Question 1

What is GST registration?

Accepted Answer

GST registration is a mandatory process for businesses whose turnover exceeds the threshold limit. It allows you to collect GST from customers and claim input tax credit.

Question 2

Who needs income tax filing?

Accepted Answer

Any individual or business whose income exceeds the basic exemption limit must file an income tax return. It is also required for claiming refunds or carrying forward losses.

Question 3

How to register a private limited company?

Accepted Answer

Registering a private limited company involves obtaining DSC and DIN, name approval, drafting MOA and AOA, and filing incorporation forms with the ROC.

Question 4

What is DSC used for?

Accepted Answer

A Digital Signature Certificate (DSC) is used to electronically sign documents for GST filing, income tax returns, MCA filings, and e-tenders.

Question 5

Difference between LLP and partnership firm?

Accepted Answer

An LLP offers limited liability protection to its partners and is a separate legal entity, whereas a traditional partnership firm has unlimited liability and is not a separate legal entity.

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