Tax & Accounting AI

Since 22 September 2025 there are two main slabs, 5% and 18%, with 40% on some items such as tobacco, luxury cars, aerated drinks and casinos. Exempt and 0% items remain.

GSTR-1 reports sales details by the 11th each month. GSTR-3B is the summary return where you pay output tax minus input tax, by the 20th. If you don't file 3B, next month's GSTR-1 is blocked.

₹50 a day for GSTR-3B and GSTR-1 (₹20 for nil returns), capped at ₹2,000, ₹5,000 or ₹10,000 depending on turnover. Unpaid tax carries 18% a year interest with no cap.

Turnover up to ₹2 crore is exempt; ₹2–5 crore files GSTR-9; above ₹5 crore files GSTR-9 and the self-certified GSTR-9C. For 2025-26 the deadline is 31 December.

If turnover exceeded ₹5 crore in any year since 2017-18, it is mandatory — from 1 April of the following year when first crossed. Above ₹10 crore, invoices must be uploaded to the IRP within 30 days of the invoice date.

For imported services, the Indian company pays GST under reverse charge (RCM) and can claim it as input tax credit in the same month if conditions are met.

For 2025-26, input tax credit can be claimed until 30 November 2026 or the annual return date, whichever is earlier — and only for invoices the supplier has filed so they appear in GSTR-2B.

No. The 8 October 2026 meeting kept rates unchanged and recommended procedural reforms such as removing arrest powers, a ₹5 crore prosecution threshold and automated refunds. They take effect only once notified.

TDS deducted in a month is due by the 7th of the next month; March TDS is due by 30 April.

Yes. From April 2025 it changed from ₹2,40,000 a year to ₹50,000 a month. If monthly rent exceeds ₹50,000, deduct 10% for land and buildings, 2% for machinery.

10% on professional fees and 2% on technical fees, each once they exceed ₹50,000 a year. Director remuneration is subject to TDS regardless of amount.

Under the Korea–India tax treaty, royalties and fees for technical services are taxed at 10%. You need the parent's Korean tax residency certificate (TRC) and Form 10F; otherwise the domestic rate plus surcharge and cess applies.

₹200 a day, up to the TDS amount. Late payment carries separate interest of 1.5% a month.

The section 194 series was merged into section 393, but most rates and thresholds are the same. Returns use the section 393 table numbers.

Yes. From April 2026 manpower supply is clearly covered as contractor TDS: 1% for individuals, 2% for others.

The 0.1% TCS collected by sellers was abolished on 1 April 2025. Check the 0.1% TDS for large buyers (194Q).

A domestic company that gives up incentives can opt for 22% (about 25.17% with surcharge and cess); otherwise 25% or 30%. Foreign companies such as branches pay 35%.

For 2025-26, audited companies were originally due on 31 October, extended in 2026 to 21 November. Transfer pricing cases are due on 30 November.

Pay estimated tax in instalments: 15% by 15 June, 45% by 15 September, 75% by 15 December and 100% by 15 March. Shortfalls carry 1% a month interest.

Under the new Income-tax Act it replaces the "previous year" and "assessment year". Tax year 2026-27 runs from 1 April 2026 to 31 March 2027.

From April 2026 MAT is a final tax, so no new MAT credit accumulates. Companies that chose the 22% concessional rate are not subject to MAT.

There is no company-level dividend tax; tax is withheld when paid to the Korean parent, capped at the treaty rate of 15%.

Under Budget 2026, revised returns can be filed until 31 March of the following year. After that, within set periods, you can file an updated return by paying additional tax.

Most Indian companies that buy or sell goods, or pay or receive royalties, service fees or interest, with the Korean parent or affiliates.

31 October. The 2026 extension for audited companies (21 November) does not apply to transfer pricing cases. The corporate tax return is due 30 November.

Yes. Update and keep comparable company analysis and transaction support every year. Thresholds and penalties need checking.

Yes, but to be deductible and to withstand a transfer pricing review you need services actually received, a calculation basis and a contract. Handle withholding tax and GST reverse charge as well.

Yes. Under the Companies Act every company is audited annually, and subsidiaries of foreign companies can't use the small company exemption.

₹100 a day per form, with no cap. Both a year late comes to ₹73,000.

Within six months of the financial year end, usually by 30 September. Then AOC-4 within 30 days and MGT-7 within 60 days.

From 31 March 2026 it is every three years, by 30 June. Update within 30 days if contact details change.

PF is mandatory with 20+ employees and ESIC with 10+. ESIC is 0.75% from the employee and 3.25% from the employer.

12% from the employee and 12% from the employer. Of the employer share, 8.33% goes to the pension scheme (EPS) and 3.67% to the provident fund (EPF).

The basic rule is basic + DA of at least 50% of total pay. If it falls short, the difference is added to wages, raising the base for PF, ESIC and gratuity.

No. Rates and deadlines vary by state; in some states it starts from a monthly salary of ₹25,000.

Under the new Income-tax Act, Form 130 is issued instead of Form 16.

Issue shares within 60 days of receiving capital and report within 30 days of issue. Late filing costs ₹7,500 plus a fee proportional to the amount.

An annual return of foreign liabilities and assets filed with the RBI by 15 July by companies and LLPs with foreign investment.

Form 15CA before remittance, a chartered accountant's certificate (15CB) above certain amounts, and a TRC and Form 10F to use the treaty rate. Form numbers under the new Act need checking.

Stop what grows every day before what is largest — forms with no cap and taxes accruing interest come first.

We gather company law, foreign exchange and tax filings that tend to fall outside the scope into one calendar, check them and report to head office in Korean. If needed, we take over the whole job.