How to save tax efficiently for salaried Individuals
Who doesn’t want to pay less tax? So, in this article we are discussing about how a salaried Individual can save tax through tax planning. Salaried Individuals have comparatively limited options available when it comes to saving tax. Nevertheless, if we utilize what we have efficiently, a significant amount of tax saving can be achieved. […]
Important aspects one should know before filing the ITR
You must have heard about the extension in dates of filing ITR for FY 2018-19 (belated) & FY 2019-20. Here we will discuss about the dates and also some of the important aspects one should know with respect to changes in income taxes: Here’s a summary of extended dates To file belated ITR for FY […]
Things to know before filing ITR for FY 2019-20
The time to file ITR is going to begin soon for FY 2019-20. CBDT has notified various tax forms and provisions regarding the filing of Income Tax Returns. Further, form ITR-1 is available for filing in the income tax e-filing website now. The last date to file belated ITR for FY 2018-19 is 30th June […]
How & Why to recognize your Business as a Startup
The article explains What is a startup, Process of recognition of a startup, Benefits of recognition as a startup which includes Income tax deduction under Section 80 IAC, an exemption under section 56 of Income Tax Act (Angel Tax Exemption), Intellectual Property Right (IPR) benefits, Relaxation under public procurement norms, Self-certification under labour and environmental […]
Debit note: How & when to issue under GST
What is a debit note? When a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to be less than the taxable value or tax payable in respect of such supply, the registered person, who has supplied such goods or services or […]
Ineligible Input tax credit under GST
Ineligible Input tax credit under GST Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available. […]
How to reduce taxes on salary
Introduction The salaried employees are always in a frenzy about taxes and plans out ways to save it. The allowances and perquisites received by a salaried person is either fully taxable or partly taxable or exempt. The article below illustrates different ways in which salaried class can save their taxes. 1. Standard Deduction Standard Deduction, […]
What is Form 16?
Form 16 is a certificate from the employer that has details of salary paid to an employee and tax deducted at source (TDS) from his or her salary for the financial year. It has to be issued by the Employer to the Employee under Section 203 of the Income-tax Act, 1961. It has two sections—part […]
All you need to know before choosing Limited Liability partnership as a form of business
Introduction Limited liability Partnerships (LLP) is the most popular form of partnership in India which is becoming the most favoured form of partnership over the traditional forms of partnerships and sole proprietorships Features of Limited Liability Partnership It should have a minimum of 2 partners There is no limit on the maximum number of partners No […]
Filing of ITR- Income Tax Return after the deadline
Deadline for filing ITR is 31 July for every assessment year. If you missed the deadline, you can always file a belated return up-to 31 March every year. If you have also skipped the deadline for filing a belated return for the year, 2016-17 and 2017-18, you cannot file a belated return anymore. Now, you […]