9 Deductions That People Miss Out While Filing Their ITR
December 18, 2020
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Income Tax Act, 1961- Chapter VI A provides for various deductions that are available from the total income of an
Income Tax Act, 1961- Chapter VI A provides for various deductions that are available from the total income of an
The Foreign Contribution (Regulation) Act, 2010 (FCRA) regulates the acceptance of foreign contribution by organizations in India. Due to the
If you cannot buy health insurance for your parents and you do not have money to invest under section 80C
Indian Information Technology industry is one of the rapid growing industries in the country.IT industry comprises of software ITes (Information
Tax planning, Tax evasion, Tax avoidance and Tax management are common concept when it comes to taxpayers’ manners for tax
According to the Income Tax Act, 1961- Section 194-O describes TDS on Payment of certain sums by e-commerce operator to
Overseas Direct Investments aka ODI which refers to the investments made in the overseas entities by way of contribution to
The e-commerce businesses are growing broadly, vastly and exponentially; impact digital economy and all of us. The digital economy would
Any person can start their business in India like foreigner citizen, Non Resident Indians (NRI), Foreign Citizens, Overseas Citizen of
The GOI (Government of India) has recently introduced RoDTEP( Remission of Duties or Taxes on Export Product) scheme to replace
The provisions of Finance Act- Section 44AD were introduced in the Chapter of Profits & Gains from Business or profession
The provisions of the Income-Tax Act- section 51 deal with advance money received for transfer of a capital asset. As
The ITR return needs to be filed for the income earned by during a financial year. Even if the person
Drop-shipping is a kind of business where the products to be sold from the third party and are not kept
When you are starting a business, there are so many things which comes to your mind and the first things
Direct Investment outside India means investment through contribution to the capital or subscription to the MoA (Memorandum of Association) of
Gold loans come under secured loans where gold jewelry is used as collateral. The loan amount is usually a percentage
NRIs (Non-resident Indian) / PIOs (Persons of Indian Origin)/ OCBs (Overseas Corporate Body) are permitted to open bank accounts in
Quarterly Return Monthly Payment Scheme is also known as QRMP, recently introduced initiative by the Government in its initiative to
The main role of a director /manager of any company is to manage a firm in such a way as
Disqualification of directors can refer a situation in which a person is restricting from holding the office of director in
Merchandise Exports from India Scheme is also known as MEIS scheme comes under Foreign Trade Policy of India (FTP 2015-20).
STPI is an abbreviated form of Software Technology Parks (STPI) of India which was established in 1991 as an autonomous
EHTP is abbreviated form of Electronic Hardware Technology Park Scheme which is launched by the Ministry of Electronics and Information
The establishment of Project Office/Branch Office/Liaison is regulated in terms of Foreign Exchange Management Act, 1999 -Section 6(6) with Foreign
FoSCoS is abbreviated form of Food Safety Compliance System has been operational in nine States/UTs viz. Manipur, Puducherry, Ladakh, Tamil
The Central Government introduced the Faceless Assessment Scheme to provide greater transparency, efficiency & accountability in Income Tax assessments. All
EOU scheme is abbreviation of Export Oriented Units (EOUs) scheme. The EOUs scheme introduced in early 1981 is complementary to
Export Oriented Unit introduced in 1981, the Export Oriented Units (EOU) scheme having aim to enhance exports from India, to
Fund Contributions which is made to few relief funds & charitable institutions can be claimed as a deduction under the
A foreign company can start operations in India by incorporating the subsidiary company under the Company Act, 2013. Subsidiary Office
A special economic zone (SEZ) is an area within a country that is subject to different economic rules and regulations
The related-party transaction refers to a deal which made between 2 parties who are joined either by a pre-existing business
Any Individual can be appointed as an Additional Director by a company under Companies Act, 2013-section 161. If the Board
Limited Liability Partnership form of business in India comes under the Limited Liability Partnership Act, 2008 has become a popular
The Passport (Entry into India) Act 1920, Passport (Entry into India) Rules, 1950, Foreigners Act 1946 & the Registration of
Sweat Equity Shares is commonly known as equity shares issued by a company to its employees or directors at a
FSSAI is also termed as Food Safety and Standards Authority of India who governs the food business in India. It
OPC- One Person Company is a kind of company established under the Companies Act, 2013. This kind of business structure
Electronic-way Bill – associate electronically generated document that is needed to be carried for movement of products price extraordinary Rs
When your company is incorporated, a set of compliance-related formalities must be completed to maintain compliance as mentioned in the
Nowadays the procedure of incorporating a company has been made easier which encourages full compliance by the companies. The management
ESOPs is a short form of Employee Stock Ownership Plans which gives workers ownership interest in the company. ESOP is
Foreign contribution regulation Act 1976 is a law of government of India which manages receipt of foreign contributions. This law
National Industrial Classification code is also known as NIC Code is an inevitable statistical standard designed to analyse and compare
New Horizons of Growth is the phrase used by Union Finance Minister while introducing fourth part of Atmanirbhar Bharat Abhiyan.
OSP is an abbreviation of “Other Service Providers”. Other Service Provider (OSP)is a company that provides applications services that encompass
To register an OPC, a nominee must be designated by the sole director of the company. Because one person companies
Limited Liability Partnerships also referred as LLP and introduced in 2000 by the Partnerships Act 2000 to provide partnerships with
Sole Proprietorship, you can say is a one-man business organization. Furthermore, a sole proprietor is a person (not a legal
