Licenses & Registrations
GST fake Invoices, ITC frauds & its consequences
WHAT IS A FAKE INVOICE? Though, Fake Invoice is not defined under Goods & Services Tax Act, 2017. But in general, Fake Invoice refers to an Invoice which does not comply with the provisions of the Act and Rules. In simple terms, When a registered ...
Go Colors (Go Fashion India) IPO – Should You Invest?
Go Colors IPO (Go Fashion (India)) Limited IPO) Details Chennai based Go Colors (Go Fashion (India)) is coming up with an IPO that would open for subscription on 17th November 2021. Go Fashion (India) Limited is India’s largest women’s bottom-wear ...
Why Company Offers ESOPs to their Employees?
An ESOP (Employee stock ownership plan) refers to an employee benefit plan which offers employees an ownership interest in the organization. Employee stock ownership plans are issued as direct stock, profit-sharing plans or bonuses, and the employer ...
Penalty & Prosecution of TDS/TCS Compliance
The concept of TDS was introduced by government through Chapter-XVII-B with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person ...
How to Apply Certificate of Origin for Exporters
Certificate of Origin (COO) Certificate of Origin is issued to the exporters who are willing to export their products outside India and in order to verify the products, the exporter has to produce various documents before the authorities to prove ...
How to Get a Pollution Certificate/License for business in India?
A pollution license/certificate is a written official consent from the State Pollution Control Board to establish or operate any business that has the potential of generating pollutants or ‘trade effluents.’ What are trade effluents? Chemical waste ...
What is Asset Allocation and How to do it Right?
In nature, useful compounds such as table salt are often formed by combining potentially volatile elements such as Sodium and Chloride in a specific proportion. Similarly, creating an investment portfolio offering the optimal balance of risk and ...
Section 80G Deduction Benefits & Limits
Section 80G One of the best ways to save money on tax while also doing your bit to contribute to the world is by making donations towards charities that will then give you deductions under Section 80G. These have to be trusts or institutions that are ...
What is GST registration for foreigners?
GST registration for foreigners is necessary for the non-resident taxable persons who are making taxable supplies in India. With India emerging as an economic powerhouse, a lot of non-resident Indias are willing to set up business in India. Hence, a ...
What Is a Tax Haven & its Actual Benefits?
A tax haven is a country that offers foreign businesses and individuals minimal or no tax liability for their bank deposits in a politically and economically stable environment. They have tax advantages for corporations and for the very wealthy, and ...
Corporate Taxes Applicaibility & Filing
What is Corporate Tax? A corporate tax is a levy which the government imposes on the income of a company. The money collected from corporate taxes is used as the source of revenue for a country. Operating earnings of a company are determined by ...
New Section 80JJAA Deduction for Salaries paid to New Employees
The Government of India, to promote employment generation activities, had introduced Section 80JJAA under Chp. VIA of Income Tax Act, 1961, allows for deduction in respect of employment of new employees. Section 80JJAA enables an employer to enjoy ...
Section 115BAB: Corporate Tax New Manufacturing Companies
Section 115BAB–Corporate Tax Rate for New Manufacturing Companies The government has introduced a favourable tax regime for new manufacturing companies. The Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019 has inserted Section ...
Form 61A – Statement of Specified Financial Transactions (SFT)
For keeping a watch on the high-value transactions done by the taxpayers, the Income Tax Act has framed a new concept to furnish a Statement of Financial Transactions or reportable account, previously also known as Annual Information Return (AIR). ...
Income Tax Department prescribes guidelines for Verification of Suspicious Bank Accounts
After the demonetisation, the banks are instructed to levy charges on cash transactions above a specific limit. Further, RBI has made it mandatory to investigate unusual cash transactions. This is because many malpractices were noticed when cash ...
E-Invoicing for businesses above Rs.50 crore turnover
The Central Board of Direct taxes and Customs (CBIC) has made the e-invoicing system mandatory for taxpayers with a turnover higher than Rs.50 crore from 01st April 2021. Who should comply with e-Invoicing and Roadmap Notified? The ...
How to Respond to a Defective Return Notice?
It is natural to make a mistake or two when you do something you don’t often do or are not used to doing – like filing income tax returns. Sometimes we may miss entering specific information, and sometimes there could be an error. In such cases, your ...
Eligibility to be the Member of EPF
Provident Fund Employees’ Provident Fund is a statutory benefit payable to employees working in India. The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 ("Act") is applicable pan-India. The administration and management of ...
NGO Darpan Registration - Process and Procedure
The NGO-DARPAN is a unique platform that serves as an interface for NGOs and critical government departments. The NGO DARPAN is an initiative started by the NITI Aayog and the National Informatics Center. It allows for the interchange of vital ...
Advantages of E-invoicing System in GST
Introduction The GST Council, in its 35th meeting held on 21stJune 2019, has recommended the introduction of electronic invoices (‘e-invoice’) in GST in a phased manner on a voluntary basis for online generation of B2B e-invoices from January 2020. ...
Steps & Process of Appeals under GST
What is an appeal? Any appeal under any law is an application to a higher court for a reversal of the decision of a lower court. Appeals arise when there are any legal disputes. What are disputes? Tax laws (or any law) impose obligations. Such ...
Inspection, Seizure & Confiscation- For Goods in Transit
In any tax administration the provisions for Inspection, Search and Seizure are provided to protect the interest of genuine taxpayers as the Tax evaders by evading the tax get an unfair advantage over the genuine taxpayers. These provisions are also ...
Income Tax Intimation U/S 143(1)
ITR filing procedure does not finish on the stage of verification. When the person has validated his tax returns, the income tax department initiates the tax return process. Post to the process of income tax return, the income tax department sends ...
How to Link Aadhaar Number to PAN Card?
An Aadhaar card contains a unique 12-digit number issued to every citizen in India by the Unique Identification Authority of India (UIDAI). It acts as an identification number that can be used to access the cardholder’s details, such as biometrics, ...
When do we need to Prepare Books of Accounts & Audit?
The Income Tax Act has specified the books of accounts required to be maintained for Income Tax, and these have been prescribed under section 44AA and Rule 6F. Who is required to maintain books of account? Books of accounts/accounting records have to ...
SFT – Statement of Financial Transaction
Accumulation of black money has been one of the major threats to the Indian economy. The government of India along with the ministry of finance has been striving towards curbing black money and also widening the tax base and has taken numerous ...
Tax Evasion In India : Common Methods & Penalties
People use many methods to evade paying taxes in India, ranging from false tax returns and smuggling to fake documents and bribery. The penalties for this are high, from 100% to 300% of the tax for undisclosed income. What is Tax Evasion? Tax evasion ...
All about blocking and unblocking of e-way bills
Blocking of e-way bills is done on the government portal if the taxpayers do not file their GST returns continuously for two tax periods. Learn more about how this happens and what can be done to unblock the e-way bill generation. Latest update on ...
Types & Taxation of Exchange Traded Fund (ETF)
What Is an ETF? An exchange-traded fund (ETF) is a type of security that tracks an index, sector, commodity, or another asset, but which can be purchased or sold on a stock exchange the same way a regular stock can. An ETF can be structured to track ...
Pandora Papers: A simple guide to Pandora Papers leak
The Pandora Papers is a leak of almost 12 million documents that reveal hidden wealth, tax avoidance and, in some cases, money laundering by some of the world's rich and powerful. More than 600 journalists in 117 countries have been trawling through ...
What is Copyright? Registration & Benefits
Copyright is a kind of intellectual property protection like trademark and patents. Copyright registration is done following the Copyright Act, 1957. With copyright registration, you become a legal owner of your creative work in respect of books, ...
Comparison between Crypto Currency & Stocks
It is not a new thing for people to invest their money in a profitable source to build wealth. Although all kinds of investment portals come with a certain degree of risk, some are less volatile and can shield themselves against massive economic ...
What is Professional Tax – Meaning, Rates & Compliance’s
Many salaried employees might be very well aware of the term ‘professional tax’ as it would have been mentioned in the payslips/Form 16 issued to them. But all of them may or may not understand what it is and why is it appearing in their ...
How to Save Income Tax in India
Learn all about how to Save Income Tax in India Approximately 1.46 Crore people have filed tax returns in the financial year 2018-19. A total of ₹11.17 Lakh Crore has been generated as revenue from such tax collection from the masses, as reported by ...
PTEC and PTRC Registration in Maharashtra
PTEC stands for Professional Tax Enrolment Certificate and PTRC stands for Professional Tax Registration Certificate. Usually these Registration are required to conduct business in Maharashtra and in many other States. PTEC allows to pay professional ...
Licenses required to run a restaurant in India
These are the most critical restaurant licenses required to open a restaurant, obtaining them will ensure that your restaurant operates legitimately. 1. FSSAI License The FSSAI license, also known as the Food License is one of the most important ...
Procedure for Obtaining a Lift License & Its Renewal
Electrical Lift Installations in commercial, residential, office complexes, etc., (excluding the Lift covered under the Factories Act, 1948) are inspected, and licenses are issued/renewed to secure protection to the persons using the lifts and safe ...
Calculating Income Tax for Foreign Nationals in India
Calculating Income Tax for Foreign Nationals in India Income tax for foreign nationals in India is determined based on their level of residency. Foreign nationals who are employed in India are liable to income tax. Only foreign nationals who qualify ...
Basics of Income Tax for Beginners
Paying your income tax for the first time is a milestone in any citizen’s life. However, the process can seem too daunting and tedious for a first-timer, and some of the terms tend to go right over your head. This needn’t be so. To help you ...
Registration Process for Contract Labour Act
An Act to regulate the employment of contract labour in the specific establishment and provide for its abolition in certain circumstances and matters connected in addition to that. It Applies:- a) To every establishment in which ten or more workmen ...
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