For people other than Tax audit and Company, last date is 31st July. For people on whom tax audit is applicable or our company, last date is 30th Sept.
There are 7 types of ITR forms.
Yes all ITR are filed online and assessee can file by themselves. But to avoid any mistakes it is highly suggested to take help of tax professionals.
There is still time to file the return till 31st Dec now, but interest as per section 234A gets charged and penalty for late filing is there.
Anyone whose income is more than the basic exemption limit is required to file the return.
Anyone whose income is more than Rs. 1,20,000/- or Turnover of business more than Rs. 10,00,000/- is required to maintain books of accounts.
income under the presumptive section 44AD
Gross receipts should be less than Rs. 2 Cr. Provided the firm or individual opting for presumptive taxation scheme have to declare minimum 8% profits or 6% in case of digital receipts.
Either of the following criteria is fulfilled :
● Turnover > Rs. 1Cr + Not applied for presumptive income.
● Rs. 1cr < Turnover < Rs. 2Cr - Income is less than minimum presumptive income.
● Turnover > Rs. 2Cr
Internal audit helps in analysing daily routine mistakes in accounting and business running. A proper internal audit can help business be managed and run efficiently during the year.
3yrs of tax exemption u/s 80IAC , Tax exemption u/s 54EE and exempted from tax levied on investments which are above fair market value.
First 20lakh turnover in case of services and 40lakh turnover in case of goods is exempt from GST.
100% Yes. There are a lot of accounting and legal requirements which founders don't know about. Founders should be focussing in their business and generate turnover, financial compliance should always be outsourced unless one of the founders is from finance background.
If a startup is a company then from 01st Apr,2021 it's important to maintain books of accounts properly with an audit trail in it.
Yes, there are many:
1) The rates of interest charged are reduced
2) Easy sanction of bank loans.
3) Avail Excise exemption scheme
4) Avail exemptions under Direct Tax Laws and also
5) Statutory support such as reservation and the interest on Delayed Payments Act.
In general, yes. However, there are some limitations on registering a new company. Whilst many company names are freely available, others are protected.
The registered office is the official address of the company. This is held on record by Companies House and displayed on the public register.
No, not all directors are shareholders. Directors can be shareholders but they do not have to be.
Directors are the decision makers for the company whereas shareholders are the owners.
Please choose your preference. There is no legal difference.
GST (Goods and Services Tax) is an indirect tax that has replaced many Central and State taxes like excise duty, VAT and service tax. It is a single comprehensive tax levied on all goods and services.
IGST applies to interstate transactions and CGST and SGST to intrastate transactions. IGST is collected together and distributed to the Central and State Governments. SGST and CGST are collected directly by the Central and State Governments.
GST is a destination based tax, i.e., the goods/services will be taxed at the place where they are consumed and not at the origin.
Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
● Businesses with turnover above the threshold limit of Rs. 40 Lakhs
● Input service distributor
● Those paying tax under the reverse charge mechanism
● Person who supplies via e-commerce aggregator
● Every e-commerce aggregator
Yes, person carrying on multiple business verticals in a state may be granted a separate GST registration for each such business vertical subject to such conditions.
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