PPF investment benefits for minor
One of the benefits of the PPF account is its 15-year lock-in period. Therefore, if you open a PPF account for your kid at an early stage in his/her life, then by the time he starts working or becomes adult (i.e., turns 18 years of age), the account would hav…
An alumni association is an association of graduates or, more broadly, of former students (alumni).
The purpose of an association is to foster a spirit of loyalty and to promote the general welfare of the organization.Alumni associations exist to support the parent organization's…
The question that attracts every entrepreneurs attention is “what is UdyogAadhar?”. Udyog Aadhar is the government registration of any business entity for a 12 Digit unique number along with a recognition certificate in order to certify small/medium business…
Companies (Registration of Foreign Companies) Rules, 2014 prescribes guidelines to be followed for the registration of a foreign company.
Every foreign company shall, within thirty days of the establishment of its place of business in India, in addition to the particulars specified in the sub…
Abstract: Earlier there was no law specifically guiding the Real Estate Industry in India, which resulted to some discrepancies in respect to both the consumer body and the Industry body.
Thereafter, RERA, 2016 was enacted nationwide.
The essential goal of RERA is making a straightforwar…
INTRODUCTION: The erstwhile VAT/Service Tax regime in India was cumberome due to multiple taxes, innumerable compliance obligations and tax cascading effect. Under the GST regime, it is quite simpler especially for IT sector.
TAX RATES UNDER VAT/EXCISE/SERVICE TAX: Under the erstwhile tax regime…
Presently, URBANA is the tallest residential complex ever built in Kolkata and in the entire Eastern India. Currently, it has five towers of 45 storeys and two towers of 40 storeys. Eco-friendliness is the key feature of the complex, making it the city’s first green residential area. With its ow…
FURTHER ISSUE OF SHARES- RIGHT ISSUE
What is Right Issue
A Right issue is an invitation to existing members to purchase additional shares of the Company.The shares are offered in proportion of their existing shareholding through letter of offer.The Company sets the time limit for the shareho…
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We must be aware that the Government has issued a Notification No 51/2018 CGST dated September 13, 2018, thereby enforcing the provisions under Section 52 of the Central Goods and Services Tax Act, 2017 (CGST Act') related to tax collection at source ('TCS'…
Claiming TDS under rule 37BA
Assessment Year 2018-19 has brought up new ITR forms with some major changes which were the pressing need of the hour. One of them is claiming TDS by the assessee other than the deductee himself.
According to rule 37 BA(2), income on which tax has been deducte…
Section 248 gives power to the registrar to remove name of a company from register of Companies.
If you have incorporated a company but have not done any business or not filed the annual returns for the preceding two years then you may get this letter from ROC. Generally they give 2 such reminde…
About: Section 80TTA provides deduction on interest income from savings bank account to individuals and HUF.
Deduction u/s 80TTA: Any individual, being a resident or a Non-Resident Indian (NRI) or a Hindu Undivided Family (HUF) having interest income on deposits in savings bank account in India …
Sometimes, you may not be able to download Form 26AS from the Income Tax portal due to its large size. You will get an error message of “Due to large size of Form 26AS, this request can only be processed on-demand. Please log-in to TRACES and submit download request for Form 26AS which would be made…
What is Foreign Tax Credit?
If we have earned income from any other country, some tax must have been paid or deducted by the payer as per the provisions of that country. A resident individual of India is taxed in India for the income earned globally. It also includes the income we have earned…
What is notice u/s 143(1)(a) of Income Tax Act?
In the AY 2017-18, several taxpayers have received this notice. The Income Tax department sends this notice seeking a response to the errors/ incorrect claims which attract adjustment(s) under Section 143(1)(a) of the I-T Act regarding mismatch bet…
CLAIMING EXEMPTION U/S 11- NECESSARY PRE-REQUISITES FOR ACCURATE PROCESSING OF ITR
1. Return of income in prescribed form ITR-7 needs to be filed on or before the due date mentioned u/s 139(1).
Section 139(1) applies to-
a) Every person who has a total income that exceeds the exemption …
Section 194IB in the Income-Tax Act -
In the section 194-IB of the Income Tax Act, 1961, it has been said that all the transactions which will be effected from June 1, 2017, a tax will be deducted by the Tenant of the property at the time of making payment of rent to Landlord. This tax shou…
Startup Company Registration in Kolkata
Kolkata, the beautiful capital of the West Bengal is located on the banks of the Hooghly river. This warm place is the seventh most populated city in India. The other name for this city is the City of Joy. With excellent literature rate, this joyful place h…
How to File Income Tax return without Form-16
Paying income tax is the duty of each earning citizen of the country. It’s quite simple. To break it down, a certain percentage of your salary is deducted, and this amount is deposited with the central government. The tricky part is filling your inco…
Valuable Tips about Income Tax Consultancy
Income Tax is the tax which the government takes from income on income of the people. Income tax applies to the financial income generated by all institutions located within the jurisdiction of governments. According to the law, every business and in…