Input tax credit (ITC) can be understood as a deduction on total GST payable by the businessman. ITC is availed by the businessman by paying GST on the purchases and other expenses incurred for the business, Thus while paying GST the ITC already paid in the course of Purchase and other expense is deducted and […]
11
Jun
Jun
Introduction:- India is a developing economy. The speed of business is increasing day by day. As a result of this the volume of transactions is increasing at an equal speed. But along with these growth sectors there runs a parallel economy of corruption and money laundering. These sectors hinder the growth of the economy as […]
19
Feb
Feb
Purpose of TDS The main purpose of TDS is to minimize the tax evasion. Through TDS the government can collect the tax at an early stage weather wholly or partially. Some people intentionally tend to evade tax by not disclosing their incomes on the other hand some people cannot show their taxable income due […]
19
Feb
Feb
The Indian Tax system is divided into two types, namely Direct Taxes and Indirect Taxes. Direct taxes are the part of the earnings which a person directly pays to the government. On the other hand, indirect taxes are paid by the consumers of goods and services in addition to the price of such goods and […]
19
Feb
Feb
TDS is applicable on sale of property. As per the Union Budget 2013 TDS is to be deducted on sale of property when the consideration exceeds Rs. 50,00,000. This provision is applicable to all the transaction being entered into from 1st June 2013. The TDS has to be paid on the entire amount and not […]
06
Feb
Feb
The Government of India has undertaken an initiative named as Startup India in order to facilitate innovations and simplification of processes. The Government of India is providing various incentives and Tax benefits to startups. Eligibility Criteria for Startup Recognition: An entity shall be considered as a Startup upto a period of ten years from the […]
06
Feb
Feb
There has been a rise in the number of Startups Registration thanks to the attractive tax holidays provided by the Government in the past few years. However, Startups registered as Private limited Companies have a lot of compliance burden. Following is the list of most of the Compliances which a Start-up is needed to follow, […]
04
Feb
Feb
Direct Tax Simplified and New Income Tax Regime as an option to the old regime the old regime. Income Bracket (INR lakh) Tax Rate (per cent) Below INR 5,00,000 5,00,000 – 7,50,000 Exempt 10% 7,50,000 – 10,00,000 15% 10,00,000 – 12,50,000 20% 12,50,000 – 15,00,000 Above 15,00,000 25% 30% In the new tax regime, substantial […]
06
Sep
Sep
Introduction As per section 3 (1) of the Companies Act, 2013, a company may be formed for any lawful purposes in the form of a Private Limited Company with minimum of 2 persons Public Limited Company person with a minimum of 7 persons One Person Company In a country like India where sole proprietorship form […]
16
Jul
Jul
Funds are the most important part for running a business. The Companies borrow funds from various sources like Banks, Financial Institutions, other Body Corporate Members, Director or Stake Holders etc. These funds are further classified into two parts viz Owned Capital and Borrowed capital or Borrowings. Owned capital comprises of funds collected by issuing shares […]
