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Old VS New Tax Regime- Which one to opt for?

Old VS New Tax Regime- Which one to opt for? The Finance Act 2020 announced a new tax regime under Section 115BAC in order to make taxation simpler for people. This new tax regime has given an option to individuals and HUF taxpayers to pay income tax at lower rates. This was long demanded by most taxpayers, however, the option for this concessional tax regime came with a huge cost, it required the taxpayer to forego certain specified deductions. Also, as of now, individuals can choose the new regime where the rates are lower but there are no exemptions or deduction or choose to continue with the regular old regime, where exemptions and rebates can be claimed and applicable tax as per the income slab will be levied. But how does one decide which regime to go for? Let’s find out! How can assessee opt for new or old regime? If an individual/HUF opts for new tax regime for FY 2020-21, then form 10IE has to be filed at the time of filing ITR for FY 2020-21 to info...

Should you form Limited Liabilities Partnership (LLP) : Know all About

A Complete Guide on Limited Liabilities Partnership A Limited Liability Partnership means a business where the minimum two members are required and there is no limit on the maximum number of members. The liability of the members of an LLP is limited. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its name. The LLP is a separate legal entity, liable to the full extent of its assets but liability of the partners is limited to their agreed contribution to the LLP This growing structure has been emerging as a popular form of business organization for many licensed professionals like lawyers, doctors, Chartered accountants etc. This concept of business has been accepted in countries like U.S.A., U.K., Australia, and Germany. In the United Ki...

Key Highlights of 43rd GST Council Meeting

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14 Income Tax Deadline extended on Today 20th May, 2021

T he Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) provides relaxation in respect of the following compliances: 1) The Statement of Financial Transactions (SFT) for the Financial Year 2020-21, required to be furnished on or before 31st May 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30th June 2021; 2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31st May 2021 under Rule 114G of the Rules, may be furnished on or before 30th June 2021 ; 3) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May 2021 under Rule 31A of the Rules, may be furnished on or before 30th June 2021; 4) The Certificate of Tax Ded...

Income Tax Compliances in Case of death of Sole Properietor

Income Tax Compliance Issue to be Tackled - In case of death of Sole Proprietor Income Tax Compliances are Pan No. based. There is no other separate registration required for Income tax compliances. In case of death of sole proprietor there is requirement of the legal heir to register himself on the e-filling portal as a legal heir of the assessee. In this article we will discuss the various compliances to be considered after the death of sole proprietor. Income Tax Compliance to be made after death of Individual As per Section 159 of the Income Tax Act, 1961, if an assessee dies before filing income tax return of any year in which a filing of return is required , it becomes the liability of the legal representative/spouse/executor to file the income tax return and pay-off any remaining tax dues of the deceased assessee. A deceased person is entitled to all the deductions and exemptions for the entire year, but tax is levied only on the income earned till his/her death. However, ...

A Comprehensive Guide on FSSAI Compliances

FSSAI Stands for “Food Safety and Standard Authority of India. FSSAI is an Independent organization under the Ministry of Health. FSSAI Registration is mandatory for every individuals or entity that is eligible for an FSSAI food safety Registration or License. For Ex. Gol gappa stall, fruits/vegetables vendors, snacks stall, Tea Stall, Samosa, Bread pakoda, retail shops, Temporary Food Stalls like Chinese food stall, South Indian Food etc. Maintaining the food quality levels to ensure safety and providing satisfaction to every consumer is the aim of every Food Business Operator. The food safety and standards authority of India (FSSAI Registration) plays an important role in formulating the controlling procedures. The Zomato and Swiggy are presently online delivery and restaurant discovery applications, supporting people to receive online food from any nearby restaurant. One person can sell Home food online on Zomato and Swiggy, but he must have complie...

Search This Blog

Old VS New Tax Regime- Which one to opt for?

Old VS New Tax Regime- Which one to opt for? The Finance Act 2020 announced a new tax regime under Section 115BAC in order to make taxation simpler for people. This new tax regime has given an option to individuals and HUF taxpayers to pay income tax at lower rates. This was long demanded by most taxpayers, however, the option for this concessional tax regime came with a huge cost, it required the taxpayer to forego certain specified deductions. Also, as of now, individuals can choose the new regime where the rates are lower but there are no exemptions or deduction or choose to continue with the regular old regime, where exemptions and rebates can be claimed and applicable tax as per the income slab will be levied. But how does one decide which regime to go for? Let’s find out! How can assessee opt for new or old regime? If an individual/HUF opts for new tax regime for FY 2020-21, then form 10IE has to be filed at the time of filing ITR for FY 2020-21 to info...

Key Highlights of 43rd GST Council Meeting

A Comprehensive Guide on FSSAI Compliances

FSSAI Stands for “Food Safety and Standard Authority of India. FSSAI is an Independent organization under the Ministry of Health. FSSAI Registration is mandatory for every individuals or entity that is eligible for an FSSAI food safety Registration or License. For Ex. Gol gappa stall, fruits/vegetables vendors, snacks stall, Tea Stall, Samosa, Bread pakoda, retail shops, Temporary Food Stalls like Chinese food stall, South Indian Food etc. Maintaining the food quality levels to ensure safety and providing satisfaction to every consumer is the aim of every Food Business Operator. The food safety and standards authority of India (FSSAI Registration) plays an important role in formulating the controlling procedures. The Zomato and Swiggy are presently online delivery and restaurant discovery applications, supporting people to receive online food from any nearby restaurant. One person can sell Home food online on Zomato and Swiggy, but he must have complie...

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Old VS New Tax Regime- Which one to opt for?

Should you form Limited Liabilities Partnership (LLP) : Know all About

Key Highlights of 43rd GST Council Meeting