ARE YOU A SENIOR CITIZEN? KNOW WHAT HAPPENS IF YOU FAIL TO FILE ITR BY 31ST DECEMBER According to the law, a senior citizen is an individual resident between the age group of 60 to 80 years, as on the last day of the previous financial year. In India the majority of older persons face … Read more
How To Claim Section 80iac Exemption Under Income Tax Act The Government through this initiative aims to empower Startups to grow through innovation and design. Tax exemption under Section 80IAC of the Income Tax Act is one of the benefits from the various benefits provided to startups under Startup India Scheme. In this article, we … Read more
LAST DATE FOR FILING ITR & TAX AUDIT There are various kinds of audits being conducted under different laws such as company audit, statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit called ‘Tax Audit’. Section 44AB of the Income-tax Act, 1961 contains the provisions … Read more
Penalty Levied For Not Furnishing Return Of Income Under Income Tax Act,1961 Under the old provisions i.e. Section 271F of IT Act applicable for income tax returns filed up to Financial Year 2016-17, taxpayers who late file their income tax return could be subject to a penalty of Rs.5000. However, the penalty of Rs.5000 for late … Read more
Know if you are liable to pay Advance Tax Every individual has certain responsibilities under different laws and when it comes to the Income Tax Act. One of the primary responsibilities is to pay the required tax on the income earned during the year. There are various ways in which the tax will be paid … Read more
ITR-5 IS NOW AVAILABLE FOR THE A.Y 2020-21 Due to the COVID-19 pandemic situation, the government has given relaxation to all the taxpayers and extended the due dates for filing ITR forms. Earlier the form ITR-1, ITR-2, ITR-3, and ITR-4 were made available in the portal. On 25th August 2020, ITR-5 has been made available. … Read more
STEPS TO FILE ITR-2 FOR THE A.Y 2020-2021 In the view of Difficulties faced by the taxpayers due to COVID-19 pandemic situation, the Government vides Income Tax notification dated 24 June 2020, has extended the deadline for filing return of income for A.Y. 2020-21 from the original due date of 31st July 2020 to 30th November 2020. … Read more
SECTION 44ADA- PRESUMPTIVE TAXATION SCHEME FOR PROFESSIONALS Section 44ADA was inserted after Section 44AD of Income Tax Act, 1961 with the effect from the financial year 2016-2017. This section provides special provisions for computing profits and gains of profession on a presumptive basis. The Presumptive Taxation Scheme is inserted to give relaxation to all small … Read more
DIRECT TAXES UPDATES: One time relaxations for verification: In case of returns for the Assessment Years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which were uploaded electronically by the taxpayer within the time allowed under section 139 of the Income-tax Act, 1961 and which have remained incomplete due to non-submission of ITR-V Form for verification, CBDT … Read more
PAY ADVANCE INCOME TAX TO AVOID PENALTY By Taxpayer discharging their Income Tax liability, the government believes that they can simultaneously earn and pay tax. This can be done by two modes i.e collection and deduction of tax at source in most cases like salary, interest, rental, brokerage, commission, and professional fees. Taxpayers who have not … Read more
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Want to Setup your business in India? Connect with the best Online Registration, Licenses and Return filing solution providers for business across India. Since March 2017, StartupSearch has been a one-stop shop for all startups or entrepreneurs looking for a chartered accountant, company secretary or lawyer. We have been ensuring Startups and SMEs are fully compliant with India’s legal system. Over the past 3 years, the depth of our offerings has increased and that too at affordable prices and customer satisfaction has made our standing different and we are giving a tough competition to other online facilitators of legal services in India. We have the best team for Company incorporation, Trademark Registration, Auditing, Advisory and Tax Filing for large, medium, small businesses and Startups in India.
Startup Business:
Most of the budding entrepreneurs are in dilemma about what kind of entity to register when they start their business. Should it be a private limited company, limited liability partnership, partnership firm, one person company or a sole proprietorship? Each of these has its advantages and disadvantages. The type of entity should be chosen only after one round of consultation with our experts, as they will be in a better position to guide on the same. For example, Registering as a private limited company would be a good fit for any venture that will look for funding at a later stage. You can contact StartupSearch for any type of registration and advice you need for your business transactions. We assure you of great professional service at a reasonable price. You can connect with us for a free check on the Company name availability.
Intellectual Property :
The importance of intellectual property is very much but most of the businesses are not aware of the same. We at StartupSearch simplify the process for you to register a Trademark for your brand, to get copyright for your artistic, creative ability and will also help you in patenting the process after a proper patent search patents which will ensure that you have sole rights to your creation, be it your brand, your designs or your inventions. At StartupSearch, we are very well equipped to handle all your IP requirements. We facilitate trademark applications in just two days, copyright registration for all your software, pictures, audio, and video content, and can connect you to patent attorneys to conduct a patent search and file your patent applications.
TAX & License Registrations :
To do any business in India, you need a license for almost everything. Started a manufacturing business? You need a GST Registration and a Trade License. For a food business, you need an FSSAI license. In case you have employees, You need a Professional Tax registration and Shops & Establishments Act Registration. If that’s not enough, you also need to file GST Returns and Professional Tax Returns.
Legal Documentation :
There is a lot of importance of legal documentation when you start your business, whether with your Investors, partners/co-directors, employees and any vendors you deal with. By getting a lawyer to draft contracts or agreements with new vendors, employees, and investors, you’re ensuring that you have all the downsides covered. At StartupSearch, we connect you to lawyers who will deliver complex documents, from shareholders’ agreements and founders’ agreements to terms of service/privacy policy and non-disclosure agreements, at a reasonable cost in a few days.
Mandatory Compliance :
It’s not enough to have started a private limited company or an LLP. You need to comply with all the requirements of the Ministry of Corporate Affairs, Central Board of Indirect taxes and Central Board of direct taxes once you register your business. You need to inform them of every relevant change you make, whether it is adding a director, removing a partner or increasing authorized share capital. You also need to file annual returns and maintain your accounts. In the case of a private limited company, you even need them audited. At StartupSearch, we facilitate all these services completely online. This means you can engage a professional on retainer for the year and we’ll ensure that all the formalities are completed for you while you focus on your business.
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