Starting New Business? Follow the Laws!

1. First of all, one should decide the constitution of the business, for e.g. Proprietorship, Partnership, LLP, Company etc. If one has to start Partnership Firm, then will have to take registered Partnership Deed according to Indian Partnership Act. To Start Company or LLP, one has to get registered under Companies Act. Further now, as […]

Presumptive Taxation U/S 44AD Simplified

Presumptive Taxation U/S 44AD Simplified Businesses have been grown over the period of time due to general growth of the economy and varied other reasons. But at the same time various numbers of business and service providers, irrespective of their area of operations, earning substantial income are outside the tax net as Presumptive Taxation.

Service Tax on Restaurants and Hotels

SERVICE TAX ON RESTAURANTS AND HOTELS – LEGISLATIVE COMPETENCE  The Finance Act,2011 has  inserted sub clause (zzzzv) and (zzzzw) to section 65(105)  of the Finance Act,1994 thereby imposed service tax on restaurant services and  short term  accommodation services provided in hotels with effect from May 1, 2011. The scope of the services are defined as […]

Capital Gain Tax Simplified

Capital Gain Tax Simplified Chargeability u/s 45  Profits or gains arising from the transfer of a capital asset is chargeable to tax in the year in which transfer take place under the head “Capital Gains”.  Definitions  Transfer: Sec. 2(47): Transfer in relation to a capital asset includes sale, Exchange, or relinquishment of the asset or extinguishment […]