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 11 must still be submitted. …
Two new sections—206AB and 206 CCA 206AB and 206CCA have been added to the Income Tax Act of 1961 by the Finance Bill 2021. For the higher rate of TDS/TCS that must be applied to non-filers of income tax returns, see the aforementioned section. For the purpose of imposing higher rates, Sections 206AA and 206CC …
What is the 26QB form? The Finance Bill of 2013 stipulates that TDS is applicable to sales of real estate if the purchase price is Rs. 50,000 or above. According to Section 194 IA of the Income Tax Act of 1961, starting on June 1, 2013, the buyer must deduct tax at a rate of …
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. …
194 c income tax act ~ The requirements for tax deduction at source at the time of payment to contractors/subcontractors are covered under Section 194C. ~ According to this clause, tax must be withheld from all payments made to a resident contractor (or subcontractor) for the completion of any job, including the delivery of labour. …
1) One of the biggest issues faced by the Indian Economy is Black Money. 2) In order to solve the issue, the Government of India has been continuously initiating various strategic attempts in order to curb black money. 3) The root cause of black money is attributable to cash transactions between parties in India. 4) …
Its a new audit form where taxpayers with a turnover of more than 2 crores are required to file it annually, and a CA must certify it. In essence, it serves as a statement of reconciliation between the taxpayer’s audited yearly financial accounts and the annual returns filed in GSTR-9. Importance of GSTR 9C A …
Previously, the prevailing MSME was based on the criteria of investment in production facility and machinery. So to access MSME benefits, the MSMEs have to confine their investment to the lower level. Standard Documents Needed for MSME Registration PAN and Aadhaar cards are the only essential documents required for MSME registration. This registration is fully …
What is an e-bill and how does it operate? B2B invoices are electronically validated by GSTN using the e-Invoice system before being used on the public GST portal. Every invoice will receive an identification number under the electronic invoicing system from the Invoice Registration Portal (IRP), which will be run by the GST Network (GSTN). …
E way Bill EWay Bill is an electronic waybill that will be generated on the eWay Bill portal for the movement of goods. Without an e-way bill generated on ewaybillgst.gov.in, a GST registered person is not permitted to move goods in a vehicle with a value greater than Rs. 50,000 (Single Invoice/bill/Delivery Challan). When to …
