IT Act 2025 Tax Guide

What is GSTR-3B and when is it due?

GSTR-3B is the monthly self-assessment GST return showing outward supplies, ITC claimed, and tax paid. Due: 20th of the following month for regular taxpayers; 22nd/24th for QRMP filers (state-wise).

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What is GSTR-1 and when is it due?

GSTR-1 is the return of outward supplies (invoice-level detail). Due: 11th of the following month for monthly filers; 13th after quarter-end for QRMP filers.

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What is ITC and when can it be claimed?

Input Tax Credit (ITC) is the GST paid on business purchases that can be set off against GST payable on sales. ITC can be claimed only if it appears in GSTR-2B and the conditions of Section 16 CGST Act are met.

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What is the ITC reversal under Rule 42 and Rule 43?

Rule 42 applies to reversal of ITC on inputs used for exempt/non-business purposes. Rule 43 applies to capital goods used for both taxable and exempt supplies. Reversal is calculated on a proportional basis.

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What is GSTR-2B and how does it differ from GSTR-2A?

GSTR-2B is a static auto-drafted ITC statement generated on the 14th of each month from suppliers' GSTR-1/IFF. GSTR-2A is the dynamic/live version that updates as suppliers file. GSTR-2B is the basis for ITC claims.

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What is the QRMP scheme in GST?

QRMP (Quarterly Return Monthly Payment) allows taxpayers with AATO ≤ ₹5 crore to file GSTR-1 and GSTR-3B quarterly while paying GST monthly via PMT-06 challan.

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What is GSTR-9 (annual return) and who must file it?

GSTR-9 is the annual GST return that consolidates all monthly/quarterly returns for the financial year. Due: 31 December following the financial year-end. Mandatory for taxpayers with AATO > ₹2 crore.

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What is GST registration threshold and when is it mandatory?

GST registration is mandatory when aggregate annual turnover exceeds ₹40 lakh (goods) or ₹20 lakh (services) in a financial year. Special category states have lower thresholds of ₹20 lakh / ₹10 lakh.

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What are the GST rates in India — 0%, 5%, 12%, 18%, 28%?

GST has five main rates: 0% (essential goods/services), 5% (necessities, processed food), 12% (standard goods), 18% (most services and goods), 28% (luxury/demerit goods — cars, tobacco, etc.) plus cess on 28% items.

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GSTR-3B

Due: 20th of the following month for regular taxpayers with AATO > ₹5 crore or opted-out of QRMP

₹50/day (₹25 CGST + ₹25 SGST)

GSTR-1

Due: 11th of the following month for monthly filers

₹50/day (₹25+₹25)

GSTR-9 (Annual Return)

Due: 31 December following the financial year-end (e

₹200/day (₹100 CGST + ₹100 SGST) subject to a maximum of 0

CMP-08 (Composition quarterly challan)

Due: 18th of the month following the quarter-end: Q1 Apr–Jun → 18 Jul; Q2 Jul–Sep → 18 Oct; Q3 Oct–Dec → 18 Jan; Q4 Jan–Mar → 18 Apr

₹50/day (₹25+₹25) to a maximum of ₹2,000

TDS Returns (Forms 138/140/143/144)

Due: Q1 (Apr–Jun): 31 July

₹200 per day (Section 234E) capped at the TDS amount in the return

Advance Tax (Instalments)

Due: 1st instalment: 15 June (15% of estimated tax)

Interest at 1% per month (Section 234B: shortfall from 90%, Section 234C: per-instalment shortfall)

ITR Filing — Non-Audit

Due: 31 July of the following year (i

₹1,000 if income ≤ ₹5 lakh; ₹5,000 if income > ₹5 lakh (Section 234F)

ITR Filing — Audit Cases

Due: 31 October of the following year (e

₹5,000 late fee for ITR (Section 234F)

DIR-3 KYC (Director KYC)

Due: 30 September each financial year (web-based KYC if no change in details; form-based DIR-3 KYC if OTP-linked mobile/email change)

DIN is DEACTIVATED immediately after the due date

AOC-4 (Financial Statements)

Due: Within 30 days of the Annual General Meeting (AGM)

₹100 per day — NO CAP

MGT-7 / MGT-7A (Annual Return)

Due: Within 60 days of the AGM

₹100 per day — NO CAP

LLP-11 (LLP Annual Return)

Due: 30 May each year (for the FY ending 31 March)

₹100 per day — NO CAP

LLP-8 (LLP Statement of Accounts)

Due: 30 October each year

₹100 per day — NO CAP

What is the AGM requirement and what happens if it is not held on time?

Every company must hold its AGM within 6 months of the financial year end (by 30 September for a 31 March FY-end). For a first AGM, within 9 months. Penalty: ₹1 lakh + ₹5,000/day for continuing default.

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What is Section 164(2) — when can a director be disqualified?

Section 164(2): a director of a company that has failed to file financial statements or annual returns for 3 consecutive years is disqualified from being a director for 5 years.

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What is a private limited company and how is it different from an LLP?

A private limited company is incorporated under the Companies Act 2013 — has shareholders, a board of directors, and limited liability. An LLP is under the LLP Act 2008 — partners have limited liability but there is no share capital. LLPs have lighter compliance.

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What is SPICe+ and how do you incorporate a company?

SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) is the MCA online form for incorporating a company — covers name reservation, DIN, PAN, TAN, GST, EPFO, ESIC registration in one form.

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What is XBRL filing and which companies must file AOC-4 in XBRL format?

XBRL (eXtensible Business Reporting Language) is mandatory for AOC-4 for: listed companies, companies with paid-up capital ≥ ₹5 crore, or turnover ≥ ₹100 crore.

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What is Significant Beneficial Owner (SBO) under Section 90 and BEN-2?

Under Section 90, every individual who ultimately holds or exercises 10%+ voting/economic rights in a company must be declared as an SBO. The company files BEN-2 within 30 days of receiving the BEN-1 declaration.

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