Frequently Asked Questions

If your accounts don't need an audit, the due date has generally been 31 July after the financial year ends. Audit cases have later dates. The government notifies – and sometimes extends – these dates, so the applicable date is confirmed each year.

Usually, yes. Filing lets you claim TDS refunds, carry forward losses, and keep a record that banks and embassies ask for. In some cases – large deposits, high foreign travel spend, large electricity bills – filing is compulsory regardless of income.

The return may be processed with an adjustment, or you may get a notice asking you to explain. That's why the AIS is reconciled before filing, not after.

A belated return can still be filed within the time the law allows, with a late fee and interest where applicable. Some benefits, like carrying forward certain losses, may be lost. After that, an updated return may be possible, with additional tax.

Returns for income earned up to 31 March 2026 are filed under the 1961 Act. The first returns under the 2025 Act will be for tax year 2026-27 – income earned from 1 April 2026.

Companies require an audit, so the return has generally been due by 31 October after the year ends, and later where transfer pricing applies. Dates are notified each year and are confirmed for you.

It depends on the deductions and incentives you currently claim, any MAT credit you hold, and your plans. The option is generally irreversible once exercised, so it's worth a numbers-based comparison first.

Yes. Most companies keep their books in-house; the tax workings, reviews and filings are handled with your team, not instead of it.

Don't ignore it. Check it's genuine using 'Authenticate notice/order' on the income tax portal, note the response date, and share it as early as possible so there's time to gather documents properly.

An adjournment can be requested online with reasons, but it's at the officer's discretion. It should be asked for well before the due date and never relied on.

Usually not. Faceless proceedings run entirely online, and personal hearings, where allowed, are by video conference.

An appeal can be filed within the time the law allows – on time is critical. A stay of demand can also be requested while the appeal is pending, subject to conditions.

Tax deducted in a month has generally been due by the 7th of the next month, with more time for March. Due dates are set by the rules and confirmed for your payments.

Interest is payable for the delay, and late returns attract a late fee. Continued default can lead to penalty. Depositing on time avoids all three.

TDS on purchase from a non-resident is worked out differently and is usually higher, unless the seller has a lower deduction certificate. You'll also need a TAN. The computation, payment and certificate are handled for you.

Yes, if taxable Indian income is above the basic exemption limit. It's also worth filing to claim back excess TDS – which is common on property sales and interest.

TDS on payments to non-residents is deducted on the sale price at higher rates, unless the buyer receives a lower deduction certificate. That certificate can be applied for before the sale, based on your actual gain.

Yes. Returns, certificates and department responses are all online. Documents are shared electronically and calls are scheduled across time zones.

The taxability of the payment has to be determined, TDS deducted at the right rate (treaty or domestic), and Form 15CA/15CB filed before the bank remits.

Yes. Every company must have its accounts audited and file its financial statements and annual return with the Registrar, even with no transactions.

Audited accounts must be placed before the AGM, ordinarily held within six months of the year end. Planning starts well before that.

The first auditor is appointed by the Board within 30 days of incorporation. After that, shareholders appoint the auditor at the AGM – generally for five years – and the appointment is filed with the Registrar.

Audits are carried out under both Accounting Standards and Ind AS, including the additional disclosures and notes Ind AS requires.

One month before the return due date – in recent years, around 30 September. Dates can be notified or extended.

A penalty linked to turnover can be levied, in addition to the consequences of an incomplete return.

Yes. The statutory auditor of a company can also conduct its tax audit.

Listed companies, and unlisted public and private companies above prescribed thresholds of turnover, borrowings, paid-up capital or deposits. Others often appoint one voluntarily.

Statutory audit gives shareholders an opinion on the financial statements. Internal audit works for management, on processes, controls and leakage.

Whatever you already run – most commonly Tally and SAP – so there's nothing to migrate.

Yes. Documents are shared electronically and books are maintained on cloud software or via remote access.

Yes. Many businesses keep books in-house and need help only with closing entries, financial statements and notes. That's handled as a separate engagement.

Credit Monitoring Arrangement data is a standard set of financial statements, projections and ratios that banks use to assess working capital needs. It covers past, current and future years.

The financial information banks need – CMA data, project reports, projections – is prepared for you. Chartered accountants in practice aren't permitted to arrange loans, so the application and credit decision remain with you and the bank.

Usually the current year plus the next one to five years, depending on the facility and the bank's requirement.