Question 1

Who needs GST registration?

Accepted Answer

Any business with aggregate turnover above ₹40 lakh (₹20 lakh for services, ₹10 lakh in special category states), inter-state suppliers, e-commerce operators and casual taxable persons need GST registration regardless of turnover.

Question 2

What is the due date for filing ITR?

Accepted Answer

For non-audit individuals it is typically 31 July of the assessment year. For audit cases it is 31 October. Dates may be extended by CBDT notification.

Question 3

How long does company incorporation take?

Accepted Answer

With ready documents, a Private Limited Company can typically be incorporated in 7–10 working days through the SPICe+ form on MCA.

Question 4

What is Section 138 of the NI Act?

Accepted Answer

Section 138 of the Negotiable Instruments Act, 1881 criminalises dishonour of a cheque due to insufficient funds. The drawer can be prosecuted after a statutory demand notice within 30 days of dishonour.

Question 5

Do startups get tax exemption?

Accepted Answer

DPIIT-recognised startups can apply for a 3-year tax holiday in any 3 of the first 10 years under Section 80-IAC, subject to conditions.

Question 6

What is MSME / Udyam registration?

Accepted Answer

Udyam is the online MSME registration system. It unlocks priority sector lending, subsidies, GeM access and protection under the MSMED Act for delayed payments.

Frequently Asked Questions