India’s tax landscape underwent a significant transformation with the implementation of the Goods and Services Tax (GST). This system introduced a fixed set of tax rate slabs—0%, 5%, 12%, 18%, and 28%—with varying implications for different products and services. The scope of this analysis delves into the intricate GST rates applicable to toys and sporting […]
Risk-centered internal audit represents a strategic methodology employed by internal audit functions to concentrate their efforts on the most critical risk areas within an organization. This sophisticated approach stems from the acknowledgment that resources are finite and should be channeled toward those areas where the potential influence on an organization’s objectives is most substantial. Delving
Form 60 and 61 hold significant importance within India’s financial landscape, serving as essential tools that accommodate specific monetary transactions and income reporting for individuals who lack a Permanent Account Number (PAN). These forms are tailored to address unique scenarios, enabling individuals to partake in crucial financial activities and fulfill their tax obligations, even in
The Ministry of Corporate Affairs (MCA) released General Circular No. 08/2023 on August 23, 2023. The circular offers relief for late filing of specific LLP Forms. It aims to help Limited Liability Partnerships (LLPs) face challenges in submitting certain forms. Challenges Faced by LLPs: LLPs need to file specific forms as part of their legal
The Mera Bill Mera Adhikar Scheme, an innovative initiative, strives to elevate consumers within the GST ecosystem by fostering the adoption of accurate GST invoices. In this article, we embark on a comprehensive exploration of the scheme’s implications, advantages, and implementation strategies. Comprehending the Impact of GST The Goods and Services Tax (GST) stands as
In recent times, a significant number of individuals fulfilling their tax obligations have been receiving informative messages from the Income Tax Department through the Income tax SMS alert system. These messages serve as notifications that the tax authorities have identified specific transactions filed under Form 60/61 for the fiscal year 2021-22. If an individual receives
Taxation can often feel like navigating a maze of complex rules and regulations. Among the many aspects of taxation, the Income Tax Act holds particular importance for individuals and businesses alike. It outlines various deductions under Chapter VI-A available to taxpayers, aimed at reducing their taxable income and ultimately, their tax liability. However, the intricacies
The Goods and Services Tax (GST) system in India is like a set of rules that keeps changing to make taxes fair and easy for both people who pay taxes and the government. Imagine it as a puzzle where the pieces can move to fit better. In a recent 48th GST Council meeting has brought
In a significant move aimed at helping taxpayers and making tax rules easier to follow, the GST Council Meeting has recommended extending some important programs and relaxations through the GST amnesty scheme. These programs are designed to assist those who haven’t filed certain tax returns, those whose tax registration got canceled, and those who received
In recent years, the Income Tax Department has been working faster to process income tax returns (ITR). But this speedy process has caused some problems. When your ITRs are processed quickly, you might not have enough time to fix mistakes you made in your original returns. This can lead to issues, like getting a bigger
In the world of companies and how they are run, there’s something important called a Director Identification Number (DIN). This isn’t just a random number; it’s a special code that helps us know who the people are that hold important positions in companies. The law says that this Director Identification Number is really important. It
The Ministry of Corporate Affairs (MCA) has introduced a program called the LLP Amnesty Scheme, outlined in General Circular No. 08/2023 dated 23rd August 2023. This program is specifically aimed at making things easier for Limited Liability Partnerships (LLPs) that struggle with meeting deadlines for submitting their forms – form-3, form-4, and form-11. The main
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To do any business in India, you need a license for almost everything. Started a manufacturing business? You need a GST Registration and a Trade License. For a food business, you need an FSSAI license. In case you have employees, You need a Professional Tax registration and Shops & Establishments Act Registration. If that’s not enough, you also need to file GST Returns and Professional Tax Returns.
There is a lot of importance of legal documentation when you start your business, whether with your Investors, partners/co-directors, employees and any vendors you deal with. By getting a lawyer to draft contracts or agreements with new vendors, employees, and investors, you’re ensuring that you have all the downsides covered. At LegalSuvidha, we connect you to lawyers who will deliver complex documents, from shareholders’ agreements and founders’ agreements to terms of service/privacy policy and non-disclosure agreements, at a reasonable cost in a few days.
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We are Authorized e-return Intermediaries and have recently launched our own ITR filing platform, this will help the salaried employees and businesses to get their ITR filed within the time and at a reasonable price. Through the use of automation, the system is highly effective and will help in filing ITR in up to 10 minutes for Salaried employees. We have on-boarded the best Chartered Accountants who will provide consultation for both Salaried employees and Businesses to file proper taxes to the government of India. This will help in avoiding legal notices in the future and will also help in getting the returns processed at the earliest. We are the first in the market to launch the ITR filing facility for FY 2018-19.
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