‘Startup India’ is a scheme introduced by the Ministry of Commerce and Industry [Department of Industrial Policy and Promotion (DIPP)] of Government of India and supported by the Small Industries Development Bank of India (SIDBI). It was launched on 16 January 2016, with the objective to make India a nation of ‘Nation Creators’ instead … Continue reading “Startup India: Eligibility for Tax Exemptions”
Income Tax Slab Rate for FY 2019-20 (AY 2020-21) for Individuals: Individual (resident or non-resident) below the age of 60 years on the last day of the relevant previous year: Net Total income Income-Tax rate Up to Rs. 2,50,000 Nil Rs. 2,50,001 – Rs. 5,00,000 5% Rs. 5,00,001 – Rs. 10,00,000 20% Above Rs. 10,00,000 … Continue reading “Income Tax Slab Rates for Financial Year 2019-20 (Assessment Year 2020-21)”
Welcome to our new post on income tax. If you are reading this post, then most probably you have received a notice from the income tax department stating that your return has become defective. Don’t worry, this happens to most of us. In this article, we will try to explain how to deal with … Continue reading "What to do when your ITR becomes defective return? Learn all about defective return."
If you are reading this post, that means, you must have already filed your income tax return online. As a procedure, once you file your income tax return online, you are provided with an acknowledgement by the Income tax department, called as ITR-V (where “V” stands for Verification). At the bottom of ITR-V you can … Continue reading "Has your ITR been rejected? Follow these steps."
Director Identification Number (DIN) as the name suggests ‘identify’ the directors, whether existing, proposed or new, electronically. It is a unique identity number (consisting of 8 digits) that helps in representing the directors on a common platform and maintaining all the information related to them in a database. Once allotted, it can be valid for … Continue reading "What is Director Identification Number (DIN)? It’s importance and how to apply?"
Micro, Small and Medium Enterprises (or MSME), is a small to medium scale enterprise governed by the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. MSMEs play a very crucial role in the Indian economy and also contributes as a significant employment provider in India. Quite often MSMEs are termed as the growth drivers … Continue reading "What is MSME and how to get registered as MSME?"
Every time you have tried to make any remittance outside India, your bank must have asked you to furnish a copy of Form 15CA or 15CB. Let us understand through this article when are you required to file these forms? As per the Indian tax law, any person who makes any payment to a non-resident … Continue reading "Everything you need to know about Form 15CA and Form 15CB"
Introduction to filing Form ITR 1As you must be aware that the income tax return (ITR) filing season is here. For smaller taxpayers like most of us, who do not have to get their tax audit done have to file their income tax return by July 31, 2018. In this post, we will cover a … Continue reading “Your free step-by-step guide to file Form ITR1 (Income Tax Return Form 1).”
Income tax returns (ITR) are to be furnished by July 31st / September 30th of the assessment year. Which means, for financial year 2017-18 (i.e. period starting April 1, 2017 and ending on March 31, 2018) the due date for filing the ITR will be July 31st, 2018 for certain classes of people, like individuals, … Continue reading "Why you should NOT file your ITR late?"
