Presenting the September 2023 Statutory Tax Compliance Tracker, a thorough tool crafted to clarify the complexities of following the Income Tax Act of 1961 and the Goods and Services Tax (GST) Act of 2017 during the entire month of September 2023. We’ve included important dates you need to remember to submit your taxes correctly. Whether […]
The Income Tax Act of 1961 offers taxpayers the option to file a belated ITR should they miss the initial deadline for submitting their returns. This provision is covered in Section 139(4) of the Income Tax Act. The Indian Government requires all individuals, families, companies, partnerships, and other entities to pay taxes on their earnings.
India’s tax landscape underwent a significant transformation with the implementation of the Goods and Services Tax (GST). This system introduced a fixed set of tax rate slabs—0%, 5%, 12%, 18%, and 28%—with varying implications for different products and services. The scope of this analysis delves into the intricate GST rates applicable to toys and sporting
Risk-centered internal audit represents a strategic methodology employed by internal audit functions to concentrate their efforts on the most critical risk areas within an organization. This sophisticated approach stems from the acknowledgment that resources are finite and should be channeled toward those areas where the potential influence on an organization’s objectives is most substantial. Delving
Form 60 and 61 hold significant importance within India’s financial landscape, serving as essential tools that accommodate specific monetary transactions and income reporting for individuals who lack a Permanent Account Number (PAN). These forms are tailored to address unique scenarios, enabling individuals to partake in crucial financial activities and fulfill their tax obligations, even in
The Ministry of Corporate Affairs (MCA) released General Circular No. 08/2023 on August 23, 2023. The circular offers relief for late filing of specific LLP Forms. It aims to help Limited Liability Partnerships (LLPs) face challenges in submitting certain forms. Challenges Faced by LLPs: LLPs need to file specific forms as part of their legal
The Mera Bill Mera Adhikar Scheme, an innovative initiative, strives to elevate consumers within the GST ecosystem by fostering the adoption of accurate GST invoices. In this article, we embark on a comprehensive exploration of the scheme’s implications, advantages, and implementation strategies. Comprehending the Impact of GST The Goods and Services Tax (GST) stands as
In recent times, a significant number of individuals fulfilling their tax obligations have been receiving informative messages from the Income Tax Department through the Income tax SMS alert system. These messages serve as notifications that the tax authorities have identified specific transactions filed under Form 60/61 for the fiscal year 2021-22. If an individual receives
Taxation can often feel like navigating a maze of complex rules and regulations. Among the many aspects of taxation, the Income Tax Act holds particular importance for individuals and businesses alike. It outlines various deductions under Chapter VI-A available to taxpayers, aimed at reducing their taxable income and ultimately, their tax liability. However, the intricacies
The Goods and Services Tax (GST) system in India is like a set of rules that keeps changing to make taxes fair and easy for both people who pay taxes and the government. Imagine it as a puzzle where the pieces can move to fit better. In a recent 48th GST Council meeting has brought
In a significant move aimed at helping taxpayers and making tax rules easier to follow, the GST Council Meeting has recommended extending some important programs and relaxations through the GST amnesty scheme. These programs are designed to assist those who haven’t filed certain tax returns, those whose tax registration got canceled, and those who received
In recent years, the Income Tax Department has been working faster to process income tax returns (ITR). But this speedy process has caused some problems. When your ITRs are processed quickly, you might not have enough time to fix mistakes you made in your original returns. This can lead to issues, like getting a bigger
Legal Suvidha has been a one-stop Compliance Provider for all start-ups and entrepreneurs.
Want to Setup your business in India? Connect with the best Online Registration, Licenses and Return filing solution providers for business across India. Since 2007, LegalSuvidha has been a one-stop shop for all startups or entrepreneurs looking for a chartered accountant, company secretary or lawyer. We have been ensuring Startups and SMEs are fully compliant with India’s legal system. Over the past 15 years, the depth of our offerings has increased and that too at affordable prices and customer satisfaction has made our standing different and we are giving a tough competition to other online facilitators of legal services in India. We have the best team for Company incorporation, Trademark Registration, Auditing, Advisory and Tax Filing for large, medium, small businesses and Startups in India.
Most of the budding entrepreneurs are in dilemma about what kind of entity to register when they start their business. Should it be a private limited company, limited liability partnership, partnership firm, one person company or a sole proprietorship? Each of these has its advantages and disadvantages. The type of entity should be chosen only after one round of consultation with our experts, as they will be in a better position to guide on the same. For example, Registering as a private limited company would be a good fit for any venture that will look for funding at a later stage. You can contact Legalsuvidha for any type of registration and advice you need for your business transactions. We assure you of great professional service at a reasonable price. You can connect with us for a free check on the Company name availability.
The importance of intellectual property is very much but most of the businesses are not aware of the same. We at LegalSuvidha simplify the process for you to register a Trademark for your brand, to get copyright for your artistic, creative ability and will also help you in patenting the process after a proper patent search patents which will ensure that you have sole rights to your creation, be it your brand, your designs or your inventions. At Legalsuvidha, we are very well equipped to handle all your IP requirements. We facilitate trademark applications in just two days, copyright registration for all your software, pictures, audio, and video content, and can connect you to patent attorneys to conduct a patent search and file your patent applications.
To do any business in India, you need a license for almost everything. Started a manufacturing business? You need a GST Registration and a Trade License. For a food business, you need an FSSAI license. In case you have employees, You need a Professional Tax registration and Shops & Establishments Act Registration. If that’s not enough, you also need to file GST Returns and Professional Tax Returns.
There is a lot of importance of legal documentation when you start your business, whether with your Investors, partners/co-directors, employees and any vendors you deal with. By getting a lawyer to draft contracts or agreements with new vendors, employees, and investors, you’re ensuring that you have all the downsides covered. At LegalSuvidha, we connect you to lawyers who will deliver complex documents, from shareholders’ agreements and founders’ agreements to terms of service/privacy policy and non-disclosure agreements, at a reasonable cost in a few days.
It’s not enough to have started a private limited company or an LLP. You need to comply with all the requirements of the Ministry of Corporate Affairs, Central Board of Indirect taxes and Central Board of direct taxes once you register your business. You need to inform them of every relevant change you make, whether it is adding a director, removing a partner or increasing authorized share capital. You also need to file annual returns and maintain your accounts. In the case of a private limited company, you even need them audited. At LegalSuvidha, we facilitate all these services completely online. This means you can engage a professional on retainer for the year and we’ll ensure that all the formalities are completed for you while you focus on your business.
We are Authorized e-return Intermediaries and have recently launched our own ITR filing platform, this will help the salaried employees and businesses to get their ITR filed within the time and at a reasonable price. Through the use of automation, the system is highly effective and will help in filing ITR in up to 10 minutes for Salaried employees. We have on-boarded the best Chartered Accountants who will provide consultation for both Salaried employees and Businesses to file proper taxes to the government of India. This will help in avoiding legal notices in the future and will also help in getting the returns processed at the earliest. We are the first in the market to launch the ITR filing facility for FY 2018-19.
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