Detailed Guide to New TDS Section 194R With Important FAQ’s
The businesses usually provide certain benefits and perquisites and claim it as a deduction in the form of business expenditure. This opens the chances of tax leakage as the receiver of such benefits or perquisites often does not show it as their income. To tap this loophole, the government introduced a new TDS section – […]
The Best GST E-invoicing Software for Your Business
Is your business ready for e-invoicing under GST from 01 October 2022? If not, it’s almost time for you to check your applicability and make the much-needed transition into the new GST e-invoicing system. For businesses with more than INR 10 crores as a turnover, e-invoicing under GST is mandatory. First of all, e-invoicing under […]
How to Verify An e-Invoice? QR Code Verification Under e-Invoicing
Under the e-invoicing system, a QR Code or Quick Response Code is issued by the Invoice Registration Portal, along with the IRN. QR code is a two-dimensional barcode that needs to be displayed on all the B2B invoices issued by the supplier. It can be easily read by an e-invoice QR code scanner or the […]
E-invoice Digital Signature
E-invoicing is the proposed system where business-to-business (B2B) invoices are digitally prepared in an e-invoicing format and authenticated by the Goods and Services Tax Network (GSTN). Today, an invoice generated by the seller needs to be prepared and reported to two different systems i.e., GST Portal and e-Way Bill. The reason why e-invoicing is getting popular is that, […]
Advantages of GST E-invoicing
One of the main intentions of the Government in introducing this new invoicing system is to ensure that invoices issued by all the suppliers are standardized and in uniform format. Now, suppliers need not raise invoices through the IRP. First, they have to generate invoices on their internal accounting system/ERP in the specified format and […]
Understanding the Concept of LLP and its Tax Implications
Understanding the Concept of LLP and its Tax Implications Sole proprietorship and partnership firms are the simplest formats to conduct business in India. However, their biggest disadvantage persists in the fact that the liability of the sole proprietor and partners in the partnership firms is unlimited. This means, in case of losses or winding up, […]
CBDT Circular for TDS on Crypto Transactions U/s 194s: Circular No. 13 of 2022
Taxation and TDS on crypto transactions, NFTs and other virtual digital assets in India created a buzz in the minds of the taxpayers and web3.0 enthusiasts. However, a transaction in Virtual Digital Assets (VDAs) involves multiple parties and not just the buyer and seller. It can include the Exchange, broker and payment gateways as well. […]
What is an LLP? Limited Liability Partnerships explained in under 5 minutes
An LLP is a partnership formed and incorporated under the Limited Liability Partnership Act 2008. It is a separate legal entity where each partner’s liability is limited to the amount they contribute to the business. Every partner’s liability in an LLP is limited which means that their responsibility for the debts and liabilities is also […]
What is form 22A?
It’s no secret that shell companies can be used to evade taxes, launder money or conceal other illicit activities. In fact, the use of shell companies is so rampant that some have gone so far as to call it a “global epidemic.” Governments around the world are now taking steps to curb the use of […]
WHAT IS GSTIN?
Do you wish to witness the exponential rise of your company and yet remain legally compliant? With GSTIN, you can establish your authenticity across the business spectrum. You might be wondering by now what this GSTIN is. In this post, we will give you informative insights about GSTIN. Conduct your business operations with increasing convenience! […]