Deductions under the Old Tax Regime Under the old tax regime, taxpayers were allowed to claim various deductions and exemptions to reduce their taxable income. These deductions were available under various sections of the Income Tax Act, such as section 80C, 80D, 80E, 80G, and so on. Some of the popular deductions under the old …
Section 18 of the Central Goods and Services Tax Act, 2017 deals with the provisions related to availability of input tax credit (ITC) in certain situations. It specifies the cases in which a registered person is eligible to claim ITC and the conditions for claiming such credit. The section also covers the procedure for claiming …
Prior to the 48th GST Council Meeting, unregistered buyers of flats had limited options to claim a refund of GST paid upon cancellation, only being able to claim it from the builder within a specific timeframe when the builder could issue a credit note. This caused difficulties and increased costs for unregistered buyers who were …
As tax laws and regulations continue to evolve, it’s important to stay up-to-date with changes that may affect your tax liability. One area that can be particularly complex is the taxation of undisclosed income. In this article, we’ll explore the taxability of undisclosed income under Section 68 and Section 69D of the Income Tax Act …
Since its implementation in 2020, India’s new income tax system has generated a lot of debate. Many people have thought about the potential effects on taxpayers as a result of the government’s desire for a more straightforward tax system. This article will go into greater detail on the new tax regime system, its effects, and …
Ocean freight is the transportation of goods by sea from one country to another. The GST on ocean freight is levied on the transportation charges incurred by the shipping line or the freight forwarder. The GST rate on ocean freight is 5% of the total ocean freight charges. GST on Import of Goods by Sea …
Section 194DA of the Income Tax Act pertains to the deduction of TDS on payments made towards the maturity proceeds of a life insurance policy. As per this provision, the insurer is required to deduct TDS at the applicable rate on the amount paid to the policyholder upon maturity of the policy. The TDS rate …
Understanding the basics of tax planning is crucial for salaried employees in India to maximize their take-home pay and minimize their tax liabilities. Here are some key points to keep in mind: Know your taxable income: Your taxable income is the income on which you have to pay tax. It includes your salary, allowances, and …
In today’s business world, it’s essential to stay up-to-date with the latest regulatory changes. One such change is the filing of announcements in XBRL format on the National Stock Exchange (NSE) NEAPS and BSE Listing Centre. This article will provide you with all the necessary information on the topic, including why it’s important, how to …
Clubbing of income refers to the inclusion of income of one person in the income of another person for the purpose of taxation. This is done to prevent taxpayers from avoiding tax liability by transferring income to family members or other related parties. In other words, if income is transferred to a person who is …
Section 194IA of the Income Tax Act is a provision that requires a buyer of immovable property to deduct TDS (tax deducted at source) at the rate of 1% of the sale consideration amount, if the property value exceeds Rs. 50 lakh. The buyer is responsible for deducting the TDS at the time of making …
Blockchain technology is a digital ledger system that records transactions securely, transparently, and in a decentralized manner. It is essentially a database that is shared among a network of computers or nodes, where each node has a copy of the database. When a transaction occurs, it is verified and validated by the network of nodes, …
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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.
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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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