December will be a flurry of activity with holiday and tax season right around the corner! Remember to keep up with your GST obligations between completing your tax documents and holiday celebrations.  Depending on the type of business you own, or the type of GST payment schedule you follow, your GSTR filings for November 2021…

Stay on top of your tax obligations and improve your attractiveness to lenders! The deadline to deposit the cash collected and deducted at source in November 2021 is December 7.  If you collect or deduct tax at source, don’t forget to deposit the collected amount with the tax authority. Click here for all deadlines in…

Did you know it is mandatory to have a Permanent Account Number (PAN) to qualify for a business loan? And if your company is legally required to have a PAN to do business in India, you will need to submit both the proprietor’s and your business PANs with your loan application.  Lenders use your PAN,…

Let’s talk about your credit score. It’s more commonly known as your bureau or CIBIL score in India.  If you are a first-time borrower, you may not know much about your credit score, so you may not pay too much attention to it.   Credit bureaus authorised by the RBI prepare a credit report for each…

If you’ve ever shopped around for a business loan, you may have heard the term “TAT” or turnaround time. The SME loan TAT is how long it may take to get your loan. Nowadays, you come across a variety of TATs – ranging anywhere from hours to days. But why is there such a disparity…

When applying for an SME loan, you will need to submit your ITR-V (acknowledgement) form along with your business loan application. Your Income Tax Return–Verification (ITR-V) form is a document that the Income Tax Department automatically generates when you submit your income tax returns without a digital signature. Once you’ve filed your ITRs and gotten…

The GST Amnesty Scheme limits the maximum late fee charged for filing your GSTR-3B forms for the tax periods from July 2017 – April 2021. Under the scheme, the maximum late fee for any tax liability other than a nil GSTR-3B is restricted to Rs.1000 per return. For a nil GSTR-3B filing, the maximum late…

If you hire contract labour and are required to have a Labour License according to the Contract Labour (Regulation and Abolition) Act, 1970, the deadline to apply for a renewal of license for 2022 is 30 November 2021! You must apply for a renewal at least 30 days before expiry. License renewal can now be…

If you are a GST-registered business, you are required to submit a copy of your GST registration certificate when you apply for an SME loan. You can either share a scan of the certificate or download a digital version of your GST registration to give to the lender.  Here’s an easy step-by-step guide to help…

Don’t forget to pay equal attention to your business and personal credit score!  If you’re a young business that is still building your credit history, lenders will review both your individual and business credit score and reports when making their decision to give you a business loan. In instances where there isn’t enough credit history…