Section 12A of Income Tax Act

Section 12A of Income Tax Act:

– The Income Tax Department grants trusts and other not-for-profit organisations a one-time registration known as a 12A registration. – The registration is done in order to avoid having to pay income tax. – Typically, 12A registration is requested as soon as an entity is incorporated. FORM 10A Entities who want to create a registration under Section 12A should submit Form 10A. Both the Section 12A registration application process and the Form 10A filing procedure are only now available online. Documents Necessary For Section 12A  – A …

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Nidhi Company: what is it?

Nidhi Company: what is it? One type of non-banking financial company is a nidhi company (NBFC). Nidhi Companies are created to lend and borrow money on behalf of their members. It is founded on the idea of mutual benefit and instils in its members the habit of saving money. In the southern region of India, …

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Tax Audit Form 3CA

Tax Audit Form 3CA

An income tax audit form is 3CA. According to income tax regulations, taxpayers are required to submit their audit reports by completing either Form 3CA or Form 3CB, one of the two audits. The auditor who physically assessed or audited the tax assessee in question’s accounts is the best individual to complete Form 3CA. Who …

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Definition of Small Business

When presenting the Union Budget for 2021, the Indian Finance Minister proposed changing the definition of a small company as stated in section 2(85) of the Companies Act, 2013. The proposal’s primary goals were to make doing business easier and lessen the burden of compliance on a large number of businesses. As a result, the …

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GST Refund in case of Exports

90% of the integrated GST paid on exports will be refunded within 7 days, and the remaining 10% will be refunded within 60 days. If exporting goods or services is done without submitting a bond or LUT and IGST was paid on those exports, the GST refund will invariably be due. No IGST would apply …

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FCRA Registration

FCRA Registration

According to Section 6(1) of the Foreign Contribution Regulation Act of 2010, charitable trusts, societies, and Section 8 companies that accept donations or contributions from abroad must register. A FCRA registration is one such registration made pursuant to the Foreign Contribution Regulation Act, 2010. In this post, we examine the steps involved in becoming FCRA-registered …

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80D Income Tax

80D Income Tax

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 …

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Goods Transport Agency (GTA)


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. …

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GST Compliance

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 …

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LLP Form 11 filling

     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 …

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