MPVD & Associates
Incorporated in 2014, MPVD & Associates is headquartered in Kolkata. We are a distinguished audit and tax advisory firm that brings objectivity, excellence, integrity, and insight. We are dedicated to help our clients to achieve success. Anyway, our renowned CA firm in Kolkata, our team comprises dedicated CA professionals. And, they are proficient across a range of business needs and have the expertise to bring value to our clients’ businesses.
What Are The Characteristics To Look For While Hiring Law Firms? Article - ArticleTed - News and Articles. Facing a lawsuit, court case, or any type of legal action can be stressful, daunting, and intimidating. When you are dealing with a problem that requires legal help, your choice of representation is extremely important. A legal representative can help you in several ways and support you in all aspects of your case. That’s why it’s vital to only consult renowned law firms in Cork with extensive experience as they can dedicatedly defend your interests. Perhaps you are in search of employment solicitors to deal with your workplace disputes or need divorce solicitors to handle the legal proceedings to end your marriage. No matter the legal situation you are involved in, you should be confident that you are in capable hands. Even though it might be tempting to hire a solitary lawyer, you should never rush as it’s always in your best interest to hire a law firm for every legal issue.
Remember; the right law firm can transform your life completely. Vast Experience And Expertise Conclusion: Importance of ITR Return Filing for Sole Proprietors - MPVD. A sole proprietor with self-employed earnings below the “taxable income” range might have this question: is it compulsory to file an income tax return? The simplest answer is a BIG YES. A more elaborate explanation is covered in this article by MPVD & Associates. How and When Are Sole Proprietors Taxed in India in 2023 In India, a sole proprietorship is not taxed as a distinct legal entity. Instead, business owners report their personal taxes together with their business taxes. All proprietors under the age of 60 are required by the Income Tax Act to submit an income tax return if their total income exceeds 2.5 lakhs, according to the Income Tax Slab rates for FY 2022–23. Below are the common factors for sole proprietor taxation in India The income tax brackets for sole proprietors or self-employed individuals are the same as salaried persons in India.Taxation for sole proprietors enables progressive and fair tax systems in the country.
What Is The Tax Slab Rate for Sole Proprietors in 2023. Importance & Advantages Of A Tax Preparation Services. Difference Between Business And Company Formation in India. Let’s acknowledge at the outset of this article that establishing a business is very different from company formation in India. If you are looking to start your own venture, either set up a business or a company, then this article goes out for you with some clear advice on the right approaches to take your decisions more consciously.
Businesses and anything regarded as independent labour that earns money can exist everywhere. Home-based bakers, Amazon sellers, lawyers, artists, and athletes are all examples of businesses, ranging from independent freelancing, and self-employment to full-fledged entrepreneurship with GST registration and operating through a registered business. At MPVD & Associates, we offer GST Consulting services for hundreds of business owners that start small as individuals and doing great. For a business, it sometimes doesn’t even matter whether it is registered or not in India. Establishing Your Startup in India in 2023 However, what defines a company as a startup?
A Guide to Using MPVD Company Audit & Taxation Services for Kolkata-Based Startups - MPVD. The Indian government is giving startups a lot of attention and support in terms of taxation, compliance, and funding. Although there was a significant decrease in funding in 2022 as a result of an increase in the number of late-stage investments that were declined, experts predict that Indian startups will have a more promising future in 2023 and the years to come.
All because of their strong economic unit and ability to weather the current global economic crisis. Recent market studies predict that over the next five years, startups will boost India’s GDP by up to 5%, which is now 2.5%–3%. Over 77,000 startups were acknowledged by the Department for Promotion of Industry and Internal Trade as of August 2022. (DPIIT). Startups, as business entities, look for the necessary financing promptly at various stages. Statutory and Non-Statutory Audits for Startups in India When a company’s annual revenue exceeds Rs 1 crore, the Finance Act 2020 requires it to undergo a tax audit. How Can a Chartered Accountant Help Your Business Run Smoothly? All businesses undergo financial ebb and flow. While some surrender to cash flow disruptions in the face of a financial disaster, others succeed in overcoming such a situation. The difference between the two scenarios is a tax & accounting company, is often taken for granted but without the guidance of whom finances of a firm hit rock bottom.
Operated by chartered accountants (CA), the motive of the experts is to regulate organizational finances, offer financial guidance, and assist with money management. Some of the most vital tasks like audits, transactions, finance, and tax compliances are all carried out by them. We are going to start from the essential skills existent in a CA that make one eligible for enforcing modifications and advising solutions to tackle the financial crises of a firm. With the help of these stated skills, a CA plays the following roles and responsibilities to ensure everything runs seamlessly in the business: Perform financial accounting duties Final Thoughts:
Tips to Prepare for Your First Tax Audit in 2023 - MPVD. In order to maintain compliance with the law and prevent fraudulent tax practices, enterprises and individuals are required to undergo tax audits by a chartered accountant, according to Section 44AB of the Income Tax Act of 1961.
If your Indian business has a revenue of Rs. 1 crore or more in a fiscal year, it must face a tax audit, as must a professional service provider with an annual revenue of over Rs. 50 lakhs. Tax returns are audited by the Indian Revenue Service (IRS). The majority of audits will focus on returns that were filed during the last two years.
The IRS sends out notices to taxpayers to have the statute of limitations for tax assessments extended, only in the event that an audit is not completed. The idea of a tax audit could be intimidating, especially for first-timers. Getting Prepared for Your First Tax Audit in India After getting an IRS notice, your first task is to be ready for your answer letter. Clean and Organise All Relevant Financial Data That Could Be Audited. Tips to Prepare for Your First Tax Audit in 2023 - MPVD. How Company Taxation Works for eCommerce Businesses in India in 2022 | by MPVD & Associates | Dec, 2022 | Medium. Starting an online store in India is now quite simple.
Almost anyone can create a website and start accepting online payments in less than a week thanks to technology and simple website builders like Shopify. Of course, joining internet bazaars like Etsy and Amazon is another very substantial alternative. A tax consultant in Kolkata warns that there are hundreds of businesses that refrain from selling online because they think it is expensive and there are heavy tax liabilities that will hardly allow them to generate any revenue. But that is not true.
Regardless of the platform or methods you choose to sell your products online, you must be aware of your tax obligations and the deadlines for filing them. It starts with Sec. 2(44) of the CGST Act, 2017, which defines electronic commerce or eCommerce as a means to sell either physical or digital products or services through an electronic network, website, marketplace, social media, or any other platform. ● VAT Tax ● Sales Tax ● Service Tax. Everything You Need to Know About NRI Tax Planning - MPVD. After spending a decade outside India in a foreign country, you have finally decided to return to your homeland.
Well, if you can relate to the above scenario, this blog is perfect for you! See, if you intend to return to India, there is a lot of planning involved, especially if you intend to stay here for good. Taxation is one of the most significant factors to consider before making a move. If you intend to relocate to India, it is critical that you understand the tax regulations that will apply to you. So, in this blog, we will discuss everything you need to know about NRI tax planning. Make an NRE Account An NRE account might be a savings account, a fixed deposit account, or a recurring deposit account. All major banks in India provide NRE account services. Nobody wants to pay taxes twice on the same income. The exemption approach is similar to the TDS method.
Make Use of RNOR Status Wisely Wrapping Up Being a non-resident Indian might make your tax situation more complicated. Issues You May Face During GSTR 9 & 9C Filing & How to Tackle them. Every year taxpayers have to file GST returns. The process is otherwise smooth except for issues that are being currently reported while filing GSTR 9 and GSTR 9C. In response to the same, the CBIC has shared a note to resolve the problems of taxpayers. Enclosed in this article are all the situations you may encounter and how you can tackle them. Before enlisting them, let’s make it clear to you that you are just a phone call away from seeking GST consultancy services in Kolkata.
If, at any point in time, you have a doubt in mind, feel free to connect with the GST consultants and draw prompt resolutions from them. Scenarios You May Have to Face While Filing GSTR 9 Here are the circumstances you may have to face while filing GSTR 9: ITC (Input Tax Credit) value in 2A and Table 8A not matching The ITC figures pre-populated in table 8A of the form GSTR 9 mismatch those given in GSTR 2A. Another thing to remember is that only the latest values of invoices auto-populate into table 8A of GSTR 9.
Why Should You Seek Professional Tax and Accounting Consultation? The modus operandi for finance legislation in India, brings new accounting procedures, benefits, and opportunities for both enterprises and individuals. Do you know it all? Sometimes you have a lot to catch up on. MPVD & Associates jots down some core attributes that a professional tax consultancy can provide. New amendments have been added to the Finance Act 2022, which will take effect in this fiscal year of 2022. There is a lot to catch up on, from new rules for income tax on crypto assets, EPF interests, updating returns, and tax assistance for COVID-19 therapy. At MPVD & Associates, we meet several clients who have been good with their taxes initially.
But a working professional from a completely different industry can’t be that conscious about new tax rules, new amendments, or even technology-oriented frameworks like cryptocurrency. What Services Are Offered by a Tax Consultant How Tax Consultants Differ From Chartered Accountants The Importance of Hiring a Tax Consultant. Why Should You Seek Professional Tax and Accounting Consultation?
Issues You May Face During GSTR 9 & 9C Filing & How to Tackle them. Importance of Business Structure During a Company Formation in India | by MPVD & Associates | Nov, 2022 | Medium. Your income tax returns will rely on the business structure you choose, so be sure to do your research. When registering your business, keep in mind that there are many levels of compliance that must be completed depending on the business structure.
A sole proprietor, for instance, is simply required to file an income tax return. However, a business must submit annual reports to the Registrar of Companies along with an income tax return. An annual audit of a company’s books of accounts is required. Spending money on auditors, accountants, and tax filing professionals is necessary to comply with these legal requirements. Public Limited Company A public limited company is a legally recognized voluntary association of members. Other business structures include partnership firms, Hindu undivided families, and sole proprietorships. One Person Company An OPC, which was just recently launched in the year 2013, is the easiest approach to launch a business if there is only one owner or sponsor.
Frequently Asked Questions About Rejection of GST Registration Application - MPVD. A GST registration is one of the first steps in setting up a business in India, and if that application gets rejected in the first place, it is downright dooming for your dreams. But it doesn’t have to be that way, because you will get another chance to apply for revocation of the cancellation order within 30 days from the date of the cancellation order. You can always seek the guidance and support of MPVD & Associates at this stage.
Our responsibility towards our clients is to educate them so that they can make conscious and confident decisions. That is why we have put together the answers to the frequently asked questions about rejections of GST registration applications. Read on to see if it resolves any of your queries. Why Does Application for GST Registration Get Rejected? The majority of GST registration application rejections are caused by inaccuracies or incorrect information on your GST registration form. What Happens If Your GST Registration Application Is Rejected? What Is Trademark And How Does It Works in India - MPVD. A trademark is a legal emblem used to distinguish a brand from just another business. After the company name or product name, the symbols “TM” or “®” may be used.
It grants trademark owners the right to use specific sets of colors, fonts, taglines, and other branding designs exclusively and to file a lawsuit if any of the products are copied or infringed. There may be two different businesses in two different industries, even though company law prohibits identical names for organizations in the same sector. And this concentrates on unregistered businesses, which lose the value of distinctiveness, so when the name of the business is insufficient, customers would require specifics. Any person claiming to be the proprietor of a trademark can apply for registration in writing to the Registrar.
You only need to pay the maintenance and renewal fee when your trademark is registered, which is good for ten years from the application date. Best Benefits of Trademark Registration At A Glance. A Simple Guideline To Online GST Registration & Filing for Businesses in India. The GST regulations apply to businesses and individuals who are casual taxable persons or non-Resident taxable persons, supplying certain goods and services in India and abroad with annual revenue exceeding Rs. 40 lakh. Those in the North East and hill states must register for a turnover exceeding Rs. 10 lakh, and the “special category” entities must register for a turnover exceeding Rs. 20 lakh. The businesses must register as regular taxable entities. The online GST portal makes it simple for business owners to register and file their GST. MPVD & Associates explains the processes and things to consider for online GST registration.
Key Points About GST Registration The GST registration process is free of cost. The Indian Ministry of Finance has made the online GST registration process simpler. Documents Needed To Complete GST Registration Throughout the GST Registration process, you will need certain documents to verify your personal and business information. Company Formation Laws for eCommerce Startups in India 2022. The most effective way to launch your startup, exit the 9–5 grind, and become your own boss is to set up an eCommerce business.
It doesn’t necessarily have to cost a lot of money or be a complex procedure. Take a cue from this article that is put together by the company law experts at MPVD & Associates, the leading corporate law matters consultancy, to inform aspiring entrepreneurs on how to set up their eCommerce startup, what the legal regulations are, and the steps to company formation. Before You Are Ready To Register Your eCommerce Startup You can establish an eCommerce business known as “reselling,” in which you purchase goods from a wholesaler or an artisan and resell them with a profit-making markup, on platforms like Facebook, Instagram, and even WhatsApp. But is that something you should do by “incorporating” your business?
Essentials of eCommerce Business A GST registration and a company registration are necessary for incorporation for eCommerce firms. Importance of Business Structure During a Company Formation in India. Top 8 Tax Deductions Applicable to Your Small Business. Useful Tax Advice on Capital Gains for NRIs in India - MPVD Associates - CA Firm In Kolkata. Here’s How NRIs Can Now Open A One-Person Company (OPC) in India - MPVD. Company Audit & Taxation Procedures for NRI Investors in India | by MPVD & Associates | Sep, 2022 | Medium. Financial Consultant in Kolkata: Do We Really Need Them? 47th GST Council Meeting: Updates By the Top CA Firm in Kolkata. Understanding Tax Deducted at Source (TDS) for Beginners. Different Types of Company Audits and How to Prepare for Them - Smart-Techer. Did You Know That Timely ITR Filling Has So Many Advantages? - MPVD. Top 10 Chartered Accountancy Firms In Kolkata - MPVD Associates.
Why Start-ups Should Go Under the GST And Its Importance - MPVD. Why Start-ups Should Go Under the GST And Its Importance - MPVD. How Can NRIs Wisely Plan Taxation in India? - MPVD. Why Should You Choose A Limited Liability Partnership For Your Startup In India - MPVD. Sinkholes Resulting From Wrong Sewer Repair Work in Ireland: ext_5896158 — LiveJournal. How Company Taxation Works for eCommerce Businesses in India in 2022. A Simple Guide To Cryptocurrency Taxation In India In 2022 -
5 Legal Ways to Save Taxes on Income in India - MPVD. Taxation on Cryptocurrency: How are the Gains from it Taxed? - MPVD. Best Possible Options For Foreigners Setting Up Business In India - MPVD. MPVD & Associates’ New Norms For Income Tax Filing For First Timers-AY 2022-23. 3 Common Accounting Blunders Start-Ups Could Avoid | by MPVD & Associates | Jul, 2022 | Medium. MPVD & Associates’ Tax Consultancy Explains New TDS Rules on Cryptocurrency in India.
A Brief Guide On Company Formation In India For eCommerce Startups. Director Identification Number: The First Step to Qualify as a Director of a Pvt Ltd Company. NRI Taxation Implications For Moving Back to India With Foreign Household Goods – Telegraph. Should NRIs Pay GST | Understanding Taxation for NRIs. MPVD Accounting & Tax Advisory in Kolkata Explains the Two-Year Window in Budget 2022.
How Taxation Works for NRIs Selling Property in India - MPVD. The Importance of GST Consulting Services for Companies and Individual Sellers in India - MPVD Associates - CA Firm In Kolkata. Know The Tax System For Startup Businesses in India | Journal. How The Tax System Works for Startups in India. NRI Tax Advisory - New Rules for NRI Taxes in Indian Budget 2022. Why Should You Hire Tax Consultancy Services For Your Business? | by MPVD & Associates | Jan, 2022 | Medium.