Filing ITR in India is compulsory for all those individuals who earn a yearly income of INR 250,000 and above.
GST is a type of indirect tax levied on the supply of products and services. It came into existence in the year 2017 to eliminate the tax on tax.
Starting a new business involves many steps from planning to documentation work. It takes a long time to register a new business in India. Looking at the problems of small businesses, the government started the Udyam Registration process in India,
India is becoming a digitally advanced country in the current times. From shopping to income tax return filing, everything is done online today. Now, you do not have to go through the hassles of doing paperwork to file ITR. The process of Income Tax Return Filing in India is done on the official portal of new income tax.
The Indian government is constantly changing the laws to maintain the safety of food in the country. FSSAI is the Food Safety and Standard Authority of India which handles all the issues related to food products.
A double taxation avoidance agreement (DTAA) is the agreement signed between two or more countries to avoid double taxation on the same incomes in two or more countries.
Every company has to complete the incorporation process to get certain rights and benefits. Registering a company gives a long-term benefit to the companies. ExpertBells is one of the best names in the city in the area of Company registration in Mumbai.
If you are planning to start up your business online, then there are plenty of things that you must know. A big amount of money is spent on advanced technologies, tools, business applications and many other things every year.
We have all heard that government is taking various initiatives for MSME in India but most of us unaware of the details and therefore are unable to take the benefits of the same. We will discuss here some of the recent schemes and benefits that the government has offered for the MSMEs in India.
We have all heard about the Income tax raids. Every other day we read in the news about the black money seized during the raids. But do you know what power does the Income tax officers have to conduct raids, and do the assessee also have any rights in the process of search and seizure on him.
LLP or limited liability partnership is considered as a partnership in which a few or all company partners have limited liability.
The startup culture is booming in India. Many youngsters are coming with their own unique ideas to start their own business.
But to run a business, you need money. Many a time, the capital brought in by the promoters is not sufficient to scale up the business.
Business structure is a structure in which an entity is legally formed and registered. The nature and functions of the entity will solely depend upon its business structure.
Many startups and SMEs are coming into existence now a days. They are completely focused towards developing their business and increasing their clientele but they should not forget about the statutory and other government compliance which they are mandatorily required to do during the year.
Corporate governance is a set of rules, regulations, processes and practices implemented to control the activities of an entity.
If you want to start a business or an enterprise in Agra, India, then ensure your company is registered because company registration in India must be your first priority under Ministry of Corporate Affairs (MCA).
Know the key difference between a partnership firm and limited liability partnership(LLP). Check out the detailed explanation of Partnership and Limited Liability Partnership.
A private limited company (PLC) is a privately held business entity. The liability of a private limited company's members is limited to the number of shares held by that member. A PLC is governed by companies act 2013 and minimum number of shareholders needed to start a PLC is two while maximum limit of members is 200.
A public limited company (PLC) is a business entity that trades its securities in the stock market or offers its shares to the public. It raises a good amount of funds through public issue shares. A public limited company is easy to incorporate and this is the key reason behind its huge popularity in India. A PLC can be formed with a minimum 3 directors and 7 shareholders along with a registered office.
A private company is a business entity held under private ownership. The company may issue stock and have shareholders, but company's shares do not trade on public exchanges like BSE or NFT and are not issued through an initial public offering (IPO).
Many small business owners start their business as a sole proprietorship in India. A private limited company is a company which is privately held by shareholders of the company.
Any person, being a buyer who is responsible for paying any sum to Seller for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent. of such sum exceeding fifty lakh rupees as income-tax
There are infinite numbers of business ideas are available but the food business is the most popular and common business in India. India is known for its food across the globe. But, did you know that you need an FSSAI license to run a food-related business in India? Without FSSAI registration and obtaining the license, you are not allowed to run a food business in India.
India is known for its business market in the world because it is growing fastest in the world. This is the reason why people moving towards investing in their own business by quitting their jobs. Many foreign companies and investors have entities in India.
Everyone knows the value of money and time they invest in starting a company. The main thing that matters and important as the other business activity is choosing, what would be the best company structure for a business? Registering with the right company will help you in completing business processes efficiently in order to achieve the business goals that you have made.
As soon as the Assessment year comes, the salaried class gets agitated about their tax returns. For you it is foremost to understand the tax slab and what is the meaning of each of your salary breakup component. By acknowledging this, you can figure out how to save tax. Let us understand about your salary components and how you can save tax on your salary income point by point.
Today in this blog, we will discuss the ISO certification and its benefits to your business. ISO standards improve your business or brand’s credibility and help organizations run tier business processes effectively. It is proof from a third party that your business concurrence with the standards of ISO management to keep their services & products of better quality is crucial for any business to sustain in the industry market.
Though this term has not been explained under GST, if we refer to accounting, reconciliation is the process of securing that two sets of records i.e. the balances of two accounts are in alignment. Reconciliation is used to ensure that the money deducting from an account matches the actual money spent which is done by making sure that the balances match at the end of a particular accounting period. Reconciliation holds importance under taxation because it can give rise to tax under paid or over paid or not paid.
Planning to start a business? There are many questions revolving inside your head. Some question that strikes everyone’s mind while starting a business. Whether to go for a private limited company or not? What are the pros and cons of a private limited company? Is it a good idea to go for a private limited company?
Deferred tax is the tax for those items which are accounted in Profit & Loss A/c but not accounted in taxable income which may be accounted in taxable income in future & vice versa. It shall either be paid or has already been settled due to momentary inconsistency between an organization’s income statement and tax statement. The word Deferred has been derived from the word “Deferments” which means setting out for something to happen at a future date.
This article covers the concept of conversion of private limited company into LLP. LLP is a body corporate and a legal entity being separate from its partners. It can continue its existence even after the retirement, insolvency or even death of one or more partners. LLP is an organization which acts as a hybrid between a company and a partnership firm. The concept of LLP was introduced in India by way of the Limited Liability Partnership Act, 2008. It is a form of a business that offers benefits of limited liability to partners. LLP is a legal body liable for full extent of its assets but the liability of partners is limited. It gives the freedom of a partnership firm as well as the limited liability feature of a company so that one partner is not liable for another partner’s misconduct or negligence.
An HUF is a family which consists of all male lineal descendants from a common ancestor, and also the spouses and unmarried daughters of the descendants. While the male members are called coparceners, the females are referred to as members.
The senior-most male member is called the karta, and a typical HUF consists of a karta, his sons, grandsons, and great-grandsons (all of whom are coparceners), and their wives and unmarried daughters (all of whom are members). Even Jain, Buddhist and Sikh families can have HUFs.
When there is a sale of long term capital asset, the gains are usually quite large and are taxed at 20 %. Therefore, the tax amount comes out to be a large amount liable to be paid as Long term Capital Gain tax.
However, Govt. has given the option of claiming exemption from long term capital gains tax if the taxpayer reinvests the amount in certain specified forms of investment and can thereby save tax as per following sections:
- Section 54
- Section 54 EC
- Section 54 F
W.e.f. 13th August 2020, the e-assessment scheme of 2019 is amended to be known as “Facelesss Assessment Scheme”.
In case of individuals, income tax is applicable on the slab system on total income. As the income increases, the applicable tax rate increases. Some taxpayers in higher income slab may tend to divert some portion of their income to minimize tax burden. Therefore to prevent such tax avoidance, clubbing of income provisions have been incorporated.
So, if you are planning to transfer assets or income to another person in order to avoid tax implications, then such transfers could also be taxable in your hands.
Even genuine gifts to friends and family can also attract clubbing provisions under Income Tax Act. So, it is important to have insight knowledge of clubbing provisions to avoid any tax implications or penalties.