Partnership file as an s-corp What is a Partnership? A partnership is a business arrangement in which two or more individuals collectively own and manage the business. Partnerships are relatively simple to form and manage. The income and losses of the partnership flow through to the partners’ individual tax returns, avoiding the double… Read More »
Can a private limited company buy residential property Investing in real estate can be an attractive option for many businesses, including private limited companies. However, the question often arises: Can a private limited company buy residential property? The short answer is yes, However, there are several important factors to consider. Legal Framework In most… Read More »
Ledger Balance in GST Ledger balance in GST: It refers to the balance amount available in a taxpayer’s electronic cash ledger or electronic credit ledger. The electronic cash ledger reflects the amount of cash deposited by the taxpayer and can be use to make GST payments, while the electronic credit ledger reflects the… Read More »
Should i register my business as an llc or sole proprietorship Registration of Business, The decision to register your business as a Limited Liability Company (LLC) or a sole proprietorship depends on various factors, including your specific business needs, legal considerations, and personal preferences. Here are some points to consider: Liability Protection: One of the main… Read More »
Accounting Accounting is the process of recording, classifying, summarizing, analyzing, and interpreting financial transactions and information. The objective of account is to provide information about the financial performance and position of an individual or organization, which helps in making informed decisions about their financial activities. In accounting, financial transactions are recorded in various books of… Read More »
Tax planning vs accounting Tax planning vs accounting: Tax planning and accounting are distinct but interconnected aspects of managing finances. Here’s a comparison between tax planning and accounting: Tax Planning: 1.Focuses on minimizing tax liability and optimizing tax-related strategies to legally reduce taxes. 2. Involves analyzing current and projected financial situations to identify tax-saving… Read More »
Can I run multiple businesses on a single GST as a sole proprietor Yes, as a sole proprietor, you can run multiple businesses on a single GST registration. However, you would need to mention the details of all your businesses while applying for GST registration, including their names, addresses, and types of goods or services… Read More »
Are GST Trusts Revocable Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in many countries, including India. However, when we talk about GST trusts in a legal context, it generally refers to trusts managing funds related to GST compliance, payments, or any related activities. The… Read More »
TDS Certificate Required TDS certificate required, TDS (Tax Deducted at Source) certificates are vital for providing conclusive proof of tax deduction at the source and play a critical role in enabling various procedures associated with income tax compliance. The following are key reasons highlighting the importance of TDS certificates: Proof of Tax Deduction: TDS certificates… Read More »
Check TDS compliance in Audit Check TDS compliance in audit, To Check TDS compliance in audit, you can follow these steps: Obtain TDS Returns: Request the auditee to provide copies of filed TDS returns (Form 24Q, Form 26Q, etc.) for the relevant assessment years. These returns contain information about the TDS deductions made by the… Read More »
