Double Taxation Avoidance Agreement is a tax treaty signed between two or more countries to help avoid the burden of double taxation for taxpayers in those countries. The agreement is meant to provide relief from double taxation by defining the tax liability of an individual or a company in each country, and to prevent fiscal […]
STARTUP INDIA SCHEME: DEFINITION, ELIGIBILITY & TAX EXEMPTION The Startup India Scheme is an initiative of the Government of India in 2016. The primary objective of Startup India is the promotion of startups, the generation of employment, and wealth creation. Startup India has initiated several programs for building a robust startup ecosystem and transforming India
Mandatory Reporting of HSN Code refers to the requirement for businesses to mention the relevant HSN code for each item of goods or services they are trading, in their invoices and other trade-related documents. This is usually required by governments for tax and trade reporting purposes. REPORTING OF 4-DIGIT HSN CODES IN GSTR-1 WITH TURNOVER
FREE TOOLS FOR GENERATING E-INVOICES FOR SMALL TAXPAYERS To ensure that businesses get enough time to adapt to the new system of electronic invoicing, the GST Council has approved the introduction of e-invoicing in a phased manner For businesses with a turnover of ₹500 crores and more, e-invoice is already introduced from 1st October 2020.
CLOSURE OF DEFUNCT LLP When a limited liability partnership (LLP) hasn’t conducted any activity for a year or more, it can be easily dissolved by removing its name. An LLP can also be wound up by a voluntary winding up or by a tribunal winding up. A defunct LLP, however, that has not conducted any
FOREIGN BANK AND FINANCIAL ACCOUNTS REGULATIONS (FBAR) The Foreign Bank and Financial Accounts Regulations (FBAR) form came into existence as part of the Bank Secrecy Act of 1970 (BSA) with the aim to prevent taxpayers from avoiding paying taxes by hiding assets overseas. However, the IRS has enforced foreign financial account reporting rules for American
CORPORATE SOCIAL RESPONSIBILITY CORPORATE SOCIAL RESPONSIBILITY is a concept whereby companies not only consider their profitability and growth, but also take care of the interests of society and the environment by taking responsibility for the impact of their activities on society, the environment, and the communities in which they operate. CSR refers to the belief
E-Invoices are mandatory for businesses with a turnover of RS.5 CRORE E-Invoicing/E-Invoice is a form of electronic billing which is increasingly mandated by Governments across the World due to tax evasion. In India, the Government introduced e-invoicing in mid of the financial year 2020 with businesses having aggregate turnover above Rs. 500 Crore. The limit
Cryptocurrency Taxable under GST is still being determined. However, as per GST council meeting dated 14th may 2021, it is announced that trading of Cryptocurrency will be taxable under GST. The GST council has decided to impose 18% GST on the purchase or sale of Cryptocurrency. TAXATION OF CRYPTOCURRENCY UNDER GST Virtual digital asset means
DOMESTIC MARKET PROMOTION (DMP) SCEHME INTRODUCTION: The Domestic Market Promotion (DMP) Scheme is introduced by the Coir Board in lieu of the Rebate Scheme. The DMP scheme is linked with the sales performance of the beneficiary/unit. The DMP scheme aims to provide incentives for better performance. PURPOSE OF THE SCHEME: The main goal of the
EXPORT MARKET PROMOTION SCHEME (EMP) The Export Market Promotion Scheme (EMP) is a Central Government Scheme implemented by the Government of India through the Coir Board. This scheme aims to improve the export performance of the Indian Coir Industry. It is considered to be the largest producer and exporter of coir in the world with
Overseas Citizen of India (OCI) is a scheme introduced by The Citizenship (Amendment) Act, 2005 which provides permanent residency available to people of Indian origin and their spouses to live and work in India for an indefinite period. As of 2020, there are 6 million OCI card holders among Indian Overseas individuals. Eligibility of OCI:
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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