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Pan Card Registrations
From July 1st, 2017 onwards, as per a new law passed by the government of India, your Aadhaar and Permanent Account Number (PAN) has to be linked for e-filing your income tax returns. To do this, you have to register your PAN number on the e-filing portal of the Income Tax Department website. Procedure for…
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Documents Required for Sole Proprietorship Registration in India
Sole Proprietorship is the easiest form of business done in India since it isn’t governed by any specific laws. Under sole proprietorships, compliance’s minimal and easy to fulfil. A sole Proprietorship means a business carried on by one person. The decision-making and management of the business are in the hands of a single person. Documents Required…
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Shop and Establishment Act Registration, Goa, India
Every state has its own Shop and Establishment Act (“Act”). However, the general provisions of the Act are the same in all states. The Shop and Establishment Act is regulated by the Labour Department of the respective states. The Act regulates all the shops and commercial establishments operating within the state. The respective states issue…
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Sole Proprietorship Registration in Goa, India – Procedure & Advantages
A Sole Proprietorship form of business organisation is where a business is managed by a single person. Generally, it does not require any registration as such. Any individual who wants to start a business with less investment can choose this type of business form. The control of the business is solely in the hands of…
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HUF | Hindu Undivided Family – Tax Benefits
What is HUF? How HUF is formed? HUF does not arise from contract, but it is a creation of Law. After marriage as soon as a child is Born, HUF comes into existence. What documents are required for HUF formation? Tax Benefits on formation of HUF As HUF has a separate legal identity, there are…
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One Person Company (OPC) Registration
Running your own business but need company status? Register as OPC! One Person Company (OPC) Registration in Goa, India One person company (OPC) as a concept allows an individual to reap the benefits of being a company with a limited liability. The individual can make riskier decisions without worrying about losing personal assets, which has…
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Income Tax Rate For One Person Company FY 2022-23
Company Act 2013 introduced our new concept of a single-owner company which is One Person Company as the name presents its company of one person. It’s similar to a private Limited company however in compliance there is relief for OPC Company. OPC is not recognized in Income Tax Act 1961. For taxation purposes, One personal…
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Budget 2023 Highlights: Key Takeaways, Important Points
The Finance Minister, Nirmala Sitharaman, unveiled the Union Budget 2023 on 1st February 2023. Generally, the budget before general elections is always a much-anticipated one with everyone hoping for big, bold moves. But most budgets tend to fall short on the surprise factor. This year’s budget was no exception as it was mostly just a…
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Income Tax – Latest Updates – Income Tax Guide 2022-23
What is Income Tax? Income tax is a type of direct tax the central government charges on the income earned during a financial year by individuals and businesses. It is calculated based on the tax slabs defined by Income Tax Department. What’s New in Income Tax