FAQs

You can find the answers to the following questions in this section -

Popular FAQs

Who are the Experts who’ll be filing my return?

Which form of entity structure is most suitable for a startup?

Can I obtain two DIN for my two companies?

How much time is needed to set up a private limited company?

What are the benefits under Presumptive Taxation Scheme?

Is it mandatory to maintain record of all financial transactions?

Expert Assistance

Popular FAQs

Who are the Experts who’ll be filing my return?

ClearTax taps into its tax expert network and puts you in touch with a qualified tax expert. These tax experts bring a combined experience of 40 years in taxation

Which form of entity structure is most suitable for a startup?

The Private Limited Company format can be seen as the ideal form because its capital structure can incorporate venture capital funding and issue of ESOPs. Moreover since companies are regulatory compliant, banks and other financial institutions like NBFCs prefer granting loans and advances to pvt. ltd. companies over other form such as partnerships, proprietorships etc.

Can I obtain two DIN for my two companies?

A DIN is individual specific and can be used during a lifetime and there is no need to obtain separate DIN each time a new company is floated. Also, where the ministry finds that you are applying

How much time is needed to set up a private limited company?

The registration process gets completed when you get a certificate of incorporation(COI) issued by the registrar. ClearTax follows the fastest registration route i.e SPICe and ideally the application can processed within 10 working days.

What are the benefits under Presumptive Taxation Scheme?

The benefits include :

• No requirement to maintain books of accounts

• No requirement to get accounts audited

• No need to assess advance tax, advance tax is paid by 15th March of the previous year.

Note: Any amount paid by way of advance tax on or before 31st day of March is also treated as advance tax paid during the financial year ending on that day. Note: The scheme applies only to resident assessee who is an individual, HUF, partnership but not limited liability partnership

Is it mandatory to maintain record of all financial transactions?

• Income tax act requires compulsory audit in certain cases and that is possible only when books have been maintained as per the law.

• Companies are regulated by the Companies Act and as per the Act every company is required to file annual return with registrar of companies. It is mandatory even if there are losses or no income in a financial year.

• Helps individuals and businesses keep a track of their expenses, monitor their revenues and take informed financial decisions.

Expert Assistance

I am not able to buy an expert-assisted plan on the website.

Please contact us on 080-67458777. We'll help you right away

Can you help me save taxes?

At the time of filing, ClearTax automatically gives you tax benefits on items you are eligible for such as rebate under Section 87A, Section 80TTA for savings bank account interest etc.

If you are looking for tax savings advice specific to your situation, you can talk to a tax expert at ClearTax.

Can I get an expert to file a tax return for me?

Yes! In an Expert assisted tax filing plan, a tax expert will prepare your tax return and file it for you.

For more information, check out our plans or call us on 080-67458777 to know about the charges or any other query relating to our services.