HRA EXEMPTION UNDER INCOME TAX ACT
Overview: A salaried person has been given various exemptions under Income tax laws; A salaried employee who has rented accommodation can get the benefit of HRA Exemption.The full form of HRA is House Rent Allowance. It is basically a deduction of the rent of the house in which an individual is residing. If a salaried […]
Easy Guide to GTA (Goods Transport Agency) Under GST Act
The transportation and logistics industry is the backbone of all other industries and businesses. Agencies undertaking transportation of goods by road under GST from one person to another are regarded as Goods Transport Agency (GTA). What’s peculiar about GTAs is that they are provided exemption from registration and paying tax under the GST law. Persons […]
Filing Returns for Previous Years
The due date for filing income tax returns for the AY 2022-23 is approaching. While the assessees are getting their returns filed for the ongoing assessment year, most first-time return filers have a pertinent question in mind – How to file income tax returns for last 3 years or how to file income tax returns […]
How To Check Income Tax 2022 –23 Refund Status for Your Business Filing
Overview The Central Government levies the Income tax which is directly charged on the income of individuals, HUF, firms, AOP, and BOI. Income tax returns are filed on a timely basis for disclosing the income and paying the Income tax. When we are regularly filing an income tax return and there is a refund arising […]
Valuation of unquoted equity shares under Income Tax
Overview The valuation of quoted equity shares in the stock market is easily determinable. For capital gain tax calculation, the sales consideration and cost of acquisition are the primary elements that should be known to the seller of the capital asset. Rule 11UA of Income tax rules helps us in ascertaining the value of various […]
Mandatory Compliances for a Private Limited Company in India
Private limited companies have become one of the most preferred formats of the constitution of business. There has been a rise in private limited company registrations, especially after the start-up era has begun. However, with private limited company registration comes a series of compliances that a company shall adhere to. Let’s take a quick look […]
Applicability and Key Provisions of India USA DTAA
It might be possible that you are a resident of one country but your source of earnings is from a different country. In such a case, you might end up paying taxes in both countries. To avoid such scenarios of double taxation, Double Taxation Avoidance Agreements (DTAAs) are entered between countries. DTAAs lays down explicit […]
Why Import Export (IEC) Certificate
Overview The reach of the products and services of India is not limited to the domestic boundaries but is now extended to international markets as well. Many strict rules and restrictions in foreign trade policies undergo relaxations to promote international trade practice and Globalization. This integration of the world economy will be possible with the […]
How does Profit-Sharing Work Among Partners in a Private Limited Company?
Most people are aware that when it comes to partnerships, partners just need to calculate the profits and distribute it among partners in a predetermined profit-sharing ratio as per the partnership agreement. However, when it comes to private limited companies, there are no official partners but directors and shareholders. So, how the profits are distributed […]
How To Brand Your Startup? In-Depth Strategy Analysis
Introduction As an entrepreneur, you know that branding is essential for your startup. But what does that mean? And how do you go about it? Branding is more than just a logo or a tagline. It’s the complete experience your customers have with your company. It’s the way you speak to them, the way you […]