Determination of Income of AOP UNDER INCOME TAX ACT An Association of Persons (AOP) or a Body of Individuals (BOI), whether incorporated is treated as a person u/s 2(31) of the Income Tax Act, 1961. It is important to note that an AOP or BOI shall be deemed to be a person, whether or not, it was formed …
SECTION 194R: TDS ON BENEFITS OR PERQUISITE The government has recently introduced the section 194R. In the Finance Act 2022, a new TDS section 194R, has been inserted in the Income Tax Act, and which has been made applicable w.e.f. 1.7.2022. What is the eligibility criteria for Tax Deductor? Any person (Resident or Non Resident) …
ANALYSIS OF UAE CORPORATE TAX The Government of UAE announced on 31st January 2022 that UAE would be promulgating legislation for levying federal Corporate Tax (C T) on business profits and the same shall be effective for the tax period commencing on or after 1st June, 2023. For years UAE has been considered as a …
Compliance Calendar For The Month Of August 2022 Compliances under Income Tax: Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for the previous month is 07.08.2022. Due date for furnishing of form 24G by an office of the government where TDS/TCS for the month of July 2022 has been paid without the …
Time Limit of ITR verification is reduced to 30 days (from 120 days ) ITR-V stands for ‘Income Tax Return – Verification’ form. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature/ Aadhaar OTP/ EVC mode. On receipt of ITR-V you have to sign …
Analysis of ITR-U Return During Budget 2022, Nirmala Sitharaman announced that taxpayers may now file Updated Income Tax returns (ITR-U). The Finance Bill 2022 introduced subsection 8A to section 139 of the Income Tax Act, which allows taxpayers to file an Updated ITR if their earlier ITR contains omissions or errors. What is ITR-U? The …
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? …
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 …
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 …
Guidelines under section 194S(6) Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes(TPL Division) File No. F. No. 370142/29/2022-TPL (Part-I) vide Income Tax Circular No. 13 of 2022 dated 22nd June, 2022 has released “Circular regarding Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax …
TDS Relaxtion u/s 194I pertains to TDS (Tax Deducted at Source) on rent. According to this section, any person responsible for paying any sum as rent for any land, building (including factory building and other commercial buildings) or furniture or fittings, including plant and machinery, is required to deduct tax at the rate of 2% …
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 …
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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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