In the vast landscape of India’s financial system, the rules and regulations surrounding cash deposits and withdrawals in banks are characterized by a robust framework to ensure transparency, accountability, and adherence to tax laws. It’s important for people to know and follow these strict rules in banking to confidently manage their finances. Recently, the Reserve […]
As you are likely aware, House Rent Allowance (HRA) is a valuable benefit provided to salaried employees, forming a significant component of their overall compensation package. This allowance serves a crucial purpose in assisting employees who work and reside in rented accommodations. By providing financial support towards the expenses incurred in renting a place to
In its commitment to streamlining and ensuring precise e-invoice verification, the Goods and Services Tax Network (GSTN) has developed a highly efficient application called the GST E-Invoice QR Code Verifier. This app addresses the importance of seamless e-invoice authentication, aiming to simplify the process and enhance user convenience when verifying electronic invoices. Understanding the Role
Computer repair shops, known for their diverse range of electronic equipment services, have the responsibility of fulfilling tax obligations based on their turnover and business type. To facilitate a more streamlined and straightforward tax payment process, it is mandatory for computer shop owners to obtain GST Registration. GST, which stands for Goods and Services Tax,
As tax season starts, people earning income must remember to file their Income Tax Returns (ITR) for the year 2023-24 by 31st July 2023. Filing the ITR is not only a legal obligation but also a significant responsibility that all citizens must embrace to contribute to the nation’s economic growth and development. Understanding the importance
India has witnessed a remarkable surge in Income Tax Return (ITR) filings during FY23, setting a record with an impressive 74 million filings. Surprisingly, a significant portion of these filings, precisely 70%, were classified as zero-tax ITRs, indicating that taxpayers claimed no tax liability. This data, released by the finance ministry in Parliament, sheds light
Before the implementation of the Goods and Services Tax (GST) regime, India had a complex taxation system with numerous taxes like excise duty, services tax, customs duty, surcharges, and State-level Value Added Tax (VAT) levied on the provision of goods and services. However, the current indirect taxation system in the country is based on GST.
The Companies Act, of 2013, stands as a comprehensive and vital legislative framework governing the establishment, administration, and functioning of companies in India. Among the critical compliance requisites of this Act is the filing of various forms with the Registrar of Companies (RoC). One such indispensable form is DPT-3, which holds significance in disclosing details
Ensuring the accurate filing of your Income Tax Return (ITR) is of paramount importance as it directly impacts your financial compliance and tax liabilities. To achieve this, it involves incorporating vital information from your Annual Information Statement (AIS), which is a critical document that provides a comprehensive overview of various financial transactions and incomes associated
The Indian Government, in a move aimed at bolstering support for small and medium-sized businesses operating within the handicraft sector and fostering its expansion, introduced concessional GST rates for select handicraft items in the previous year. This strategic decision seeks to fortify the sector’s significance as a vital contributor to India’s economy, notably generating substantial
Khadi, an embodiment of self-sufficiency and a cherished aspect of India’s cultural heritage holds a special place in the hearts of Indians, renowned for their exquisite craftsmanship and positive impact on the environment and society. Nonetheless, the discussion surrounding Khadi products often brings up inquiries concerning the applicability of the Goods and Services Tax (GST).
In the current tax landscape, salaried individuals are being advised to exercise extreme caution as they prepare to file their Income Tax Returns (ITRs). This year, the Income Tax Department has ramped up its scrutiny and vigilance, actively seeking documentary evidence to counter instances of bogus deductions and exemptions claimed by certain taxpayers. In the
Scrutiny by IT Dept. for False Salaried Deductions 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.
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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