The Income Tax Act included a provision known as Section 80D that enables taxpayers to deduct the cost of their medical insurance premiums. By allowing a claim of deduction for medical insurance premiums up to Rs. 25,000 per year, this section lessens the tax burden of individuals. On qualified medical insurance premiums paid for the …
Goods transport agency” or GTA refers to any individual who offers services in connection with the transportation of goods by road and issues consignment notes, regardless of the name used. This indicates that while other parties may also lease cars for the transportation of goods, only those that issue consignment notes are regarded as GTAs. …
GST Compliance Meaning A significant tax reform in the country has been brought about by the implementation of the new GST tax system. The new system combines several local, state, and federal taxes into a single, fungible tax. This much-needed reform has improved administrative paperwork and increased transparency in the framework for collecting taxes. Since …
LLP form 11 LLP form 11 filling is a very easy process. Regardless of how much money an LLP makes over the course of the year, Form 11, an annual return must be filed by all LLPs. Even if an LLP doesn’t engage in any operations or business throughout the fiscal year, Form …
Interest Assesses are required to pay interest and penalties if they fail to pay income tax (self-assessment tax or advance tax) on time or before the deadline. According to Sections 234A, 234B, and 234C of the Income-Tax Act, the Income Tax Department may levy late payment interest in the event that an income tax return …
IMPORT EXPORT CODE INFORMATION (IEC) The initial registration needed for commercial entities engaging with the import or export of products and services from India is the Import Export Code, more generally referred to as IEC. The Directorate General of Foreign Trade issues IEC (DGFT). It serves as a passport for commercial import and export. Benefits …
A number of modifications to CBIC’s current return have been reported in Form GSTR-3B. The form used by the government to collect tax from its citizens is called Form GSTR-3B. The CBIC has included a new table 3.1.1 in which taxpayers must disclose information on supplies made through e-commerce operators (ECO), if such ECO is …
Simply put, striking off a firm implies quickly ending a failed business. It is the simplest approach to shut down a business. Which business can be fired? – Any business, regardless of its type, can be dismissed private company, One-person operation Section 8 company for public companies – The Companies Act of 2013 oversees corporations, …
What is the Private Company Annual Compliance? An organisation with a distinct identity known as a private company must regularly file reports with the MCA in order to preserve its active status. Every corporation must submit an annual return and audited financial statements to the MCA at the end of each fiscal year. No matter …
An organisation with a distinct identity known as a private company must regularly file reports with the MCA in order to preserve its active status. Every corporation must submit an annual return and audited financial statements to the MCA at the end of each fiscal year. No matter the turnover, whether it is zero or …
