ITC on Insurance expense refers to the ability to claim credit for the GST paid on insurance premiums for goods and services used in the course of a business.It is important to note that ITC on insurance services is not available for personal insurance policies such as health insurance or personal accident insurance. INPUT TAX […]
SECTION 194IA: PAYMENT ON TRANSFER OF IMMOVABLE PROPERTY Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of
Striking off the names of a company, also known as dissolution or winding up, is the process of removing a company’s name from the register of companies, effectively ending its legal existence. This process is typically initiated when a company has ceased its business activities, or is unable to pay its debts. RECENT CHANGES IN
SECTION 285BA- HIGH VALUE TRANSACTIONS & MANDATORY RETURN FILING Statement of Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was earlier known as ‘Annual Information Return (AIR)’. The objective of SFT or AIR was to curb black
Restrictions on Deposits & Advances and Cash loans under the Income Tax Act, which aim to curb the use of black money in financial transactions. As per the Income Tax Act, any cash loan, deposit, or advance above a certain threshold is prohibited. The threshold for cash transactions is currently set at Rs. 20,000. Any
Exemption from advance tax is provided to senior citizen who don’t have any business income under section 207 SENIOR CITIZEN NOT HAVING BUSINESS INCOME EXEMPT FROM ADVANCE TAX As per section 208 every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form of “advance
Rectification of mistakes allows taxpayers to rectify mistakes or errors in their previously filed tax returns or other documents submitted to the Income Tax Department. This provision provides a mechanism for taxpayers to correct any factual errors or omissions in their tax filings, without facing any penalty or prosecution. RECTIFICATION OF MISTAKE UNDER SECTION 154
MSME REGISTRATION: PROCECURE, CERTIFICATE MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. When these industries grow, the economy of the country grows as a whole and flourishes. These industries are also known as small-scale industries or SSI’s. Even if the Company is
Form No 10AC lead to some clarifications issued by CBDT Finance Act, 2022 has inserted sub-section (4) in section 12AB of the Income-tax Act, 1961 (the Act) allowing the Principal Commissioner or Commissioner of Income-tax to examine if there is any “specified violation” by the trust or institution registered or provisionally registered under the relevant
Annual Secretarial Compliance Report is a report that certifies that a company has complied with the various statutory and legal requirements as laid down under the Companies Act, 2013 and the rules made thereunder, for the financial year. CHECKLIST OF ANNUAL SECRETARIAL COMPLIANCE REPORT 2022 SEBI inserted a new regulation i.e. Regulation 24A and made
EVERYTHING ABOUT PRESUMPTIVE TAXATION SCHEME What is the meaning of presumptive taxation scheme? As per sections 44AA of the Income-tax Act, 1961, a person engaged in business or profession is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed
CBDT NOTIFIES FACELESS PENALTY AMENDMENT SCHEME, 2022 CBDT has notified the amendment in the faceless penalty scheme, allowing mandatory personal hearing through electronic mode to any taxpayer who has sought a hearing. The amendment has omitted the Regional Faceless Penalty Centre from the Faceless Penalty Scheme and provides that electronic records shall be authenticated by
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.
Legal Suvidha © 2013-2024. All Rights Reserved.
