CBDT ISSUES NEW GUIDELINES ON TDS UNDER SECTION 194R Union Budget 2022, a new TDS section 194R, has been proposed in the Finance Bill 2022, w.e.f. 01.07.2022. This new section 194R requires deduction of tax at source @ 10%, by any person, providing any benefit or perquisite, exceeding Rs. 20,000 in value, in a year, […]
TDS Relaxtion u/s 194I pertains to TDS (Tax Deducted at Source) on rent. According to this section, any person responsible for paying any sum as rent for any land, building (including factory building and other commercial buildings) or furniture or fittings, including plant and machinery, is required to deduct tax at the rate of 2%
EPR Registration and Compliance is a process for ensuring that a business is operating in an environmentally responsible manner. It is a self-declaration system of registration for Hazardous waste generator and it is mandatory for all the generators of hazardous waste as per the rules of the Hazardous Waste (Management, Handling and Transboundary Movement) Rules,
EVERYTHING ABOUT BUY BACK SHARES AS PER COMPANIES ACT, 2013 Buy back of shares, or other specified securities means buying back of its own shares or other specified securities by the company from the holder thereof and cancelling them. After the enactment of the companies act, 2013 section 68, 69 and 70 read with rule
GSTN advises Taxpayers not to avail ITC on Same Invoice appearing twice in GSTR-2B New clause “(aa)” to Section 16(2) has been inserted vide Section 109 of the Finance Act, 2021 which was made applicable w.e.f. 01.01.2022 vide Notification No. 39/2021- Central Tax dated 21.12.2021 Further, consequent changes have been made in Rule 36(4) of
DPT 3- RETURN OF DEPOSITS LAST DATE TO FILE IS 30.06.2022 Every Company including OPC and small companies need to file Form DPT-3, except for the following companies: Government Company Banking Company Non-Banking Financial Company (NBFCs) registered with RBI Housing Finance Company (HFCs) registered with the National Housing Bank. Who has to file DPT-3? Form
ITC on Insurance expense refers to the ability to claim credit for the GST paid on insurance premiums for goods and services used in the course of a business.It is important to note that ITC on insurance services is not available for personal insurance policies such as health insurance or personal accident insurance. INPUT TAX
SECTION 194IA: PAYMENT ON TRANSFER OF IMMOVABLE PROPERTY Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of
Striking off the names of a company, also known as dissolution or winding up, is the process of removing a company’s name from the register of companies, effectively ending its legal existence. This process is typically initiated when a company has ceased its business activities, or is unable to pay its debts. RECENT CHANGES IN
SECTION 285BA- HIGH VALUE TRANSACTIONS & MANDATORY RETURN FILING Statement of Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was earlier known as ‘Annual Information Return (AIR)’. The objective of SFT or AIR was to curb black
Restrictions on Deposits & Advances and Cash loans under the Income Tax Act, which aim to curb the use of black money in financial transactions. As per the Income Tax Act, any cash loan, deposit, or advance above a certain threshold is prohibited. The threshold for cash transactions is currently set at Rs. 20,000. Any
Exemption from advance tax is provided to senior citizen who don’t have any business income under section 207 SENIOR CITIZEN NOT HAVING BUSINESS INCOME EXEMPT FROM ADVANCE TAX As per section 208 every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form of “advance
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Want to Setup your business in India? Connect with the best Online Registration, Licenses and Return filing solution providers for business across India. Since 2007, LegalSuvidha has been a one-stop shop for all startups or entrepreneurs looking for a chartered accountant, company secretary or lawyer. We have been ensuring Startups and SMEs are fully compliant with India’s legal system. Over the past 15 years, the depth of our offerings has increased and that too at affordable prices and customer satisfaction has made our standing different and we are giving a tough competition to other online facilitators of legal services in India. We have the best team for Company incorporation, Trademark Registration, Auditing, Advisory and Tax Filing for large, medium, small businesses and Startups in India.
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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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