Anyone whose gross total income before deductions exceeds the basic exemption limit (₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens, ₹5 lakh for super senior citizens) must file an ITR. Certain other conditions like foreign assets or specific transactions also mandate filing regardless of income.

You typically need: Form 16 (from employer), Bank statements & passbooks, TDS certificates (Form 16A), Details of investments (80C, 80D etc.), Home loan interest certificate (if applicable), Capital gains statements from broker/mutual fund, Aadhaar card & PAN card.

For individuals, the standard ITR filing deadline is July 31st of the assessment year. For businesses requiring tax audits, it is September 30th. A belated return can be filed up to December 31st, subject to a late filing fee.

A late filing fee of ₹5,000 (₹1,000 if total income is below ₹5 lakh) is charged. Additionally, interest under Section 234A is levied on any outstanding tax at 1% per month. You may also lose the ability to carry forward capital losses.

Any business with an annual turnover exceeding ₹40 lakh (₹20 lakh for service providers, ₹10 lakh for special category states) must register for GST. Additionally, businesses involved in inter-state supply, e-commerce operators, and certain other notified persons must register regardless of turnover.

The main GST returns are: GSTR-1 (Outward supplies, monthly/quarterly), GSTR-3B (Summary return, monthly/quarterly), GSTR-9 (Annual return), GSTR-9C (Reconciliation statement/audit report). The frequency depends on your turnover and opted filing scheme.

A Private Limited Company can typically be incorporated within 7-10 working days, provided all documents are in order and MCA approvals come through promptly. This includes DIN & DSC application, name approval, and filing of SPICe+ form.

A Private Limited Company has shareholders and directors, offers better credibility for funding, and has stricter compliance requirements. An LLP (Limited Liability Partnership) is simpler, has fewer compliance requirements, and is better for small professional services firms. However, LLPs cannot raise equity funding from investors.

A Tax Audit under Section 44AB is mandatory if your business turnover exceeds ₹1 crore (₹10 crore if 95% of transactions are digital). For professionals, the limit is ₹50 lakh. Persons opting out of presumptive taxation schemes also need an audit.

A Statutory Audit is a legally mandated examination of the financial statements of a company. It ensures that the accounts present a true and fair view of the company's financial position, and that they comply with applicable accounting standards and the Companies Act.