Input Tax Credit Input is a mechanism under the Goods and Services Tax (GST) laws in many countries, including India, Canada and Australia, that allows businesses to claim credit for the GST paid on their inputs. Inputs refer to the raw materials, goods and services used in the course of a business’s operations. What is …
ITC cannot be claimed on IE that are used for personal consumption or for non-business purposes. For example, if you purchase a car for personal use, you cannot claim ITC on the GST paid on the car. ITC CANNOT BE CLAIMED ON IE The Maharashtra Authority of Advance Ruling (AAR) ruled that Input Tax Credit …
Process and Eligibility Criteria for Initial Public Offerings (IPO) The Initial Public Offering (IPO) is a very important point at which an unlisted company decides to go public for the first time by publicly listing its shares and selling its stocks to the investors. It is an offer of shares typically made to raise capital for …
PRESUMPTIVE TAX SCHEME UNDER INCOME TAX ACT Income Tax Act, 1961 introduced the presumptive taxation scheme for the relaxation of small taxpayers who are not maintaining books of accounts and from getting their accounts audited. An individual who earns income from Business or Profession usually maintains a books of accounts which includes profit and loss, …
NEW INFORMATION WHICH WILL BE AVAILABLE IN FORM 26AS What is Form 26AS? Includes info on tax deducted on your income by deductors Details of tax collected by collectors Advance tax paid by the taxpayer Self-assessment tax payments Regular assessment tax deposited by the taxpayers (PAN holders) Details of refund received by you during the …
FAQ’S ON COMPANIES FRESH START SCHEME (CFSS) The Whole world is fighting against the pandemic and Government has provided various relaxations. The Ministry of Corporate Affairs has launched a scheme called “Companies Fresh Start Scheme,2020” to give a fresh start to defaulting companies and to give immunity against the prosecution to such companies by filing …
Highlights of LLP Amendment Bill 2021 includes many provisions and modifications . Continuing with the efforts to boost ease of doing business as well as to encourage startups ecosystem, the government on 28th July 2021 approved amendments to the Limited Liability Partnership (LLP) Act, including decriminalising 12 offences under the law. The Finance Minister said …
Extension of Due Date of AGM 2021 of a company is set out in the company’s articles of association or bylaws. If a company needs to extend the due date for its AGM, it can do so by passing a resolution at a previous AGM or by passing a special resolution. A special resolution requires …
1. MCA extends due date for AGMs by two months Companies get till end November to hold AGM for financial year 2020-21 In what could come as some respite for companies, especially small and medium ones, the Ministry of Corporate Affairs (MCA) has extended the due date for holding annual general meetings (AGMs) for the …
Procedure of Enrollment of GST includes some steps which must be followed- The first step towards getting a GST license involves obtaining a provisional identification number. All eligible businesses that are yet to complete their registration must start the enrollment process as soon as possible. To kickstart the GST registration process, businesses have to file …
ITC cannot claimed for IE. Indirect expenses (IE) are expenses that are not directly related to the production or sale of goods or services and are not eligible for ITC. Examples of indirect expenses may include rent, utilities, and administrative expenses. In order to claim ITC, the expense must be directly related to the production …
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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