Compliance Calendar of October 2022 covers important due dates for Income Tax Filing, GST (GSTR1, GSTR3B), TDS Payments, Preparation, and Filing, ROC, and general accounting with a primary focus on Individuals, Professionals, & SME Businesses. INCOME TAX COMPLIANCES AND DUE DATES 07th October: Deposit of TDS & TCS 15th October: TCS returns for the quarter ending September 2022 31st October: TDS …
Taxation of MSME Under IT Act includes few key tax provisions for MSMEs which we discuss in this article. Taxation of MSME Under IT Act MSME is the abbreviation used for Micro, small and medium enterprises. MSM Enterprises or small-scale industries (SSIs) are like a backbone of the economy of the developing country like India. …
Amendment of Section 44ADA allows these professionals to pay taxes on a presumptive income, rather than maintaining books of accounts and getting them audited. Amendment of Section 44ADA under Income Tax Act Section 44ADA provides a simple method of taxation for small professionals. Section 44ADA offers a scheme of presumptive taxation of profits and gains …
Amendments of Section 44AB have been made to reduce the compliance burden on small taxpayers and to bring more transparency in the tax system. The requirement of tax audit will apply only to those taxpayers whose turnover exceeds the specified limit and will not be applicable to those whose turnover is less than the limit. …
Cryptocurrency and its Taxation varies depending on the country, and it’s not always clear how it should be taxed. In general, the taxation of cryptocurrency is based on how it is used and the type of transaction involved. In India, cryptocurrency is not considered as legal tender, however, the Income Tax Department has issued notices …
EVERYTHING ABOUT EQUALISATION LEVY Equalisation levy is a direct tax that was introduced by the Government of India in the year 2016 vide Finance Act, 2016. Equalisation Levy was not a part of the Income Tax Act, 1961 but rather it was introduced in the Finance Act, 2016. In the year 2020, the Government of …
CBDT AMENDS RULE 17CB TO REPLACE THE WORDS ” TRUST OR INSTITUTION” WITH SPECIFIED PERSON CBDT amends rule 17CB to replace words ‘trust or institution’ with ‘specified person’ vide Notification No. 101/2022-Income Tax Dated: 22nd August, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 101/2022-Income Tax | Dated: 22nd August, …
FORM 29D: Refund of Tax Deducted under section 195 Notification no. 98/2022, dated 17-08-2022 The Finance Act 2022 inserted a new section 239A in the Income-tax Act. It provides that a taxpayer may file an application before the Assessing Officer to get the refund of tax deducted under section 195 on any income (other than …
MCA Notifies Companies Third Amendment Rule, 2022 The Ministry of Corporate Affairs (MCA), on 18th August 2022, notified Companies (Incorporation) Third Amendment Rules, 2022, to further amend the Companies (Incorporation) Rules, 2014. Vide this amendment, MCA has announced a new Rule 25B, which is about Physical verification of the registered Office of the Company. The …
Applicability of Clause 44 The ‘Tax Audit’ limit under Section 44AB is Rs 5 crore (the threshold limit is Rs 10 crore where minimum 95% of business transactions are done in digital mode). If the taxpayer is subject to audit, then this process is even more elaborate as one not only has to submit a …
Recent Amendments of GTA As per Notification No. 11/2017-Central Tax (Rate) dated 28th June, 2017, “goods transport agency” or GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. This means, while others might also hire out vehicles for goods transportation, only …
SECTION 115BAB: TAX ON INCOME OF CERTAIN NEW DOMESTIC MANUFACTURING COMPANIES The government has introduced a favourable tax regime for new manufacturing companies. The Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019 has inserted Section 115BAB offering a low tax rate of 15% (plus surcharge and cess) to new manufacturing companies. This is …
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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.
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.
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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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