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Clause 44 of Form 3CD

Clause 44 of Form 3CD

The Incomes Act established two types of tax audit forms:    Report on Audit:   The audit report would be in either Form 3CA or Form 3CB format. Form 3CA is for people whose accounts have been audited under laws other than the Income Tax Act. Form 3CB is intended for individuals whose accounts have not …

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GSTR-2A reconciliation

GSTR-2A reconciliation

What exactly is GSTR-2A reconciliation?   The process of matching the invoices available in the GSTR-2A with the invoices recorded by a business in its books is known as GSTR-2A reconciliation. The GSTR-2A reconciliation process assists businesses in matching invoices and identifying any discrepancies. ITC reconciliation is performed at various intervals, primarily monthly or fortnightly. …

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What exactly is GSTR 9?

What exactly is GSTR 9?

GSTR 9 is a GST annual return form that must be filed by every registered taxpayer in each fiscal year following the implementation of the GST regime. GSTR 9 forms include all consolidated summaries completed by any taxpayer on a monthly or quarterly basis. The summary contains essentially all of the ITC declared information, specifically …

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ITR for Sole Proprietorship

ITR for Sole Proprietorship

Introduction   A proprietorship, like other incorporated businesses such as partnerships and corporations, is required to pay income tax on its profits. A proprietorship is legally treated the same as the owner, and the Income Tax Returns that must be filed follow the same procedure as the proprietor’s own filings. As a result, the laws …

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One Person company (OPC)

One Person Company (OPC)

What is a one-person business? A one person company is defined in Section 2(62) of the Companies Act as a company with only one member. Furthermore, a company’s members are nothing more than subscribers to its memorandum of association or shareholders. As a result, an OPC is effectively a company with only one shareholder as …

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MSME classification

What Does MSME Stand For? Micro, Small, and Medium Enterprises (MSME) are governed by the Micro, Small, and Medium Enterprises Development Act of 2006. MSMEs, according to this act, are businesses that specialise in the processing, production, and storage of goods and commodities. MSME Characteristics Let us look at the characteristics of MSMEs: ‚óŹ     MSMEs …

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FSSAI registration and license

FSSAI registration and license

FSSAI Registration – Introduction Anyone involved in the food industry must be FSSAI registered. To operate a food processing, food manufacturing, packaging, distributing, or selling business, you must obtain an FSSAI registration. The registration/licence is issued by the Food Safety and Standards Authority of India (FSSAI), an organisation that monitors food businesses in accordance with …

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