Filing an Income Tax Return (ITR) is not just about crunching numbers, it is about gathering the important documents that provide a clear picture of your financial expenses. From income statements to investment proofs for deductions and exemptions, the documents required for ITR filing serves as the base for an easy and accurate tax filing […]
10 Crucial documents required for ITR Filing in India Read More »
Based on latest studies, India is setting new records in generating direct tax revenue. As of January 10, 2024, the tax collection increased 19.41% year over year to INR 14.70 lakh. The sum has exceeded the total budget forecasts for FY 2023–2024’s 80% tax collection target. Income taxation is important to a nation’s development. It
Top 5 Benefits of Income Tax Return (ITR) filing on time Read More »
The Goods and Services Tax is an integral part of tax reforms in many countries around the world, aimed at simplifying and streamlining the indirect tax structure. In this article, we will explore the objectives of GST and how they impact businesses and consumers. What is Goods and Services Tax? The Goods and Services Tax
What are the objectives of GST: Goods and Services Tax Read More »
In India, the concept of e invoice under GST denotes electronic invoicing defined by the Goods and Services Tax (GST) law. An electronic invoice, also known as an e-invoice, is a digital document that is shared electronically between a customer and a supplier and is verified by the government tax portal. Business-to-business (B2B) invoices are
Simplifying the concept of e invoice under GST: GST e invoice Read More »
For businesses engaged in such transactions, obtaining a Goods and Services Tax Identification Number is not just a regulatory requirement but a deliberate move towards compliance and smooth operations. In this article, we will go through the significance of the minimum turnover for GST and understand the various factors that contribute to its determination. In
What is the minimum turnover for GST: GST Threshold limit Read More »
The introduction of Good and Services Tax (GST) has revolutionized the Indian taxation system by replacing a complex structure of multiple taxes. Sole Proprietorship GST Registration is important step in compliance with the prevailing tax laws. For the entrepreneurs and business owners it become imperative to understand the nuances of GST Registration for Sole Proprietorships.
Online Sole Proprietorship GST Registration in India Read More »
The validity of GST registration certificate for standard taxpayers is for life, until the tax authorities cancel it, or the taxpayer voluntarily cancels it. Using the same GST Certificate, taxpayers can seek the revocation or cancellation of their Goods and Services Tax (GST) registration. The validity of GST Registration Certificate is 90-day for non-resident and
What is the validity of GST Registration certificate? Read More »
In India’s tax system, the Goods and Services Tax (GST) stands as a transformative dynamism, restructuring value-added tax levied to the nation’s financial architecture since July 1, 2017. This revolutionary tax system replaced a complicated indirect tax and aimed to create a unified market by bringing together the various economic spheres under one umbrella. However,
Types of Goods and Services Tax: Types of GST in India Read More »
A One Person Company is a company structure that allows for the formation of a business with only one individual as its owner. So the next doubt come to ones mind is that, can LLP be converted into One Person Company? This blog gives you an idea on the conversion. An OPC is a type
Can LLP be converted into One Person Company? Read More »
The concept of One Person Company came into existence in India after the enactment of the Companies Act 2013. In this blogs, we will look into the Pros and Cons of One Person Company in India. The objective of this notion is to boost small entrepreneurs and young innovative minds to start their entrepreneurship without
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