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FAQ | N D Savla & Associates – Chartered Accountants Mumbai
Frequently Asked Questions
Find answers to common questions about our CA services — taxation, GST, audit, NRI, business setup and more.
How Can We Help You?
Browse through our most frequently asked questions. Our expert CA team is always available to help with any specific queries not covered here.
About the Firm
Q
Who are N D Savla & Associates?
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N D Savla & Associates is a leading Chartered Accountant firm in Mumbai serving individuals, NRIs, startups, MSMEs, and corporates with taxation, audit, compliance, and financial advisory services.
6 offices: Andheri (HQ), Opera House, Navi Mumbai, Thane, New Panvel & Goa.
Q
Do you provide online / remote services?
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Yes. Most services are available 100% online — ITR filing, GST, MCA filings, bookkeeping, and NRI services. We use secure document sharing, video consultations, and digital signatures. NRI clients across USA, UK, UAE, Canada, and Singapore work with us remotely.
Q
How do I get in touch or schedule a consultation?
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We respond within a few hours, Mon–Sat 10 AM–7 PM IST.
Income Tax & ITR Filing
Q
Which ITR form should I file?
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- ITR-1 (Sahaj) – Salary + one house property, income up to ?50L
- ITR-2 – Capital gains, foreign income, multiple properties
- ITR-3 – Business or profession income
- ITR-4 (Sugam) – Presumptive taxation (44AD / 44ADA / 44AE)
- ITR-5 – Partnership firms, LLPs, AOPs
- ITR-6 – Companies (other than Sec 11 exempt)
- ITR-7 – Trusts and institutions
Q
What are the ITR filing due dates for FY 2025–26?
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- Individuals (non-audit): 31st July 2026
- Business / Audit cases: 31st October 2026
- Transfer Pricing cases: 30th November 2026
- Belated / Revised Return: 31st December 2026
?? Late filing attracts fees under Section 234F (up to ?5,000) plus interest. Always file early.
Q
I received an income tax notice. What should I do?
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Do not ignore any notice. Common notices include Sec 143(1)(a), 143(2), 147/148, 133(6), and 142(1) — each requiring a specific response. We analyze the notice, draft a detailed reply, and represent you at assessments, CIT(A) appeals, and ITAT proceedings.
Q
What are my TDS compliance obligations?
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- TAN Registration – Required before deducting TDS
- Form 24Q – Quarterly TDS return for salaries
- Form 26Q – Quarterly TDS return for non-salary payments
- TDS on Property – 1% on purchase above ?50 lakh (Form 26QB)
- TDS on Rent – 10% if annual rent exceeds ?2.4 lakh
Q
How is cryptocurrency taxed in India?
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- Flat 30% tax on VDA profits (+ 4% cess = 31.2%)
- Only cost of acquisition is deductible — no other expenses allowed
- Losses from one VDA cannot offset gains from another
- 1% TDS on P2P crypto transactions above ?10,000 (Sec 194S)
GST Services
Q
Who must register for GST?
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- Annual turnover exceeds ?40 lakh (goods) or ?20 lakh (services)
- Any inter-state taxable supply regardless of turnover
- E-commerce operators and suppliers on e-commerce platforms
- Persons liable under Reverse Charge Mechanism (RCM)
Q
What GST returns do I need to file and when?
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- GSTR-1 – 11th of next month (outward supplies)
- GSTR-3B – 20th of next month (summary + tax payment)
- GSTR-9 – 31st December (annual return)
- GSTR-10 – Within 3 months of cancellation (final return)
?? Late filing attracts 18% p.a. interest plus daily late fees.
Q
How can I claim a GST refund?
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GST refunds are available for export of goods/services (zero-rated), inverted duty structure, and excess tax paid. Claimed via Form RFD-01. Processing typically takes 60 days. We handle the complete documentation, filing, and department follow-up.
Q
My GST registration was cancelled. Can it be revoked?
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Yes. Apply for revocation within 30 days via Form GST REG-21 after filing all pending returns and clearing all outstanding dues. We handle the complete revocation process and department follow-up.
Audit & Assurance
Q
When is Tax Audit under Section 44AB mandatory?
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- Business turnover exceeds ?1 crore (or ?10 crore if cash transactions = 5%)
- Gross professional receipts exceed ?50 lakh
- Profit declared below presumptive limits under Sec 44AD / 44ADA / 44AE
Report (Form 3CA/3CB + 3CD) must be filed by 30th September of the AY.
?? Penalty for non-compliance: 0.5% of turnover or ?1.5 lakh, whichever is lower.
Q
Does my company need an Internal Audit?
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Mandatory under Section 138 of the Companies Act for listed companies and large unlisted companies (paid-up capital = ?50 crore, turnover = ?200 crore, or outstanding loans = ?100 crore). Even if not mandatory, internal audits help detect fraud early and strengthen financial controls.
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Do you conduct Stock and Fixed Asset Audits?
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Yes — Inventory Stock Audit, Fixed Asset Audit & Verification, Warehouse Audit, and Scrap Validation. We serve manufacturing, retail, FMCG, hospitality, and logistics sectors.
Business Setup & Registration
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What is the difference between Pvt Ltd, LLP, and OPC?
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- Private Limited Company – Separate legal entity, limited liability, ideal for fundraising. Min 2 directors.
- LLP – Limited liability + simpler compliance. Best for professionals and service firms.
- OPC (One Person Company) – Single promoter, limited liability. Turnover limit ?2 crore.
- Partnership – Simpler structure, unlimited liability, fewer compliances.
Q
How do I get Startup India (DPIIT) recognition?
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Your entity must be incorporated for less than 10 years, turnover below ?100 crore, and working on an innovative scalable solution. Benefits include 3-year income tax holiday (Sec 80-IAC), Angel Tax exemption, and IPR fast-tracking. We handle the complete DPIIT application.
Q
Can a foreign company set up operations in India?
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Yes — through a Wholly Owned Subsidiary (100% FDI), Liaison Office, Branch Office, or Joint Venture with an Indian partner. We handle RBI/FEMA approvals, FDI reporting (FC-GPR, FC-TRS, FLA Return), and all post-establishment compliances.
MCA & Company Compliance
Q
What are the annual ROC compliances for a Private Limited Company?
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- Board Meetings – Minimum 4 per year
- AGM – Within 6 months of FY end
- AOC-4 – Financial statements within 30 days of AGM
- MGT-7A – Annual return within 60 days of AGM
- DIR-3 KYC – By 30th September every year
- DPT-3 – Return of deposits by 30th June
?? Penalties for non-filing range from ?1 lakh to ?5 lakh per form.
Q
What happens if I miss the DIR-3 KYC deadline?
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Your DIN gets marked "Deactivated" — you cannot sign or file any MCA form. A penalty of ?5,000 applies for late filing. We proactively remind all clients before the 30th September deadline every year.
Q
How can I close or wind up my company?
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- Strike Off (FTE) – For dormant companies with no liabilities. File Form STK-2. Fastest route.
- Voluntary Winding Up under IBC – Shareholders resolution + registered liquidator + NCLT.
- Compulsory Winding Up – Ordered by NCLT in insolvency or fraud cases.
NRI Services
Q
How is NRI residency determined for income tax?
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You are a Resident if you stayed in India for 182+ days in a FY, or 60+ days in the FY and 365+ days in the preceding 4 years. For Indian citizens working abroad, the 60-day rule is relaxed to 182 days.
Q
What is Form 15CA / 15CB and when is it needed?
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- Form 15CA – Declaration by the payer before making a foreign remittance, confirming taxes deducted
- Form 15CB – CA certificate confirming nature of payment, TDS rate, and applicable DTAA provisions
Required for most foreign remittances exceeding ?5 lakh per FY. Banks will not process foreign transfers without these documents.
Q
How can an NRI repatriate money from India?
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- NRE Account – Fully repatriable (principal + interest)
- NRO Account – Up to USD 1 million per FY after paying applicable taxes
- Sale of property – After capital gains tax + CA certification (15CB / 15CA)
Q
How does DTAA benefit NRIs?
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India has DTAAs with 90+ countries preventing double taxation. Benefits include lower TDS rates on dividends, interest, and royalties, Foreign Tax Credit, and possible income exemptions in India. Requires a Tax Residency Certificate (TRC) from your country.
Virtual CFO & Advisory
Q
What does a Virtual CFO service include?
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- Financial planning, budgeting & cash flow management
- Monthly MIS reports and P&L dashboards
- Tax & GST compliance oversight
- Payroll management
- Fundraising support and investor due diligence
- Banking relationships and credit facility management
Q
Do you offer outsourced bookkeeping and accounting?
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Yes — on Tally, QuickBooks, Xero, Zoho Books, or your preferred platform. Includes bank reconciliation, AP/AR management, monthly MIS, financial statements, and offshore accounting for international companies with India operations.
Q
What CA Certificates do you issue and how quickly?
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We issue Net Worth Certificates, Turnover Certificates, Utilization of Funds Certificates, True Copy of ITR, and Certified / Provisional Financial Statements.
? Typically issued within 2–5 working days, subject to documentation readiness.
Need More Help? Talk to Our CA Team.
Our experts are available Mon–Sat, 10 AM to 7 PM IST. We respond within a few hours.
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