background preloader

Taxreturnwala

Facebook Twitter

TaxReturnWala

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

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.

Is filing Income Tax Return Mandatory? - File Taxes Online

Filing income tax return (ITR) for each assessment year is beneficial for every taxpayer of the country. While there are numerous advantages of filing the tax return, one might find himself surrounded by adversities if he fails to do so, which we discuss in this blog. Consequences of not filing Income Tax Return: Apart from the penalty levied by the IT Department, a taxpayer may face other consequences for late filing of returns: There are various sections under the Income Tax Act 1961, which are notified to penalize that person who fails to furnish the details of the fiscal year by the specified due date through Income Tax Return. 1.

Please note this was applicable until AY 2017-18. 1. 2. 3. 1. 1. TDS ON CASH WITHDRAWAL FROM BANKS - File Taxes Online. TDS stands for tax deducted at source.

TDS ON CASH WITHDRAWAL FROM BANKS - File Taxes Online

As per the Income Tax Act, 1961( IT Act, 1961) TDS is an indirect way of collecting tax which combines the twin concept of “pay as you earn” and “collect as it is being earned” The concept of TDS was introduced with the aim to collect tax from the very source of income. Withdrawing cash and not filing ITR? 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.

Details of Capital Gain on your plot sale: Taxation Aspect - File Taxes Online

It is being considered as a commendable investment plan. Acknowledging the fact, the gains through the sale of a plot are huge, it is also essential to dive into the details of the capital gain that you would have to deal with on your plot sale. Putting aside, a part of your earned profit is surely not, what anyone would appreciate doing. 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.

Financial Planning: Mutual Funds as an Investment for Retirement Plan - File Taxes Online

Usually, retailers or institutions invest in this firm. Mutual funds have advantages and disadvantages compared to direct investment in individual securities. A professional fund manager manages it. The Factors Affecting Credit Score - TaxReturnWala. A credit score is a number, which represents the creditworthiness of an individual.

The Factors Affecting Credit Score - TaxReturnWala

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. In India, there are four credit information companies licensed by The Reserve Bank of India. The Credit Information Bureau India Limited (CIBIL)ExperianEquifaxCRIF High Mark. 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.

Send a legal notice - File Taxes Online

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. For deficiency in commitment, a legal notice work as a measure for out of court settlement for the aggrieved party and as an opportunity for the wrongdoer to move away from a future legal arbitration. For legal notice, the person drafting should be a brainstorm savvy who withholding prior legal knowledge can draft a polite request to the other party for meeting the commitment, intently adding a sort of legal warning to it. All you need to know about Form 26AS - File Taxes Online.

Form 26AS is an annual tax statement issued by the Income Tax Department under Section 203AA read with Rule 31AB of the Income Tax Act 1961.

All you need to know about Form 26AS - File Taxes Online

The statement is inclined to show details of all tax-related information including TDS deductions, TCS collected from the assessee, tax refunds available within a financial year. Form 26AS is issued to the assessee disclosing details for tax deductions and collections with the relevant tax sections and consolidates them under a single form for the assessee. PROCEDURES FOR A FOOD DELIVERY BUSINESS. - File Taxes Online. As we know that people would enjoy making meals for themselves and their loved ones.

PROCEDURES FOR A FOOD DELIVERY BUSINESS. - File Taxes Online

However, in recent times the demands for jobs and busy schedules have made cooking a luxury, where food delivery business has gained a lot of attention and popularity. The idea of food delivery is making all the working people’s life easier as it is easily accessible. Hence, there is a huge demand. The food delivery business is one great idea to start if you are planning to be an entrepreneur with a decent amount of investment.

Udyam Registration - File Taxes Online. Accounting for the undebatable fact that the overall economic growth of an economy largely depends on the small and medium-sized businesses, the government had previously launched Udyog Aaaadhaar registration.

Udyam Registration - File Taxes Online

This online registration allowed the budding entrepreneurs to avail of a wide array of advantages falling under the MSME schemes of the Indian government. This registration provided businesses with a recognition certificate and a unique number to certify the micro, small and medium enterprises operating in India. The Government of India has now rebranded the Udyog Aaaadhaar to Udyam with some categorical amendments. It stands as a news portal on how to enable the registration process of MSME businesses in India. Any enterprise can get register merely based on Aaadhaar number of the registering party; other details are to be self-declared.

REMODELING MSME PORTAL : UDYAM REGISTRATION - File Taxes Online. Recently, we all have witnessed the major changes that are impactful on the economy of the country for making Atmanirbhar Bharat may it be relaxations in compliance, ease of doing business practices, creation of employment opportunities includes digitization of compliance, support to different sectors.

REMODELING MSME PORTAL : UDYAM REGISTRATION - File Taxes Online

One of the steps includes the renovation of the MSME portal launched 10 years ago. The MSME Registration is now UDYAM Registration effects major changes in application and issuance of the certificate. In this blog, we shall highlight the new aspects of MSME registration, the fallouts of the previous version, and much more. What is Enterprise? In the new system, the enterprise denotes Udyam and thus, the process is known as Udyam Registration. What is the definition of Micro, Small & Medium Enterprise?

In this, we shall be looking at both definitions to oversee changes that shall be effective from 1 July 2020. Labour Law Compliances - File Taxes Online. The Corporate Sector is obliged to follow some mandatory rules and regulations made for the labour class. These set of rules and guidelines are based on the rights and the constitutional duties of employers specified in the Concurrent List of the Constitution. The Concurrent list specifically mentions for the need of forming a regulatory setup for labour class especially for dealing with Industrial and labour disputes and matters related to social security & insurance, employment, workmen compensation, condition of work, old age pension, maternity benefits etc.

With origin from the core document of nation, labour matters are dealt with more seriousness and strength by the government through these labour legislations. Presently, there are certain legislations guiding for rights, duties and powers to the labour class. The view expressed in favour of these legislations led to continuous improvements and stress on their compliance by the corporate sector. Winding Up Process for Sole Proprietorship: - File Taxes Online. In the Indian legislation, it is nowhere mandatory for a sole proprietor to initiate business only after obtaining a particular registration from any authority but certain procedural formalities do exist. Subjecting to the nature and the type of business activities performed, a sole proprietor has to only obtain few licenses and undergo registration approvals under certain laws including the Shop and Establishment Act, Factories Act, GST Registration, etc..

But rules regarding the closure of a sole proprietorship business is different.Before going into dissolution, it is essential for a proprietor to understand all obligations and liabilities of his entity and of himself as the sole proprietor to fulfill before the final closure of the business. If you are a sole proprietor and have taken a final decision of closing down your proprietorship business permanently, then follow the below guide to close it with all legal affirmations.

A Complete Guide on Form 16 - File Taxes Online. Tax Deduction at Source (TDS) under Section 192of Income Tax Act, 1961 (known as “the Act” in the article) which deals with the TDS on salary income under which itis mandatory that TDS is required to be deducted by the employer from the salary of the employee when the taxable income of an employee is Rs 2.5 lakh or above in a financial year and after deduction, It has to be deposited with the Income Tax Department by filing TDS returns on intervals.

For informing, reporting in ITR and other purposes, the amount and particulars of TDS deducted & deposited, the employer has to provide its employees, the details of net salary payable, and the TDS deduction amount by issuing Form 16. Form 16 also known as TDS deduction certificate is an acknowledgment for the employee stating the number of TDS deducted by his employer, the net salary payable after all deductions and exemptions, and the net salary receivable.

Form 16 Form 16 is divided into two parts: GST Audit for Manufacturing Entities - File Taxes Online. The government of India has a considerable view over forming favorable policies for the manufacturing sector. Usually, these entities are benefitted through government schemes and policies parked for them through the MSME recognition route. The manufacturing sector in India, like others, was also bought under the simplified system of GST, where entities were relieved from long-handled tax refunds and multiple reporting obligations as faced by them under the previous sales tax regime. GST for manufacturing entities is mandatory to obtain if they are producing GST enlisted goods or if their business turnover threshold matches the one required to obtain a GST license. Manufacturing entities especially those who want to scale their business with investment and those grossing over a stated turnover limit are also required to file their audited statements to the GST Authorities.

Licenses for Pharmacy Business in India - File Taxes Online. The pharmacy market in India significantly holds large business opportunities with space for multiple players and different business model types. With the growing market of pharmaceutical goods, entrepreneurs are penetrating their business funds in the drug industry. Also, in the E-Commerce space, multiple players have jumped into the pharmacy business, where within a short capital expenditure these entities are winning the trust of millions. This is the most crucial sector where the existence of business depends on the expertise of the person managing it. Entry to Pharmacy business is also not too easy when it comes to the licensing requirement. Succession Certificate Vs Legal Heir Certificate - File Taxes Online. Where ownership rights are granted in a property without proper identification of its legal heir, disputes arise.

Property in inheritance generally passes on to the legal heir, after doing some legal formalities. Planning to start Ayurvedic medicine manufacturing? HERE IS A GUIDE FOR YOU - File Taxes Online. Capacity Building, Health Sector & Miscellaneous Schemes. In the final tranche, the government on 17th May 2020 announced Governance Reforms and Enablers for relaxing provisions to comply in the present pandemic situation following PM Modi’s remarks “As a nation today we are standing at the very crucial junction and such a big disaster for India it has brought a crisis and an opportunity as well”. In this write-up, we shall be focusing on certain reforms in direction to make a self -reliant India by Educating, Protecting, and Assisting. In earlier tranches, 4 ‘L’s all have been emphasized. Private Public Partnership Model. In the strings of announcements, on 16th May 2020, the announcements were focused on making India self-reliant and face global level challenges alongside simpler participation of the individuals in building economy following PM Narendra Modis’s “Reform, Perform & Transform”.

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? Mutual funds are ideal when long term financial goals are concerned. In Mutual funds, Investors are free to choose the investment of their choice and liquidate them whenever they want.

Tax on Cashback - TaxReturnWala. Taxability of Cashback – In today’s time it has become a general practice anytime that you go shopping online or offline you get to receive some offers where other than offering a price discount, the seller offers a Cashback. Why healthtech and telemedicine startups have a bright future ? There’s been great progress in the Indian Start-up Ecosystem in e-commerce, logistics, and online consumer services since the government asserted structural support to young entrepreneurs through Startup India and other related Initiatives. 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 - Taxreturnwala.com. 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? Interest on delayed payment of GST - A Critical Analysis. Inter- corporate Loans and Investments by Companies. How Small Businesses can benefit from E-Invoicing In GST. Circular Trading In GST Circular Trading under Goods & Services Tax Act.

Conversion of Partnership to Company – Procedure, Rules & Tax Effect. How to Claim HRA in Income Tax Return - TaxReturnWala. Government livered ease of doing business in 2019: MCA. Government livered ease of doing business in 2019: MCA. Can an LLP become a subsidiary of a company? - TaxReturnWala. Blocking and Unblocking of E-Way Bills: GST - TaxReturnWala.

What is Writ and Writ Petition in India ? - TaxReturnWala. Taxpayers to extra care for their tax payments with GST E-invoicing. Taxpayers to extra care for their tax payments with GST E-invoicing. Undervaluation of Goods In Transit, is it the new market trend? Re-issuance of Income Tax Refund - How to Submit Request Online. Obtained New GST Number - What to do next? - MN & Associates. Income Tax E-Assessment and Artificial Intelligence how realistic it is? Missed Income tax return for 2017-18 or earlier period? What to do now? GST Exemptions on Supplies to Food and Agricultural Organizations (FAO)