Filing an Income Tax Return is an essential responsibility for every taxpayer in India. It not only ensures compliance with the law but also helps individuals in assessing their financial health, claiming refunds, and establishing a clean financial record. If you’re unsure about the process, fear not! This ultimate guide will walk you through the […]
In India, the government follows a system of advance tax to collect income tax from individuals and businesses in a timely manner. Advance tax refers to the payment of income tax in installments, rather than in a lump sum at the end of the financial year. This article serves as a comprehensive guide on how
Advance tax is an important concept in the Indian taxation system. It is a mechanism through which individuals and businesses are required to pay their taxes in advance, based on their estimated income for the financial year. In this guide, we will provide you with a comprehensive understanding of advance tax in India, including its
Filing income tax returns on time is not only a legal requirement but also brings with it a multitude of benefits for individuals and businesses in India. It is an essential responsibility that holds significant advantages and impacts various aspects of personal and financial life. Here, we delve into the top benefits of timely filing
In India, clubbing of income refers to the inclusion of certain income in the hands of another person for tax purposes. This provision is applicable when income is transferred or diverted to a spouse, minor child, or any other person with the intention of avoiding tax liability. The clubbing provisions are outlined in Section 60
House Rent Allowance (HRA) is a component of the salary package provided by employers to employees in India. It is meant to cover the cost of accommodation for employees who are living in rented houses/apartments. The HRA is partly exempt from income tax, subject to certain conditions and limitations. Eligibility for HRA: To be eligible
Clubbing of income refers to a provision in tax laws that prevents individuals from transferring their income to another person or entity with the intention of reducing their own tax liability. In certain situations, income earned by one person is added to the income of another person and taxed accordingly. The purpose of clubbing provisions
Section 10(1) of the Income Tax Act in India provides an exemptions for agricultural income from being taxed. Let’s explore the definition of agricultural income, the conditions for exemption, and some related provisions. Definition of Agricultural Income: Agricultural income is defined as income earned from any agricultural operation involving the cultivation of land, the raising
Tax planning plays a crucial role in managing personal finances effectively. In India, the Income Tax Act provides various deductions and exemptions to help taxpayers reduce their taxable income. Among these, Sections 80D to 80U specifically cater to deductions related to health insurance premiums, medical expenses, and disabilities. In this blog, we will delve into
In today’s dynamic business landscape, Indian companies face numerous regulatory obligations imposed by the Registrar of Companies (ROC). Compliance with these regulations is not only essential from a legal standpoint but also crucial for maintaining transparency, credibility, and sustainable growth. However, meeting compliance deadlines can be a complex task, especially for organizations juggling multiple legal
Income Tax Act, 1961 classifies income under different heads for the purpose of taxation. The five main heads of income in India are: Income from Salary: Income from Salary refers to the earnings that an individual receives from their employment in the form of a regular salary or wages. In India, income from salary is
Section 80C of the Indian Income Tax Act is a provision that allows individuals to claim deductions from their total income by investing in specified financial instruments. This section was introduced to encourage savings and investment among taxpayers while providing them with tax benefits. It is one of the most popular and widely utilized sections
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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