The ITR 6 form is an income tax form that should be used by businesses that do not qualify for Section-11 exemptions. Companies that can claim Section-11 exemptions are those that hold their property income for religious or charitable purposes. Who is eligible to file Form ITR 6? Every company, regardless of structure, that is …
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 …
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. …
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 …
Introduction Individuals can file tax returns for prior years. This is only possible for the two years preceding the current fiscal year for which returns must be filed. Taxpayers have a two-year window in which to file their returns. Individuals who want to file their income tax returns for previous years can only do …
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 …
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 …
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: ● MSMEs …
A sole proprietorship company is one that is owned and managed by one person. This type of business can be formed in fifteen days, making it one of the most popular types of businesses to start in the unorganised sector, particularly among merchants and small traders. Registration is not required for a sole proprietorship business …
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 …
