The objective of IAS 1 (2007): – IAS 1 (2007) aims to establish a framework for presenting general-purpose financial statements. – The primary goal is to ensure comparability across different periods and other entities’ financial statements. Scope of Application: – IAS 1 applies to all general-purpose financial statements prepared according to International Financial Reporting Standards […]
IAS 1 Presentation of Financial Statements Read More »
Cash flow statement are essential financial tools used by businesses to track how money comes in and goes out during a specific time. They help us see how healthy a company’s finances are, but it’s important to know their limitations for a proper understanding. This article will explore these limitations and what they mean for
Cash Flow Statements Role in Financial Analysis Read More »
Exploring the ins and outs of GSTR-2A, GSTR-2B, and GSTR-8A, and shedding light on the possible problems these forms can create for people who pay taxes. GSTR-2A: GSTR-2A is like a list automatically put together for what someone buys. It’s made up of details about the things someone bought during a specific time for taxes.
Discrepancies Among GSTR 2A, GSTR 2B, GSTR 8A Read More »
If you happen to make a mistake on your Income Tax Return (ITR) that you filed, don’t be surprised if the tax department sends you a notice. This is basically a letter from them to bring something to your attention. Now, there are six main types of these notices that people who earn a salary
Essential IT Notice for Salaried Individuals Read More »
Factors in Deciding to Buy or Rent: Consider financial stability, long-term plans, the local housing market, and personal preferences. Evaluate the current and future financial situation and willingness to take on homeownership responsibilities. Detailed Analysis in India (Considering Taxes): For renting, calculate yearly rent expenses and potential rent increases due to inflation. For buying with
Purchase or Lease: Which is Favorable? Read More »
Introducing Enhanced Income Tax Return (ITR) In a move to encourage people to follow tax rules, the government brought in the idea of an “enhanced income tax return” in the 2022 Budget. This means you can either submit a brand-new tax return or make changes to an existing one within a certain time. To do
Understanding the updated ITR Read More »
In the intricate landscape of corporate governance, the Director Identification Number (DIN) plays a pivotal role as an identifier for individuals holding directorial or partner positions within Indian companies or Limited Liability Partnerships (LLPs). As an integral aspect of the business registration or LLP incorporation process, the acquisition of a DIN necessitates the procurement of
DIR-5 Form: DIN Surrender Read More »
Picking the perfect name for your company requires careful thought, considering do’s and don’ts. Your business name holds immense power, capable of shaping its success or downfall. The Ministry of Corporate Affairs (MCA) has specific rules, and some words are restricted. This article cover MCA’s Restricted Words for Company Names to guide your choice. Before
MCA-restricted Company Name Terms Read More »
In the realm of property transactions within India, a vital directive mandates that a purchaser must enact Tax Deducted at Source (TDS) when acquiring an immovable property exceeding the monetary threshold of Rs. 50 Lakhs. The scope of “immovable property” encompasses structures, segments of structures, and any land excluding agricultural land. This obligation is rooted
Filing Online TDS on Property Sale Read More »
The Central Government, through Notification No. 38/2023, has recently introduced the Central Goods and Services Tax Rules (CGST) Rules, 2023, on August 4th, 2023, encompassing a series of innovative regulations. Notably, among the new provisions is the incorporation of Rule 88D, accompanied by the unveiling of Form GST DRC-01C. This strategic addition addresses a significant
Rule 88D & Form DRC-01C Read More »
Navigating the intricacies of tax deductions and exemptions is essential for optimizing your financial situation while ensuring you remain within the boundaries of tax regulations. This guide will provide you with valuable insights and practical advice to help you master the art of maximizing deductions and exemptions while staying compliant. Understanding Tax Deductions and Exemptions:
Tax Deductions & Exemptions Read More »
Section 44ADA represents a significant and forward-looking approach within the realm of income tax regulations, specifically tailored to cater to the needs and demands of professionals. This pragmatic provision serves as a beacon of simplicity, transparency, and efficiency, aiming to harmonize the intricate landscape of taxation obligations that professionals encounter. This provision, encapsulated under the
Presumptive Taxation u/s 44ADA Read More »
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.
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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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