Which business entity registration type should you choose for your new business?

That’s the first question that comes to anyone’s mind who has validated a business idea or want to kickstart a new business- “Which entity should I choose for starting the business?” That’s an important question because how you are going to answer this & what factors would you take into account to make the decision… Continue reading

Can IT Freelancers/Professionals opt for Presumptive scheme of Income tax?

Presumptive scheme under Income tax is a popular scheme used by Businesses & Professionals. This scheme essentially reduces the burden of Income tax compliance on Micro & Small businesses & Professionals. Presumptive scheme for specified professionals was introduced in 2016. Presumptive scheme allows the taxpayer to presume their income as a certain % of their Gross… Continue reading

Turnover certificate for various purposes

A turnover certificate is a detailed factual statement which certifies the turnover of an entity on basis the requirements. This certificate assures the users about the turnover generated by the business entity during a given period of time. Contents of a Turnover certificate The contents of this certificate will depend upon its requirements & the… Continue reading

Converting proprietorship business to a private limited company

You start a business as a proprietorship. After sometime, the business starts growing, which brings the need to change the constitution of the business from proprietorship to a company due to various factors such as: Need of capital for further expansion of business, saving in income tax through reduced tax rate etc. There are number… Continue reading

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…. Continue reading