Frequently asked questions

Cosomtax Solution Private Limited offers GST registration and return filing, income tax return filing, company and LLP registration, statutory audit support, year-round tax compliance and advisory, and custom software development including web apps, mobile apps and ERP tools.

Our office is at Plot No. 12, Lakshmi Nagar 1st Street, Guduvanchery, Chennai, Tamil Nadu 603202. You can call us on +91 73394 40456 or email cosomtaxsolution@gmail.com.

Yes. Most of our work runs on a paperless process, so we serve clients across Tamil Nadu and other parts of India through secure document sharing, calls and video meetings.

Send us a message through the contact form, call or WhatsApp us, or email us. We start with a free initial consultation to understand your needs, then share the documents required and the next steps.

Yes. We treat client information as confidential, use secure channels for sharing documents, and share information only with the authorities or parties needed to complete your work.

Yes. Cosomtax has a compliance team and a dedicated technology division. Many clients use us for GST, income tax or audit support and also for software such as billing, inventory or customer portals.

A business must register once its aggregate turnover crosses the threshold that applies to it, generally ₹40 lakh for suppliers of goods and ₹20 lakh for suppliers of services in most States. Some persons must register regardless of turnover, including inter-State suppliers of goods, casual taxable persons and those liable under reverse charge.

When Aadhaar authentication is completed and the documents are in order, the GST rules provide for the application to be processed within a few working days. If the officer seeks clarification or orders a physical verification of the premises, it takes longer. We track the application and respond to any query on your behalf.

GSTR-1 is a statement of your outward supplies (sales) with invoice-level details. GSTR-3B is a summary return in which you declare your tax liability, claim input tax credit and pay the net tax. Most regular taxpayers file both.

The Quarterly Return Monthly Payment (QRMP) scheme lets eligible taxpayers with aggregate turnover up to ₹5 crore file GSTR-1 and GSTR-3B quarterly while paying tax monthly. It reduces the number of returns but still requires monthly payment discipline.

Late filing attracts a late fee under section 47 of the CGST Act and interest under section 50 on any tax paid late. Continued non-filing can also block e-way bill generation and lead to cancellation of registration, so we track every due date for you.

No. Input tax credit is available only when the conditions in section 16 of the CGST Act are met, for example holding a valid tax invoice and the supplier reporting the invoice so that it appears in your GSTR-2B. Certain items are blocked under section 17(5). We reconcile your purchases with GSTR-2B before every claim.

You must file a return if your total income before certain deductions exceeds the basic exemption limit, or if you meet other conditions set by the law, such as specified high-value transactions or foreign assets. Firms, LLPs and companies must file every year even if they have a loss or no income.

For individuals and others who do not need an audit, the due date is generally 31 July after the end of the financial year. Taxpayers whose accounts must be audited generally have until 31 October. These dates are subject to extensions notified by CBDT.

It depends on your income and taxpayer type. Broadly, ITR-1 and ITR-2 are for individuals without business income, ITR-3 is for individuals with business or professional income, ITR-4 is for eligible presumptive income, ITR-5 is for firms and LLPs, ITR-6 is for companies and ITR-7 is for trusts and similar entities. We confirm the right form before filing.

The new regime is the default and offers lower slab rates with fewer deductions. The old regime may suit people with large eligible deductions. Individuals without business income can generally choose each year, while those with business income have limited options to switch, so we compare both before you decide.

The Annual Information Statement and Form 26AS show the income and taxes that banks, employers and others have reported against your PAN. If your return does not match them, you may receive a notice or a lower refund, so we reconcile them before filing.

You can usually still file a belated return within the time allowed by law, but a late fee and interest may apply, and certain losses cannot be carried forward. Filing on time is the simplest way to avoid these costs.

A private limited company needs at least two directors and two members (shareholders), and can have up to 200 members. At least one director must have stayed in India for a total of 182 days or more during the financial year. The same people can be both directors and shareholders.

No. The Companies Act, 2013 no longer prescribes a minimum paid-up capital for private limited companies. You can start with a capital that suits your business and increase it later.

Both give limited liability and a separate legal identity. A private limited company is usually preferred if you plan to raise equity investment or issue employee stock options. An LLP generally has a lighter compliance load and suits professional firms and closely held businesses. We compare both for your situation.

It depends on how quickly documents and digital signatures are ready and on MCA processing times, which are outside our control. When documents are in order, incorporation is commonly completed within a few weeks.

Key early steps include appointing the first auditor within 30 days of incorporation and filing the commencement of business declaration (INC-20A) within 180 days. After that, a company has recurring obligations such as board meetings, statutory audit, annual filings with the MCA (AOC-4 and MGT-7 or MGT-7A), director KYC and income tax returns.

Yes. A residential address can be used as the registered office if you provide a recent utility bill for the premises and, where you are not the owner, a No Objection Certificate from the owner.

Yes. Under the Companies Act, 2013, every company must have its financial statements audited each year, whatever its size, turnover or profit. Even a company with no business activity in the year needs an audit.

Only a Chartered Accountant in practice, or a firm or LLP of Chartered Accountants, can be appointed as the statutory auditor of a company. The auditor must also satisfy the eligibility and independence requirements of the Companies Act, 2013.

The board of directors must appoint the first auditor within 30 days of incorporation. If the board does not, the members must appoint the auditor within 90 days at an extraordinary general meeting.

A statutory audit is required by the Companies Act, 2013 and reports on whether the financial statements give a true and fair view. A tax audit is required by the Income-tax Act when turnover or receipts cross prescribed limits, and reports specific tax-related particulars in a prescribed form. A company may need both.

The Companies (Auditor's Report) Order, 2020 requires auditors to report on additional matters such as fixed assets, inventory, loans and statutory dues. It does not apply to some small private companies, broadly those that are not subsidiaries or holding companies of a public company and that stay within specified limits for capital, borrowings and revenue. We confirm whether it applies to you.

A company files its audited financial statements in form AOC-4 within 30 days of the Annual General Meeting, which is generally held within six months of the end of the financial year. These timelines are subject to extensions notified by the MCA.

A compliance calendar lists every statutory due date that applies to your business, such as GST returns, TDS deposits and returns, advance tax and MCA filings. Missing these dates can mean late fees and interest, so a calendar with reminders helps you plan cash and avoid avoidable costs.

Taxpayers whose tax liability for the year, after TDS, is ₹10,000 or more generally pay advance tax in instalments by 15 June, 15 September, 15 December and 15 March. Taxpayers who opt for presumptive taxation may pay the whole amount by 15 March. These dates are subject to extensions notified by CBDT.

Quarterly TDS returns are generally due by 31 July, 31 October and 31 January for the first three quarters, and by 31 May for the last quarter, subject to extensions notified by CBDT.

Do not ignore it. Check that the notice is genuine on the income tax e-filing portal or the GST portal, note the response deadline, and share a copy with us along with any related records. We review the notice and help you prepare a complete and timely reply.

Yes. We advise on lawful options such as choosing the right tax regime, structuring your business and timing transactions sensibly. We do not recommend aggressive or artificial arrangements.

Yes. We can manage GST, TDS, income tax and MCA compliance for multiple entities and give you a consolidated view of upcoming due dates and filings.

We build web applications and portals, mobile apps for iOS and Android, and ERP or automation tools for areas such as inventory, billing, approvals and reporting. Most projects are built for small and medium businesses that want software shaped around their own processes.

It depends on scope. We usually start with a focused first version that covers the most important workflows, then add features in phases. We share a timeline for your project after the discovery phase.

Ownership of the source code and other intellectual property is agreed in writing before work begins, so both sides are clear from the start.

In many cases, yes. Where your accounting or billing software offers supported import, export or API options, we can design the integration around them. We confirm feasibility during discovery.

Yes. We offer post-launch support and maintenance, including fixes, updates and improvements, on terms agreed with you.

We follow sound security practices such as role-based access, encrypted connections, regular backups and limited access to production data. Specific security measures are agreed for each project based on its needs.