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Income Tax Return for Partnership Firm and Company | How to file ITR 5 and 6

  ITR 5 needs to be filled by Limited Liability Partnership (LLP) Association of Persons (AOP) Body of Individuals (BOI) Partnership firms Limited Liability Partnership (LLPs) If you are a partner in a partnership firm, you are not required to file ITR 5, instead, the partnership firm will file it on your behalf. In order to file ITR-6, the company should be incorporated under the Companies Act, 1956 or 2013. If the turnover, sales, or gross receipts exceed more than Rs.1 crore in the prior financial year the entity must acquire the accounts audited from a certified Chartered Accountant. If the turnover, sales, or gross receipts exceed more than Rs.1 crore in the prior financial year the entity must acquire the accounts audited from a certified Chartered Accountant. #itr5 #itr6 #llp #incometax #tax

CTE and CTO(NOC/Certificate)- Meaning and Documents Required

Two important terms in the field of environmental compliance: Consent to Establish (CTE) and Consent to Operate (CTO). Consent to Establish (CTE) First, let's talk about Consent to Establish or CTE. This is a legal document issued by the State Pollution Control Board (SPCB) or Pollution Control Committee (PCC) that grants permission to a business to establish and operate its facilities. The CTE outlines the environmental standards that the business must comply with, such as air quality, water usage, and waste disposal. Let's talk about Consent to Operate or CTO. This is a legal document issued by the SPCB or PCC that grants permission to a business to operate its facilities after complying with the environmental standards outlined in the CTE. #ctet #cto #dpcc #compliance #noc #jrcompliance

Income tax return for small business and self employed individuals | ITR-4 explained

What is ITR-4? ITR-4 Form is the Income Tax Return form for taxpayers who chose a presumptive income scheme under Section 44ADA, Section 44AD, and Section 44AE of the Income Tax Act. Nevertheless, if the sales of the business cited above exceed Rs 2 crores, the taxpayer will need to file ITR-3.  Eligibility criteria for applying ITR-4  ITR-4 can be listed by a Resident Individual / HUF / Firm (other than LLP) for the following specifications: Individual, HUF, Partnership firm other than LLP. Income from Business and Profession which is calculated on a presumptive basis u/s 44ADA, 44AD or 44AE Other references comprise (excluding Income from Race Horses and gains from the lottery): Interest from Savings Account Interest from Income Tax Refund Family Pension Interest from Deposits Any other Interest Income (for example- Interest Income from an unsecured loan)

How to file Income Tax Return for Income from Business and Profession| ITR 3 filing| JR compliance

  ITR-3 is a form that is relevant for resident individuals and Hindu Undivided Families (HUFs). An income Tax return with an ITR-3 form is carried out when the assessee has a regular income from a profession or a proprietorship business. Accordingly, if a person earns an income through a business or a profession belonging to medicine, architecture, accountancy, etc, you can go ahead with the ITR-3 process! Now that you’re familiar with the crux of the ITR-3 form, let’s dive into the eligibility criteria for the same. Who can apply for ITR-3? Income generated from one or multiple house properties. Income assets dwelled in a country outside India. Income earned from short or long-term capital gains Income from a profession pertaining to medicine, architecture, accountancy, etc Rewards benefited from activities such as horse racing, winning a lottery, etc coming in the category of ‘Income from Other Sources. Last but not least, a business executed under a proprietorship firm, denoting t

How to Register for TDS (Tax Deduction System)

  (TDS) Tax Deductible at Source, it is the quarterly statement that a deductor submits to the Income Tax Department. It indicates the summary of each entry for the TDS collected or paid by the deductor to the Income Tax Authority. For more information, watch:  https://www.youtube.com/watch?v=17bh00lCVXU&t=1s

Know the eligibility of ITR 2 for income with capital gains

Eligible to file ITR-2 1. Individuals and HUFs 2. Income from salary and pension 3. Income exceeding Rs.50 lacs 4. Holding unlisted equity shares 5. Director in a company 6. Capital gain from the sale of assets or property 7. Income from House Property from more than 1 house property 8. Agricultural income exceeds Rs.5000 9. Income from winning lotteries or horse races 10. Owner of foreign asset or Income from a source outside India. 11. Non-resident or resident not ordinarily resident.

FSSAI Registration Process: Central Guidelines | FSSAI License Registration | FSSAI Apply Online

Food Safety and Standards Authority of India (FSSAI ) is a legal authority that provides food licenses/registration to every Food Business Operators (FBO) in India according to Sub section (1) and subsection (2) of Section 31 of the FSS Act, 2006 to regulate the food quality as per the rules and regulations of the FSSAI. Assuredly, every business that engages in the food supply chain is required to procure the license. If they fail to do so, they won’t be allowed to operate in the Indian market. There are many benefits of FSSAI License: Legal Benefit - To obtain legal benefits to prevent you from fine, debarment, or both which a food business has to face if it fails to obtain the FSSAI license. Market Advantage - An FSSAI certificate helps in enhancing the brand value and provides wider access to the market by increasing the goodwill of the product. Thus, it ensures the customers’ safety and is eligible to sell your products at various geographical locations without affecting the dem