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 […]
What cannot be Patented in India? And process on “How to apply for a Patent in India?”
Overview The patent in general terms can have multiple meanings. A patent is an instrument or a tool that exclusively gives the rights to the owner regarding its utility. When we see the legal definition, a Patent is a form of preservation of Intellectual Property (IP) which is an exclusive right granted solely for an […]
GST for Job Work and Outsourced Manufacturing Services
Job work services are required by almost every major industry whether it’s textile or any other industry. Further, there has been an increasing trend of outsourcing the manufacturing as well as other verticals of the business so that the business is able to concentrate on its core competencies. However, when we talk about their GST […]
Repercussions of Non-Filing of Income Tax Returns in India
Overview The Income tax return is a kind of report which helps taxpayers to disclose their income and assets to the Income Tax Department. It comprises personal and financial data related to the taxpayers. The taxpayer can be of the following types: Since the scope of the Income Tax Act,1961 is widespread and covers a […]