) = taxed as perquisite / salary — TDS applicable. At sale: gain from exercise price to sale price = Capital Gains. STCG if < 24 months, LTCG if > 24 months. DPIIT startups: TDS deferred to earliest of sale, transfer, or 5 years from exercise. Plan vesting schedule to manage tax timing for employees.

We advise founders on ESOP pool sizing and employee tax planning

In Depth

Featured Insights

Direct Tax — Complete Guide

The Complete Advance Tax Guide — Who Pays, When, and How Much

Advance tax is income tax paid before year-end in instalments. Missing instalments attracts interest at 1% per month under Sections 234B and 234C. Here's every detail you need.

Who pays: Anyone with tax liability above ₹10,000 after TDS — including business owners, freelancers, investors with capital gains
4 instalments: June 15 (15%), September 15 (45%), December 15 (75%), March 15 (100%)
44AD/44ADA presumptive taxpayers: 100% in a single instalment by March 15 only
Shortfall interest: 1% per month simple interest from each due date — computed automatically on filing
Senior citizens (60+) with no business income: Not liable for advance tax — even with high investment income

GST Alert

E-Invoicing: Are You Within the ₹5 Crore Threshold?

Businesses with aggregate turnover exceeding ₹5 crore must generate e-invoices via the IRP portal for all B2B transactions. Non-compliance: ITC denied to recipient + ₹10,000 penalty per invoice. Threshold is PAN-level — check across all your GSTINs.

Company Law

AGM Deadline September 30 — Don't Miss It

Every company must hold its AGM within 6 months of the financial year end. All ROC filings (AOC-4, MGT-7) flow from the AGM date. Non-holding: ₹1 lakh penalty + ₹5,000/day continuing default. MCA can also strike off the company.

Direct Tax

Tax Audit Threshold — ₹1 Crore or ₹10 Crore?

Tax audit u/s 44AB applies if turnover exceeds ₹1 crore. However, if 95%+ of business transactions are digital (receipts and payments), the threshold is ₹10 crore. Verify your cash transaction ratio before assuming you are below the limit.

Startup

DPIIT Recognition — Get It Before You Raise Funds

DPIIT Startup India recognition unlocks: 80-IAC income tax exemption (3 years), Form 2 angel tax exemption, faster IP processing. Apply before your first funding round — the process takes 2–4 weeks and the benefits are significant.

Stay Ahead

Key Compliance Calendar

Major deadlines for Indian businesses throughout the year — never miss a filing again.

April – June

7thTDS deposit for previous month

11thGSTR-1 (monthly filers)

20thGSTR-3B (monthly filers)

15 JunAdvance Tax 1st instalment 15% Key

30 JunTDS return Q4 — Form 24Q/26Q

31 MayForm 16 issue to employees

July – September

15 JulFLA Return — foreign investment companies

31 JulITR — individuals & non-audit cases Key

15 SepAdvance Tax 2nd instalment 45% Key

30 SepStatutory Audit + AGM deadline Critical

30 SepITR for audit cases (companies)

30 SepDIR-3 KYC for all directors Corp

October – November

30 OctAOC-4 — Financial Statements with ROC Corp

31 OctTransfer Pricing — Form 3CEB filing

31 OctITR for transfer pricing cases

29 NovMGT-7 Annual Return — ROC Corp

15 DecAdvance Tax 3rd instalment 75% Key

31stQuarterly TDS returns Q2

December – March

31 DecGSTR-9 & GSTR-9C Annual Return GST

31 DecFCRA Annual Return — NGOs

31 JanQuarterly TDS returns Q3

15 MarAdvance Tax 4th instalment 100% Critical

31 MarLast date — 80C, 80D investments

31 MarClose books — provision entries

GST Corner

Essential GST Knowledge

GST Slabs — Quick Reference

0%: Unbranded food, health services, education. 5%: Common goods, transport. 12%: Processed food, business travel. 18%: Most services, electronics, SaaS, consulting. 28%: Luxury goods, tobacco, automobiles + cess. Always verify your HSN/SAC code before filing — wrong rate = demand + 100% penalty.

ITC Blocked Credits — What You Cannot Claim

Section 17(5) blocks ITC on: Motor vehicles (generally), food & beverages, club memberships, health & fitness services, works contract for immovable property, beauty services. Even if used for business purposes — no ITC allowed. Claiming blocked ITC = 100% demand + 24% interest + equal penalty.

GST Penalties — Know What You Face

Late filing: ₹200/day (max 0.5% turnover). Genuine short payment: 10% of tax or ₹10,000 (whichever higher). Fraud evasion: 100% of tax + imprisonment. Wrong ITC claim: 100% ITC + 24% interest. E-invoice default: ₹10,000/invoice. Late GSTR-9: ₹200/day per Act.

Did You Know?

Numbers Every Business Owner Must Know

₹1Cr

Tax Audit Threshold

Businesses with turnover exceeding ₹1 crore must get a tax audit u/s 44AB. Threshold is ₹10 crore if 95%+ transactions are digital.

₹40L

GST Registration Limit

Aggregate turnover above ₹40L (goods) or ₹20L (services) in most states mandates GST registration. Some states have lower limits.

₹1.5L

Section 80C Limit

Maximum deduction under Sec 80C per year — covers ELSS, PPF, EPF, life insurance, NSC, home loan principal, and tuition fees.

18%

GST Late Payment Interest

GST paid late attracts 18% per annum interest from due date to actual payment date. For excess ITC claims: 24% interest applies.

₹250Cr

Ind AS Threshold

Unlisted companies with net worth ≥ ₹250 crore must mandatorily adopt Ind AS. Listed companies must adopt regardless of net worth.

5 Yrs

Director Disqualification

A disqualified director under Sec 164(2) cannot serve in any company for 5 years. Annual ROC filing is the only protection for directors.

30%

TDS Default Disallowance

If TDS is not deducted, 30% of that expenditure is disallowed u/s 40(a)(ia) — directly adding to your taxable income and tax liability.

₹5Cr

E-Invoicing Threshold

PAN-level turnover exceeding ₹5 crore triggers mandatory E-Invoicing via IRP portal for all B2B transactions. ITC denied if non-compliant.

Have a Specific Compliance Question?

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