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CBDT notifies Cost Inflation Index for the Financial Year 2024-25 CBDT notifies Cost Inflation Index for the Financial Year 2024-25   Do you know that the sale of any capital asset like land or building, jewellery etc. is subjected to capital gains tax un

Income Tax Return for Salaried Individuals for AY 2024-25 Income Tax Return for Salaried Individuals for AY 2024-25   For Assessment Year 2024-25, every salaried individual who has a taxable income shall be required to file ITR online on or before

How to Check name availability before company registration in India? How to Check name availability before company registration in India?   Every entrepreneur who wants to register private limited company or register LLP in India is first required to choose

Annual Compliances for Private Limited Companies- An overview Annual Compliances for Private Limited Companies- An overview   Nowadays a large number of startups are coming up in India in the form of LLPs or private limited company. These startups gen

How to draft MOA for your Private Limited Company- Objectives, Contents & Clauses How to draft MOA for your Private Limited Company- Objectives, Contents & Clauses   Whenever a new company is registered with Ministry of Corporate Affairs (MCA), it has to draft and fi

Business Licenses you need for business in India Business Licenses you need for business in India   When a new business is started, the most important thing is getting all the business licenses which are crucial and mandatory for running

Know what is ITR and why it is important to file it What Is an Income Tax Return? Is It Mandatory to File an ITR in India? Direct tax collections in India are setting new records. Year-over-Year (Y-o-Y), tax collections have gone up 19.41% to Rs. 14

Good News for NGOs: CBDT extends due date for filing of Form 10A/ Form 10AB up to 30th June 2024 Good News for NGOs: CBDT extends due date for filing of Form 10A/ Form 10AB up to 30th June 2024   For last 7 months, an issue had been raised by several trusts regarding selective extensio

Choosing the Correct ITR form- ITR 1 or ITR 2 Choosing the Correct ITR form- ITR 1 or ITR 2     Income Tax Department has prescribed seven different forms for filing of income tax return for different categories of taxpayer

Cases where ITR Filing is Compulsory despite income below exemption limit According to Income Tax law, filing of income tax return of individuals is dependent on income threshold. Individuals are mandated to file income tax return only if their annual income crosses the bas

Things to be kept in mind while filing ITR for AY 2024-25   Financial Year 2023-24 has come to an end and every taxpayer might be now willing to submit income tax returns to the Income Tax Department for the Assessment Year 2024-25. But before filing

Education as a charitable purpose under Income Tax Act “Education and Medical Relief” is one of the limbs of the definition of “Charitable Purpose” as per the Income Tax Act, 1961. First, we will discuss “education” as

Relief of Poor as Charitable Purpose under Income Tax Act Charitable Purpose under Section 2(15)- Relief of Poor Section 2(15) of the Income Tax Act, 1961 defines "Charitable Purpose". The definition of "Charitable Purpose" has seven l

Choose the right type of registration for your business Choosing the Right Type of Company Registration for Your Business in India   A number of criteria, including the magnitude of capital investment, the liability of the proprietor, the pre-re

How to update or amend GST Details Using GST Portal How to Update GST Details - Change Address, Place, and More Existing taxpayers are required to complete registration as the initial and critical procedure under the GST regime. Failure to register

How to register a Section 8 Company in India- Meaning, Features, Advantages & Process How to register a Section 8 Company in India- Meaning, Features, Advantages & Process   If you want to form an NGO (Non-Government Organisation) in India, you have 3 options to choose a

GST on Supply of Wood Logs for Pulping GST on Supply of Wood Logs for Pulping   The CBIC issued Circular No. 80/54/2018-GST dated 31st December 2018 clarifying on various GST rates & classification issues including the issu

GST on Amusements Parks having rides GST on Amusements Parks having rides   The CBIC issued Circular No. 164/20/2021- GST dated 06th October 2021 clarifying on various GST rates & classification issues including GST rates

GST rates on Refined Beet and Cane Sugar GST rates on Refined Beet and Cane Sugar   The CBIC issued Circular No. 52/26/2018-GST dated 09th August, 2018 clarifying on various issues including GST classification and rates on refined

GST Rates on Solar PV Power Projects- CBIC Clarification GST Rates on Solar PV Power Projects- CBIC Clarification     The CBIC issued Circular No. 163/19/2021-GST dated 06th October 2021 clarifying on various GST classification issues

Section-8 Company vs. Trust vs. Society- Which form of NGO is better?   Section-8 Company vs. Trust vs. Society- Which form of NGO is better?   If you are intending to form a “Non-Profit Organisation” (NPO) or “Non-Government Organisati

GST on External Batteries sold along with UPS Systems/ Invertor GST on External Batteries sold along with UPS Systems/ Invertor   The CBIC issued the Circular No. 163/19/2021-GST on 06th October, 2021 clarifying on various issues including GST applicabi

INC-20A: Declaration for Commencement of Business- Applicability, Time limits and Penalties INC-20A: Declaration for Commencement of Business- Applicability, Time limits and Penalties     Whenever a new company is incorporated, the subscribers to the Memorandum of Asso

GST rates on Electric Vehicles whether or not fitted with a battery pack- CBIC clarification GST rates on Electric Vehicles whether or not fitted with a battery pack- CBIC clarification   The CBIC issued Circular No. 179/11/2022- GST dated 03rd August 2022 clarifying on various iss

Sodexo Meal Coupon- Meaning & Tax Benefits Sodexo Meal Coupon- Meaning & Tax Benefits   Employers usually provide food facilities as a part of perquisites to their employees. Such food facility may be in-house through canteens r

Trusts/ Institutions allowed to furnish the audit report in Form No. 10B/10BB on or before 31st March, 2024- CBDT Circular Trusts/ Institutions allowed to furnish the audit report in Form No. 10B/10BB on or before 31st March, 2024- CBDT Circular   Entities referred in specified sub-clauses of section 10(23C)

Accounting entries for TDS deducted on expenses under section 194C Accounting entries for TDS deducted on expenses under section 194C   As we are aware that the payer in some cases, is required to deduct TDS on various expenditures incurred by him in respe

GST Applicability of Tamarind Seeds and Tamarind Kernel Powder GST Applicability of Tamarind Seeds and Tamarind Kernel Powder   In this article, we are discussing CBIC clarifications relating to GST applicability on Tamarind Seeds and Tamarind Kernel P

GST rates on Chana Sattu/ Sattu GST rates on Chana Sattu/ Sattu   The CBIC issued Circular No. 80/54/2018- GST dated 31st December, 2018 clarifying on various issues. One such issue is the applicability of GST on Chhatua

GST rates on laterals/ parts of sprinklers or Drip Irrigation System- CBIC Clarification GST rates on laterals/ parts of sprinklers or Drip Irrigation System- CBIC Clarification   The CBIC issued the Circular No. 155/11/2021-GST dated 17th June 2021 for clarifying on the issue