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Tax Planning, Tax Evasion, Tax Avoidance and Tax Management

Tax planning, Tax evasion, Tax avoidance and Tax management are common concept when it comes to taxpayers’ manners for tax reduction. All terms comes under Income Tax Act, 1961– Tax Planning, Tax Evasion, Tax Avoidance and Tax Management. The main goal of every taxpayer is to minimize his/her Tax Liability. To achieve this objective taxpayer can go for these Three Methods: Tax Planning Tax Avoidance Tax Evasion Tax Planning Tax… Read More »Tax Planning, Tax Evasion, Tax Avoidance and Tax Management

Equalisation Levy On Non-Resident E-Commerce Operators | Mandatory to Have PAN

The e-commerce businesses are growing broadly, vastly and exponentially; impact digital economy and all of us. The digital economy would cover within their ambit, numerous things like online subscription-based services, online sale of goods/ services/ software, online gaming, hotel/flight booking etc. Taxation of cross border ecommerce transactions has been a challenge for the entire world, including India, as there are various issues with taxing like transactions due to location of… Read More »Equalisation Levy On Non-Resident E-Commerce Operators | Mandatory to Have PAN

Can A Foreign National Start A Business In India Without Being A Resident?

Any person can start their business in India like foreigner citizen, Non Resident Indians (NRI), Foreign Citizens, Overseas Citizen of India card holder (OCI), Person of Indian origin (PIO). There are no. of options are available for foreign nationals to set up a business in India, but most popular forms are Limited Liability Partnership, Limited Company etc. As per the guidelines of FEMA (Foreign Exchange Management Act), Foreign Direct Investment… Read More »Can A Foreign National Start A Business In India Without Being A Resident?

Comprehensive Analysis of Section 44AD and Related Aspects

The provisions of Finance Act- Section 44AD were introduced in the Chapter of Profits & Gains from Business or profession to detract the burden of compliance of resident small Taxpayers. Without any doubt throughout, the concept related to “Presumptive Taxation Schemes’’ has been very well achieved their purposes. As an interesting move, a new condition has been made to presumptive taxation scheme which is – you are about to lose… Read More »Comprehensive Analysis of Section 44AD and Related Aspects

How to file Income Tax Return of Deceased Person

The ITR return needs to be filed for the income earned by during a financial year. Even if the person in question is deceased, someone needs to file the income tax return on his/her behalf. The death of the person is not certain; the income earned by person who has expired can still be subject to taxes. According to the Income Tax Act, 1961- section 159; Where a person dies,… Read More »How to file Income Tax Return of Deceased Person

Procedure for Removal of Director by Shareholders

The main role of a director /manager of any company is to manage a firm in such a way as to maximize the benefits to its shareholders, whilst ensuring that the company reckons with all applicable laws, rules & regulations. A director in the firm plays a vital role. He/she is liable for executing and determining the company’s policy. Apart from this, there are several critical operations that directors are… Read More »Procedure for Removal of Director by Shareholders

All about Merchandise Exports from India Scheme (MEIS)

Merchandise Exports from India Scheme is also known as MEIS scheme comes under Foreign Trade Policy of India (FTP 2015-20). Under Foreign Trade Policy of India (FTP 2015-20) two scheme has introduced one is Merchandise Exports from India Scheme (MEIS) and another one is Service Exports from India Scheme (SEIS). The rewards are given by way of duty credit scrips to exporters. The MEIS is notified by the DGFT (Directorate… Read More »All about Merchandise Exports from India Scheme (MEIS)

All About FoSCoS

FoSCoS is abbreviated form of Food Safety Compliance System has been operational in nine States/UTs viz. Manipur, Puducherry, Ladakh, Tamil Nadu, Delhi, Gujarat, Odisha, Chandigarh, Goa w.e.f. 1st June 2020. Food Safety and Standards Authority of India (FSSAI) is now ready to extend FoSCoS to entire country w.e.f. 1st November 2020. Since 2011, the FSSAI’s online licensing platform known as FLRS (Food Licensing and Registration System) is the main source… Read More »All About FoSCoS

How To Set Up Export Oriented Unit In India

Export Oriented Unit introduced in 1981, the Export Oriented Units (EOU) scheme having aim to enhance exports from India, to thereby increase foreign exchange earnings and generate employment. This scheme also complements other schemes like Free Trade Zone (FTZ) & Export Processing Zone (EPZ). The provisions of Chapter 6 of the Foreign Trade Policy and its process are applicable to EOU, as well as to Electronics Hardware Technology Parks (EHTPs),… Read More »How To Set Up Export Oriented Unit In India

Additional Director Appointment under Companies Act, 2013

Any Individual can be appointed as an Additional Director by a company under Companies Act, 2013-section 161. If the Board of Directors(BOD) needs one more director to be appointed in company because of any reason and neither can wait till the upcoming AGM nor want to hold an EGM, then Board of Directors can appoint an additional director. For additional director appointment, the AoA (articles of association) must contain a… Read More »Additional Director Appointment under Companies Act, 2013