Knowledge Center

What is a fraud reporting obligation? Fraud reporting obligations refer to the legal or regulatory requirements that individuals, organizations, or entities have to report instances of fraud to the appropriate authorities or stakeholders. These obligations can vary depending on the…

Running a small or micro business in India comes with its own set of challenges, especially when it comes to complying with the complex tax rules and regulations. SMEs and MSMEs often struggle to navigate through the ever-changing tax landscape,…

In this comprehensive guide provided by TaxReturnWala.com, we will unlock the mystery of HSN and SAC codes, providing you with expert guidance to ensure GST compliance and avoid costly penalties. Understanding HSN Codes: The Global Language of Goods The Harmonised…

Tax benefits enhanced, flexibility increased, and withdrawal rules revised – here’s everything you need to know about the new NPS landscape. The National Pension System (NPS) in India has undergone significant transformations recently, making it a more appealing option for…

Ever worked hard, dutifully contributed to your EPF, and then faced the sting of a claim rejection? Don’t sweat it! Claim rejections might be a common hurdle, but they’re definitely not insurmountable. With a little know-how and meticulousness, you can…

An individual of Indian heritage who lives abroad is referred to as a Non-Resident Indian (NRI). The Income Tax Act, which was introduced in 1961, establishes distinct tax regulations for Indian residents and NRIs. People of Indian descent become citizens…

As India takes the helm of the G20 Presidency, it not only showcases its leadership but also paves the way for significant opportunities in the corporate landscape. MN & Associates, a leading corporate law consulting firm (website: www.cs-india.com), explores the…

In the intricate realm of Indian tax and compliance laws, small and medium enterprises (SMEs) and micro, small, and medium enterprises (MSMEs) often grapple with unique challenges. Chief among them is the delicate balance between regulatory compliance and minimizing potential…

Diversifying your investment portfolio to foreign shores can be a lucrative venture, offering both opportunities and risks. The foreign exchange markets, with their potential for substantial returns, have become an attractive avenue for investors seeking to broaden their financial horizons….

In the realm of finance, the eagerly awaited Union Budget is the compass that guides the financial course for the salaried class. On the 1st of February 2024, Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year…

Launching a start-up in India is an exciting and transformative journey. However, ensuring your venture’s legal and operational soundness lays the foundation for sustainable growth. Let’s delve into the essential legal steps every aspiring entrepreneur must consider: Why is Legal…

In India, the towering figures of high-profile individuals, encompassing celebrities, sports icons, and business moguls, wield a substantial influence not only in their respective fields but also on the country’s tax landscape. As stewards of significant wealth and assets, these…

In the complex landscape of Indian tax and compliance laws, businesses, especially small and medium enterprises (SMEs) and micro, small, and medium enterprises (MSMEs), face unique challenges. One of the key challenges is ensuring regulatory compliance while minimizing potential risks….

In the complex landscape of Indian tax and compliance laws, businesses, especially small and medium enterprises (SMEs) and micro, small, and medium enterprises (MSMEs), face unique challenges. One of the key challenges is ensuring regulatory compliance while minimizing potential risks….

In your company’s financial health and success. By recognizing and addressing this accounting Let’s dive deeper into the world of accounting and explore how avoiding common mistakes can bring significant value to your small business. As a business owner, accounting…

In the Indian business landscape, promoting transparency and accountability is essential for the smooth functioning of organizations and fostering investor confidence. One of the crucial mechanisms that contribute to achieving these goals is auditing. In this blog post, we will…

If you have received an income tax notice, whether automated or with a detailed assessment from the tax officer, it does not mean that you have committed a grave offense. It could be a routine inquiry from the department or…

The income that India provides typically incurs taxes. Non-resident Indians may send presents to their residing Indian family members, close companions, etc. In accordance with the Liberalised Remittance Scheme, Non-resident Indians may get a maximum of USD 250,000 per year…

Form 16 is an annual tax document issued to salaried individuals by employers. This document contains details of income earned by an employee, the tax-saving investments and deductions that were availed as well as any tax deducted at source (TDS)…

Receiving a tax refund is a welcome relief for taxpayers, but did you know that you may be eligible to earn interest on your income tax refund? In this comprehensive blog, we will delve deeper into the various provisions and…

As tax season approaches, protecting your sensitive financial information becomes paramount. In an era of increasing cyber threats and data breaches, it is crucial to take proactive measures to safeguard your personal and financial data. This blog aims to provide…

Deduction often refers to a deduction as an expense that can be subtracted from a taxpayer’s gross income to reduce the amount of income that is subject to Taxation. Income Tax Act Contains Several Deduction For The Benefits Of   Assessee…

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing the return of income. Once the return of income is filed by the taxpayer, the next step is…

Charitable institutions work for the benefit of the public as they contribute their services towards distinct social causes, including child education, poverty relief, women empowerment, disaster relief, and other social and cultural causes. Donations made to such institutions are made…

New Income tax return forms for AY 2023-24 have been introduced for individuals and businesses. These ITR forms have been notified by the Income Tax Department through a notification dated February 10. ITR-V where V stands for Verification, in simple…

In India, even if an individual or business has not earned any income during the financial year, it is mandatory to file a Nil Income Tax Return. Filing a Nil Income Tax Return helps the government maintain its records and…

Capital Asset – Capital Assets mean any property that helps you generate income or revenue over a long period of time. The benefits that we derive from such assets are not restricted to one year. This includes buildings, land, stocks,…

We all have to forego a part of our income by paying taxes to the government. In fact, the Indian taxation system being progressive in nature charges higher taxes on higher income than lower income. This reduced the tax burden…

A new tax regime was introduced by the Government of India in the year 2020 where taxpayers were given an option to either continue with the old tax regime where they can claim tax exemptions or opt for a new…

Several tax payments are annually obliged on the taxpayer to be made to the Income tax department including payment for self-assessment tax, advance tax, TDS deducted by the employer, TCS collected, equalization levy, or even some amount of penalty levied…

It will now be easier for taxpayers to take into account all their financial transactions held with different institutions like Banks, Insurance companies, mutual fund agencies, fund brokers, etc online through the Income tax department AIS App. These entities are…

Payment of advance tax is an obligation as per the Income Tax Act, of 1961. But for some taxpayers especially those receiving salary from an employer it is confused with the term Anticipatory Income tax. The provisions of Advance tax…

Every small business owners dream is to grow their organization and reach heights and accounting is a very important part of it which is not as easy as plus and minus. Small business owners plan to do accounting by themselves…

Received mail from the Income tax office? The sure thing which nobody likes to receive. This article is all about the reasons or cases in which the income tax department may issue scrutiny notices to the assessee but before proceeding…

Cloud Kitchens! Sounds different and innovative right? Well, cloud kitchens came into the limelight when the representations were sought by the GST council for a levy of the GST on the goods or services provided by the cloud kitchens or…

It can be said that more startups in India are moving towards adopting a Flip structure which permits them to raise more capital from foreign investors and enables them to expand their business globally. Earlier, the government to reduce the…

Nidhi Companies in India provides a decent opportunity for investors and borrowers to create an entity to operate business as a non-banking finance company. It opted to create an entity that could lend its members for their mutual benefit. Being…

Green financing is an emerging concern for the world’s economies to combat environmental losses caused by carbon emissions and address the sudden climate changes. In December 2022, the Reserve Bank of India released a report highlighting the need for sustainable…

Female Entrepreneur? see what the Women Entrepreneurship Platform has to offer India in the last few years has observed a significant increase in the number of Women entrepreneurs. This might be on account of different policy measures granted to Women…

The Central Board of Indirect Taxes recently issued its new guidelines for simplifying the way returns are processed and the applicable tax implications of the entities operating in the digital economy. It was difficult to keep pace with the traditional…

TReDS (Trade Receivables Discounting System) was introduced in 2014 as a joint initiative between the Reserve Bank of India, the Small Industries Development Bank of India (SIDBI), and the National Payments Corporation of India (NPCI) to provide easy access to…

Finance Minister presented her Union Budget 2023 in Parliament for the 5th time in her tenure. Projecting the economic growth to 5 USD trillion economy, the proposed benefits in the Budget got several direct and indirect tax changes highlighting benefits…

The Income Tax department has a newly introduced Annual Information System (AIS) on the Income tax Portal which provides a comprehensive view of information to taxpayers. This new AIS includes some additional information relating to dividends, Securities or mutual funds…

As we all know, in case Non-Residents have any income in India then they have to file an Income tax return here. This means that if Non-Residents earned any income in India while being outside India then they are also…

Are you living on a Property owned by Non-Residents? Then this article is helpful for you because you have to comply with some requirements other than just paying rent to NRI Landlord. Before proceeding with Rent to NRI, let’s understand…

To bring parity among the tax rates and holding periods for investments in equity, debt and immovable property Government is planning to bring some changes in Capital Gain Taxation. This is being done as presently asset classes are not taxed…

After the budget 2023, there comes excitement in the mind of individuals to opt old regime or the new regime. To understand the same, one has to refer to the maximum deduction they can claim in the old tax regime…

Infrastructural Policies and Initiatives Union Budget 2023 Highlights: Finance Minister Nirmala Sitharam on 1st February 2023 presented the Union Budget for the financial year 2023-24 in the Lok Sabha. While the major expectations from the budget were for some bigger…

Union Minister Nirmala Sitharaman on Wednesday presented the Union Budget 2023. Here are the major highlights and key takeaways from the Budget. Seven Priorities of the Budget ‘Saptarishi’ Inclusive development Reaching the last mile Infrastructure and investment Unleashing the potential…

The Income Tax department has enabled a new feature of Co-browsing which is also known as collaborative browsing. This feature allows Helpdesk agents to collaborate with the taxpayer’s browser in real-time, just at the click of a button. This is…

Benefits of a Trademark/Brand Name: It identifies the goods and services and their origin or owner from others It advertises the goods and services to the public It creates an image for the goods and services in the market It may…

As a taxpayer, choosing between the old and new regime is based on several factors. We have to figure out the tax liability under both regimes before taking a decision. Opting for New Regimes is voluntary compliance but sometimes, after…

Selling a House Property? Worried about a huge tax on Profit? You can still save tax on selling a house property! Let’s understand this through this article. As an owner of the property, we have to pay capital gain tax…

CMA Report Ratios Analysis – Along with managing a business unit, keeping it financially strong and stable is also among the key responsibilities of an entrepreneur. If seen, now instead of taking a loan or credit from any private source entrepreneurs…

Productivity in any organization entirely depends on the performance and dedication of the manpower involved in it. Employees working long hours are entitled to a few leaves including weekly, monthly, and some casual leaves on account of Public holidays. Some…

A trademark is a legal protection for the brand image which cannot be imitated or reused without permission from its actual owner. Trademarks can be applied to text, sound, symbols, phrases, designs, names, or for any color pattern to distinguish…

The Government of India streamlined the concept of Business registration for all Small, Micro, and Medium enterprises, through the MSME Registration Form under the MSME Act, of 2006. To simply motivate entrepreneurs to excel in their business, MSME registration was…

How to file form 15CA online? Foreign remittances are on a rise and it requires proper accountability from the remitter to notify the bank and the Income tax department, about the reason for remittance and its changeability to tax. Those…

For an investor, Mutual funds are an alternate way of investing in the share market for the long term. Other than investing directly in equity, mutual funds diversify the total investment and bring an average return on investment over some…

Filing Form 15G There can be a situation when you are asked to submit Form 15G in the bank for non-deduction of TDS (Tax deducted at Source) from your interest income from fixed deposits. Form 15G is a declaration that…

The Employee provident fund scheme is one of the popular saving schemes for salaried people. It is a long-term investment scheme that requires contributions from employees partially from their salary, from employers, and from the government. For employees, it is…

Form 10E – Relief under Section 89(1) The employee must fill the Form 10E in cases of arrear/advance receipt, as otherwise the income received in arrears or advance shall be treated as the income of such financial year and will…

Every GST-registered entity is required to file their GST return which is true and correct to facts with no misrepresentations. In case the GST department notices any sort of discrepancy in the filed returns, it may lead to the scrutiny…

Every manufacturer requires protection against unfair competition in the market and to resolve this issue, he gets his product Trademarked. When put in simple words, Trademark means a sign or symbol which distinguishes the goods or services of one person…

All individuals must be aware of filing the Income tax return but during the ITR season, some people intentionally or mistakenly skip filing the Income tax return because they miss the due dates or don’t want to pay appropriate taxes…

The government has changed the scenario for the levy of goods and service tax on renting the residential property with effect from July 18, 2022. Earlier, GST was levied on the renting of commercial property. Recently, as per the Notification…

The term “Assess” means computing the income of the Assess, determining the tax payable by him, and then following the procedure for collection and recovery of such tax. As per the provisions of section 2(11) of the CGST Act, the…

In India, a sound that is graphically represented by a succession of musical notes with or without words can be protected under the Trademark Act. The registration of a sound under the Trademark Act will depend on if the sound…

A Trademark means a mark/ sign or symbol which distinguishes the goods or services of one person/organization from those of others. Trademark ensures that your unique brand name and the attached brand value are well protected.  In this competitive era,…

Goods & Service Tax is levied on the supply of goods and services and as per the provisions of section 2(83) of the CGST Act, outward supply in relation to a taxable person means the supply of goods & services…

Now the GST Scrutiny shall soon become a routine thing very soon as the Central Board of Indirect Taxes and Customs (CBIC) has issued an instruction to Department on Standard Operating Procedure (SOP) on 22nd March 2022 for Scrutiny of…

The Indian Premier league is celebrated no less than a festival in our nation, the level of the excitement among the people for IPL is unmatchable. In order to make this sports event happen, lots of huge wealthy people, celebrities,…

Innovation in the textile and fabric industry has revolutionized clothing, home, and technical textiles. Design registration is a type of intellectual property protection under which a newly created design applied to an article created under an industrial process can be…

Intellectual Property Rights provide the owner to have their own identity and uniqueness in the market from the others whether in terms of trademark, patent, copyright, design, or combination of anything. Now the questions arise for those homemakers or chefs…

Non Fungible Tokens sounds unfamiliar right! Well, let us dive into this topic for better understanding. Basically, non-fungible tokens are digital assets where each such token carries its own unique value and identity. NFT’s exist in the digital blockchain where…

Taxability of gifts is always a matter of anxiety, every person wants to know about the taxability provisions which would be applicable to him when receiving gifts from his near and dear ones. So let’s first consider what is considered…

Since the past few months, people have shown so much interest in Metaverse, as Facebook has declared itself a Metaverse company. There is a lot of marketing hype absorbed up in this idea of Metaverse. But what actually Metaverse is?…

DIGITAL RUPEE (THE INDIAN BITCOIN) A digital rupee is a digital currency that will be issued using blockchain and other technologies. Such digital rupee would be issued by the Reserve Bank of India starting with effect from the financial year…

India’s economic growth in the current year is estimated to be 9.2 percent, the highest among all large economies. The overall, sharp rebound and recovery of the economy from the adverse effects of the pandemic is reflective of our country’s…

Budget 2022 has brought in the following key alterations to the Indirect Tax  Goods & Service Tax (GST)  ITC can be availed only if the same is not restricted under Section 38 – as per the details communicated to the…

File updated ITR till two years: Finance Minister Smt. Nirmala Sitharaman has announced newly updated return rules. Taxpayers can now file an updated ITR within 2 years of the relevant assessment year on payment of additional tax. This gives taxpayers…

The dark times are gone when a woman was instructed to remain in the house and perform household activities. In this changing era, women were able to come out of the shackles and stand strong at par with the men…

The AMRITKAL vision for the next 25 years of independence for the completion of 100 years of independence, from India at 75 years of independence to India at 100 years of independence is enhanced by PM Gati Shakti Initiative which…

Delay in Filing ITR? Get all the latest updates and consequences Till further notice, the taxpayers need to file their tax return within 31st July of their financial year as per Government rule. The Government provides a window of 4…

To generate challan in GST, you need to know the steps to generate and use the GST Portal. The GST payments are available to do in online and offline portals. You will find step-by-step instructions to create a challenge in…

There is a ban on child labor under the Child Labor (Prohibition and Regulation) Act, 1986, applicable for every minor under the age of 18 years. But minors can still earn income from other sources. Not only salary from employment…

The government uses the tax you pay for different functions and operations of government like building infrastructure, social welfare schemes, government services, etc. It indirectly benefits you. Income tax is levied on your income. You need to submit the form…

Once the Input Tax Credit (ITC) is adjusted, the taxpayer needs to pay the balance GST amount to the Government. To complete the payment, the first one needs to do GST Challan generation from the official GST portal of the…

Everyone in India pays taxes. Everyone needs to pay taxes because the government needs money to perform various functions. So government charges a fee in the form of tax. You have to pay tax on your property, goods and service,…

GST online payment via GST Challan payment made tax payment simple and improved transparency. Therefore, online payment of GST through the common site is properly processed. Accordingly, you may access three electronic ledgers to pay GST as a registered taxpayer….

Any company is authorized to provide loans, investments, guarantees,s, and securities, to other companies or corporate bodies but having full consent of the board or that of the shareholders. Here, we would talk about the different provisions that Section 186…

Who is a Legal Heir? A Legal heir is a person who is the lawful beneficiary of the assets of another person who dies without a Will or intestate in legal terms as per the Indian succession laws. Legal heirs can…

Any fluctuations in the share capital of a company are known as alterations of share capital. The share capitals are of two types- Equity Share Capital Preference Share Capital The companies that can alter or make some changes in their…

People constantly seek opportunities to save income tax. Nobody loves missing choices that may save money paid as tax. Different individuals choose different methods. Sometimes people simply stick to the techniques they know and lose out on more effective ways…

Are you also addicted to a large number of cash transactions?? Then you need to know how to avoid paying extra levy – cash transaction charges. Cash Transaction charges are the charges that are imposed by the banks if you…

An economy of a nation runs smoothly due to the adequate flow of revenues by the government. One of the sources of revenue for the government is the Revenue from the taxation of the Public incomes. This is also known…

Micro, Small, and Medium Enterprises (MSMEs) are small businesses characterized by their investment size. They make a major contribution to the economy’s output, jobs, and exports, among other things. They play an important role in the economy by employing many…

India has a well-structured tax system, with two characteristics defining the importance of taxes: progressive tax and proportional tax. It is called progressive in that the tax is extended at higher rates to higher wages and revenue brackets. Meanwhile, it…

As businesses require huge rolling of funds in form of fixed capital expenditure or working capital requirements, to run the business operations smoothly, organizations need to raise funds from financial institutions, credit rating agencies, or banks. These financial organizations provide…

Director-General of Foreign Trade (DGFT) recently issued a notification alarming to all the IEC (Import Export Code) users to confirm their details of IEC to the department whether if there is any up-gradation in the IEC required or not. It…

Surpassing old traditions with the new faceless e-assessment scheme, the government through its Union Budget 2019, bought context for a no-contact policy for Income taxpayers for their faceless tax assessment and scrutiny of their tax suits. The policy as read…

For an investor, Forex is a big market to invest in. It encompasses a range of currencies like USD, EUR, GBP or JPY, etc. An investor can invest in these currencies for the long term or can trade in them…

Evaluated need of funds by newly incorporated startups, the Ministry of Commerce once said in a statement that “Even funds are available to exist entrepreneurs from angel investors and venture capitalists when proofs of their business concept are made available,…

What is CMA Report? CMA (Credit Monitoring Arrangement) report is the projection of the future of any business (irrespective of the size or type of business) based upon past performance. It consists of a group of reports in fiscal numbers,…

Taxpayers are all set to step into the new financial year 2021-2022. Last year, the government announced a new Faceless assessment scheme, where the taxpayer could transparently get his tax assessment done and get his tax files evaluated without physically…

Given the projected irregularities in the estimation process of FDI by NRIs, DPIIT has recently presented its clarification on the readjustment of its FDI policy for NRIs non-repatriable investments. Clarifying for the downstream investment of NRIs, DPIIT stated that any…

The history is evident of how business organizations in the past not only in India but also overseas, used to cook the books with the intent to show lower profits to evade higher amounts of taxes. The well-known cases in…

The government of India has made it mandatory for every individual of the country, who is earning an income, above a prescribed limit fixed by the authorities, to file for the Income Tax Return. The income tax return (popularly known…

Tax planning is all about saving money for future contingencies. However, it takes a lot of research on your finance part for investments to grow on different kinds of wealth. Most people are inclined towards building upon assets like investments…

  Tax payments take up a considerable percentage of every person’s savings, which can happen more when one is not aware of tax planning. In the process of tax planning, several steps are taken that involve decreasing one’s liabilities and…

GST is an indirect tax which got implemented by the Ministry of Finance in July 2017. It is a multi-stage tax system and comprehensive in nature. It replaced a pool of taxes such as Value Added Tax, Excise Duty, Service…

The relation between crime and India is deep-rooted. As per the National Bureau of crime record NCRB, In India .the crime rate rose steadily by 3% in 2017-2019. As per International Crime indexing, In 2021 the crime rate ranking of…

The Companies Act has clearly defined the importance, role, responsibilities, and duties of the statutory auditor. A statutory Auditor is referred to an external auditor who is certified to check the accuracy of the financials statement and company accounts either….

A clearance Certificate under FORM 33 is required to ensure that a non-resident has duly paid all the taxes on the taxable income under the first proviso to sub-section (1A) of section 230 of the Income Tax Act, 1961. This…

Before jumping into the clause, let’s initially know, What is ALTERATION OF SHARE CAPITAL? Alteration of Share Capital literally translates to the alteration in the current structure of the capital pertaining to a firm. A company is allowed to alter…

Filling a GST challan is as easy as filling out a response form at the convenience of your house. But firstly, WHAT IS A CHALLAN? Every individual, whether he/she is registered or not, makes a GST payment on behalf, is…

The adoption of the concept of related party transactions had been posted in India for the very first time with respect to company law. Related party transactions generally mean any transaction which is entered into by a company with its…

The first-ever digital financial budget has been announced by our finance minister and like any other, this year to the red cover tab (earlier the red cover bahi khata) of the finance minister had many offerings for the business world…

The first financial budget of this decade brought by the Finance Minister Nirmala Sitharaman came up with only few but notable changes in the policy framework under the Direct Tax Regime. The foremost expectation was a change in the Income…

Finance Minister Nirmala Sitharaman while announcing her budget 2021, the first post covid budget of the Modi government upheld the need to rationalize the structural framework of the Ministry of Corporate Affairs the develop the ease of business by upholding…

If not for any other normal financial years, 2020 has been the most unexpected and rigid time in the history of mankind. There has been a drastic fall seen in the economic backdrop and surplus amount of job losses. At…

Filing your taxes might get on your nerves. Well, let’s call that a stereotype, cause this article is going to run through all the details which you will require to file your taxes as a housewife. Now the questions like…

E-Invoicing is a mechanism that reviews the Business to the Business statement to the GST system automatically for an easy filling of monthly returns. In the current system, invoices generated by different accounting software used by divergent. E-Invoice is a…

There are many conspiring theories as to why the nationwide GST came into force but the most valid of them all being there was a necessity to implement one banner under which the taxes reached the government, in order to…

QRMP Scheme By GST System – Coming as a breather to small taxpayers, the government of India decided to introduce the QRMP plan under the GST council. The Central Board of Indirect Taxes and Customs proposed a set of instructions…

What is section 80EEB? If an individual buys an electric vehicle for personal or for business use, the deduction would help an individual having a vehicle for personal use to claim the interest on the vehicle loan. This section was…

Tax Return’ to be quoted simply, in the form wherein the taxpayer mentions their annual statement of income used by the authorities to assess the liability, individuals/corporate/other assesses in applying for loans, showing compliant person, enhances creditworthiness, the better image…

TDS stands for tax deducted at source. As per the Income Tax Act, 1961( IT Act, 1961) TDS is an indirect way of collecting tax which combines the twin concept of “pay as you earn” and “collect as it is…

The purchase of a plot of land is often title as one that will lead you towards riches. It is being considered as a commendable investment plan. Acknowledging the fact, the gains through the sale of a plot are huge,…

A mutual fund is a professionally managed investment fund that collects money from investors to secure their investments. Usually, retailers or institutions invest in this firm. Mutual funds have advantages and disadvantages compared to direct investment in individual securities. A…

WHAT IS CREDIT SCORE? A credit score is a number, which represents the creditworthiness of an individual. It gives a picture of a person’s financial health and how responsibly he uses his money. Lenders such as Banks, Credit card companies…

Getting straight to arbitration, leaves no time for the aggrieved party to produce or attain perfect documentary evidence for any wrongdoing. Legal matters in India are all dealt with supportive documents and with reports of all preliminary actions taken by…

Form 26AS is an annual tax statement issued by the Income Tax Department under Section 203AA read with Rule 31AB of the Income Tax Act 1961. The statement is inclined to show details of all tax-related information including TDS deductions, TCS collected from…

As we know that people would enjoy making meals for themselves and their loved ones. However, in recent times the demands for jobs and busy schedules have made cooking a luxury, where food delivery business has gained a lot of…

Accounting for the undebatable fact that the overall economic growth of an economy largely depends on the small and medium-sized businesses, the government had previously launched Udyog Aaaadhaar registration. This online registration allowed the budding entrepreneurs to avail of a…

Recently, we all have witnessed the major changes that are impactful on the economy of the country for making Atmanirbhar Bharat may it be relaxations in compliance, ease of doing business practices, creation of employment opportunities includes digitization of compliance,…

The Corporate Sector is obliged to follow some mandatory rules and regulations made for the labour class. These set of rules and guidelines are based on the rights and the constitutional duties of employers specified in the Concurrent List of…

In the Indian legislation, it is nowhere mandatory for a sole proprietor to initiate business only after obtaining a particular registration from any authority but certain procedural formalities do exist. Subjecting to the nature and the type of business activities…

Tax Deduction at Source (TDS) under Section 192of Income Tax Act, 1961 (known as “the Act” in the article) which deals with the TDS on salary income under which itis mandatory that TDS is required to be deducted by the…

The government of India has a considerable view over forming favorable policies for the manufacturing sector. Usually, these entities are benefitted through government schemes and policies parked for them through the MSME recognition route. The manufacturing sector in India, like…

The pharmacy market in India significantly holds large business opportunities with space for multiple players and different business model types. With the growing market of pharmaceutical goods, entrepreneurs are penetrating their business funds in the drug industry. Also, in the…

Where ownership rights are granted in a property without proper identification of its legal heir, disputes arise. Property in inheritance generally passes on to the legal heir, after doing some legal formalities. These formalities are incomplete without proper legal documents…

The use of Ayurvedic medicines in medical treatment is an ancient practice. Introduced in the natural life science medical system through Vedic scriptures and Vedas, Ayurvedic medicines are considered as a cure for longevity. Medicines made through ayurvedic science offer…

The regular meetings and decisions are thereon taken through MPC (Monetary Policy Committee ) meet hints about the performance of the economy of the country and steps considered for the next course of action. The RBI, following the PM Modi’s…

In the final tranche, the government on 17th May 2020 announced Governance Reforms and Enablers for relaxing provisions to comply in the present pandemic situation following PM Modi’s remarks “As a nation today we are standing at the very crucial…

In the strings of announcements, on 16th May 2020, the announcements were focused on making India self-reliant and face global level challenges alongside simpler participation of the individuals in building economy following PM Narendra Modis’s “Reform, Perform & Transform”. In…

In the third tranche of the announcements, the key focus areas are the agriculture and allied sectors with announcing 11 major measures by the Union Finance Minister Nirmala Sitharaman of stimulus package Rs.20 Lakh crore. In this write-up, we shall…

During the critical period of lockdown, the government is taking various initiatives and measures under which some of them are general, whereas some are specific in the context of promotion and maintenance of livelihood for poor people. On the second…

The situation of pandemic COVID 19 is very critical for each citizen and the economy of every country. The country has been going through lots of jiggles and Union Finance Minister on 13th May 2020 announced major reliefs and the…

Mutual funds are ideal when long term financial goals are concerned. In Mutual funds, Investors are free to choose the investment of their choice and liquidate them whenever they want. The power of money multiplication is the crucial factor in…

Taxability of Cashback – In today’s time it has become a general practice anytime that you go shopping online or offline you get to receive some offers where other than offering a price discount, the seller offers a Cashback. Cashback…

There’s been great progress in the Indian Start-up Ecosystem in e-commerce, logistics, and online consumer services since the government asserted structural support to young entrepreneurs through Startup India and other related Initiatives. Technology nearly touched every aspect of lifestyle in…

Trust in India are formed and registered as  Non-Government Organizations (“NGO”) under the Indian Trust Act, 1882. Built as an association of individuals, altogether members of a trust work for the benefit of the trust or for society at large….

In the Indian business, ecosystem transactions are majorly done on a credit basis. Entrepreneurs have to face several issues of non-payment to their suppliers, delayed payment of wages, non-clearance of bank loans and all such happen due to receipt of…

It was certain on the part of government to bring some relief measures for taxpayers to curb the effect of economic slowdown which almost back lifted every sector of the economy. It was on expectations of the taxpayers and recommendations…

How the coronavirus pandemic is affecting the Indian start-up ecosystem? With travel, food, commerce restrictions and people stuck in quarantine, many are questioning how the start-ups are doing these days? The coronavirus (the Wuhan Disease; COVID’19) has now been spread…

Change in a financial plan due to sudden crisis or miss-happenings are neither planned in advance nor advised, if long term financial goals are to be achieved. During our lifetime, we barely have 2 decades to decide the fate of…

For economic development, NRIs (Non-resident Indians) have always been instrumental. Providing financial resources into India through Foreign Direct Investment (FDI), the Government of India has also recognized their contribution to the development of the Indian economy. Simplifying their businesses in…

Here’s another chance for DIN Holders and Companies to roll back their Compliance Status with MCA With the disruption in the economy flow due to lockdown, the Government asserted a need for relaxation in compliance norms for corporates. Earlier, the…

Ministry of Corporate Affairs (MCA) has now come up with relief for all law-abiding Companies, who defaulted in any of their previous filings with Registrar of Companies (ROC). Ministry for all default adjustments of companies has introduced Companies Fresh Start…

The GST Council vide a notification issued directions for the filing of a final return using Form GSTR 10 by every taxpayer subject to exception whose GST registration has been canceled or surrendered. Filing of return in Form GSTR 10…

With the introduction of the Goods & Services Tax Regime, the government has progressed towards implementing “One nation, One Market” by notifying one single indirect tax subsuming multiple indirect taxes. Classification of initiatives, measures, exemptions, and exceptions for specified persons…

“Reaching out to people in need is the prime concern for government now” – Finance Minister Nirmala Sitharaman In view of the recent coronavirus pandemic also called COVID 19 disease, all the economies of the world are suffering heavily. The…

The Reserve Bank of India (RBI), working towards providing a support system along with all the firm steps of PM Narendra Modi towards developing remedies for pandemic coronavirus, came up with measures to revive the economy with sizeable reductions in…

Have you ever wondered how does a business manage to partner with the same buyers or suppliers for a long period of time? Just like any other type of agreement, a vendor’s agreement is a standard agreement wherein all general…

The pandemic COVID-19 has led to an eruption in the Indian economy. With all Schools, hospitals, malls, cinemas shut, it is expected to recline the economic situation to a financial crisis. Addressing the government efforts to eradicate the effect of…

Master Service Agreement (known as “MSA”) is an agreement made by businesses to decide terms for future transactions. Master services agreement helps both the customers and management during work on any project and the purpose of such an agreement to…

India is a developing country, which recognizes the need to develop in terms of knowledge, skills, and technology.  The small enterprises which have continuous updation are required for the Small Enterprise Information & Resource Network also known as SENET is…

A Joint Venture Agreement is a contract between two or more parties who want to do business together for a period of time. Instead of creating a formal partnership or new legal entity, a contractual  JV allows the parties to…

To opt for a business format like One Person Company is a refinement option in business a sole proprietor. By forming a One Person Company, a single promoter of business gains full authority and the opportunity to run his own business single-handedly. One…

It is easier on the part of the Income Tax Department to collect taxes at regular intervals and proceed for processing of refunds only when Income Tax Return is filed by the taxpayer. To reduce the compliance burden on the…

Private Security Agency (Regulation) Act, 2005 (“known as PASARA“), the legislation made for the entities which provide security services including training of security guards and related services. From the date of commencement of this Act, it is mandatory for each…

The income tax slabs have been provided by the income tax department for individuals on the basis of different age criteria or entities. Underage children, toddlers or students with a source of income are as a mandate to report to…

A single bounced cheque can lose all financial credibility that has been one gained in the market over the years of business. In trade practice, Cheque Bounce is a financial offense. The drawer of the bounced cheque can either be…

Other than the social aspect, gift-giving in India is much more inclined to tax planning, wherewith sharing of gifts whether, in the monetary form or any movable or immovable property form, the recipient of gifts has to go through certain…

With any opportunity before getting too far, it is essential that you go through small things first, then take big steps with the right foot. To have a new start-up on board, everything must be on time and well planned….

The pharmaceutical industry is ever-growing, rather than getting a contraction in demand it grows with evolution in new diseases or epidemics discovered each day. India even with the advancement in technology, still lacks in the medical infrastructure where against an…

ITDREIN abbreviated for “Income Tax Department Reporting Entity Identification Number  “ is a 16 character identification number issued to reporting entities liable to report under Section 285BA of the Income Tax Act, 1961. ITDREIN is used by reporting entities to…

It is an obligation on the part of the employer to deduct TDS while making payment of any allowance or while issuing salaries to the employees above the prescribed limit stated under TDS Rules and income tax slabs. There can…

Reverse Charge Mechanism under GST specifies for payment of tax by the recipient of goods & services rather than by the supplier of such services & goods to the government. Tax is implied under the Reverse Charge Mechanism only to…

Under Goods & Services Tax regime, Taxpayers who are filing their monthly return i.e., GSTR-3B under Central Goods and Services Tax Act, 2017 (“CGST Act”) should note that with effect from 1st April 2020 new forms will be applicable during…

QR Code (known as “Quick Response Code”) which is readable by machine and it provides the information about the particular item to which it is attached. Users can scan the image of the QR Code and connect to a wireless…

Bar Code is a square or rectangular image consisting of a series of parallel black lines with white spaces in the background. It can be read by a scanner, laser scanners, and barcode reader machine. Bar Code generally affixed to…

In 2019, the Companies law was amended in July to tighten the corporate social responsibility (“CSR”) norms and to assure that the Act preserves strict action on non-compliant entities.   In the same year in November, Government appointed a high-level panel to…

Limited Liability partnerships (“LLP”) are one of the most favored forms of businesses amongst the professionals and entrepreneurs these days due to advantages in terms of recognition by the department, controlled ownership, and less complicated compliance requirements. LLPs are also…

FREE PAN Allotment in 10 Minutes: The department final deadline for linking Aadhaar with PAN has now been fixed to 31st March 2020. After this, those who be left unlinked will be blocked by the department. Their PAN will become…

National Small Industries Corporation (“NSIC”) is an enterprise owned and controlled by the Government of India under its department of  Ministry of Micro, Small and Medium Enterprises (“MSMEs”) assures preparation and implementation of policies required for the growth and development of Small…

For Promotion & Development of Micro Small & Medium Enterprises (“MSMEs”) entities, the government is keeping wheels of the economy moving. The MSME sector is among the largest employment generation sector, which also accounts for 31 to 45% of the…

FATF Review – Agreeing with common legislation and international treaties, great efforts have been made by governments of different countries for combating financial issues of an economy like money laundering and terror financing. Lacking in view of harmony in structures…

The dynamics of business keeps on changing. There might arise a new competitor, each day. So, for keeping the business concerns secured with the identity, a trademark is applied. Trademark registration involves the registration of a unique expression which can…

The Union Finance Minister, Nirmala Sitharaman in the Budget 2020 announced for some upcoming flagship initiatives of the government to be governed and managed in partnership with the private sector enterprises. PPP (Public-Private Partnership) is an initiative by the Government…

To reduce non-essential imports and raise the revenue of domestic manufacturers, the Finance Minister Nirmala Sitharaman in the announced the new custom duty rates, which are to be made applicable to the country goods by the Budget 2020. Speaking about…

With the announcement of Budget 2020, Finance Minister Nirmala Sitharaman revealed for the ministry discussions, about the need for forming a robust mechanism for transmission of data locally. The Government shall soon notify a new policy, engaging the private sector…

In the Union Budget 2020, the Finance Minister proposed several changes in the Income Tax Rules. The Finance Minister introduced a new policy for the taxpayer for the adoption of the charter by the Central Board of Direct Taxes (CBDT)…

Post-1991 reforms of Liberalisation Privatisation and Globalisation, the Indian export market share has grown up drastically, as last estimated in 2018. The Economic Survey 2020 says for an unprecedented opportunity for India to become a China like a labor-intensive export…

Finance Minister Smt. Nirmala Sitharaman (FM) has presented her second and the Modi government’s seventh consecutive Union Budget 2020 in Parliament today. The Indian economy has in recent days witnessed slowing trade, rising protectionism accompanied with the increasing unemployment FM states budget based…

Single Investment Clearance Window – As announced by the Finance Minister, Government has taken a view to enhancing the support to startups by providing easy and quick clearance mechanisms for investments. It is proposed to set up a new single-window…

There are many gains which are not exempted from tax. High percentage of Income tax is payable on various Capital assets sold if it is held more than 36 months as Long term capital gain. After going through this section,…

The Budget 2020 announced by the Smt. Nirmala Sithraman on 1st February 2020, included many growth-oriented schemes and policies for the economy. Allocating the budget proportionately to different sector development programmes, FM also placed some relieving changes in tax policies…

The Budget 2020, is going to be announced on 1st February 2020 at 11 A.M. by the Union Finance Minister, Nirmala Sitharaman. This is her second Union Budget to be presented in the Parliament. Budget is the most important statutory…

It is often said that online shopping brings convenience to home, but the reality seems in the opposite direction where e-commerce entities steal consumers with dubious quality goods charged at huge prices. Also, there have been several instances, where consumers…

We all do savings generally because practically we cannot predict the future. Saving help you become financially independent and provide you a safe play in events of contingencies. While a number of saving & investment schemes are already there in…

Opting to form a private limited company for the low cost of registration, limited liability and low-risk is absolutely among other reasons a win-win choice. With business registered as a private limited company, the promoters not only receives tax benefits…

It is often said – labor and employment reforms structure the workplace. These reforms define ‘What regulations employers and employees are responsible for?’. To neglect such labor reforms and work ahead in the industry is an impractical thought. Like for…

Trapped in a fraudulent bank phone call? Want response over the wrong deduction of bank charges? The Reserve bank of India (“RBI”) had issued directions to all the banking and finance companies for upgrading their resolution process with their account…

Delay in payment of Goods and Service Tax (GST) creates a charge of penalties on the taxpayer. For each day of default, the GST law other than levy of the penalty amount for non-filling,  prescribes for a penal interest, if…

The finance ministry vides a Press Release altered the last dates of filing the GSTR-3B, the return form depicting the details of Sales made during a month in a summarized form. Earlier, the GST return filing system faced problems of…

Section 186 of the Companies Act, 2013 guides all about the provisions related to inter-corporate loans and investments which a company is permitted to do. For companies, it specifies all rules, limits, conditions, and procedures to undergo before extending any…

For the greatest benefits, businesses are to be placed in a range of technologies and digital solutions. They’ll be able to reap more rewards when they have much business to do with reduced cost and compliance efforts. Both the objects…

The term links to the share market for most of us. Practicing circular trading in shares, people tend to increase share price by planning a definite way of trading shares between a few people or companies involved. When these shares…

Due to a rise in regulatory policies for ease of doing business for companies and announcement of a special reduction in the corporate tax rate through the Taxation Laws (Amendment) Ordinance, 2019, many leading entrepreneurs and firms are opting to…

House rent allowance (HRA) is a reimbursement benefit provided by an employer to the employee to reimburse the cost of accommodation for the time being the employee is serving the organization. HRA is allowed in addition to the basic salary…

The government of India in 2019, made several policies and recommendations to improve the ease of doing business (“EODB”) index ranking of the country. Among other subsidiary policies, some significant decisions relating to – resolution of insolvency, speedier processing of…

Limited Liability Partnership (“LLP”)  is one of the most prevalent forms of business entity in India, especially for licensed professionals like Chartered Accountants (‘CAs’), Company Secretaries (“CS”)Doctors, and Lawyers, etc. The biggest advantage of forming an LLP is that it…

The persons registered in GST will now have to be more cautious in their GST compliances, as the Government of India (GOI) has brought an alarming policy for the negligence in compliance of the GST Act, Rules & Regulations. For…

To know the context of justice in the Indian Constitution is a fundamental right of each and every citizen. The Constitution enjoins social, economic, and political justice for citizens and guarantees their equality before the law, it never restrains or…

GST E-invoicing – Reforms in Goods & Services Tax Act, 2016(“GST”) are progressing in stages and with e-invoicing, the changes are brought to effect digitalization and simplification of the process. Earlier, tax on bills was subjected to  State-specific rules and…

Since the inception of GST in India, several measures were taken to prevent tax evasion. The Union Finance Minister Nirmala Sitaraman once stated for the link of a specialized directorate with the Central Board of Indirect taxes and Customs (CBIC)…

Failure to receive a refund on the filing of your Income Tax Return? What are the probable causes? How it can be rectified? What is the time frame?   Taxpayers receiving a ‘ failure to issue refund ‘ mail for…

The looming question for every entrepreneur today is ‘I have just obtained New GST Number for business, Now! What’s the next step should I initiate for?’   It’s a hard task for a layman to keep up with all ups…

After moving ahead from paper return to paperless return starting from 2012 for specified taxpayers to a more broad list of taxpayers by whom only the return through e-filing portal that is paperless return is mandatory to vide notification issued…

Does lapsing of the due date means attracting a severe penalty from the department or still there’s hope?   For each financial year, the tax department notifies due dates for submission of the Income-tax return by different taxpayers. Also, an…

The Food & Agriculture Organization, in short, FAO, of the United Nations (UN) is an agency, specially empowered to deal with the world problem of hunger. Efforts of this organization are directed individually and collectively for creation, discussion and for…

Disability is not just a problem with health or any attribute of any individual, but it reflects the problems an individual faces in interaction with his fellow beings and while living in society. People living with disabilities have to bear…

After long negotiations made in house, the Finance Ministry and the GST Council have come up with clarifications on several issues raised in past for levy of GST on payments received by RWA (Residential Welfare Associations) from its members. RWA…

In cases of non-filling, delayed filling, non-payment or imprecise deduction of TDS, the tax department charges penal interest from the taxpayer. The penalty shall be notified to the taxpayer, once a faulty return or incorrect tax payment is submitted to the…

To consolidate the majority of indirect taxes and simplify tax imposition on goods and services in India, GST was wholeheartedly accepted. With constant changes and improvements in rules made every year in GST, the Government tried to leverage the way…

For defaults made in compliance of provisions, the Income-tax Act, 1961 specifies for legal actions and statutory complications for the taxpayer. The Income-tax Act guides in detail the procedures for handling the punishable – non-punishable, cognizable – non-cognizable, compoundable –…

‘’ Gifts in India from/to a relative or a specified person are not liable to tax (up to a specific limit)’’, the tax department apart from major reliefs in the gift sections added this is in the context of the…

The last-minute rush increases chances the most frequent possibilities of errors/mistakes while filing an Income tax return. Sometimes, it might happen when you miss out filling of your bank account number, place, incorrect aadhaar details, fill a wrong amount or…

With the uploading of returns till completion of the audit process, assessees are required to keep pace with changing demands of authorities through GST common portal. While Filing returns, the taxpayer is required to reconcile the values of supplies and…

After due extensions given, the GST Annual return this year was expected to be filed before 1st July 2019. Initiation of the audit procedure in GST was also expected to begin on completion of the taxpayer’s annual return filling. But,…

As per various rules, regulations made in the Companies Act, 2013 and other applicable legislation and amendments made therein, it has become cumbersome for small private companies to comply with changing compliance requirements each day.  Considering such compliances, it’s difficult…

Female Maternity Leave Allowance (FMLA) is a central right provided by the government to female . A female employee applying for FMLA to the employer cannot be denied her right if an application for it, is placed in a well-framed…

Employees in India do lack knowledge of rights available to them through the constitution and various statutory laws. Non-payment or delayed payment of salary by the employer is one of the most common problems faced by employees during there tenure…

Employees in India are entitled to get a certain number of leaves every year besides national holidays and festivals as per distinct labour laws and legislation. Labour laws in India specify the rights, duties, and responsibilities of both employers and…

No matter how big or small the organization is – Payroll management is one of the most tiring and crucial functions performed by HR Management Team of any business concern. It puts require efforts of the entire HR team or…

The government through various Central and State legislation gives rights and resolved matters relating to employment, payment of wages and other allied matters. No rigid rules are there to govern employment in India, different legislations available for different categories of…

Laws in our society helps in following ethical norms for best behavior. Ethical standards are different for different people but laws are developed based on ethics and acts which when decided as morally and ethically wrong requires decency. For example,…

The Constitution of India governs the rights and duties of Indian citizens, it specifies a clear distinction between the ethical practices to be followed and unethical practices to be curbed. It also lays stress on matters relating to employment status…

Only a few goods and services are left to be brought under the ambit of GST. The recent inclusion of the Priority Sector Lending Certificate (PSLC) in GST has been made by the Central Board of Indirect Taxes (“CBIC”)  for…

Establishments in India varies with respect to investment, size, and output. There are some entities which are engaged in commercial activities, some in entertainment products, some in manufacturing & productivity while some in the rendering of services. Each of them…

There are various forms of organizations available in the constitution to register and operate a business in India. Out of all, the Company form represents one which operates a business on a large scale. These ventures are guided by the…

There has been a vast scale improvement in exports of India since last few years. This has been largely due to policies introduced by the government to promote Ease of Doing Business in the country.  There were over 100+ policy…

On a broader aspect, not all start-ups survive long. Some of them lack in planning the right structure of business while most of them collapse due to irregular fund sources. In spite of several schemes and initiatives by the government,…

GST registration is compulsory for all entities – having an annual turnover of business above the threshold limit. These entities have to get them registered and file taxes to the government on the supply of taxable goods and services. Working…

Ease of doing business and simplification in regulatory procedures was an all-time requirement of the business sector, especially for MSMEs. Also, obtaining adequate finance for running their business activities was among their priority issues. Thus, the introduction of Udyog Aadhaar…

Termed as the engine of growth, the MSME sector has a greater role to play for comprehensive development of the economy. Adding employment, wealth and economic stability to the country, the sector cognizes as a crucial spot for government to…

Working on a global network, the Indian service sector contributes about 75% of the total world GDP. Parallel to other world economies, the sector not only brings large scale employment opportunities but also great investment sops for the country. Service…

Application of Udyog Aadhaar is mandatory for all entities working as MSMEs, without Udyog Aadhaar no entity shall be eligible for availing benefits introduced by the government for MSMEs. Udyog Aadhaar simplifies regulatory procedures for MSMEs whether it related to…

GSTR 9C is a supportive return filed with GSTR 9 for the reconciliation of information submitted by the taxpayer in its annual return with the figures of GST stated in his Audited financial statements. GSTR-9C has to be filed by…

GSTR 9 is an Annual GST Return form to be filed by every taxpayer including SEZ units and SEZ developers registered under GST. It specifies a summarised view of all the GST returns (monthly/quarterly) filed within the financial year by…

A composition dealer registered under the CGST Act has to mandatory file quarterly GST returns for all inward and outward supplies made during the year. Like indicated norms for a normal taxpayer for filing annual returns, any person opting for…

‘Taxes made easy’, was always an ever promoted agenda of the Indian government. With the announcement of the Budget 2019-2020, government briefed for tax goals of the economy and the essential amendments required in the present direct tax laws. Several…

As the name suggests, simplifying and providing a stable benchmarking system for computation of Income and its disclosure, the government of India introduced the Income Computation and Disclosure standards (ICDS). ICDS has been enforced through the Generally Accepted Accounting Principles…

With the passing of the Banning of the Unregulated Deposit Scheme Ordinance, 2019 in the Lok Sabha, the government stood up to qualify the law, to be an effective step for curbing unregulated deposits made in forged deposit schemes. The…

The Companies Act,2013 – Section 92 compiles provisions for mandatory annual return filling by all companies registered under the Act. Filling of annual returns by companies under this section includes annual reporting of company financials, shortcomings of the meetings held,…

To pull up the reporting standards, the Ministry of Corporate Affairs has put forward a compliance notification for all companies incorporated before 31st December 2017 to electronically file their company particulars to the department before 25th April 2019. Adding a…

To conclude the above statement, it is necessary to understand the applicability of both sections. What does Section 44AD and Section 44ADA of the Income Tax Act comprise? Who shall be covered under this section? Section 44AD: Highlighted under Presumptive…

The Income-tax Act 1961, provides certain income sources to be partially or fully exempted from Income tax. Below we have summarised all listed professions exempted from Income tax: Section 10 Exemptions – any agriculture income(including rent or revenue received from…

Accuracy is built when you hire experience. As an entrepreneur, you need to comply with numerous mandatory regulations of government including – confirming of accounting principles, bookkeeping, registrations, taxation, and related compliances. Above all, the most tiring thing of the…

The GST law implies a levy of tax on all taxable supplies made within a specified period by the taxpayer. For Intrastate supply of goods and services both CGST and SGST is to be charged while for Inter-state supply, IGST…

There is no specific form of business determined in the law for setting up an e-commerce business in India. However, it is a necessity for every entrepreneur to know what all legal provisions he deemed to get fulfilled with respect…

Is it compulsory to fill out the GST return every month with no sale done in an e-Commerce business? Yes, in normal course if you are a registered applicant of GST for e-commerce business then you have to compulsorily file…

What are the tax planning’s objectives? Tax planning is an integrated course of working with all your tax worries and finding the most effective tax-saving solutions. A tax planner makes use of all possible available deductions, exemptions, allowances and legal…

For online tax return preparation, the foremost requisite thing is to apply for a PAN. PAN (Permanent account number) is a 10 digit alphanumeric number allotted by the tax department, used to identify each unique taxpayer and to make interaction…

As per the Income-tax Act, every individual, company or organization as specified under the act having income over and above the prescribed threshold limit is liable to pay Income tax to the tax department of India. While the department provides…

To help you, file your Income tax return online, the tax department provides both utilities – online and offline. But to fill in details, in each and every respective field mandatory of the different tax forms, a taxpayer needs the…

The growing scale of business operations brings an obligation to keep up all legalities associated. Especially for bookkeeping where the number of transactions becomes huge & complex, finding an appropriate accounting professional becomes a tedious process. There are several options…

Get it outsourced! – This is one of the most preferred advice given to any entrepreneur nowadays, who is finding a perfect person to match the accounting needs of his business. When it comes to managing finance and reporting, entrepreneurs…

The tax department provides a number of options to verify ITR before final submission. On completion of the submission and verification process on part of the taxpayer, the IT department begins the processing work of the details provided in the…

Just like clinching victory in the last over of the match, Piyush Goyal, presenting his maiden Budget, made an announcement that is bound to cockle the hearts of middle-class salaried citizens. Interim Finance Minister Piyush Goyal has given some relief…

The Central Board of Direct Taxes (CBDT) has recently reported for several people who have undertaken big value transactions in FY 2017-18 and have not filed their IT returns. The department placed a last chance to all non-filers to file…

On occasion of the annual celebration of the International Customs Day, the World Customs Organisation (WCO) will initiate a Smart border theme for cross border transactions on 26 January for provisioning seamless trade, travel, and transport in the economy. Stating…

To keep up with all day expenses is a fair share of stress for the middle-class people. Though the cash supply keeps us ever-limited, the credit needs always remain high on demand. Piled up with expenses like EMIs to be…

What is TDS? TDS (Tax Deducted at Source) is a system of government in which a person as engaged in a transaction specified under the TDS rules, have to deduct a certain amount of tax while making certain payments. The…

The Food Safety and Standards Authority of India proposed the FAT tax on Monday, 8th May, 2017. Although a rate hasn’t been specified, it would bring almost all processed food items under the ambit of the proposed levy if implemented….

In the month of April 2017, NITI Aayog member Bibek Debroy stated that farmers should be liable to pay tax on their incomes at par with other citizens after seasonal fluctuations are adjusted. In the contradiction of above, Finance Minister Arun Jaitley has…

Now the Banks can initiate loan recovery proceedings without waiting for an account to be formally classified as non-performing asset, as the latest amendments to banking rules allow for faster resolution of their bad debt problem, a senior government official…

Receiving a Tax Notice from the Income Tax Department is a stressful situation for a taxpayer. But rather than getting afraid of it, one must understand the purpose of the Income Tax Department to issue such a notice. It might…

The tax proposals in the Budget 2017 have now become laws with the completion of budgetary exercise for the year 2017-18 by Lok Sabha. The Finance Bill has come with several amendments including- Limit of Rs. 2 lakh on cash…

Income Tax Notice Under Section 143 (3) deals with Scrutiny Assessment under the Income Tax Act which is a detailed assessment. The notice under this section is received by the assessee where the income tax department is doubtful about the authentication…

The Income Tax Department of India has made it an easier and convenient process for users to file Income tax returns online and track the status of returns being processed and verified or the status of Income tax Refund. In order…

LLP Registration – It’s not been a long time since LLPs came into existence, they have gained popularity day by day throughout the nation. LLP is quite a new concept which has come with a wide range of benefits over…

The Budget 2017 proposed a new Section 44ADA to the Income Tax Act which talks about Presumptive Taxation Scheme (PTS) regime for professionals in order to reduce the compliance burden of small tax payers. It was proposed to provide estimation…

Now here comes an order from the Center to the State to simplify the Compliance procedures for micro, small and medium enterprises (MSME) to address issues related to availability of credit facilities and skilled man-power. A meeting was called upon…

The Finance Minister Mr. Arun Jaitley in his attempt to appreciate the governments efforts stated that the percentage rates under the  goods and services tax (GST) regime would never the less be “significantly different” from existing levels, giving cues that there…

The prevailing immigration rules welcomes vast majority of immigrants. It sponsors immediate family members of citizens and legal permanent citizens— spouses, minor children and parents for visas that are not subject to any caps. Mr. Donald Trump, President of USA…

The Ministry of Corporate Affairs (MCA) sent notices to around two lakh inoperative companies ordering them to bring to an end the operations of the Company and subsequently de-register themselves from the MCA. The decision was in pursuance to the…

The Insolvency and Bankruptcy Code provides for completing insolvency resolution process within 180 days after the process is initiated plus 90 days extension for resolving insolvency. The Code also provides for the Fast Track Insolvency Resolution Process within 90 days…

In past abundance of resources and manpower were required in handling and managing the documents. The fleeting time and aggressive competitive market taught need of technological development. From using pages to maintain records in books to managing space in computers,…

Section 80EE – For all the Dreamers who wish to build and own his house – place of dwelling can chase it by getting the relief on interest paid on Home loans. Various banks offering the buyers incentives on rate…

Section 80GG – Income tax act, 1961 promotes the policy of good standard of living under which Any person who doesn’t own his house and lives on a rented place can claim deduction of the rent paid to the owner…

Section 80 CCG of the Income Tax Act  was introduced in Finance bill 2012, for those persons who save money but do not wish to invest in the capital market. This section had been introduced with a vision to get…

Being an Indian before investing on a capital asset such as House property we evaluate the source of funding and benefits in tax can be claimed. So while sourcing there come times when we require to sell – off our…

Donations can be claimed under section 80 G also but there are some donations made to special institutions working for the development of the society or nation  and the employees who lives can be a donor for such cause and…

The Startup Walk – Turning Easy Startup strengths potential ideas and develops business scale to success ventures. In force to development of these short investment stakes government last year announced “Startup India and Standup India” initiative which was solely defined…

Finance Act provides certain benefits to tax assesses in the form of Deductions. One of the major, widey applicable and effective is deduction under Section 80C of Finance Act Talking about the deductions what comes to mind first is :…

The SMEs operating in India experienced a declined rate to their clerical jobs with the note ban (demonetization) announcement last year November 8th 2016, to support the decline in operations these entities expected to get some good rebates from government…

Indian Railways is each day working on strengthening its ticketing system and it could soon introduce a system in which Aadhaar will become mandatory for booking rail tickets online. Though railways has taken several measures to put a check on…

The end of demonetization era is just round the corner. Banks such as HDFC Bank, ICICI Bank and Axis Bank will be charging its customers a minimum amount of Rs.150 per cash transaction for cash deposits and withdrawals beyond four…

Isn’t it a good-news to be welcomed that the Government is going to do something which will be highly beneficial for women entrepreneurs? Well to bring more women into the ambit of startup businesses, the Government of India will soon…

To the most required amendment, Indian Government on 6th March 2017 proposed a defined verdict on a need to rewrite the official trademark registration rules. The new changes would be portioned to Trademark Registration Rules, 2017 and will work up…

Gold Loan – The fast growth in the economic system requires a need to inculcate technology at all ends to ensure unscrupulous executions. The Reserve Bank of India on 9th of March, 2017 had declared for a reduction in the…

Income Tax Act provides for tax benefits on the investments of assessing under Section 80 C and 80 D of the Income Tax Act. After claiming the deduction on the policies and investments under section 80C, next comes the turn…

The top three private sector banks in India- ICICI Bank, HDFC Bank, Axis Bank have begun imposing cash transaction charges by charging their customers with a minimum of Rs.150 for every cash transaction over and above a limit of free…

Section 80 E of Income Tax Act,1961 – Being increase in number of students going abroad or foreign countries for their further higher educational qualifications, the financial institution are being approached to give loans for higher education and remit the…

Home Loan Interest Rate After Demonetization – RBI Governor recently circulated his unchanged yardstick for the repurchase rate to be saved at 5.75% and the repo rate at 6.25%(Dated 9.Feb.2016 notification).He detailed this step to be a declining measure for…

Released Budget FY17: Post to demonetization effect , a relief to tax reform was a necessity for middle class. Also ,GDP index had experienced a major fallback in the last quarter, which calls for some major changes for corporate sector…

While calculating Income tax liability, there are certain allowances in which the amount of tax exemption does not depend upon expenditure incurred by the employee. Given below is a list of such allowances which are very useful in determining the…

Indian tax structure has orderly defined “How different income sources of an individual are taxed?” Specified under different heads, government has designed a proper hierarchy to know which part of your income is taxable and which is not. One such…

The Electronic Verification code EVC is a 10 digit alphanumeric code which is sent to registered mobile number while filing returns online. It verifies the identity of the verifier being an individual to verify his Income Tax Return or that…

Advance Tax – Taxes have in present day become a very important concern for all ever since the Modi government has started being stringent towards its fight against the so called black money devil. In present it has become very…

Pre-Planning of refunds and exemptions is significant to e-filing of IT return. For some effective tax saving, one must ensure to get complied with all guidelines relating to different sections, for which taking an expert advice is always recommended. While…

Gaurav Das, an employee in an insurance company realized the importance of sending timely tax-saving documents in February 2015, when he received a fifth of his stated monthly salary. Shockingly he made a call to the accounts department where he…

As a new economic reform in Budget FY-17, PM powered Finance Minister Arun Jaitley to announce a legal ban over cash transaction above Rs 3 lakh to get effected from the coming year 2017-18.The reason he explained behind such decision…

Announced in the Budget 2020, FM Nirmala Sitharaman bought significant changes in the direct tax policies. Issued amendments in the Finance Bill 2020, an optional theme for taxpayers has been placed this time in the tax rules. According to the…

Benami Property – Real estate is an emerging sector of Indian economy. Being influenced by private players, govt role in this sector is only subjected to a position of working as a legal regulator. With less government intervention, this industry…

IMF – India is one of the largest economies in the world with a rich population of 1.2 billion people. As per World Bank report, India has shown tremendous growth in last few years. A major uplift in country’s economy…

Mahila Shakti Kendra at Village Level – In India Women are treated badly in every field, be it political, social, education, sports and technology and innovation. Thus, it is essential that they are empowered to be independent and stand on…

JAM (short for Jan Dhan-Aadhaar-Mobile) trinity is the initiative by Government of India to link Jan Dhan accounts, Mobile numbers and Aadhar cards of Indians to directly transfer subsidies to intended beneficiaries and eliminate intermediaries and leakages. The JAM trinity…

Some cultures around the world define micro, small and medium enterprises with fancy terms and language but in developing countries like India, it means survival for many families. Let us discuss these three enterprises individually to get a better understanding….

“Govt to increase tax payer’s base !” – ELSS Have you read the same headline in your newspaper? Not yet! I hope in a day or two you may be saying this eventually right . After demonetization , Govt. is…

According to international financial reporting standards, an entity is termed as related party as per following criteria: Highly influenced by a Key Management Personnel (KMP) or relative. Any firm wherein partner is director/manager or his relative Any public venture wherein…

As the word “tax” comes to our mind, we always think about various ways through which we could avoid paying it. But I think paying your fair share should be considered one of the most patriotic activities someone can engage…

While subjecting major reliefs to rural and infrastructure provisions, corporate sector is bound to get a short of space in  union budget FY17. Keeping business sector at hold, govt major concessions to this year budget ended up with making some…

Relate yourself with the process you follow when accessing the Google Maps “The Navigator” searches the desired destination. So unless the desired destination is registered as a trademark, (domain name),  the same will not be accessible worldwide. What do you…

On July 02, 2012, RBI published a Master circular (RBI/2012-13/39 DBOD.No.BP.BC.9/21.04.048/2012-13) stating the meaning of NPA. As per circular: NPA (Non-performing Asset), includes a leased asset which becomes non-­ performing when it ceases to generate income for the bank. NPA…

Sankalp – Union Budget summit, this time seems to be devoted for developing an employment route for Indian job seekers,  especially covering a large scale unskilled population. Arun Jaitley, initiating his budget speech on 1 st Feb accommodated the concern…

Finance Minister Arun Jaitley during his speech in session of Union Budget 2017 announced scrapping of Foreign Investment Promotion Board to ease the inflow of Foreign Direct Investment (FDI). He said that the Foreign Investment Promotion Board will be abolished and…

EPF (Employee Provident fund scheme) For a salaried person, dependence of his family for financial matters is always a major thought of concern. An expected amount which an employee receives as his monthly salary, is not always enough to create…

Multiple Form 16 is a Certificate of deduction of tax at source under Section 203 of the Income Tax Act, 1961. It contains the details regarding- salary earned by the employee tax deducted from it by the employer In simple words…

Everyone loves to receive presents. Gifts are also a way to express our happiness and affection in India. Every birthday is incomplete without presents from parents, friend, and relatives. Especially in marriages, gift is given both as cash and expensive…

Key highlights of Budget 2017-18 Union Budget New Delhi : Arun Jaitely ,the formal Finance minister presented the most awaited Bugdet for 2017-18 in Lok Sabha ,which can be rightly said as a history breaker moment due to being evocated…

This is the question which is hovering over mind of each and every person in the country. Well there is no straight answer to that question but let’s see the measures being introduced in Goods and Services Tax to tackle…

Goods and Services Tax or its substitute Value Added Tax, Conceptually a destination based tax on consumption of Goods and Services  has been a global phenomenon for way too long now, We can trace it back to Year “1954” when…

Black money is one of the most serious question of the Country.Goods And Service Tax being the game changer, it is expected and presumed by the expert that after rolling Out of Goods And Service Tax, the question of Black…

Home Loan is something borrowed for a particular duration of time and that has to be paid back along with the extra ordinary payment of interest. People take different kind of loans as per their requirements. Most common loans are…

Tax Planning is contribution towards tax saving and reserves, 31 March 2017 is closer which talks about closing of financial year and allocation of income in the way possible so as to reduce tax liability abiding the Income Tax Act,…

The major asset in investment category is gold, currently a huge favorite of investors who fear almost all other assets, especially paper money. Taxation has also lent its glitter to this metal either by providing incentives or sometimes taxing it…

Fat Tax – We are already aware of different kinds of taxes imposed by government on food items . If you check your McDonald or Subway bill you will find that other than base amount, we pay a variety of…

Mutual Fund Investments It seems like asking – How safe is to drive a car? That depends on you. It’s great to ride a car but first you need to either learn to drive or hire a driver. If you…

Moving to the end of financial year, last 3 months demand a great attention of every business professional to utilize them for planning a good strategy to save some part of their hard earned money.   Most of you may…

Are you looking for an investment? What is your main priority “tax saving” or “getting better returns”? Obviously! Both are equally important, but getting such an investment is not an easy task. But wait! Here is an investment tool that…

Demonetization has been a strong move recently taken by the Indian government. We have seen both appreciations as well as criticism of the notion. Now the million dollar question that comes to every citizen’s mind is what next? How will…

The most awaited and outrageous US elections have resulted the wining of Republican candidate “Donald Trump” giving a momentary leaving handshake to “Barrack Obama” and a clean defeat to “Hillary Clinton“. Since announcement of election dates Trump was part of…

Indians recently became familiar with the powerful word “Demonetization” and its effect on one and all. Demonetization means cease of any currency unit as a legal tender by a country. On 8 November 2016, the prime minister of India, Narendra…

Everyone is effected by the revolutionary step of Demonetization taken by Narendra Modi on 8th Nov, 2016.As per the announcement old currency notes of Rs 500 and Rs 1000 ceases to be legal tender effective from 9th Nov,2016. Several notices…

The heading itself is stringent enough to state that present government after launching surgical strike against black money with plenty of schemes is in no mood to forgive the black money hoarders. This article attempts to highlight schemes of Government…

November 8, 2016 the date not any Indian can forget, the announcement of demonetization left citizens on the roll. Demonetization is the financial step in which a currency unit’s status as a legal tender is declared invalid. Such withdrawal of…

PRADHAN MANTRI GARIB KALYAN YOJANA, 2016 (a scheme brought by Taxation Laws (Second Amendment) Bill, 2016) After nearly 20 days of announcing his big scheme of Demonetization, the Government came up with another scheme known as Pradhan Mantri Garib Kalyan…

The Next Steps of PM  Modi  Could be very Sour for the Persons those  who Does not Follow the Law and make the money by an illegal ways .They don’t want to follow the Law and give the same teaching…

At the stroke of the hour on midnight of 9th November, 2016, Prime Minister Narendra Modi announced a key economic decision, the demonetization of Rs. 500 and Rs. 1000 currency notes with immediate effect. Government has attempted to tackle issues…

The demonetization of Rs. 500 and Rs. 1000 banknotes was a step taken by the Government of India on 8 November 2016, ceasing the usage of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series as a form of…

The demonetization effort being led by PM Modi in India is appreciable to an extent but follows positive as well as negative aspects. The aim is to wash the stock of “black money” out of the economy and get it…

8 th November, 2016 shall be marked in the history of Indian Economy. Prime Minister Narendra Modi took a bold step towards wiping out black money from India. The reason specified by him for this drastic step was that black…

Here is the difference between TM Logo and R Logo – A trademark refers to any kind of sign or symbol which is used to recognize and distinguish products and goods from several organizations. It helps the end-user to identify…

Be it a businessman or an individual entrepreneur, the most important thing is to protect your company or start up name. A brand or trademark name is the root of the any company. Consider a scenario where another company opens…

Be it a businessman, professional or individual, everyone has a fear of getting his book of accounts reviewed. Income Tax Act of 1961 has mandated the income tax audit process for all individuals as per Section 44AB. First, it is…

Understanding section 44AB of Income Tax Audit in India Individual or business person has to get his book of accounts reviewed as per Section 44AB of Income Tax Act 1961.It sets the general guidelines to assist the assessing officer to…

For every legal procedure, government prescribes a specific set of rules to follow. Similar is the case with tax audit process in India. The Income Tax Act of 1961, states all guidelines for maintaining the books of accounts for proper…

Tax Audit Due Date For AY 2016-17 As most of us know, a tax audit is a review or inspection of individual or organisation’s tax return. It is a compulsory process as per the Income Tax Act 1961. Tax audit…

Why are companies a better form of business? It’s because of the below mentioned characteristic features that the Companies turn out to be a better form of business Limited Liability The primary benefit of undertaking business in the form of…

Micro and Small Enterprises (MSME) Micro and Small Enterprises ·  Easy finance availability from bank etc Without collateral requirement. · Protection against delay in payment from buyer & right of interest on delayed payment. · Preference in providing government tender. · Stamp…

Electronic Verification Code To facilitate the tax-payers, Central Board of Direct Taxes (CBDT) through a notification has allowed the verification of Income Tax Returns for Assessment Year 2015-16 electronically through generating EVC (Electronic Verification Code). If the Income Tax Returns…

For all those who need to know what is the difference between an LLP and a Partnership firm, below is the detailed comparison. LLP VS Partnership Firm SR. NO. PARTICULAR LIMITED LIABILITY PARTNERSHIP PARTNERSHIP FIRM 1. Governing Law The Limited…

Benefits of Trademark Registration Benefits of a Trademark/Brand Name: It identifies the goods and services and its origin or owner It advertises the goods and services It creates an image for the goods and services It stimulates further purchase It…

Following are the main points of difference between a Public Company and a Private Company :- 1. Minimum Paid-up Capital : A company to be Incorporated as a Private Company must have a minimum paid-up capital of Rs. 1,00,000, whereas…

Copyright Protection Right of Copyright Owner • 1. Your logo, style, font, get-up, color, scheme of your brand name cannot be copied by any other business firm. • 2. The registration certificate is valid for lifetime of the Proprietor of…

How is Limited Liability Partnerships better from any other form of business? Following reasons can help you decide, why you should go for an LLP: • Renowned form of business: The concept of Limited Liability Partnerships has been recently introduced in…

LLP And Partnership Firm Partnership refers to an arrangement where in two or more person agree to carry on a business and share profits & losses mutually. It is governed by Indian Partnership Act, 1932. To get registered under the…

Guidelines For Companies Annual return. Every company shall prepare the annual return in the MGT-7 containing the  following particulars : Its registered office, principal business activities, particulars of its holding, subsidiary and associate companies; Its shares, debentures and other securities…

MEANING OF ISO CERTIFICATION ISO Certification is a kind of approval from a 3rd party that a company runs to one of the internationally recognized ISO management systems. The certification can be used by the business as a proof of…

Before you rush to save more taxes Well, it is the month of Valentine. Though we have surpassed February 14, the fervour is still – as the cliché goes – in the air. If you eavesdrop on conversations, you would…

Your guide to submit investment proofs Well, it is the month of Valentine. Though we have surpassed February 14, the fervour is still – as the cliché goes – in the air. If you eavesdrop on conversations, you would often…

E Verify Returns Using Your Bank or Demat Account During the tax-filing period of 2015, the Income Tax Department inched a step closer to taking the entire e-filing procedure paperless and thoroughly online. This was achieved by launching a facility…

Transfer Pricing (TP) Regulations in India were introduced in 2001 for curbing tax avoidance by laying down norms for computation of income arising from international transactions or specified domestic transactions(“SDTs”) having regard to the “arm’s length price”. Transfer pricing basically…

Tax, this three letter word spells a big headache for people. Many people do not even know how much tax they are paying every year. Being a tax advisor at H&R Block, I get many enquiries from my clients about…

In one quote, Steve Jobs – The Father of Digital Revolution explained the importance of every working individual’s need to love his work. This is where the company culture matters. Culture maintains the employee enthusiasm. Workplace should not be a…

Family is the base from which we all evolve and hence it is held closest to our hearts. We make every effort to protect them and make arrangements for their wellbeing. However life is fragile and the unexpected happens. Even…

One of the most frequent question that client’s usually ask me as a tax adviser is “Which is a good option, for investment for tax saving purpose.” One of the options I suggest is Public Provident Fund Scheme which is…

Submit Form 15G / Form 15H Online If your income is not taxable and yet your payments are being subject to tax deduction at source (TDS) then you can now generate Form 15G and Form 15H online and request non-deduction….

Five New Year Tax Resolutions You Ought to Make New Year, new goals, a fresh breeze of change blowing through! Well, it is the right time to promptly correct behavior which is causing harm and replacing them with those which…

Given the high Property prices in the country, it is almost impossible to buy a house without availing housing loan. Home Loan Tax Benefit – A housing loan usually comprise of 70-80% of the Property’s value. So, it is probably…

Indian Taxation System People generally think that taxes paid in today’s time are of recent origin but there are lot of proofs and evidences from the past scenario that show taxes on income or other forms were also levied in…

Either “Ouch, the tax!” or “Yeah, the tax” could be the reaction when one comes to know about their dates to pay income taxes. But the people in “Ouch” category forget about their moral and socially requisite responsibilities that ask…

A quick guide for those who are filing an ITR for the first time Income tax assessment year 2015 -2016 has already started. Most of us are looking forward to file our return. Well, the first thing that comes to…

IS IT MANDATORY TO HAVE PAN NUMBER FOR THE INDIAN CITIZENS? & SPECIFIED TRANSACTIONS WHERE PAN IS NEEDS TO BE QUOTED Permanent Account Number, a unique 10 character alpha-numeric identification, today, acts as a proof of identification. But is it…

Filing Income Tax returns: Filing a income tax return is essential for tax payment and claiming refunds of overpaid taxes. Tax filing simply means declaration of your income and taxes to the government. We all know paying our taxes is…

Ever caught in a situation when you couldn’t file your income tax return on time? Or ever caught in the complexities of default made on payment of Advance Tax? You are not alone. Here is everything you need to know…

Do you earn more than 5 lac monthly? So, you need to E filing of income tax return. But what method you choose to file your income tax? The old offline method in which you need to go out of…

Tax Saving Tax saving options available as per section 80C of income tax act. Does it feel good to pay a large amount of tax? The answer is a big NO. Tax is something that revolves around our life. As…

Tax and earning goes hand in hand .According to Income Tax Act of 1961, every individual has to pay tax as per income tax slab. In our previous article- Quick guide for individuals filing ITR for first time, we have…

The Finance bill, 2016 introduced a scheme Income Declaration Scheme, provides an opportunity to persons who have failed to pay taxes from beginning to till date and pay tax, surcharge and penalty. Total amount to be paid for disclosing of…

Income Tax Return within due date It is Mandatory to file an Income Tax Return for a Company and Firm (Partnership/LLP) irrespective of the fact that it has any income or not. Matter of choice to file Income Tax Return…

TDS – Tax Deducted At Source Have you ever checked your payslip? You will find a section known as TDS. TDS stands for Tax Deducted at Source. CBDT (Central Board of Direct Taxes) is a body who manages the policies…

Types Of ITR What are the Different Types of ITR Forms? There are up to nine types of income return forms We have divided this article into two part Part-1 is ITR of Individuals Part-2 is ITR for Non-Individuals ITR-1(SAHAJ) ITR-5 ITR-2…