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LUT Bond for Exporters

LUT / Bond for Exports (Under GST)

What is LUT?

LUT (Letter of Undertaking) is a declaration furnished by an exporter to the GST department stating that they will export goods or services without payment of IGST and comply with GST rules.

It allows exporters to avoid blocking working capital by not paying IGST upfront.

What is a Bond?

A Bond is a financial guarantee furnished when an exporter is not eligible to file LUT.
It requires a bank guarantee as security.

📌 Most exporters file LUT; Bond is required only in special cases.

Why is LUT / Bond Required?

  • ✅ To export goods or services without payment of IGST

  • ✅ To improve cash flow

  • ✅ To simplify GST export compliance

  • ✅ To avoid IGST refund process

Who Can File LUT?

  • Registered exporters under GST

  • Exporters of goods

  • Exporters of services

  • SEZ suppliers

📌 All exporters can file LUT except those prosecuted for tax evasion above prescribed limits.

Validity of LUT

  • Valid for one financial year

  • Must be renewed every year

Documents Required for LUT Filing

  • GST Registration Certificate

  • PAN Card

  • IEC (Import Export Code)

  • Authorized signatory details

  • Digital Signature / EVC

Process of Filing LUT

  1. Login to GST portal

  2. Select LUT option (Form GST RFD-11)

  3. Fill required details

  4. Submit using DSC or EVC

⏱️ Timeline: Same day approval (online)

Bond Filing Process (If LUT Not Allowed)

  1. Estimate tax liability

  2. Execute bond on non-judicial stamp paper

  3. Submit bank guarantee

  4. Approval by GST officer

Important Conditions

  • Exports must be completed within 3 months (goods)

  • Export proceeds must be realized within prescribed period

  • Failure leads to payment of tax with interest

Difference Between LUT and Bond

Particulars LUT Bond
IGST Payment Not required Not required
Bank Guarantee No Yes
Eligibility Most exporters Limited cases
Validity 1 year Case-specific

GST Notice Resolution

GST Notice Resolution

What is a GST Notice?

A GST notice is a formal communication from the GST department issued when there is a mismatch, delay, error, or non-compliance in GST returns, payments, or records.

Common Reasons for GST Notices

  • ❗ Late or non-filing of GST returns

  • ❗ Difference between GSTR-1, GSTR-3B, and GSTR-2B

  • ❗ Excess or wrong ITC claimed

  • ❗ Short payment of GST

  • ❗ E-way bill or turnover mismatch

  • ❗ Cancellation or suspension related issues

Types of GST Notices

  • ASMT-10 – Return discrepancy notice

  • DRC-01 / DRC-01A – Tax demand / SCN

  • GSTR-3A – Non-filing of returns

  • REG-17 – GST cancellation notice

  • CMP-05 – Composition scheme notice

Why Timely GST Notice Resolution is Important

  • ✅ Avoid penalties and interest

  • ✅ Prevent GST registration cancellation

  • ✅ Maintain compliance record

  • ✅ Reduce litigation risk

  • ✅ Ensure smooth business operations

GST Notice Resolution Process

  1. Review the notice and identify the issue

  2. Collect relevant data & documents

  3. Reconcile returns and records

  4. Prepare a proper reply with explanations

  5. File reply on GST portal within due date

  6. Pay tax / interest / penalty, if applicable

  7. Follow up until closure

📌 Each notice has a strict reply deadline.

Documents Required

  • GST login credentials

  • GST returns (GSTR-1, 3B, 2B)

  • Purchase & sales data

  • E-way bills (if applicable)

  • Bank statements

  • Supporting invoices

Our GST Notice Resolution Support Includes

  • Notice analysis & risk assessment

  • Return reconciliation

  • Drafting and filing of replies

  • Payment computation & challan filing

  • Personal hearing support (if required)

  • Closure confirmation

Important Tip

⚠️ Never ignore a GST notice.
Delayed or incorrect replies can lead to heavy penalties, interest, or cancellation of GST registration.

GST Return Filing

Documents Required for GST Return FIling:

  • Sales data with invoices
  • Purchase data with invoices

Disclaimer: Above contents are for general information purpose only, and we do not assure correctness of all the information. You are requested to get in touch with our customer service executives for latest updates and information.  

GST Revocation

GST Revocation of Cancellation

What is GST Revocation?

GST Revocation is the process of restoring a cancelled GST registration when the cancellation was done by the GST department (suo-moto) due to non-compliance such as non-filing of returns or non-payment of tax.

📌 Revocation is not applicable if the taxpayer has voluntarily cancelled GST.

Common Reasons for GST Cancellation

  • ❗ Non-filing of GST returns for long period

  • ❗ Non-payment of GST liability

  • ❗ Business not operating from registered address

  • ❗ Non-response to GST notices

  • ❗ Violation of GST provisions

Why GST Revocation is Important

  • ✅ Restart business legally

  • ✅ Issue tax invoices again

  • ✅ Claim Input Tax Credit (ITC)

  • ✅ Avoid heavy penalties

  • ✅ Continue compliance smoothly

Time Limit for GST Revocation

  • Application must be filed within 30 days from the date of cancellation order

  • Time limit may be extended by authorities as per notifications (case-to-case)

Documents Required

  • GST login credentials

  • Pending GST returns (GSTR-1, 3B, etc.)

  • Tax, interest & late fee payment proof

  • Explanation for default

  • Supporting documents (if any)

GST Revocation Process

  1. File all pending GST returns

  2. Pay tax, interest, and late fees

  3. Apply for revocation in Form GST REG-21

  4. Officer reviews the application

  5. Reply to query (if issued in REG-23)

  6. Revocation order issued in REG-22

⏱️ Timeline: 7–15 working days (subject to department)

Important Conditions

  • All past non-compliances must be cleared

  • Regular filing of returns is mandatory post-revocation

  • Any delay may lead to rejection

Difference: Revocation vs New GST Registration

Particular Revocation New Registration
GSTIN Same GSTIN restored New GSTIN issued
Past ITC Retained Lost
Compliance history Continues Starts fresh

Important Tip

⚠️ Do not delay GST revocation.
If time limit expires, the only option left may be fresh GST registration, which can affect ITC and business continuity.

GST Registration

GST is the tax payable on sale of Goods & Services. 

We provide following Services in GST:

  • GST Registration
  • All GST Return filings
  • GST Payments & Refunds
  • Replying GST Notices

Documents Required for GST Registration:

A. All director’s KYC

  • PAN copy
  • Adhar copy
  • Passport size photo
  • Mobile number
  • Mail ID
  • Authorization Letter (We shall share the format later.)

B. Company Documents:

  • PAN Copy
  • Incorporation Certificate
  • Shop Act
  • Udyam Adhar
  • PTEC Registration Certificate
  • Current bank account cheque copy
  • Electricity bill for the place of business
  • Rent Agreement (Consent letter in case the place of business is owned by the director. We shall share the format, if required.)

Note: Above listed documents are primary requirements for GST application. Authorities may ask for additional documents, information and explanations during the registration process. Costs may increase depending upon the additional work involved.

Documents Required for GST Return FIling:

  • Sales data with invoices
  • Purchase data with invoices

Disclaimer: Above contents are for general information purpose only, and we do not assure correctness of all the information. You are requested to get in touch with our customer service executives for latest updates and information.  

TDS Return Filing

TDS Return Filing

What is TDS Return Filing?

TDS (Tax Deducted at Source) Return Filing is the process of submitting details of tax deducted by a person or business while making specified payments such as salary, professional fees, rent, interest, commission, contract payments, etc., to the Income Tax Department of India.

Every deductor who deducts TDS is required to:

  • Deposit the TDS amount with the government, and

  • File quarterly TDS returns in the prescribed forms (Form 24Q, 26Q, 27Q, etc.)

The return contains information about:

  • Deductor and deductee details

  • Nature of payment

  • Amount paid

  • TDS deducted and deposited

  • Challan details

Why is TDS Return Filing Important?

  1. Statutory Compliance
    Filing TDS returns is mandatory under the Income Tax Act. Non-compliance attracts penalties, interest, and notices.

  2. Avoid Penalties & Late Fees
    Late filing can attract:

    • Late fee of ₹200 per day under Section 234E

    • Penalty up to ₹1,00,000 under Section 271H

    • Interest on delayed payment of TDS

  3. Credit to Deductees
    Proper filing ensures that the deducted tax reflects in the deductee’s Form 26AS, allowing them to claim tax credit while filing their income tax return.

  4. Transparency & Record Keeping
    It creates a clear audit trail of all tax-deducted transactions, improving financial discipline.

  5. Prevents Legal Issues
    Timely and accurate filing helps avoid scrutiny, notices, and litigation from the Income Tax Department.

  6. Professional & Business Credibility
    Regular compliance enhances trust with employees, vendors, contractors, and regulatory authorities.

Who Must File TDS Returns?

  • Companies, firms, LLPs

  • Employers paying salaries

  • Professionals and consultants making payments subject to TDS

  • Businesses paying rent, commission, interest, contract payments, etc.

  • Any person liable to deduct TDS under the Income Tax Act

Due Dates (Quarterly)

Quarter Period Covered Due Date
Q1 Apr – Jun 31st July
Q2 Jul – Sep 31st October
Q3 Oct – Dec 31st January
Q4 Jan – Mar 31st May

Types of TDS Return Forms

  • Form 24Q – Salary payments

  • Form 26Q – Non-salary domestic payments

  • Form 27Q – Payments to non-residents

  • Form 27EQ – TCS (Tax Collected at Source)

Filing Form 15CA

Filing of Form 15CA

What is Form 15CA?

Form 15CA is a declaration to the Income Tax Department for reporting foreign remittances (payments made outside India).
It ensures that applicable TDS on foreign payments has been correctly deducted as per the Income Tax Act.

📌 It is filed online on the Income Tax e-filing portal.

When is Form 15CA Required?

Form 15CA is required before making payment to a non-resident or foreign company for:

  • Professional / consultancy services

  • Royalty or technical services

  • Commission payments

  • Import of services

  • Interest or dividend payments

Types of Form 15CA

Form 15CA has four parts, depending on the nature and amount of payment:

Part A

  • For remittances up to ₹5 lakh in a financial year

  • No CA certificate required

Part B

  • For remittances above ₹5 lakh

  • Form 15CB (CA Certificate) required

Part C

  • When payment is taxable and 15CB is required

  • Most commonly used

Part D

  • When payment is not taxable in India

  • No CA certificate required

What is Form 15CB?

Form 15CB is a Chartered Accountant’s certificate confirming:

  • Nature of remittance

  • Taxability under Income Tax Act

  • DTAA applicability

  • Correct TDS rate

📌 15CB is prepared first, then Form 15CA is filed.

Documents Required

  • PAN of remitter

  • Details of foreign beneficiary

  • Purpose of remittance

  • Amount & currency

  • Agreement / Invoice

  • TRC (Tax Residency Certificate), if applicable

  • Form 15CB (if required)

Process of Filing Form 15CA

  1. Obtain Form 15CB from CA (if applicable)

  2. Login to Income Tax e-filing portal

  3. Select Form 15CA

  4. Fill relevant part (A/B/C/D)

  5. Submit and generate acknowledgment

  6. Provide acknowledgment to bank for remittance

⏱️ Timeline: Same day filing (once documents are ready)

Why Form 15CA is Important

  • ✅ Mandatory for foreign remittances

  • ✅ Ensures TDS compliance

  • ✅ Required by banks for outward remittance

  • ✅ Avoids penalties and scrutiny

Penalty for Non-Compliance

⚠️ Incorrect or non-filing of Form 15CA may attract:

  • Penalty up to ₹1,00,000

  • Delay or rejection of foreign remittance

Income Tax Notice Resolution

Income Tax Notice Resolution

What is an Income Tax Notice?

An Income Tax notice is an official communication from the Income Tax Department issued when there is a mismatch, delay, clarification requirement, or potential non-compliance in income tax returns or related filings.

Common Reasons for Income Tax Notices

  • ❗ Mismatch between ITR, Form 26AS, AIS, and TIS

  • ❗ Non-filing or late filing of ITR

  • ❗ High-value transactions not reported

  • ❗ Incorrect income or deduction claimed

  • ❗ TDS mismatch or short deduction

  • ❗ Defective return filing

Types of Income Tax Notices

  • 143(1) – Intimation / adjustment notice

  • 139(9) – Defective return notice

  • 142(1) – Inquiry / document submission

  • 148 – Income escaping assessment

  • 156 – Demand notice

Why Timely Notice Resolution is Important

  • ✅ Avoid penalties, interest, and prosecution

  • ✅ Prevent unnecessary tax demands

  • ✅ Maintain clean tax compliance history

  • ✅ Reduce risk of scrutiny or assessment

  • ✅ Ensure peace of mind

Income Tax Notice Resolution Process

  1. Analyze the notice and identify issues

  2. Collect supporting documents

  3. Reconcile income, TDS, and deductions

  4. Prepare a detailed reply / revised return

  5. Submit response on Income Tax portal

  6. Pay demand (if applicable)

  7. Follow up till closure

📌 Each notice has a strict response deadline.

Documents Required

  • PAN & login credentials

  • ITR copy and computation

  • Form 26AS / AIS / TIS

  • Bank statements

  • Salary slips / Form 16

  • Investment proofs & invoices

Our Income Tax Notice Resolution Support Includes

  • Notice review & impact analysis

  • Reply drafting and online submission

  • Rectification / revised return filing

  • Demand calculation and challan filing

  • Representation support, if required

Important Tip

⚠️ Never ignore an income tax notice.
Even a simple notice can escalate into penalty or assessment proceedings if not replied to on time.

Income Tax Return (ITR) Filing

Income Tax Return (ITR) Filing – Detailed Overview

1. What is Income Tax Return (ITR)?

  • An Income Tax Return is a prescribed form through which a taxpayer declares:
    • Total income earned during a financial year
    • Applicable deductions and exemptions
    • Tax liability and payments (advance tax or TDS)
    • Refund claims, if any
  • Filing is done under the provisions of the Income Tax Act, 1961 using forms notified by the Central Board of Direct Taxes (CBDT).

2. Who is Required to File ITR?

As per Section 139(1) of the Income Tax Act, filing ITR is mandatory if:

For Individuals:

  • Total gross income exceeds:
    • ₹2.5 lakh (below age 60)
    • ₹3.0 lakh (age 60–80)
    • ₹5.0 lakh (age 80+)

Regardless of income, ITR filing is also mandatory if:

  • Deposited ₹1 crore or more in a bank account
  • Incurred foreign travel expense of ₹2 lakh or more
  • Paid electricity bill exceeding ₹1 lakh
  • Held foreign assets or earned foreign income
  • TDS deducted and refund is to be claimed
  • Carry forward of losses is required (capital/business)
  • Income is from business or profession under presumptive taxation

3. Types of ITR Forms

ITR Form Applicable To
ITR-1 (Sahaj) Salaried individuals with income up to ₹50 lakh, one house property, and other sources
ITR-2 Individuals/HUFs with capital gains, more than one property, or foreign income
ITR-3 Individuals/HUFs with income from business/profession
ITR-4 (Sugam) Presumptive taxation under Sec 44AD, 44ADA, 44AE (up to ₹2 crore/₹50 lakh turnover)
ITR-5 Firms, LLPs, AOP, BOI
ITR-6 Companies (other than those claiming exemption under Section 11)
ITR-7 Trusts, political parties, institutions filing under Section 139(4A–4D)

4. Key Components of ITR

  • Personal and PAN details
  • Income from:
    • Salary
    • House Property
    • Capital Gains
    • Business or Profession
    • Other Sources
  • Deductions under Chapter VI-A (Sections 80C to 80U)
  • TDS and Advance Tax paid
  • Bank account details for refund
  • Tax computation summary

5. Benefits of Filing ITR

Legal & Regulatory:

  • Mandatory compliance under Income Tax Act
  • Helps avoid penalties and legal action
  • Proof of income for legal matters, including visa, tenders, and contracts

Financial:

  • Essential for applying for loans, credit cards, and overdrafts
  • Faster processing of refunds if excess TDS or advance tax paid
  • Enables carry forward of losses (capital/business) for 8 years
  • Useful to establish income source for high-value transactions

Long-Term Benefits:

  • Builds clean tax history over years
  • Reduces chances of scrutiny or tax notice
  • Facilitates conversion from individual to business status in future
  • Required for registration under GST, government licenses, startups, tenders, etc.

6. Due Dates to file ITR

Category Due Date
Individuals/Firms (non-audit) 31 July
Tax Audit Cases (Sec 44AB) 31 October
Companies required to file Transfer Pricing report (Sec 92E) 30 November

7. Penalties for Non-Filing / Late Filing

  • Late filing fee u/s 234F:
    • ₹5,000 if filed after due date (₹1,000 if income < ₹5 lakh)
  • Interest u/s 234A: 1% per month on outstanding tax
  • Loss of benefit: Cannot carry forward losses (if filed after due date)
  • May trigger compliance notices and scrutiny

8. ITR vs Non-ITR Situations

Situation ITR Filing Required?
Salary income < ₹2.5 lakh Not mandatory (unless TDS refund claim or loan application)
TDS deducted but income < limit Recommended (to claim refund)
Agricultural income only Not required, unless other income exceeds limits
Presumptive business income ITR-4 filing mandatory even if no tax payable
Freelance/consulting income Yes, ITR-3 or ITR-4 (presumptive)

9. Common Deductions Available (Chapter VI-A)

Section Deduction
80C Investments (LIC, PPF, ELSS, etc.) – up to ₹1.5 lakh
80D Health insurance premium
80TTA/80TTB Savings account interest
80E Education loan interest
80G Donations
80CCD(1B) NPS – additional ₹50,000
80U Disability deduction

10. Best Practices

  • File ITR even if not mandatory (e.g., to build financial history)
  • Link PAN with Aadhaar before filing
  • Use Form 26AS and AIS/TIS to verify income and tax credits
  • Disclose all income, including foreign assets, crypto, etc.
  • Use correct ITR form based on income type

11. List of Documents Required for ITR Filing

11.1. Basic Information

  • PAN Card
  • Aadhaar Card (linked with PAN)
  • Address Proof (if changed)
  • Email ID and Mobile Number (for OTP and updates)

11.2. Income Details

A. Salary Income

  • Form 16 from employer (Part A & B)
  • Salary slips (if no Form 16 or multiple employers)
  • Details of allowances (HRA, LTA, etc.)
  • Employment details: Employer PAN, TDS deducted

B. Business or Professional Income

  • Profit & Loss Statement
  • Balance Sheet
  • GST Returns (if applicable)
  • Bank Statements (all current/savings accounts used for business)
  • Loan/OD statements
  • Fixed Asset register (depreciation calculation)
  • Books of accounts (cash book, purchase/sales register)
  • Inventory valuation report (if applicable)

11.3. Bank & Interest Income

  • Bank statements/passbooks for all bank accounts
  • Interest certificates from all savings accounts
  • Fixed Deposit interest certificates
  • Recurring Deposit interest details
  • Post Office MIS/Savings account interest
  • Form 16A for TDS on interest

11.4. Capital Gains

  • Demat account statements
  • Stock/mutual fund transaction reports (Capital Gain Statement – CAMS/KARVY)
  • Purchase & sale details of shares, mutual funds, ETFs, crypto, etc.
  • Property purchase/sale documents:
    • Sale deed, purchase deed, registration documents
    • Cost of acquisition/improvement (including stamp duty, brokerage)
    • TDS (Form 26QB/16B) on property sale
  • Capital Gain Statement (if property sold)
  • Indexation benefit details for LTCG
  • Crypto trading statements (buy/sell logs, wallet address if applicable)

11.5. House Property

  • Home loan sanction letter and loan repayment certificate (principal & interest split)
  • Property tax receipts
  • Co-ownership agreement (if any)
  • Rental income received (if let out)
  • Rent agreement or tenant details
  • Interest certificate from bank/NBFC (for deduction u/s 24b)

11.6. Other Income

  • Income from freelancing/consulting
  • Royalty or dividend income
  • Lottery winnings/income from other sources
  • Foreign income (salary, investment, interest)
  • Foreign asset disclosure (Schedule FA)

11.7. Deductions & Exemptions (Chapter VI-A)

  • LIC/PPF/NSC/ELSS investment proofs (Sec 80C)
  • Health insurance premiums (Sec 80D)
  • Education loan interest certificate (Sec 80E)
  • Home loan principal repayment (Sec 80C)
  • Donations (Sec 80G) with valid 80G receipts
  • NPS contribution receipt (Sec 80CCD(1B))
  • Medical expense proofs (80DDB/80U)
  • Interest on savings account (Sec 80TTA/80TTB)
  • Disability certificate (for 80U/80DD claims)

11.8. TDS and Advance Tax

  • Form 26AS – Annual TDS summary
  • AIS/TIS report – Income & tax summary from IT portal
  • Form 16A – TDS on interest, rent, professional fees, etc.
  • Form 16B – TDS on property sale (if you sold a property)
  • Challans of Advance Tax / Self-Assessment Tax paid (if any)

11.9. Others (if applicable)

  • Aadhaar-PAN link status
  • Bank account details for refund (IFSC & account number)
  • Passport details (for foreign income/NRI cases)
  • Rental agreement (for HRA claims)
  • Form 10E (for arrears relief u/s 89)
  • Electricity bills or bills related to business use (for professionals)
  • Tax audit report (if applicable)
  • Digital Signature (DSC) if filing for companies or LLPs

12. Fees & Time

Fees & time required for ITR filing depend on work and complications involved.

⚠️ Disclaimer

The above information is provided for general awareness and informational purposes only. While we strive to keep the content accurate and up to date, we do not guarantee the completeness, accuracy, or reliability of any information provided herein. The content should not be construed as legal, tax, or professional advice. We recommend consulting with our customer service team for the most recent and applicable guidance. We shall not be held responsible for any loss or liability arising from the use of this information.

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