SECTION 139(8A): UPDATED RETURN UNDER INCOME TAX What is Updated return? Updated Return is Return of Income under section 139(8A) of Income Tax Act 1961 to be filed in Form ITR-U which allow any taxpayer to file return of income not filed earlier. to rectify any incorrect disclosure in Income Tax Return. to rectify or […]
UDIN (Unique Document Identification Number) is a unique number assigned to the audit report and other documents, which are filed with the Institute of Chartered Accountants of India (ICAI). This is assigned to the documents as part of the effort to bring in more transparency and accountability in the documents filed by Chartered Accountants.Last date
CBDT: THESE FORMS ARE NOW AVAILABLE FOR FILING ON INCOME TAX PORTAL CBDT has released the following forms for filing on the portal: The following forms are released: 1.Form 26A- The section 201(1) of Income Tax Act, 1961 talks about when assesse is not treated as assesse in default. That is, when he had complied
Statement & Certificate Sec 80G allows for a tax deduction for donations made to certain charitable organizations or institutions. Under this section, if an individual or a company makes a donation to an organization or institution that has been approved by the Indian government under section 80G, they may be able to claim a reduction
ICAI: GUIDANCE NOTE TO AUDITORS ON FUNDING DISCLOSURE NORMS The Institute of Chartered Accountants of India (ICAI) has issued a detailed set of instructions to auditors to make sure that the financial statement of companies audit act in accordance with the government’s new investment reporting requirements. The Self regulator of the accounting profession has issued
Disclosure of Related Party Transaction is a requirement under GAAP and IFRS for companies to disclose transactions that have taken place between the company and its related parties. GUIDANCE NOTE ON DISCLOSURE OF RELATED PARTY DISCLOSURE DEFINITION: Related party – parties are considered to be related if at any time during the reporting period one
Submitting GSTR-1 in GST Portal is made easy by Goods and Services Tax Network(GSTN).It contain some procedure which is easy to follow. GSTN: EASE OF SUBMITTING GSTR-1 IN GST PORTAL What is GSTR-1? GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies
ITR-1, also known as Sahaj, is a type of Income Tax Return that can be filed by an individual taxpayer who has a total income of up to Rs. 50 lakhs and whose income comprises of salary/pension, one house property, other sources of income (such as interest income). This form can be used by individuals
AMENDMENTS OF E-COMMERCE will come into effect from January 1, 2022.These amendments are aimed at addressing various issues related to e-commerce, such as consumer protection, data localization, and compliance with foreign exchange regulations. RECENT AMENDMENTS ON E-COMMERCE EFFECTIVE FROM JANUARY 2022 What is E- commerce? Electronic Commerce has been defined in Sec. 2(44) of the
AN OVERVIEW OF STARTUP INDIA SEED FUND SCHEME Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution Shri Piyush Goyal launched the Startup India Seed Fund Scheme (SISFS). The Fund aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization. The Scheme
Annual Compliances of LLP leads to provisions and compliances which must be fulfilled by law.It’s important to note that non-compliance with the annual compliances may result in penalties, fines, and even dissolution of the LLP. ANNUAL COMPLIANCES OF LIMITED LIABILITY PARTNERSHIP Limited liability partnership is a form of entity which entails features of a partnership
Restriction to avail ITC under CGST includes Capital goods,Works contract service,Motor Vehicles,Outdoor catering and certain other services. SECTION 16(2) (aa)-RESTRICTION TO AVAIL ITC UNDER CGST Section 16 of The Central Goods and Services Tax, Act, 2017 (“CGST Act, 2017”) provides that subject to such conditions and restrictions as may be prescribed and, in the manner,
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.
