SECTION 285BA- HIGH VALUE TRANSACTIONS & MANDATORY RETURN FILING Statement of Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was earlier known as ‘Annual Information Return (AIR)’. The objective of SFT or AIR was to curb black […]
Restrictions on Deposits & Advances and Cash loans under the Income Tax Act, which aim to curb the use of black money in financial transactions. As per the Income Tax Act, any cash loan, deposit, or advance above a certain threshold is prohibited. The threshold for cash transactions is currently set at Rs. 20,000. Any
Rectification of mistakes allows taxpayers to rectify mistakes or errors in their previously filed tax returns or other documents submitted to the Income Tax Department. This provision provides a mechanism for taxpayers to correct any factual errors or omissions in their tax filings, without facing any penalty or prosecution. RECTIFICATION OF MISTAKE UNDER SECTION 154
Form No 10AC lead to some clarifications issued by CBDT Finance Act, 2022 has inserted sub-section (4) in section 12AB of the Income-tax Act, 1961 (the Act) allowing the Principal Commissioner or Commissioner of Income-tax to examine if there is any “specified violation” by the trust or institution registered or provisionally registered under the relevant
EVERYTHING ABOUT PRESUMPTIVE TAXATION SCHEME What is the meaning of presumptive taxation scheme? As per sections 44AA of the Income-tax Act, 1961, a person engaged in business or profession is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed
CBDT NOTIFIES FACELESS PENALTY AMENDMENT SCHEME, 2022 CBDT has notified the amendment in the faceless penalty scheme, allowing mandatory personal hearing through electronic mode to any taxpayer who has sought a hearing. The amendment has omitted the Regional Faceless Penalty Centre from the Faceless Penalty Scheme and provides that electronic records shall be authenticated by
New Registration for Trust & Societies is announced by Finance Ministry. Finance Ministry has notified rules for implementation of these amendments. RENEWAL OR NEW REGISTRATION PROCESS FOR TRUST, SOCIETIES In Union Budget 2020, Finance Ministry had proposed major amendments for granting exemptions u/s 12AA, 12AB and donation u/s 80G to trust, society or other institutions.o
Aadhar must link with PAN has been compulsory for those persons who obtained PAN before July 1, 2017 to avoid host of penalties. CONSEQUENCES OF NOT LINKING AADHAR WITH PAN Aadhaar, also known as a Unique Identity number, is a 12-digit number issued by the Unique Identification Authority of India (UIDAI). PAN is a 10-digit
JSON Scheme for Form ITR-7 is notified by CBDT for persons including companies required to furnish under sections 139 (4A ,4B, 4C, 4D). CBDT NOTIFIES JSON SCHEME FOR FORM ITR-7 What is the ITR-7 Form? ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or
EPF and ESI are two social security schemes that are designed to provide financial protection to employees in case of certain contingencies such as retirement, disability, and death.The EPF is a mandatory savings scheme for all salaried employees in India. It is administered by the Employees’ Provident Fund Organization (EPFO) and is jointly managed by
Angel Taxation under Income Tax is a tax imposed on capital raised by start-ups in India through the issue of shares to investors. This tax is levied under Section 56(2)(viib) of the Indian Income Tax Act, 1961. It applies to funds raised by unlisted companies that are not considered as venture capital companies (VCCs) or
TAXATION ON VIRTUAL DIGITAL ASSETS UNDER SECTION 115BBH As per Section 2(47A) Virtual Digital Assets proposed to be inserted vide new clause 47A to the section 2 of the Act, where Virtual Digital Assets are defined to cover assets with the following features: Any information, code, number or token (not being Indian currency or foreign
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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