Yes, Professional Tax (PT) paid can be claimed as a deduction under "Income from Salary" while filing Income Tax Returns (ITR). It is deducted from the gross salary and can... Read More
Author: solubilis
To avoid Professional Tax (PT) on salary, employees must ensure their income is below the exemption limit set by the state. In Karnataka, those earning below ₹15,000 per month are... Read More
If you don’t charge GST despite having GST registration in Chennai, you may face penalties and interest on unpaid tax. The penalty is 10% of the tax due (minimum ₹10,000)... Read More
GST is paid by the buyer, but the seller collects and remits it to the government. Businesses with GST registration in Chennai must charge GST on sales and file returns.... Read More
To get a GST refund, log in to the GST portal, file Form RFD-01, and submit the required documents. Refunds apply to exporters, excess tax payments, and inverted duty structures.... Read More
Income is GST-free if a business’s annual turnover is below the exemption limit. For goods suppliers, the limit is ₹40 lakhs (₹20 lakhs in special category states). For service providers,... Read More
An Importer Exporter Code (IEC) is essential for international remittances linked to import and export activities. It ensures compliance with legal trade regulations and smooth financial transactions. Without an IEC,... Read More
ICEGATE streamlines customs clearance, reducing processing time and ensuring faster approval. Its electronic filing and online payment system help businesses cut administrative costs and enhance efficiency. For smooth import and... Read More
LLPs have no specific turnover limit, but if turnover exceeds ₹40 lakh or contribution exceeds ₹25 lakh, a statutory audit is mandatory. Many businesses opt for LLP registration in Chennai... Read More
An LLP is neither public nor private; it is a hybrid business structure with features of both. It operates as a separate legal entity with limited liability but without shareholders.... Read More