GST for a new small business: the first ninety days
Registration, invoices and the first returns: what to set up before your first sale.
Old or new tax regime: how to decide
A simple way to compare the two before you file, with the numbers that usually decide it.
Since the new tax regime became the default, every salaried taxpayer has to decide which one to use. The new regime has lower slab rates and a higher rebate, but allows very few deductions. The old regime has higher rates but lets you claim deductions such as 80C, 80D, HRA and home-loan interest.
The quickest way to decide is to add up the deductions you can genuinely claim. If they are small, the new regime usually works out lower. If you pay rent in a city, have a home loan and invest the full 80C limit, the old regime may still be better.
Do the calculation with real figures, not estimates. Use your Form 16, rent receipts, loan certificate and premium receipts. Remember that salaried taxpayers can switch regimes each year when filing, but business taxpayers have far fewer chances to switch.
When we prepare a return, we compute tax under both regimes and show you the difference on one page. You choose; we file.
