Taxation on Gratuity under the head “Salaries” in the hands of the employee. However, there is an exemption limit of Rs. 20,00,000 (limit applicable for FY 2020-2021) which means that gratuity received up to this limit is tax-free. Any amount received above this limit is taxable. TAXATION AND LEGAL PROVISIONS ON GRATUITY What is Gratuity? […]
Form GSTR-7 Before 10th July is the due date of filing.For example, if a taxpayer has made TDS deductions in the month of June, the GSTR-7 for that month needs to be filed on or before 10th July. If the due date falls on a weekend or a national holiday, the return can be filed
GSTR-3B: CHANGES IN REPORTING AND FILING CBIC has notified a series of changes in filing of its existing return in Form GSTR-3B. Form GSTR-3B is the return through which the Government collects tax from its taxpayers. 1) CBIC has introduced a new table 3.1.1 in which taxpayers will be required to provide details about supplies
Latest GST Notification issued by CBIC which we discuss in this article Latest GST Notification A bunch of notifications has been issued on 05.07.2022 by the CBIC to give effect to some of the recommendations of the 47th GST Council Meeting held in Chandigarh on 29th & 30th June, 2022. Summary of the same is
E-Invoice under GST is mandatory for businesses with a turnover of more than Rs. 500 crore.Under the e-invoicing system, businesses are required to generate invoices in a specific format and then submit them to the GST Network (GSTN) for validation. Once the invoice is validated, a unique invoice reference number (IRN) is generated and sent
Conversion of OPC into Private Limited Company What is One Person Company (OPC)? Pursuant to Section 2(62) of Companies Act, 2013, One Person Company means a company which has only one person as a member. What are the Provisions involved? Section 18 and 122 of Companies Act, 2013 Rule 6 & 7 of Companies (Incorporation)
GST Council Meeting The 47th GST Council Meeting under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman was held on 28th & 29th June 2022. The council deliberated upon various burning issues under GST and made various recommendations. The council also accepted the recommendations of the Group of Ministers (GoMs)
INCOME TAX ADVANCE RULING: MEANING AND PROVISIONS A resident taxpayer may have some taxation issues in respect of a transaction which has been undertaken or proposed to be undertaken with a non-resident. Similarly, a non-resident may have some taxation issues in respect of transaction which has been undertaken or proposed to be undertaken by him
All About Company’s Strike off Notices (STK-1 & 5) The action of striking off by the Registrar of Companies (ROC) has started again, and many of the corporates who have failed to file their annual returns have received the notice under Section 248 of the Companies Act, 2013 (hereinafter referred as “ 2013 Act”) in
FSSAI registration for Amazon warehouses is necessary to sell food items on their platform. FSSAI REGISTRATION FOR AMAZON WAREHOUSES What are Amazon Warehouses? Amazon is the largest e-commerce platform in the world. They promote and sell products online. People who sell their products through the Amazon platform are known as Amazon sellers. These sellers don’t
TDS Under Section 194H What is Section 194H? Section 194H is for income tax deducted on any income by way of commission or brokerage, by any person responsible for paying to a resident. Individuals and Hindu Undivided Family who were covered under section 44AB are also required to deduct TDS. From FY 2020-21, individual and
Non-Compliance with NFRA Rules Overview of National Financial Reporting Authority (NFRA), Rules 2018 MCA has introduced National Financial Reporting Authority Rules, 2018 vide notification dated 13th November, 2018 to provide for matters relating to accounting and auditing standards under the Companies Act, 2013. Applicable Laws: Section 132(2) :Constitution of National Financial Reporting Authority. Section 132(4) :
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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.
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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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