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Taxation of stipend income. Salary received by an employee is regular and also taxable.
Salary is received by the worker on regular basis and has a proper legal procedure and is also defined in detail under Income Tax Act. However, Stipend is completely different from Salary. Whereas salary is received by a full-time employee, Stipend is an amount received by Students (generally) who work part time while studying generally in the form of internships or apprenticeships. It’s a temporary income and varies from place to place, person to person and company to company. The stipend is a very confusing word and maybe that’s the exact reason why it’s not mentioned anywhere in Income Tax Act.
Taxation of Stipend Income is a very debatable issue. Let us say that a Medical Student is doing his higher studies while also practicing medical in some hospital and earning some specific Stipend, that is being used for his fees, books, accommodation and other necessities. Got full-time employment after the internship ? Documents required. For TAN registration no particular document or proof of identity is required.
For obtaining TAN, Form 49 B needs to be filled and submitted. The process for registration is stated below- You can fill and submit the form 49 B online or send a completed Form 49 B to any TIN Facilitation Centre of NSDL. Some important points while applying for TAN: Applicants, if they want to, can track a status of their TAN using the 14-digit acknowledgement number on the site whenever necessary.The tan number is given by Income Tax Department to all those people who apply online.The application cannot be made online. Share This Story, Choose Your Platform! Himanshu Jain is the founder of LegalRaasta – India's top portal for registration, trademark, return filing and loans. Subsidiary Registration in India. Subsidiary Registration in India As a business owner, if your company is registered in a country other than India, and you are desirous of operating in India as well, then you may incorporate a company in India as a wholly owned subsidiary to do so.
A Subsidiary Company is also commonly known simply as a subsidiary or a sister company; and the company which practices control over it, is known as the parent company, or holding company. A subsidiary company can be controlled by the parent company partially or completely. For setting up a subsidiary, the parent company must own at least 50% of the subsidiary. When the holding company owns 100% of the subsidiary, then, the subsidiary is known as a wholly-owned subsidiary of the parent company. Street Vendors of Delhi to get Hygiene Training from FSSAI. Food Hygiene Training to all street vendors in Delhi On the occasion of three day street food festival in Delhi, Pawan Aggarwal CEO, FSSAI has announced a project of food safety and hygiene training to all street vendors in Delhi.
FSSAI License, Delhi government in collaboration with National Association of Street Vendors of India (NASVI ) together have formulated a training program for all street vendors. This scheme was flagged off in the presence of Ministry of Skill Development and Entrepreneurship, FSSAI government officials, Delhi and NASVI officials.The scheme was launched by Union Minister for Health & Family Welfare JP Nadda in the presence of Rajiv Pratap Rudy, Union Minister of State for Skill Development & Entrepreneurship here. Under this scheme, around 20000 street food vendors will be trained in the techniques on food handling and storage and to maintain hygiene and also the some of the topics related to customer relationship management.
A boon for India. Startup India The startup, a very simple but intriguing word for an Entrepreneur.
Almost every successful businessman once had a startup, a startup with a great idea, a vision which was enough to bring a particular kind of change in the society. Any Entrepreneur officially launches his career with the inception of his startup. We need to start from somewhere, no matter what we want to achieve. Startup Guide for Small Business. Founding a business, regardless of its size, is a daunting task.
While those interested in starting medium or large sized businesses have an even more difficult time of it, starting a small business is no cake walk either. Indeed, choosing the correct business structure itself involves answering many questions, some of which an entrepreneur may not be entirely sure of. As difficult as it may be, it is nonetheless achievable. Starting a business? Here are some ways to do so. “I am convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.”
-Steve Jobs Starting a business may sound easy but there are number of things you need to consider before starting one. There are number of questions you need to ask yourself and number of tasks you need to complete before starting your own business, irrespective of the scale you are starting your business on. There will be legal as well as practical issues at your hand even before taking your first step towards starting your own business. Sole Proprietorship Registration. How to register a Sole Proprietorship?
A sole proprietorship is a form of business which is individually owned by a person. It is also known as a single trader or just proprietorship. This is a type of business entity in which there is the only single owner who starts a business with an objective to earn a profit. As there is only single owner all the profit and the losses are borne by him only.
When it comes to liability the sole proprietor has an unlimited liability that means he is liable to pay the debts and the losses of the company. The first step is to open a new bank account with the reserve bank of India on proprietor name. Sales and income tax returnVAT certificate.Registration certificate issued by sales tax departmentA license issued by various professional authorities such as ICAI and ICSI. Sole Proprietorship. What is Sole Proprietorship?
A sole proprietorship is a form of business which is individually owned by a person. It is also known as a single trader or just proprietorship. This is a type of business entity in which there is the only single owner who starts a business with an objective to earn a profit. As there is only single owner all the profit and the losses are borne by him only. When it comes to liability the sole proprietor has an unlimited liability that means he is liable to pay the debts and the losses of the company. Society Registration in India. Society Registration, according to Societies Registration Act,1860 is nothing but an act of registration of scientific, charitable and literary societies.
It can clearly be seen, therefore, that it is a kind of organization which is not looking for any kind of profits. One of the most common yet important examples of such societies is NGOs. A minimum of seven members is required in order to register it, though registration is not a necessity but registration certainly brings a lot of benefits along, exemption from taxes and easy purchase of property to name a few. These for-no-profit societies generally work on a particular agenda, namely an objective or vision. Societies can be registered under the Societies Registration Act, 1860 or corresponding State legislation if any. Small Scale Industries (SSI) in India. 1) The meaning of Small Scale industries is the industry whose aggregate turnover does not exceed 25lakh to 2 crores.2) There are certain goods exempted from the Small Scale Industries (SSIs).
This benefit of exemption is not applicable to all the goods and only to certain goods listed in the notification. The notification covers most of the products. However, tobacco products, pan masala, watches, matches, aluminum patties/patta, steel pattis/pattas and some textile products are specifically excluded from Small Scale Industries (SSI) exemption.3) Determining the value of clearances for consumption of Rs. One fifty Lakh. Should I register my Business. What is the point or better aim of an Entrepreneur’s life? What does a company mean to them? Why do they want to establish their own company, their own business, own services when there are so many of them already?
What makes them think that they will stand out? Is it a mere hunger of money or is it more? You may ask these questions when you see an Entrepreneur who is completely indulged in his company, his work. One simply being abiding by the laws. At the end, you know that as a customer you will only buy certified and reliable products. Therefore, we can conclude by saying that thinking of a business may be easy but setting it up is quite tedious, to make it fruitful you need to register your business. Share This Story, Choose Your Platform! Short-term financing options for Business.
“It takes money to make money.” Being an Entrepreneur, everyone expects you to understand the most important term in the financial world, ‘Cash’ or ‘Capital’. A successful entrepreneur is one who knows how to play with this word. If you know how to manage, play and bend this word your way, you can actually rule the world. But, then it is one of the toughest challenges for any Entrepreneur. So tough that most of the Entrepreneurs run away even before stepping into this financial world. Short term finances are used generally to maintain cash flow statements.
Short Term Bank Loans for a Startup. Money, capital, finance, funds, monetary assets. All these financial terms can scare anyone away. However, an Entrepreneur should know how to play with these terms, if he aspires to become successful. Raising Capital, especially when it comes to startups can be a very big issue. Entrepreneurs with their startups look for capital and funds wherever they can.
Service Tax Return in India. Service tax, an indirect tax collected by the service provider in India in exchange for his services by the end customers. At present, a service tax of twelve point three percent is levied on the value of tax payable service. Service Tax Registration is mandatory for any person or Entrepreneur who gives services of a value exceeding Rupees nine Lakhs.
Form ST-3 and Form ST-3A are filled in order to file Service Tax Return. For e-Filing of Service Tax return you can register at ACES (Automation of Central Excise and Service Tax ), fill in the declaration form, you will be issued a T-PIN and a Password on your email id. After that visit the official website of ACES and click service tax button so as to log in with your pin and password. Service Tax Registration Process. Service tax is the tax imposed by central government on those businesses who are providing or giving services to the customers. This tax is usually borne by the customers themselves. Service Tax on Legal Consultancy In India. Section 8 Company In India. The section 8 is very similar to section 25 of the old company act and enables the government to register any association with charitable objectives such as to promote sports, commerce, art and culture, education, research etc as a limited company, without adding the words ‘Pvt. Ltd.’ The income of the Company must be used to promote the charitable object only.
Section 234B (Interest for not paying Advance Tax) Rules and Regulations by FFSAI on label description. Rules and Regulations by FSSAI on label descriptions Of Edible oils, Edible fats, and Trans fats The FSSAI has put in place some rules and regulations on the label description of edible fats, edible oils, and trans fat. The first order to be followed by Food Business Operators is not to mention the quality of the product on label, package, or advertisement. ROC Compliances. ROC Compliances For Private Limited Company. Requirements to become a director of a company. Requirements of Partner in a Partnership Firm. Requirements of OPC. Registration and Licenses Required for Starting an eCommerce Business.
Register Professional Tax. Procedure in India. Register Excise in India. Register Employees State Insurance. Register Digital Signature Certificate. Record keeping and Bookkeeping. Reasons behind Startup Failure. Ratios and their Importance. Raising capital for your business: Initial Public offer. Raising Angel funding for your startup. Qualities of a successful entrepreneur. Pvt ltd company director. Public Limited Company. Provident Fund. Proprietorship Conversion into Private Limited Company. Professional Tax Registration. Register Producer company online. Process to check Company Registration Status. Process of Company Registration in India. Procedure to register trademark in India. Pvt ltd company under act 2013. Private Limited Company Registration. Private Limited Company formation.
Private Limited Company Conversion. Private Limited Company Registration. Principal display panel of a food product. Presumptive Income in case of taxpayers. Plan prepration for Food Safety Management System. Persons Required to incorporate a limited company. Pay Due Income Tax Online. Patent Registration can save your product. Partnership Firm Registration in India. Partnership Deed in India. GST return filing software online. GST Software for Business, CA firm & enterprises. Partnership Conversion into LLP. Documents required. Package of your food properly. Options to finance new business. Open a Bank account for a Proprietorship. OPC Registration Procedure INC29. OPC or Sole Proprietorship. One Person Company Registration Rules. One Person Company Registration. One Person Company OPC In India. Accounts Receivable Financing. NRI Tax Implications In India.
Nidhi Company in India. Negotiating startup valuation with Venture capitalist. Name Selection for Limited Liability Partnership. Mutual Fund Income In India. Know about the new process to sign ITR V with DSC at Taxraahi. A complete guide to Income Tax preparation for Traders. Confused? Which ITR shall I file: ITR 1, ITR 4, ITR 4S? What is copyright ownership, its scope and protection? Guide to Income Tax Preparation Checklist. How can you e-file income tax return without using Digital Signature? Why is filing an ITR using Taxraahi an ultimate experience? Guidelines to Digital Signing of ITR & other utilities. What is the time limit for completion of assessments? Patent Application Filing Process in India. Procedure to apply for credit line online.
4 lines of credit now available to small business. Small business loan for minority entrepreneurs. Difference between equity investor and a business loans. Refinancing business loan. Details for Home improvement loan. How does refinancing work? Take care of these things first! When closing home loan. 5 tips to get a good interest rate for small business loan. 3 important facts of getting a first time business loan. How long should you expect for a home loan approval? All you need to know about Belated Return. 5 things you need to do after e-filing your income tax return.
Process to revise TDS returns - LegalRaasta TDS return knowledge portal.