Licenses & Registrations
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 ...
Interesting Differences between MOA and AOA of the Company
An entrepreneur is consistently in thrilled mode when he starts a new business. There are plenty of ideas running in his mind once the business gets started. When a company gets set up, it is a legal entity, governed by the Ministry of Corporate ...
Don’t Forget to Include these Incomes in Your Income Tax Return
Are you filing Income Tax Return? If yes, this article is for you. The due date for filing of Income Tax Return is extended to 31st December 2021 from 30th September 2021 for the Financial Year 2020-21 i.e. A.Y. 2021-22. In this article, we will ...
Difference between EPF and EPS in India
Employee's Provident Fund (EPF) and Employee Pension Scheme (EPS) are framed under the Employee's Provident Fund & Miscellaneous Provisions Act, 1952. The schemes are administered by the central board of trustees that consist of representatives of ...
Patent Registration & Its application process & grant possibilities
The Patent is an exclusive right granted to the Patentee over their invention for a limited period. Through Patent Registration, the Patentee shall have all the rights regarding controlling, making, using, selling or importing patented product or ...
Scam 1992 Explained: Harshad Mehta Scam
The irregularities in securities transactions of the banks and financial companies known as securities scam, which came to light in the second quarter of 1992 are unprecedented in many respects. Both the volume and the involvement of individuals and ...
Advantages of Applying for Gumasta License
Gumasta License is a mandatory registration required for doing any business in the state of Maharashtra. Gumasta license is the license obtained under the Shops and Establishment Act of Maharashtra. Every person who establishes a company needs to ...
Clubbing Of Income in Income Tax return
There are many occasions when you may require to club income of someone else with your income. If you are planning to transfer any of your assets/income to another person as a means of tax planning to avoid the income getting taxed in your hands, ...
Cases when ITC-01 must be filed
On the date of obtaining the GST registration, persons carrying on regular business would be holding stock of inputs, capital goods and finished goods at their place of business. The GST paid on such goods purchased cannot be claimed as Input Tax ...
How UDYAM Registration benefits the MSME Sector?
The main question that several newbie entrepreneurs have in their minds is what Udyam Registration is. If you are having the same question, then you are at the right place. Udyam Registration also known as MSME Registration is nothing but a ...
MCA Extends Due Date for Holding Annual General Meeting by 2 Months (FY 2020-21)
Reportedly, the MCA has decided to extend the Due Date for Holding of AGM by the companies, by 2 months from the original due date in respect of the financial year 2020-21 ended on 31/03/2021. Accordingly, respective ROCs have been advised to issue ...
RBI Mandates Notification on Credit Cards
Various digital service providers like OTT platforms have predicted a 10-15% fall in their user base after a change in auto-debit rules comes into effect from October 1. Banks have started informing customers about changes in auto-debit transactions ...
When should a Taxpayer make payment in DRC-03?
DRC-03 is a form under the GST law that is required to be filed for voluntary tax payments towards demand, or tax shortfall noticed later on after the time limit to file returns of a financial year expires. CGST Rule 142(2) and (3) covers this form. ...
Import License of Drugs & Cosmetics in India
In India, import, manufacturing, sale, and distribution of drug is regulated under Drugs and Cosmetics Act 1940 and Drugs and Cosmetic Rules 1945. An Import license is provided for the import of drugs and cosmetics subject to those which are ...
Supply to Special Economic Zone under GST
Meaning of Special Economic Zone (SEZ) A special economic zone (SEZ) is a dedicated zone wherein businesses enjoy simpler tax and easier legal compliances. SEZs are located within a country’s national borders. However, they are treated as a foreign ...
Steps to Upload KYC in EPF UAN
Ever since the Universal Account Number was introduced in 2014, all processes associated with the Employees’ Provident Fund (EPF) have become easier and quicker. You will need the UAN to upload your KYC documents on the EPFO. Documents can be ...
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