Tax Planning Tax Planning is a lawful and widespread approach embraced by individuals and businesses to reduce their tax obligations while operating within the boundaries of relevant tax legislation. Tax plannings involves reviewing your financial situation, income sources, deductions, credits, and other relevant factors to identify legal strategies that can help reduce your overall… Read More »
Tax Planning Fees Deductible Are Tax Planning Fees Deductible? Tax planning is an essential aspect of effective financial management. Many individuals and businesses seek professional advice to minimize their tax liabilities. However, a common question arises: Are tax planning fees deductible? Let’s break down the essentials. Understanding Tax Planning Fees Tax planning fees refer… Read More »
Is ITR filing free The cost of filing an Income Tax Return (ITR) can vary depending on several factors, such as the complexity of your tax situation, the method of filing (online or offline), and whether you choose to seek professional assistance or do it yourself. In some cases, there are free or low-cost options… Read More »
Income Tax Return To file an Income Tax Return (ITR), you can follow these steps: 1. Gather the Required Documents: Collect all the necessary documents, such as PAN card, Aadhaar card, bank statements, salary slips, Form 16 (if available), investment proofs, and other relevant financial documents. 2. Choose the Correct ITR Form: Select the… Read More »
Tax Planning for New Business Tax planning for a new business involves strategic financial decisions and structuring to optimize the tax position of the business. Here are some key considerations for tax planning when starting a new business: 1. Entity Selection: Choosing the right business entity, such as a sole proprietorship, partnership, corporation, or… Read More »
Business Registration Process A business registration process or incorporation certificate is an official document issued by the government or relevant regulatory authority to confirm the legal existence of a business entity. The certificate serves as proof that the business has been register and incorporated according to the laws and regulations of the jurisdiction. The… Read More »
GST Exemption for Private Limited GST Exemption for Private Limited, A private limited company is a type of business entity that can operate without GST (Goods and Services Tax) depending on the specific circumstances and applicable regulations. In general, businesses in India with an annual turnover below the GST threshold (currently INR 40 lakhs… Read More »
E-Filing of ITR E-filing of ITR, The cost of filing an Income Tax Return (ITR) can vary depending on several factors, such as the complexity of your tax situation, the method of filing (online or offline), and whether you choose to seek professional assistance or do it yourself. In some cases, there are free or… Read More »
GST rates The Goods and Services Tax (GST) in India is a value-added tax applied to the supply of goods and services. The applicable GST rates for commissions are determined based on the nature of the commission and the type of service rendered. In general, commissions are considered services and are subject to the… Read More »
What is referral income and how is it taxed Referral income refers to the commission or incentive received by an individual for referring someone or a business to another individual or company. Referral income form of income is commonly earned by professionals in the sales or marketing field and it is taxed. To visit https://www.gst.gov.in/… Read More »
