1What is the turnover limit for GST registration?
As per section 22 of CGST Act 2017,
- If a supplier is dealing with services, his/her threshold limit is Rs 20 Laks
- If a supplier is dealing with goods, his/her threshold limit is Rs 40 Laks
2Applicability for filing ITR?
A person who is having taxable income of more than Rs 2,50,000/- during the financial year, then concern person is liable to file Income Tax Return.
For senior citizens, basic exemption limit is Rs 3,00,000/-
For super senior citizens, basic exemption limit is Rs 5,00,000/-
For senior citizens, basic exemption limit is Rs 3,00,000/-
For super senior citizens, basic exemption limit is Rs 5,00,000/-
3What is a financial year?
In India. Financial year runs from 1st April to 31st March
April, May and June are termed as Quarter 1 (Q1)
July, Aug and Sept are termed as Quarter 2 (Q2)
Oct, Nov and Dec are termed as Quarter 3 (Q3)
Jan, Feb and March are termed as Quarter 4 (Q4)
April, May and June are termed as Quarter 1 (Q1)
July, Aug and Sept are termed as Quarter 2 (Q2)
Oct, Nov and Dec are termed as Quarter 3 (Q3)
Jan, Feb and March are termed as Quarter 4 (Q4)
4What is the difference between financial year and assessment year?
Financial year is the time period within which the income is earned. Succeeding year for the financial year is termed as assessment year.