Suspension Of GST Registration | Online Chartered

  Gather All Necessary Documents: Collect all relevant documents such as Form 16 (provided by your employer), bank statements, investment proofs, rent receipts, and any other documents related to your income, deductions, and expenses. Verify Your Form 26AS: Form 26AS is a consolidated tax statement that shows the taxes deducted on your behalf by employers, banks, or any other deductors. Verify that the details in Form 26AS match the information you have. This will help avoid any discrepancies in your ITR. Understand The Applicable ITR Form: There are different ITR forms available for different types of taxpayers and sources of income. Make sure you choose the correct ITR form that suits your income sources and category of taxpayer (individual, HUF, company, etc.). Compute Your  Taxable Income  Accurately: Calculate your total income by considering all sources, including salary, interest, rental income, capital gains, and any other applicable income. Deduct eligible d...

  Introduction: Starting a   new business venture   can be an exciting but challenging endeavor. One of the key factors for startup success is securing adequate funding. In this article, we will explore the most famous fundraising ideas for  startups . Whether you’re an aspiring entrepreneur or already running a startup but understanding these funding options can help you make informed decisions and propel your business forward. Here are the most beneficial fundraising ideas for startups are as follows: 1. Bootstrapping: Bootstrapping refers to self-funding your startup using personal savings, credit cards, or loans. This method allows entrepreneurs to maintain full control and ownership of their business. However, bootstrapping comes with its own set of pros and cons. On one hand, it provides independence and flexibility, but on the other hand, it limits the growth potential due to resource constraints. 2. Angel Investors: Angel investors are individuals w...

Starting a business can be an exciting and rewarding journey, but it’s essential to navigate the legal requirements to ensure a smooth and legitimate operation. Startup registration plays a crucial role in establishing your business as a legal entity, providing it with recognition, limited liability, and various benefits. In this article, we will get the details of Startup registration, covering different types, the registration process, legal compliance, benefits, challenges, and more. Startup registration refers to the process of formally incorporating a business and obtaining legal recognition for its existence. It involves registering the business under a specific legal structure, such as a s,  Registered   partnership firm, limited liability partnership (LLP), or private limited company (Pvt. Ltd.),   Each form has its own advantages, limitations, and compliance requirements. Importance Of Startup Registration: Startup registration  holds significant importance ...

When starting a business, choosing the right legal structure is difficult. LLPs and partnerships are two popular options, each with its own set of   attributes and implications . Understanding these differences is essential for entrepreneurs, professionals, and investors alike. Definition Of  LLP A limited liability partnership, commonly known as an LLP, is a business structure that combines elements of partnerships and corporations. It provides a flexible framework for professionals and service-based businesses. The LLP is a separate legal entity. The LLP itself will be liable for the full extent of its assets, and the liability of the partners will be limited. Definition Of  Partnership Firm A partnership is a traditional form of business structure where two or more individuals collaborate and share profits, losses, and responsibilities. A partnership is a contract wherein parties, also referred to as business partners, decide to work together to further their shared ob...

Latest Update: The CBDT vide notified the class or classes of persons to whom the provisions of section 56(2)(viib)of the Income Tax Act, 1961  do not apply as per the notification of 24/05/2023. In the exercise of the powers conferred by Section 56(2)(viib) sub-clause (ii) the Central Government hereby notifies the following class or classes of persons, for the purposes of the said clause, namely:- 1. Government and Government related investors such as central banks, sovereign wealth funds, international or multilateral organizations or agencies including entities controlled by the Government or where direct or indirect ownership of the Government is 75% or more; 2. Banks or Entities involved in Insurance Business where such entity is subject to applicable regulations in the country where it is established or incorporated or is a resident; 3. Any of the following entities, which is a resident of any country or specified territory listed in Annexure, and such entity is subject to a...

Section 80G deduction of the Income Tax Act is allowed for the amount paid by the taxpayer as a donation to any fund or institution or charitable Trust. All donations are not treated equally under Income Tax Act. Donations to certain funds and institutions qualify for a 100% or 50% deduction without any qualifying limit. What Is The Limit Of 80G Income Tax Exemption? The maximum amount allowable under Section 80G shall be 50% of the lower amount donated or the qualifying limit for your donations under Section 80G, which is 10% of your adjusted gross total income. Eligibility to claim deduction under Section 80G: Individuals Companies Firms Hindu Undivided Firm (HUF) Non-Resident Indian (NRI) Any other person Documents required to claim a tax deduction on donations: The receipt must include information such as the donor’s name, address, PAN, trust registration number, and name, as well as the donation amount and method of payment.  Form 58  is required if the donation qual...

Due Dates Calendar For GST Filing Date GST returns FILING 10/06/2023 GSTR-7 10/06/2023 GSTR-8 11/06/2023 GSTR 1 RETURN FILING 13/06/2023 IFF filling (optional) 13/06/2023 GSTR-5 13/06/2023 GSTR-6 20/06/2023 GSTR-5A 20/06/2023 GSTR 3B 25/06/2023 PMT-6 Due Date for Filing TDS Returns FY 2023-2024 Quarter Quarter period Quarter ending Due Date 1st Quarter April - June 30th June 31st July 2023   Due Date to File TCS Returns for FY 2023-2024 Quarter Quart Quarter period r Period Quarter ending Quarter Ending Due Date 1st Quarter April - June 30th June 15th July 2023 ROC Compliance Due Date ...