FylFlix Articles
Comprehensive explanations, FAQs, and updates about Tax, Finance, and Compliance.
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ITR-1 vs ITR-2: Applicability, Key Differences, and Selection Guide
Selecting the correct Income Tax Return form is critical for successful filing. ITR-1 (Sahaj) is designed for resident individuals with straightforward income from salary, one house property, and other sources, with total income up to Rs.50 lakh. ITR-2 applies to individuals and HUFs with income from capital gains, foreign assets,… Read More…
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Monthly vs Quarterly GST Return Filing for Small Taxpayers: QRMP Scheme Guide
Small taxpayers with aggregate turnover up to Rs. 5 crore can choose between monthly and quarterly GST return filing under the QRMP (Quarterly Return Monthly Payment) scheme. Quarterly filers submit GSTR-1 and GSTR-3B every quarter while making monthly tax payments through challans. Taxpayers with turnover above Rs. 5 crore must… Read More…
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ITR-3 vs ITR-4: Eligibility, Differences, and Which Form to File
Both ITR-3 and ITR-4 are designed for individuals, HUFs, and partnership firms (excluding LLPs) earning income from business or profession. The key distinction is the taxation method: ITR-4 (Sugam) is for taxpayers opting for presumptive taxation under Sections 44AD, 44ADA, or 44AE, while ITR-3 is mandatory for those on the… Read More…
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Old vs New GST Return Systems: Outward Supply Reporting and Tax Liability Comparison
India’s GST return framework has undergone significant evolution in how outward supplies and tax liabilities are reported. The existing system uses GSTR-1 for detailed outward supply information and GSTR-3B for summary tax liability declaration. The proposed new system introduced ANX-1 for continuous supply reporting and RET-1 for consolidated tax computation.… Read More…
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GST vs VAT in India: Key Differences, Benefits, and Transition Impact
The Goods and Services Tax (GST) replaced the Value Added Tax (VAT) system on July 1, 2017, along with several other central and state indirect taxes, including excise duty, service tax, and Central Sales Tax. The transition eliminated the cascading tax effect, unified India’s fragmented indirect tax structure, and created… Read More…
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CGST Act Section 74A vs Sections 73 and 74: Key Distinctions and Compliance Guide
GST India ka unified indirect tax hai jo compliance ko structured banata hai. Ye guide is topic ke rules, process aur practical steps cover karti hai. Section 74A of the CGST Act, effective from FY 2024-25, merges the earlier Section 73 (non-fraud cases) and Section 74 (fraud cases) into a… Read More…
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GSTR-9 vs GSTR-9C: Key Differences, Filing Rules, and Compliance Guide
GSTR-9C reconciliation statement hai jo GSTR-9 aur audited financials ke beech difference reconcile karta hai. ₹5 crore se upar turnover par ye self-certified statement dena padta hai. GSTR-9 is the annual GST return summarising all monthly filing data, while GSTR-9C is a self-certified reconciliation statement comparing GSTR-9 figures with audited… Read More…
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E-Invoicing vs Traditional Invoicing Under GST: A Comparative Analysis
GST India ka unified indirect tax hai jo compliance ko structured banata hai. Ye guide is topic ke rules, process aur practical steps cover karti hai. The e-invoicing framework under GST transforms invoice generation by introducing digital validation through the Invoice Registration Portal (IRP), unique Invoice Reference Numbers (IRN), QR… Read More…
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GST E-Way Bills: Common Questions, Rules, and Compliance Guide
E-way bill ₹50,000 se upar ke goods movement par mandatory electronic document hai. Ye guide generation, validity aur 2025 ke naye rules cover karti hai. The e-way bill is an electronic document required under GST for transporting goods valued above Rs. 50,000 from one location to another. Generated on ewaybill.nic.in,… Read More…
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India’s Updated GST Return System: Common Questions and Compliance Guide
GST India ka unified indirect tax hai jo compliance ko structured banata hai. Ye guide is topic ke rules, process aur practical steps cover karti hai. India’s GST return filing framework has evolved significantly since its implementation. A revised system replaced the initial GSTR-1 and GSTR-3B filings, introducing new forms… Read More…
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GSTR-9 Annual Return Filing: Common Questions and Compliance Guide
GSTR-9 annual return hai jo poore financial year ki GST summary consolidate karta hai. ₹2 crore se upar turnover wale taxpayers ke liye ye filing mandatory hai. GSTR-9 is the annual GST return required from most registered taxpayers, consolidating information on outward and inward supplies, tax payments, and Input Tax… Read More…
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Common JSON Errors in GSTR-9C Filing: Troubleshooting Guide
GSTR-9C reconciliation statement hai jo GSTR-9 aur audited financials ke beech difference reconcile karta hai. ₹5 crore se upar turnover par ye self-certified statement dena padta hai. When filing the annual reconciliation statement GSTR-9C, businesses frequently encounter JSON errors during file generation and upload. These errors range from sheet validation… Read More…