India got ranking on the World Bank’s Doing Business Report, India has improved from 142nd position in 2014 to 63rd position in 2020. The ease of doing business index of India has been improved over the past few years. To set up business in India needs diverse process and procedures, which should be adhered to so your business can run with ease and result in maximum profits with smooth compliances.… Read More »Setting Up of Business in India
During the time slot of COVID-19 Pandemic record breaking DEMAT a/c and Trading accounts have been opened in Share Market in India. As per data of SEBI, till January 2021 total 15 crores DEMAT accounts have been opened in India out of that approximately 1.42 crores new DEMAT accounts have been opened in Year 2021 itself. You can directly invest in Share market or via mutual funds. People are earning… Read More »All About Investment In Equity Shares & Tax Planning
Section 8 companies are those companies which are incorporated with a goal to promote arts, commerce, charity, sports, welfare, environment protection, education, medicines, etc. The company’s income or money raised by doing events, receiving donations can’t be used for paying out dividends among the members of the company. The money raised should be used for the purpose of promotional and charitable. Section 8 companies can get their incorporation certificate from… Read More »Section-8 Company-Incorporations and Myths
Through the amendment in the Finance Act, 2020 section 194N was amended by substituting section 83A which imposes TDS at the rate of 2% on withdrawal of sum amount exceeding INR 1 crore. This section has been effected from 1st July 2020. Every person including – Individuals HUF i.e. Hindu Undivided Family Company Partnership firms or Limited Liability Partnership (LLP) Local authorities Any AOPs (Association Of Person) or BOI (Body… Read More »Section 194N: TDS on Heavy Cash Withdrawal from Banks/ Post Offices
‘E-way bill’ is popularly known as ‘Electronic Way Bill’. The main motto behind the e-way bill under GST is controlling tax evasion; tracking the movement of goods and ensuring adequate compliance with the GST law. E-way Bill System- An e-way bill can be generated as and when there is a movement of goods whose value is more than INR 50,000 through a vehicle or conveyance. The movement of goods can… Read More »E-way Bill System – GST E-way Bill Rules & Generation Process & FAQs
As per the Section 2(40) of Companies act, 2013, startup means A private company which is registered under company act, 2013 or any previous act Recognized as startup in accordance with DIPP (Department of Industrial Policy and promotions). In order to accelerate prevalence to startup movement in India, Government had announced an action plan known as the Startup India initiative that covers all the aspects of startup ecosystems. The main… Read More »Tax Exemptions Available For Startups in India
In India One Person Company is the modern form of business which is proposed by the Companies Act, 2013. It is a hybrid structure which combines most of the benefits of a sole proprietorship and a company from of business. Therefore it does away with the hassles of finding the right kind of co-partner/s for starting a business as registered entity. OPC is a company where there is only one… Read More »Annual Filing One Person Company (OPC)
With the increased reliability electronic or e- mode of ITR filling a large number of individuals choose to file their return on their own. While filing of Income Tax Return has several advantages but making minor mistakes may sometimes attract huge penalties so one should be cautious while filing his/her own ITR. We will discuss some of the mistakes which one should avoid while filing his/her ITR. 1. Choose the… Read More »Mistakes One Should Avoid While Filing Income Tax Return (ITR)
In the past 1- 2 decades, our world has changed a lot. We comes from landlines to smartphones. We have almost shifted from wallet to digital wallet. Digital payments is a great shift whether it is vegetable vendors or big showrooms. After payment wallets we do not need to struggle to find exact change and always keep an eye on our wallet. In the same pattern there is one more… Read More »All You Need To Know About Cryptocurrency
Government has provided many tax benefits to assessee on home loan. Income Tax Act provides tax benefits on repayment of loan’s principal component as well as on repayment of loan’s interest component. Deduction under section 24(b) For let-out property, actual interest made on capital borrowed for the purpose of housing property’s acquisition, repairing, re-construction will be allowed as deduction. For self-occupied residential house property, interest incurred on capital borrowed for… Read More »Income Tax Benefits Available On Housing Loan