background preloader


Facebook Twitter


Now get your all type of tax returns filed through e filing in India starting at just Rs. 299 only. -

How to Add Previous Year Losses to Your Income Tax Return? Tax planning is all about saving money for future contingencies.

How to Add Previous Year Losses to Your Income Tax Return?

However, it takes a lot of research on your finance part for investments to grow on different kinds of wealth. Most people are inclined towards building upon assets like investments in debentures, equities, real estate, gold, etc. Also at the time of sale, the investors expect such investments to yield an economic return. However, things might not go well according to plan and you might incur a loss for the same. Now, incurring a loss is as normal as gaining from a capital asset. Some losses are short-lived while others may have long-term repercussions. When Does Capital Loss Arise? It is a well-established fact that in case you sell a capital asset, you will have a capital gain. 5 tips for the perfect tax planning in 2021. Tax payments take up a considerable percentage of every person’s savings, which can happen more when one is not aware of tax planning.

5 tips for the perfect tax planning in 2021

In the process of tax planning, several steps are taken that involve decreasing one’s liabilities and tax payments. PAYMENT MECHANISM UNDER GST REGIME. GST is an indirect tax which got implemented by the Ministry of Finance in July 2017.


It is a multi-stage tax system and comprehensive in nature. It replaced a pool of taxes such as Value Added Tax, Excise Duty, Service tax, Gift tax, and so on, thus bringing the tax structure into a single umbrella and as a result eliminates the cascading effect of taxes, popularly known as double taxation. Why PSARA license is important in India? The relation between crime and India is deep-rooted.

Why PSARA license is important in India?

As per the National Bureau of crime record NCRB, In India .the crime rate rose steadily by 3% in 2017-2019. As per International Crime indexing, In 2021 the crime rate ranking of India is not only below the US, UK but also below Afghanistan. In such a situation crime and terror prevention is critical to maintaining the security of the populace regardless of where they live or work. Security is now a prime necessity for improved conditions of living. Appointing security guards at your premises serves as a barrier to potential lawbreakers whether it is public or private, retail or wholesale building.

So, With the Increasing demand of private security agencies In India, the License under PSARA (Private Security Agencies Regulation Act, 2005,) is a mandatory requirement, that is permission given by Government for an agency to place security guards and engage in security-related services or business. Statutory Auditor. The Companies Act has clearly defined the importance, role, responsibilities, and duties of the statutory auditor.

Statutory Auditor

A statutory Auditor is referred to an external auditor who is certified to check the accuracy of the financials statement and company accounts either. Who can’t act as Auditor? Following are the persons who are not eligible for appointment as a statutory auditor: Powers of Statutory Auditor: Right to obtain information, collect data, and explanation from the officers.Right to attend general meeting.Right to visit branch office and check branch accounts.Right to sign audit report and financial statements.Right to make representation on behalf of the company. Form 33 Clearance Certificate. A clearance Certificate under FORM 33 is required to ensure that a non-resident has duly paid all the taxes on the taxable income under the first proviso to sub-section (1A) of section 230 of the Income Tax Act, 1961.

Form 33 Clearance Certificate

This certificate is issued by the Government of India. Applicability: When the non-resident person is leaving the country and fulfilling these conditions: who is not residing in India;came India for the purpose of business, profession or employment connection; andderived any source of income in India. This form is not applicable to an Indian resident but has to furnish his PAN while traveling abroad for any purpose other than leaving India permanently and a non-resident Indian who had visited the country for any purpose other than business, profession, or employment while leaving the country.

Understanding the Assessments under Section 143 of Income Tax Act 1961. The government of India has made it mandatory for every individual of the country, who is earning an income, above a prescribed limit fixed by the authorities, to file for the Income Tax Return.

Understanding the Assessments under Section 143 of Income Tax Act 1961

The income tax return (popularly known as ITR) is basically a record where the individuals (taxpayers) provide structured information about their total annual earnings and incomes and tax liabilities and payments to the Income-tax department. Every taxpayer has to show their financial records to the Income-tax authority of India. These records are furnished by filing his return of the earned income. STEPS FOR ALTERATION OF SHARE CAPITAL? Before jumping into the clause, let’s initially know, What is ALTERATION OF SHARE CAPITAL?


Alteration of Share Capital literally translates to the alteration in the current structure of the capital pertaining to a firm. A company is allowed to alter its share capital only if it is accredited by its Articles of Association. An article of association is basically the document enclosed at the time of incorporation of the company to administer its internal affairs communicatively. They’ve eventual increase in the comprehensive capital of the company is always a gain for the stakeholders in the company. But when it comes to a public company, the shares are being advocated by the public. GST CHALLAN AND EVERYTHING YOU NEED TO KNOW.

Filling a GST challan is as easy as filling out a response form at the convenience of your house.


But firstly, Every individual, whether he/she is registered or not, makes a GST payment on behalf, is required to generate a payment challan on the GST portal. This form is basically available and generated in the Form pertaining to PMT-06 on the common portal. Knowing what a GST CHALLAN is, let’s pop into the methods through which you can pay a GST challan. How crucial are related party transactions from the compliance point of view. The adoption of the concept of related party transactions had been posted in India for the very first time with respect to company law.

How crucial are related party transactions from the compliance point of view.

Related party transactions generally mean any transaction which is entered into by a company with its related party. Given below is a symbolic checklist for identifying the bearing of Section 188 of the Act: Transactions with the company are basically necessary that a company is a union to the said transactions. If all the above three conditions are checked off, then it operational to further curate with the confirmation, consent, and disclosures under the provisions of Section 188 of the Act. Coming to what the compliances mean, it’s basically straightforward. Startups and Budget 2021. Budget Highlights on Direct Tax Regime. The first financial budget of this decade brought by the Finance Minister Nirmala Sitharaman came up with only few but notable changes in the policy framework under the Direct Tax Regime. The foremost expectation was a change in the Income Tax slab rate but that was left completely unchanged.

The proposed advance tax liability on dividend distribution tax has been clarified to be made applicable only when the announced dividend is actually paid. The Limit of tax audit has also been increased from 5 crores to 10 crores but with a condition that the business has at least 95% of payments received in digital mode. (Technically speaking the businesses in this gambit are registered entities under the GST regime and almost all such entities receive payments by banking and non-cash modes so this tax audit exemption is in a real sense a developmental step that shall provide great relief to businesses in terms of taxation compliances)

MCA 21 3.0 New Era Governance on it’s Way. Finance Minister Nirmala Sitharaman while announcing her budget 2021, the first post covid budget of the Modi government upheld the need to rationalize the structural framework of the Ministry of Corporate Affairs the develop the ease of business by upholding and promoting comfort for businesses with new era version of MCA 21 3.0 so support trending ns much-needed services of e-scrutiny, e-consultation, and e-adjudication which needless to mention shall need a great IT Infrastructure. To further strengthen the ease of doing businesses and promoting corporate culture for startups it has been announced that there shall be Discrimination of the civil offenses in Companies Act, 2013 and the Rules made thereunder. Going ahead in the journey it is expected that the corporate law framework in India shall be much more comfortable for small and midsized businesses in the times to come.

Need business advisory? Let us know Need business advisory? WORK FROM HOME AND TAX IMPLICATIONS. If not for any other normal financial years, 2020 has been the most unexpected and rigid time in the history of mankind. There has been a drastic fall seen in the economic backdrop and surplus amount of job losses. At this juncture, many of the stable establishments and small-scale industries collapsed leading to the rise in house job stations which is rather called Work from home.

For some of you this might be a new agenda to foresee, but being the new normal, tax compilations might be another issue. To clear through this juncture, here are some things you have to keep in mind before filing your taxes. Tax Implication on Housewives. Filing your taxes might get on your nerves. Well, let’s call that a stereotype, cause this article is going to run through all the details which you will require to file your taxes as a housewife. Now the questions like should I pay my taxes even if I’m not earning?

If yes, then how much? If not, what are the other criteria for which I will have to pay my taxes? And so on. E-INVOICING AND ITS IMPACTS. E-Invoicing is a mechanism that reviews the Business to the Business statement to the GST system automatically for an easy filling of monthly returns. In the current system, invoices generated by different accounting software used by divergent. E-Invoice is a system to review business to business(B2B) invoices to the businesses who are unable to be read by unlike software systems, nor the GST Network, which requires them to be again manually translated by data entry into the new software. The e-Invoice System is a unified standard that is being introduced so that all the invoices of GST registered invoices can be configured according to the same standard throughout the whole industry and applicable to all the software automatically.

The documents that are needed to be e-Invoiced and reported to the Invoice Registration Portal (IRP) – Impact of the e-Invoice system in business: GST GUIDELINES FOR SMALL BUSINESS. QRMP Scheme By GST System. DEDUCTION UNDER SECTION 80 EEB OF INCOME TAX ACT. What is section 80EEB? If an individual buys an electric vehicle for personal or for business use, the deduction would help an individual having a vehicle for personal use to claim the interest on the vehicle loan. Is filing Income Tax Return Mandatory? - File Taxes Online. Tax Return’ to be quoted simply, in the form wherein the taxpayer mentions their annual statement of income used by the authorities to assess the liability, individuals/corporate/other assesses in applying for loans, showing compliant person, enhances creditworthiness, the better image and so on.

TDS ON CASH WITHDRAWAL FROM BANKS - File Taxes Online. TDS stands for tax deducted at source. Details of Capital Gain on your plot sale: Taxation Aspect - File Taxes Online. The purchase of a plot of land is often title as one that will lead you towards riches. It is being considered as a commendable investment plan. Financial Planning: Mutual Funds as an Investment for Retirement Plan - File Taxes Online. A mutual fund is a professionally managed investment fund that collects money from investors to secure their investments. Usually, retailers or institutions invest in this firm. The Factors Affecting Credit Score - TaxReturnWala. A credit score is a number, which represents the creditworthiness of an individual. It gives a picture of a person’s financial health and how responsibly he uses his money. Lenders such as Banks, Credit card companies used Credit score to evaluate the probability of repayment of loans on time. Send a legal notice - File Taxes Online.

Getting straight to arbitration, leaves no time for the aggrieved party to produce or attain perfect documentary evidence for any wrongdoing. Legal matters in India are all dealt with supportive documents and with reports of all preliminary actions taken by the aggrieved party to stop the reported offense. Sending a legal notice to the wrongdoer is considered as a healthy legal practice before filing a legal suit against him. All you need to know about Form 26AS - File Taxes Online. PROCEDURES FOR A FOOD DELIVERY BUSINESS. - File Taxes Online. Udyam Registration - File Taxes Online. REMODELING MSME PORTAL : UDYAM REGISTRATION - File Taxes Online. Labour Law Compliances - File Taxes Online. Winding Up Process for Sole Proprietorship: - File Taxes Online. A Complete Guide on Form 16 - File Taxes Online. GST Audit for Manufacturing Entities - File Taxes Online.

Licenses for Pharmacy Business in India - File Taxes Online. Succession Certificate Vs Legal Heir Certificate - File Taxes Online. Planning to start Ayurvedic medicine manufacturing? HERE IS A GUIDE FOR YOU - File Taxes Online. Capacity Building, Health Sector & Miscellaneous Schemes. Private Public Partnership Model. Major Measures & Initiatives for Agriculture & Allied Sectors : Part 3. Economic Relief Package: Relief to Poor Migrates & Farmers. Atmanirbhar Bharat Abhiyan Economic Relief Package. ELSS Equity Linked Saving Schemes - How it is linked to your tax savings? Tax on Cashback - TaxReturnWala. Why healthtech and telemedicine startups have a bright future ?

Taxability of trust in India - TaxReturnWala. Recovery Process & Tips to Drafting. Income Tax Slab Comparison Chart 2020-21: Old Tax Regime v/s New Tax Regime. How the coronavirus pandemic is affecting. COVID-19 outbreak: How to ensure financial security during such a crisis? Business Registration by NRI in India - TaxReturnWala. Marked as Non-Compliant? - TaxReturnWala. COVID-19 Effect: Tax Compliance Extended, Recent Updates from FM - File Taxes Online. Companies Fresh Start Scheme 2020 - as announced by MCA. Filing GSTR 10: Final Return after GST Cancellation. Highlights of 39th GST Council Meeting - TaxReturnWala. Finance Minister Nirmala Sitharaman: Economic Relief Package.

RBI Prepositions for Lockdown: COVID-19 Policy Updates. Vendor Agreement: Important Elements - TaxReturnWala. Master Service Agreement. Small Enterprise Network (SENET) - TaxReturnWala. Joint Venture Agreement & Formation - TaxReturnWala. Taxreturnwala. Aspect of Advance Tax - Provisions, Applicability and Computation. Private Security Agency License - TaxReturnWala. Filing Income Tax Returns for Minors - TaxReturnWala. Cheque Bounce & Related Consequences - TaxReturnWala. Gift from Non-Relatives - A tool for tax planning - TaxReturnWala. Registration Mistakes By Entrepreneurs & Start-ups - Taxreturnwala. Obtaining Drug License in India - ITDREIN - Income Tax Department Reporting Entity Identification Number.

What if your employer refuses to issue Form 16 / TDS Certificate? Reverse Charge Mechanism Under GST - TaxReturnWala. Guidelines for New GST Return Dashboard - TaxReturnWala. QR Code Registration Uses, Features and Benefits - TaxReturnWala. Taxreturnwala. Company Law Amendments: Decriminalization, Offences. LLP Settlement Scheme 2020 - TaxReturnWala. FREE PAN Allotment in 10 Minutes by Income Tax Department.

Tender Reservation for MSE under SPRS Scheme - TaxReturnWala. Debt Restructuring Scheme for MSME - TaxReturnWala. Export Promotion Measures in Budget 2020 - TaxReturnWala. Introduction to Taxpayer Charter (Section 119A) in Budget 2020. Navigation of information through Data Centre Parks: Budget 2020. Taxreturnwala. Taxreturnwala. Taxreturnwala. Cancellation of Registered Trademark in India - TaxReturnWala. Cancellation of Registered Trademark in India - TaxReturnWala. FATF Review - India for its 2020 FATF Review - TaxReturnWala.

Important Amendments & Tax Changes You Need to Know before Filing ITR for FY 19-20 & FY 20-21. How will the new income tax slab be look like - TaxReturnWala. Single Investment Clearance Window - TaxReturnWala. MCA Guidelines for Accounting & Auditing for Private Limited Companies. Budget 2020 : Vivad se Vishwas Scheme - TaxReturnWala. Union Budget 2020, Economic Survey, and Related Financial Terms. Latest Updates - TaxReturnWala. No more ‘Steal’ in E-commerce: Govt drafts New E Commerce Rules. Highlights of PPF Scheme 2019: Features, Rules & Perks Added. Industrial Relations Code Bill - Assessing Need for Labour Law Reforms. How to file a complaint against bank ombudsman?