India is the world’s third-largest incubator, with 55000 start-ups. There are 59 unicorns among them. Start-ups are growing in number and scale as a result of the digital revolution. The government has supported this gathering with a number of programmes. Special mention should be made of tax breaks and the effective resolution of issues such…
The Income Tax Return (ITR) is a self-declaration form in which taxpayers are obliged to provide information about their income and tax liability. The majority of individual taxpayers record their own ITR. Because income tax is complicated legislation, a typical taxpayer does seem to make mistakes when filling out the ITR forms. In this article,…
Provident Fund revenue has been tax-free for many years. As with old provisions, at least 12% of salary should have been paid to the employer and employee in the Provident Fund. More than 12% of an employer’s salary was tax-deductible. To bring more benefits to higher-income earners under tax revenues, the Union Budget 2020 has…
Form 16 is a TDS certificate that lists out the taxable income to be paid to the government thus, every employee/ salaried individual has to obtain Form 16 from employer to file an Income Tax Return (ITR) every year. Contingent upon the employer has to provide with the Form 16 and in case of non-providence…
We’ve all heard about India’s accomplishment at the 2020 Tokyo Olympic Games. Whether that was Neeraj Chopra’s gold or Mirabai Chanu’s silver or our women’s hockey team’s medal from afar, they have all made the nation pleased. Indeed, their triumphs have fuelled the desire of the players of our future generation to pursue sports as…
Now while making Purchases of Goods you need to keep in mind for this all new Section 194Q of the Income Tax Act, which is introduced through the Finance Act – 2021, bringing in new TDS provisions on the purchase of goods. This became effective from 01/07/2021. So, let us now dive into the details…
How do you save taxes through mutual fund investment? For individual investors, there are plenty of answers but can companies save taxes? Corporates, businesses, companies, did you know? You can save on taxes and generate higher returns on your investment. This means that, if you are investing in financial instruments such as mutual funds, you…
The rebate under section 87A is one of the several tax provisions that help taxpayers decrease their tax liability. This section is inserted to provide relief to individual taxpayers. You can apply for an income tax rebate under section 87A if your gross income does not exceed Rs 5 lakh per financial year. This article…
COVID-19 is the biggest and worst pandemic seen by mankind. India is one of the worst effected countries by this pandemic. The government of India is trying all means and measures to make it possible for the country to stride through COVID-19. Government is giving medical facilities, economic aid and all other types of possible…
LLP stands for Limited Liability Partnership Firm. LLPs are formed as per provisions of LLP Act,2008. It is like a combination of Firm and a Company. LLP has got statutory compliances more or less like a Company. On the other hand, for taxation purpose it is treated like a partnership firm. In this article we…