The e-way bill is an electronically generated document used in India for tracking the movement of goods from one place to another. It is a crucial mechanism to ensure seamless transportation and prevent tax evasion. Here’s an in-depth look at the e-way bill system: Purpose and Benefits of E-Way Bill Efficient Tracking: The e-way bill […]
Failing to meet the deadline for filing your income tax return for the financial year 2022-23 (Assessment Year 2023-24), which falls on July 31, 2023, might be disheartening, but rest assured that you can still file your tax return, albeit as a “belated ITR” since it’s submitted after the prescribed deadline. However, it’s crucial to
Tax audits play a crucial role in the examination and verification of a taxpayer’s financial records and transactions to ensure accurate reporting of income and adherence to tax laws. Conducted by tax authorities, these audits aim to achieve several key objectives, including ensuring compliance, detecting errors and discrepancies, preventing tax evasion, and enhancing tax revenue
The Goods and Services Tax (GST) regime in India mandates businesses to comply with tax regulations by filing two types of GST returns: GSTR-1 and GSTR-3B. These returns play a vital role in providing detailed information about a registered taxpayer’s outward supplies and ensuring proper tax reporting. Let’s delve into the specifics of each return:
In the world of taxes, it’s crucial for taxpayers to know the consequences of missing the Income Tax Return (ITR) filing deadline. The Income Tax Act, of 1961, has a section called 234F that enforces penalties on those who don’t submit their ITR on time. This article aims to inform taxpayers about these penalties, the
Prior to the introduction of the Goods and Services Tax (GST) on life insurance policies, premiums for such policies were subject to various service taxes, which included the Basic Service Tax, Swachh Bharat Cess, and Krishi Kalyan Cess, collectively amounting to a 15% tax rate. With the implementation of GST, the taxation landscape for life
1. Income Tax Act, 1961: Compliance Obligation Sl. No. Compliance Particulars Due Dates 1 The due date for the deposit of Tax deducted/collected for July 2023. 07.08.2023 2 The due date for issuing of TDS Certificate for section 194-IA (June 2023). 14.08.2023 3 The due date for issuing of TDS Certificate for section 194-IB (June
In 2018, the Ministry of Corporate Affairs (MCA) of India took a significant step towards enhancing transparency within the corporate sector by introducing the DIR-3 KYC compliance mandate. Aimed at bolstering corporate governance practices, this regulation focuses on implementing Know Your Customer (KYC) norms for directors across all Indian registered companies. Over time, it has
Owning a home is a dream for many individuals, and with the availability of home loans, this dream has become more accessible. Besides the joy of homeownership, there are additional benefits that come with availing of a home loan – one of the most significant advantages being the tax deduction on the interest paid. This
Fulfilling the obligation of filing Income Tax Returns (ITR) is of paramount importance for every taxpayer in India. The government has imposed specific deadlines for ITR filing, making it imperative for individuals to adhere to these timelines to steer clear of penalties. In this comprehensive article, we shall delve into the recent changes in penalties
The “New Tax Regime” or “Optional Tax Regime” was introduced as a significant feature of the Union Budget 2020-21 in India, aiming to revamp the income tax structure and provide taxpayers with an alternative method of computing their taxes. This comprehensive regime brought about several potential benefits, designed to simplify the tax system and enhance
In the contemporary digital era, laptops have become an irreplaceable and essential tool for individuals across diverse domains, encompassing business, employment, and education. With technology reigning supreme and continuing to shape our lives, it is imperative to thoroughly contemplate the potential ramifications of the Goods and Services Tax (GST) on laptops and computers. This article
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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