Basic Exemption Limit
Income Tax
₹2,50,000 for individuals below 60 years.
GST Threshold
GST
₹40 lakh turnover for goods and ₹20 lakh for services.
TDS Late Fee
Income Tax
Late filing fee under section 234E is ₹200 per day.
Important Tax Facts
- PAN is mandatory for transactions above ₹50,000.
- GST returns must be filed even when there is no business (NIL returns).
- TDS certificates (Form 16A) must be issued quarterly.
- Books of accounts must be maintained for 6 years.
- Donations above ₹2,000 cannot be made in cash to claim 80G.
Category-wise Tax Facts
Income Tax Facts
- HRA exemption applies only when rent is paid.
- Section 80C max limit is ₹1,50,000.
- NPS offers extra deduction of ₹50,000 (80CCD(1B)).
- TDS must be deposited by the 7th of every month.
GST Facts
- E-invoice mandatory if turnover exceeds threshold.
- Input tax credit not allowed after November filing.
- GSTR-1 must be filed monthly or quarterly.
- Composition scheme tax rate: 1% for traders.
Frequently Asked Facts
Yes, PAN is mandatory except for basic savings accounts under special conditions.
Yes, as long as you have salary details, bank statements, AIS/TIS, and tax deduction proof.
