Do I have to file a return if tax was already deducted?
Usually yes. Tax deducted at source is an advance payment, not a final settlement. Filing is how you claim a refund of excess deduction, and how you report income on which nothing was deducted.
Can I switch between the old and new tax regimes? #
A salaried taxpayer without business income can generally choose each year at the time of filing. A taxpayer with business income has a restricted, largely one-time ability to switch back, so the choice deserves more thought.
My supplier has not filed, and my credit is missing. What can I do? #
Credit follows the supplier's filing. Chase them with the GSTR-2B extract showing the gap, and hold back a part of the payment until the invoice appears. If the credit was already claimed, reverse it and reclaim it in the period it becomes available.
How long should I keep records? #
Books and supporting documents should be preserved for the period prescribed under the income tax and GST laws — in practice, keep everything for at least eight years, and keep property documents permanently.
What you will need
- Nothing — but have your last return handy if you are asking about your own case
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