Short, plain-language explainers on GST, income tax, TDS, payroll and company compliance, written by MK Finlytics for small businesses and individuals.
Registration is required once turnover crosses ₹40 lakh for goods or ₹20 lakh for services (₹20 lakh and ₹10 lakh in special category states).
GSTR-1 lists your sales invoices. GSTR-3B is the monthly summary where you pay the tax.
You can claim GST paid on purchases when the supplier's invoice appears in your GSTR-2B.
An electronic permit needed before moving goods worth more than ₹50,000.
Yes, if your aggregate turnover in any year since 2017-18 crossed ₹5 crore.
Since 22 September 2025 most items fall under two rates, 5% and 18%, with 40% on a short list of luxury and sin goods.
Under the new regime there's no tax up to ₹12 lakh of taxable income (₹12.75 lakh for salaried people).
Yes, if your total tax for the year will be ₹10,000 or more after TDS.
31 July for most individuals and small businesses, and 31 October for those who need a tax audit.
Your tax passbook: they show the TDS, interest, dividends and high-value transactions reported against your PAN.
On listed shares and equity funds, long-term gains above ₹1.25 lakh a year are taxed at 12.5% and short-term gains at 20%.
Declare profit as a fixed share of turnover instead of keeping full books.
Deduct, deposit, file and certify: the cycle every business that pays salary, rent, contractors or professionals must follow.
EPF applies once you have 20 or more employees. ESI applies at 10 or more for staff earning up to ₹21,000 a month.
Every company and LLP files annual returns with the Registrar, even with no business that year.
Free, online, Aadhaar-based registration that unlocks MSME benefits.
No explainer matches that yet. Ask Mr. Ravi and we'll answer it.
Rules as of October 2026. Limits and dates change with budgets and notifications, so check the latest official update or ask us before acting.
24 terms you'll meet on tax and compliance portals.
Can't find yours? We'll answer it and add it here.
Registration is required once aggregate turnover crosses ₹40 lakh for goods or ₹20 lakh for services in most states (₹20 lakh and ₹10 lakh in special category states). E-commerce sellers and inter-state suppliers of goods generally need registration regardless of turnover.
Financial statements are formal reports prepared for statutory purposes, usually once a year. MIS reports are internal, prepared monthly or weekly, and built around the decisions you need to make, such as margins by product, receivables ageing or cash runway.
The Income-tax Act, 2025 applies from 1 April 2026 and renumbers many sections, but the familiar deductions and limits largely carry over. Returns for earlier years still follow the 1961 Act.
AI reads invoices, categorises transactions and matches records, so people spend time reviewing rather than typing. A professional checks every output before anything is filed, and your data is used only for your work.
Yes. Everything works online: you share documents by WhatsApp, email or the upcoming client portal, and we file on the official portals for you.
Income tax (new vs old), GST, SIP, EMI and annuity, plus a live due-date calendar.
Open Finlytics Tools →File ITR, check a refund, generate an e-way bill or file PF in one click.
Open GovHub →Step-by-step guides: bookkeeping from zero, MIS for founders, preparing for a GST audit.
