TAX DESTINATION

Hello Everyone! Welcome back to Tax destination. In our last blog, we discussed Business ideas, how to start a business, and the most popular forms of business in India. One of which was Sole Proprietorship. In this blog, we are going to talk more about Sole Proprietorship, its pros, and cons, Tax, and legal implications. So that you can decide whether to start your Business in the form of a Sole Proprietorship. Let's get started. What is Sole Proprietorship A sole Proprietorship is a form of Business where there is only one owner. The owner is known as the Sole Proprietor. He alone enjoys all the profits or suffers all the losses. There is no legal distinction between the entity and the sole proprietor. It is the simplest form of doing Business. To start this form of business you just need an idea. Yes, it could be that simple sometimes. But often you need to have some documents and registration, which we will address later in this blog. Firstly, we need to know the pros and c

Hello Everyone! Welcome back to Tax destination. In our last blog, we discussed Business ideas, how to start a business, and the most popular forms of business in India. One of which was Sole Proprietorship. In this blog, we are going to talk more about Sole Proprietorship, its pros, and cons, Tax, and legal implications. So that you can decide whether to start your Business in the form of a Sole Proprietorship. Let's get started. What is Sole Proprietorship A sole Proprietorship is a form of Business where there is only one owner. The owner is known as the Sole Proprietor. He alone enjoys all the profits or suffers all the losses. There is no legal distinction between the entity and the sole proprietor. It is the simplest form of doing Business. To start this form of business you just need an idea. Yes, it could be that simple sometimes. But often you need to have some documents and registration, which we will address later in this blog. Firstly, we need to know the pros and c

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make a payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source (TDS) would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. Objective - TDS system provides information about taxpayers and helps tax administration. It helps in recovering tax from the assessees in the year in which the income has been earned. Other objectives of TDS are having a regular cash flow; preventing evasion of tax and minimizing collection expenses. Rates of TDS - TDS shall be deducted at the rates specified in the relevant provisions of the Act or the First Schedule to the Finance Act. However, in case of payment to non-resident persons, t

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make a payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source (TDS) would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. Objective - TDS system provides information about taxpayers and helps tax administration. It helps in recovering tax from the assessees in the year in which the income has been earned. Other objectives of TDS are having a regular cash flow; preventing evasion of tax and minimizing collection expenses. Rates of TDS - TDS shall be deducted at the rates specified in the relevant provisions of the Act or the First Schedule to the Finance Act. However, in case of payment to non-resident persons, t

Hello everyone!! Welcome back to our  Blog. This blog is bit different from other blogs. During Past decade, India is moving towards Encouraging startups & Entrepreneurship. With Startup India, the Modi government is providing huge benefits & encouraging Young entreprenerrus to build startup.India registered 72,993 startups that created 7.68 lakh jobs in past six years.Top 15 startups that are formed during past decade are ruling India now We cannot imagine our lives without these startups(.Food(Zomato), Shelter( OYO Hotels), Travel( OLA Cabs)) Many people would like to Be their own boss instead being under Boss  & start their own business.Due to lack of support and knowledge on how to form business & other complainces, they will not do the same. To help you in understanding how to get business ideas & incorporate the business we are releasing this blog. Lets get into the topic : Sundar Pichai, CEO of Google said that Its idea that matters, not your power, not your

Hello everyone!! Welcome back to our  Blog. This blog is bit different from other blogs. During Past decade, India is moving towards Encouraging startups & Entrepreneurship. With Startup India, the Modi government is providing huge benefits & encouraging Young entreprenerrus to build startup.India registered 72,993 startups that created 7.68 lakh jobs in past six years.Top 15 startups that are formed during past decade are ruling India now We cannot imagine our lives without these startups(.Food(Zomato), Shelter( OYO Hotels), Travel( OLA Cabs)) Many people would like to Be their own boss instead being under Boss  & start their own business.Due to lack of support and knowledge on how to form business & other complainces, they will not do the same. To help you in understanding how to get business ideas & incorporate the business we are releasing this blog. Lets get into the topic : Sundar Pichai, CEO of Google said that Its idea that matters, not your power, not your

Hello Guys, In today's blog let's see how to file a tax audit report through the Income-tax portal in a detailed step-wise manner. If you haven't read our previous blog on tax audit due dates, form and applicability, kindly refer to the below link- Click here to read our post about "Tax Audit Series FY 21-22 - Due Dates, Forms and Applicability" Step 1 - Firstly the assessee through their login should assign forms to an eligible chartered accountant to file their tax audit report. The taxpayer has to login to their income tax portal through the following link -  https://eportal.incometax.gov.in/iec/foservices/#/login Go to e-File > Income Tax Forms > File Income Tax Forms Search for 3CA-3CD or 3CB-3CD whichever is applicable and click on 'File Now'  Select the Filing Type (Original/ Revised) and select the Assessment Year. Assign CA by adding their membership number. Upload the supporting documents i.e., Balance Sheet & Profit and Loss. Click on