Answers on GST, Income Tax, Company Registration, Startup Advisory, FEMA, NRI services and more — from CA CS Sai Akash Sansuddi.
GST registration is mandatory for businesses with aggregate turnover exceeding ₹40 lakh for goods (₹20 lakh for services) in a financial year. Also mandatory for inter-state suppliers, e-commerce operators and those under reverse charge, regardless of turnover.
Monthly filers: GSTR-1 due 11th, GSTR-3B due 20th of every month. Quarterly (QRMP) filers in Karnataka (Category I): GSTR-3B due 22nd of the month following quarter end. GSTR-9 annual return due 31st December.
Core registrations: Business registration with MCA, PAN and TAN, GST registration (if turnover exceeds threshold), Shops and Establishments License, PF registration (20+ employees), ESI registration (10+ employees), and Professional Tax. Sector-specific: FSSAI (food), IEC (export/import), FEMA approvals (foreign investment).
IEC (Import Export Code) from DGFT using PAN, Aadhaar, business address proof and bank details; GST registration; business registration; bank account for foreign currency; RCMC from Export Promotion Council; and per-shipment: Shipping Bill, Invoice, Packing List, Certificate of Origin.
For FY 2025-26 (AY 2026-27): Salaried individuals — 31st July 2026. Non-audit business cases — 31st August 2026. Audit cases — 31st October 2026. Belated return can be filed up to 31st December 2026 with a penalty of ₹1,000 to ₹5,000 under Section 234F.
Under Old Tax Regime: Section 80C up to ₹1.5 lakh (PPF, ELSS, NSC, LIC), Section 80CCD(1B) additional ₹50,000 for NPS, Section 80D for health insurance, Section 24(b) for home loan interest. Under New Tax Regime (default FY 2025-26): standard deduction ₹75,000, income up to ₹12 lakh effectively tax-free with rebate under Section 87A.
Advance tax is payable in four instalments: 15% by 15th June, 45% by 15th September, 75% by 15th December, and 100% by 15th March. Applicable for taxpayers with tax liability above ₹10,000 after TDS. Non-payment attracts interest under Sections 234B and 234C.
ITR-1 for salaried individuals up to ₹50 lakh; ITR-2 for capital gains or foreign assets; ITR-3 for business/professional income; ITR-4 for presumptive taxation (44AD/44ADA); ITR-5 for firms and LLPs; ITR-6 for companies.
Step 1: Obtain DSC and DIN. Step 2: Reserve company name via RUN on MCA portal. Step 3: File SPICe+ form with MOA and AOA. Step 4: Receive Certificate of Incorporation with PAN and TAN. Entire process takes 7–10 working days from document submission.
Udyam registration is completely paperless. Only Aadhaar number, PAN (auto-validated), GSTIN if applicable, and bank account number with IFSC are needed. No documents need to be uploaded. Registration is free at udyamregistration.gov.in.
Private Limited Company is best for startups seeking VC/angel funding. LLP is best for professional firms (CA, CS, lawyers, consultants) with lower compliance burden. OPC is for solo entrepreneurs wanting limited liability. The right choice depends on your funding needs, number of founders and long-term goals.
For directors/shareholders: PAN card, Aadhaar, bank statement or utility bill (not older than 2 months), passport photo, email and mobile. For registered office: utility bill and NOC from property owner. Foreign nationals need notarised and apostilled passport copies.
Sai Akash & Associates offers GST compliance, income tax filing, statutory and forensic audit, company registration, virtual CFO services, FEMA and NRI advisory, startup advisory, trademark registration, and payroll services — all available remotely pan-India.
Yes. All services are available fully remotely via WhatsApp, email and secure document sharing. We serve clients across India and in 60+ countries including the USA, UK, UAE, Canada, Singapore and Australia.
CA CS Sai Akash Sansuddi has 6+ years of practice and teaching experience. He holds dual CA and CS qualifications (both cleared in the first attempt), DISA with distinction and FAFD certification from ICAI. He has served 500+ clients across India and internationally.
Monday to Saturday: 9:30 AM to 7:00 PM IST. Closed Sundays and public holidays. For international clients, evening and weekend call slots can be arranged on request.
Ask CA CS Sai Akash directly on WhatsApp — usually responds within 30 minutes.
Key GST due dates for FY 2025-26: GSTR-1 (outward supplies): 11th of the following month (monthly filers); quarterly filers by 13th of the month after the quarter. GSTR-3B (monthly summary): 20th for taxpayers with turnover above ₹5 crore; 22nd or 24th (state-wise) for quarterly filers. GSTR-9 (Annual Return): 31 December 2026 for FY 2025-26. GSTR-9C (Reconciliation Statement): mandatory for taxpayers with aggregate turnover above ₹5 crore for FY 2025-26. GSTR-2B is auto-generated by 14th of each month for ITC reconciliation. Late filing attracts late fees of ₹50/day (₹20/day for NIL returns), subject to maximum caps.
Under Section 22 of the CGST Act 2017: ₹40 lakh aggregate annual turnover for businesses supplying goods (₹20 lakh for specified special category states — Manipur, Mizoram, Nagaland, Tripura). ₹20 lakh for service providers (₹10 lakh for specified special category states). Composition Scheme threshold: ₹1.5 crore (₹75 lakh for specified states). Mandatory registration regardless of turnover: interstate supply, e-commerce operators/sellers, casual taxable persons, non-resident taxable persons, and those required to deduct TDS under GST. Voluntary registration is available below threshold.
Input Tax Credit (ITC) under Section 16 of the CGST Act allows registered businesses to claim credit for GST paid on business inputs (goods/services) against GST liability on output supplies. Conditions for ITC claim: (1) Possession of tax invoice; (2) Receipt of goods/services; (3) Tax actually paid by supplier to government; (4) Return filed by claimant. ITC must be reconciled with GSTR-2B. Deadline to claim ITC: earlier of 30 November of the following FY or date of filing annual return (GSTR-9). ITC is blocked for personal use, motor vehicles (with exceptions), food, beauty treatment, health services, and works contract for immovable property.
E-Invoicing under Rule 48(4) of CGST Rules is mandatory for businesses with aggregate annual turnover exceeding ₹5 crore (as of the current applicable threshold — progressively reduced from ₹500 crore when first introduced in 2020). Applicable to all B2B, B2G invoices, credit notes and debit notes. E-invoices are generated through the IRP (Invoice Registration Portal) which issues a unique IRN and QR code. E-invoicing is NOT applicable to banks, insurance companies, NBFCs, GTA, passenger transport services and certain other exempt categories under the relevant notification.
New Tax Regime (Section 115BAC — default): Up to ₹3 lakh: Nil; ₹3L–₹7L: 5%; ₹7L–₹10L: 10%; ₹10L–₹12L: 15%; ₹12L–₹15L: 20%; Above ₹15L: 30%. Rebate under Section 87A: Tax fully rebated for income up to ₹7 lakh (effectively nil tax). Standard deduction: ₹75,000 for salaried. Old Tax Regime: Up to ₹2.5 lakh: Nil; ₹2.5L–₹5L: 5%; ₹5L–₹10L: 20%; Above ₹10L: 30%. Rebate under Section 87A: Up to ₹12,500 for income up to ₹5 lakh. Surcharge: 10% (₹50L–₹1Cr), 15% (₹1Cr–₹2Cr), 25% (₹2Cr–₹5Cr), 37% (above ₹5Cr — reduced to 25% for some income types). Health & Education Cess: 4% on tax+surcharge. Note: Finance Act 2025 revised New Regime slabs effective FY 2025-26 — contact us for personalised tax computation.
Advance Tax under Section 208 of the Income Tax Act, 1961 is payable if your estimated tax liability for the year is ₹10,000 or more. Due dates for FY 2025-26: 15 June 2025 — 15% of estimated tax; 15 September 2025 — 45% cumulative; 15 December 2025 — 75% cumulative; 15 March 2026 — 100%. For presumptive taxation under Section 44AD/44ADA: entire advance tax is due by 15 March. Non-payment attracts interest under Sections 234B (1% per month on shortfall) and 234C (1% per month for each quarter of default). Senior citizens (above 60 years) with no business income are exempt from advance tax.
Section 44AD (Business Income): Resident individuals, HUFs and partnership firms with business turnover up to ₹3 crore (₹3 crore if 95%+ of receipts are digital — increased from ₹2 crore by Finance Act 2023) can declare 8% of turnover (6% for digital receipts) as presumptive income — no books of accounts required. Section 44ADA (Professional Income): Resident professionals (Doctors, CA, CS, Lawyers, Engineers, Architects, etc.) with gross receipts up to ₹75 lakh (₹75 lakh if 95%+ digital) can declare 50% of receipts as presumptive income. If opted for 44AD/44ADA, the scheme must be continued for 5 consecutive years — withdrawal requires 6 years of regular audit before re-opting.
Key TDS rates for FY 2025-26 (as amended by Finance Act 2024): Section 192 (Salaries): As per applicable slab rate; Section 194C (Contractor): 1% individual/HUF, 2% others — threshold ₹30,000 single or ₹1,00,000 aggregate; Section 194H (Commission): 2% (reduced from 5%) — threshold ₹15,000; Section 194I (Rent): 2% for plant/machinery, 10% for land/building — threshold ₹2,40,000; Section 194J (Professional/Technical): 2% for technical services, 10% for professional services — threshold ₹30,000; Section 194IA (Property purchase): 1% on consideration above ₹50 lakh. TDS must be deposited by 7th of the following month (30 April for March deductions) and quarterly returns filed (Form 26Q/24Q/27Q) by 31st of the month following the quarter.
Under the Companies Act, 2013 as amended by the Companies (Amendment) Act, 2015, there is no minimum paid-up capital requirement for incorporating a Private Limited Company. The authorised capital can be as low as ₹1 lakh (on which stamp duty is payable). The paid-up capital can be ₹1 or any amount as decided by the promoters. This change was made to encourage ease of doing business. However, certain activities (NBFC, banking, insurance, PSU contracts) have sector-specific minimum capital requirements set by RBI/SEBI/IRDAI.
Private Limited Company (Companies Act, 2013): Separate legal entity, limited liability, ability to raise equity funding from VCs/angel investors, shares transferable, higher compliance burden (ROC filings, board meetings, statutory audit mandatory regardless of turnover/profit), dividend distribution tax implications. LLP (Limited Liability Partnership Act, 2008): Separate legal entity, limited liability, lower compliance burden, tax treatment similar to partnership firm (partners taxed individually), no dividend distribution tax, audit mandatory only if turnover exceeds ₹40 lakh or contribution exceeds ₹25 lakh. Key choice: If you are raising equity funding or need investor-friendly structure → Private Limited. For professional practices or CA/CS/Law firms → LLP.
DPIIT Startup India Recognition is issued by the Department for Promotion of Industry and Internal Trade to entities registered as Private Limited Companies, LLPs or Registered Partnerships that are less than 10 years old from incorporation, with annual turnover not exceeding ₹100 crore, working towards innovation/improvement. Key benefits: (1) Section 80-IAC tax exemption: 100% tax holiday for 3 consecutive years out of first 10 years (subject to IMB/DPIIT certification and other conditions); (2) Angel Tax exemption: Shares issued to Category-I AIFs, listed entities, SEBI-registered VCs, and others are exempt from Section 56(2)(viib) — angel tax; (3) Self-certification under 6 labour and 3 environmental laws; (4) Fast-track patent application processing; (5) Access to Fund of Funds (FFS) by SIDBI.
The MCA Companies (Fresh Start) Scheme 2026 (CCFS 2026) is a one-time late fee waiver scheme introduced by the Ministry of Corporate Affairs allowing companies and LLPs to file overdue/pending ROC forms with significantly reduced or waived additional fees. It provides an opportunity to regularise non-compliance and avoid disqualification of directors under Section 164(2) for persistent non-filing. Companies can file overdue annual returns (MGT-7), financial statements (AOC-4) and other forms during the scheme period at normal government fees without the heavy additional fees that would otherwise accumulate (₹100/day/form with no cap). We actively monitor such schemes and notify clients for timely compliance.
Under Section 6 of the Income Tax Act, 1961, an individual is Resident and Ordinarily Resident (ROR) if: (a) stays in India for 182 days or more in the relevant FY; OR (b) stays 60 days or more in the relevant FY AND 365 days or more in the preceding 4 FYs. Exception for Indian citizens/PIOs: The 60-day threshold is extended to 120 days (for those with Indian-source income above ₹15 lakh visiting India). An individual is Non-Resident (NR) if neither condition is met. An NRI is taxed in India only on income earned or received in India. DTAA benefits are available for NRIs from treaty countries (USA, UK, UAE, Canada, Singapore, Australia, etc.) — providing relief from double taxation.
Yes. Under FEMA (Acquisition and Transfer of Immovable Property in India) Regulations, 2018, NRIs (Indian citizens residing outside India) can purchase residential and commercial property in India without RBI approval — this is permitted under the automatic route. Restrictions: NRIs cannot purchase agricultural land, plantation property or farmhouses. Funds must come through NRE/NRO accounts or by way of foreign remittances through banking channels. Capital gains on sale are taxed in India — LTCG (above 2 years) at 12.5% (without indexation) or 20% with indexation, subject to exemption under Section 54/54F. TDS of 20-30% is deducted by the buyer on property sale by NRI under Section 195. Repatriation of sale proceeds from NRO account is subject to ₹1 million per financial year limit (Form 15CA/15CB mandatory).
When an Indian company receives FDI (Foreign Direct Investment), the following FEMA reporting is mandatory: (1) Form FC-GPR: Filed with RBI through AD Bank within 30 days of allotment of shares to foreign investor — reports issuance of shares/convertible instruments. (2) Form FC-TRS: Filed within 60 days of receipt of consideration for transfer of shares between resident and non-resident. (3) Annual Return on Foreign Liabilities and Assets (Form FLA): Filed by 15 July every year with RBI by companies that have received FDI. Failure to file attracts penalty up to 3 times the amount involved or ₹2 lakh per day of default under FEMA. We handle all FEMA reporting from allotment through annual return.
Tax Audit under Section 44AB of the Income Tax Act, 1961 (Report in Form 3CA/3CB with Form 3CD) is mandatory for: (1) Business: Total sales/turnover/gross receipts exceeding ₹1 crore in the FY (limit enhanced to ₹10 crore if 95%+ of all receipts and payments are through digital/banking channels — Section 44AB proviso); (2) Profession: Gross receipts exceeding ₹50 lakh; (3) Businesses opting out of presumptive taxation under 44AD with income below taxable limit; (4) Businesses/professions where profit is claimed below the presumptive rate and income exceeds basic exemption limit. Due date for Tax Audit Report: 30 September of the assessment year (31 October for transfer pricing cases). Penalty for non-furnishing: 0.5% of turnover subject to a minimum of ₹1,500 and maximum of ₹1,50,000 under Section 271B.
Provident Fund (EPF) under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952: Employer contribution 12% of basic+DA+retaining allowance; Employee contribution 12% of basic+DA. Of employer's 12%: 8.33% goes to EPS (Employees' Pension Scheme, capped at ₹15,000 basic) and 3.67% to EPF account. Administrative charges: 0.50% of wages (minimum ₹500/month). Applicable to establishments with 20 or more employees. ESI under the Employees' State Insurance Act, 1948: Employer contribution 3.25% of wages; Employee contribution 0.75% of wages. Applicable to establishments with 10 or more employees (20 for certain states) with wage limit ₹21,000/month (₹25,000 for persons with disability). Both PF and ESI must be paid by 15th of the following month. ECR (Electronic Challan cum Return) filed monthly on EPFO portal.
A trademark is a distinctive sign (word, logo, shape, colour, sound) that identifies goods/services of a business from others. Trademark registration in India is governed by the Trade Marks Act, 1999 and Trade Marks Rules, 2017. Registration process: (1) Trademark search; (2) Application filing in the appropriate class (45 Nice Classification classes) with Trade Marks Registry; (3) Examination by Registry (response to examination report within 30 days if objections raised); (4) Publication in Trademark Journal (4 months for opposition); (5) Registration Certificate issued if no opposition. Timeline: 18-24 months for full registration. However, the TM™ symbol can be used from the date of application. A registered trademark (®) gives exclusive rights for 10 years and is renewable indefinitely in 10-year blocks.
A Virtual CFO (vCFO) is a qualified finance professional who provides CFO-level financial oversight and strategy on a part-time, fractional or retainer basis — without the cost and commitment of a full-time CFO hire (which can cost ₹30-80 lakh annually for a senior CFO). A Virtual CFO provides: financial strategy, monthly MIS reporting, cash flow management, investor readiness, fundraising support, board/management presentations, budget vs. actual analysis, cost optimisation advisory, and compliance overview — typically for 5-20% of full-time CFO cost. Sai Akash & Associates offers Virtual CFO, Fractional CFO, Virtual CXO and Virtual HR services — ideal for startups (Series A and below), SMEs with turnover up to ₹50 crore, and businesses preparing for their first audit, funding round or institutional compliance.
Trusted by 500+ clients across India & internationally. Rated 5.0 ★ on Google.
"One of the Best CA in Hubli. We got our end to end company formation done from CA Sai Akash. He is highly qualified, experienced, guides us on our exact business requirements. Top CA choice for startups in Hubli. Highly recommend."
"Sai Akash & Associates is the best CA in Hubli. Their services are very professional. He resolved my income tax matter very smoothly and I didn't have to pay any fine. I'm very happy and I can proudly say that CA CS Sai Akash is Top CA in Hubli."
"I'm extremely happy with the services provided by CA Sai Akash and his team. They are knowledgeable, approachable, and always ready to help with any queries. Their teamwork and professionalism really stand out. Highly recommended for anyone looking for reliable CA services."
"Had a great experience. The CA is very patient, supportive, and gives clear guidance for all tax and accounting matters. I felt very comfortable asking questions."
"Really efficient and proactive team. They handled everything quickly and clearly, which is exactly what a startup needs. Highly recommended!"
"Excellent service and very professional approach. The team is highly knowledgeable and provides clear guidance on taxation, audit, and compliance matters. Timely responses and accurate advice make this firm truly reliable. Highly recommended for individuals and businesses."
"My deep gratitude to Akash for his altruistic support in filing my IT returns. He has been an exemplary chartered accountant for many years, who is highly knowledgeable being extremely professional. He spends quality time for each taxpayer's scenarios, most importantly, he always follows the IT laws while providing any suggestions. End of the day, taxpayer needs peace of mind and confidence after filing — he provides justice to the taxpayer's expectation by adhering to the IT laws. I am sure, many IT professionals are getting benefits with his allegiance and arduous work."