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The jewellery industry is one of the most promising industries. Indians buy jewellery on several occasions. Sometimes people buy jewellery for investment and sell their jewellery. When an individual purchases a product, GST is paid. When the person re-sells it then also it is taxed which results in double taxation.…

Income Tax Returns are filed by all the persons as per legal provisions. To file the returns, Income Tax Department has set due dates. These due dates are different depending on the type of assessee. After the due date is over, though it is still possible to file the return…

Before the Central Goods and Services Tax (Sixth Amendment) Rules, 2021came into existence, every registered person having turnover exceeding Rs. 2 Crores had to get their accounts audited by Chartered Accountants(CA). They had to submit the copy of the annual audited accounts and file a  reconciliation statement according to Section…

The Companies Act,2013 has introduced the concept of KMP (Key Managerial Personnel). This concept is basically for bringing all the heads into one main head as they all are part of the company. As the board of directors set goals and objective of the company. But KMPS play important role…

In recent past we have shifted from money in the wallet to money in the digital wallet. Demonetization lead this drive of digital wallet and Covid-19 took the things forward. In the same manner, there is one more thing that is slowly paving the path and it set to become…

  GST stands for Goods and Service Tax. GST gives the benefit of availing seamless credit in business transactions. However, to avail this seamless credit and other GST benefits you need to be a registered dealer. Our scope of discussion in this article is all aspects of GST Registration. We…

Promoters of a company decide the capital investments at the incorporation stage. As the business grows, the company expands its operation. Sometimes the capital surpasses the limit of authorized capital. To facilitate this the management increase in authorized capital of company. The authorized capital is the amount of capital for…

In 2009, the government enforced Limited Liability Partnership Act, 2008 for the formation of limited liability partnerships in India. The Limited Liability Partnership is a popular form of business because of its simplified registration process and maintenance. They allow many small and medium-sized companies to have a separate legal entity…

Indian marriages see a huge influx of gifts. The newlyweds are given gifts from their immediate families and friends. A common question arising in the minds of the newlywed taxpayers is revolving between marriage gifts and taxation. Section 56 of the Income Tax Act states that cash, jewelry, house, and…

The backbone of the economy lies with the Micro, Small and Medium Enterprises known as MSME in short. Currently, there are nearly 6.3 crore MSMEs in India according to the latest Ministry data in 2021. These enterprises contribute nearly 29% of the country's GDP. MSME was introduced in 2006 and…