With relaxations in tax rates for companies, More and more businesses now tend to choose body corporate over other different types of entities. MCA, too has made the process of incorporation of Companies a lot more easier with all the important registrations such as PAN, TAN, GST, etc being granted on Incorporation of a Company. […]
Author Archives: Kartik M Jain
27
Jul
Jul
Often Taxpayers while filing their Tax returns make innocent mistakes, not with the intention of evading taxes but simply out of ignorance. These mistakes though innocent may prove costly to you and invite notices from the Income Tax Department. Below are 5 such mistakes that you should avoid while filing your ITR:- 1. Not Filing […]
23
Jul
Jul
Deductions are those expenses that are allowed to be deducted from the total taxable income of the assesse and thus reduce the tax amount. All the provisions and rules regarding deductions are covered by Chapter VIA of the Income Tax Act, 1961. These deductions are of different types some are allowed on investing the income […]
20
Jul
Jul
Introduction Director’s remuneration means the fees or salary or compensation drawn by the director from a company in which he is the director for the services rendered in managing the day to day affairs of the company. The question has always been raised whether this remuneration attracts GST or not. However, CBIC vide circular no. […]
16
Jul
Jul
Generally, Employers give an allowance for house rent as part of the salary paid known as House Rent Allowance or HRA which can be claimed as deduction by the employees for the rent paid by them. However, sometimes the employer pays the entire salary as basic salary without any bifurcation or in cases where the […]
10
Jul
Jul
With India stepping up in Ease of Doing Business rankings, there has been an influx of NRIs setting up business units in India. For NRIs to set up a business in India, GST registration is necessary. We will discuss the registration process under GST for non residents. Process of Registration Provisional Registration:- An application must […]
07
Jul
Jul
Meaning:- HUF means a Hindu Undivided Family and for the purpose of Income Tax, It is an entity separate from its members. Although an HUF is governed by Hindu Law Board , even Jains, Sikhs and Buddhists can form an HUF. An HUF has a separate PAN and the Return of Income of an HUF […]
04
Jul
Jul
Due to Lockdown amid Corona virus, Government had announced various measures to ease the burden of financial stress on Common man. However, some of the relaxations ceased to exist post 1st July, 2020. Following is the list of personal finance changes post 1st July,2020 ATM Withdrawal Restrictions :- On 24th March,2020 it was announced that for […]
30
Jun
Jun
The Income Tax Act,1961 provides for a deduction for interest paid on Loan taken for educational Loan for Higher Studies under section 80E. Since Higher Studies are very expensive , this section aims to reduce the burden on the taxpayer by providing a deduction from his Taxable Income. Eligibility:- Only an individual Taxpayer can claim […]
22
Jun
Jun
Tax Audit under section 44AB of Income Tax Act,1961 Meaning of Tax Audit :- An audit means the verification of books of accounts by an independent auditor and expressing an opinion on the financial statements drawn with respect to those books of accounts. Several statutes provide for the audit of books of accounts. […]
