When it comes to filing your income tax return in India, selecting the correct ITR form is just as important as filing on time. Filing the wrong form may lead to rejection of your return or even notices from the Income Tax Department.
Filing the correct Income Tax Return (ITR) form is essential to avoid rejections and penalties. Here’s a quick summary of all ITR forms: ✅ ITR-1 (Sahaj) For salaried individuals with income up to ₹50L (only 1 house property, no business/capital gains). ✅ ITR-2 For individuals/HUFs with salary, capital gains, more than one house property, or foreign income. ✅ ITR-3 For individuals/HUFs having business/professional income (like freelancers or consultants). ✅ ITR-4 (Sugam) For small businesses or professionals under presumptive taxation (Section 44AD, 44ADA, 44AE). ✅ ITR-5 For Partnership Firms, LLPs, AOPs, BOIs (not for individuals). ✅ ITR-6 For companies (except those claiming exemption under charitable purposes). ✅ ITR-7 For trusts, political parties, institutions filing under Sections 139(4A) to 139(4D).
If you’re starting a business in India, GST registration is one of the first and most important compliance steps you need to take. Whether you’re a trader, service provider, freelancer, or e-commerce seller, getting registered under the Goods and Services Tax (GST) ensures that you operate legally and benefit from input tax credit and wider market access. In this article, we’ll walk you through who needs to register, the registration process, and the documents required.
📌 Who Should Register Under GST? You are mandatorily required to register under GST if: Your business turnover exceeds ₹40 lakhs (₹20 lakhs for service providers) You are an inter-state supplier You sell goods or services on e-commerce platforms You are a casual taxable person or a non-resident taxable person You are liable to pay reverse charge You want to voluntarily register to claim Input Tax Credit and boost your business credibility
🎥 Need Help? Watch the Step-by-Step Video Guide To simplify the process further, I’ve created a detailed video guide on how to do GST registration from start to finish.
💡 Final Thoughts Getting GST registered is more than just a legal requirement — it builds trust with your customers, allows input tax credits, and sets you up for growth. Whether you’re a new entrepreneur or scaling your operations, don’t delay your GST registration. If you need assistance, feel free to reach out.
The Goods and Services Tax (GST) has transformed the way businesses handle taxation in India. One of the foundational aspects to understand under GST is the difference between B2B (Business to Business) and B2C (Business to Consumer) transactions. In this article, we’ll break down the meaning, differences, and GST implications of B2B vs B2C to help businesses stay compliant and optimize their tax benefits.
💡 Why is this Distinction Important? Understanding whether a sale is B2B or B2C affects: Your invoice format Whether you need to upload buyer details in GST returns Eligibility of your customer to claim ITC GST compliance and risk management
🎥 Want to Learn More? I’ve explained this topic with practical examples in a simple and clear way in this video:
📞 Need Help With GST Compliance? If you’re a business owner unsure about your transaction classifications or GST return filing, feel free to reach out. As a practicing Chartered Accountant, I help individuals and businesses with simplified GST solutions.
