Those who want to operate in food business must obtain either a license/registration as may the situation desires, because it is encompassed under the Food Safety and Standard Act, 2006. For manufacturing/ processing capacity of upto 100 liter/kg per day then you need to apply for the registration certificate and for manufacturing/processing more than 100 … Continue reading "How to get FSSAI registration? Simple 8 steps for FSSAI Registration"

The Income Tax Department has recently released new Income Tax Returns (ITR) in Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V as applicable for Financial Year 2017-18 or Assessment Year 2018-19.   The new forms warrant for more information and transparency between direct and … Continue reading "All you need to know about new ITR (Income Tax Return) Forms."

In this post, we will explain the cases in which a person would qualify as a resident in India for income tax purposes. 1. Resident vs. Non-resident 1.1. Individuals An individual is said to be resident in India in previous year, if he— (a) is in India in that year for a period or periods … Continue reading "NRIs – when do you qualify as an NRI and when to file your income tax return"

In this post, we will try to explain you the meaning of a related party under the Companies Act, 2013 and the consequences of a person qualifying as a related party under the Companies Act, 2013. Section 188 of the Companies Act, 2013 read with Rule 15 of the Companies (Meetings of Board and its … Continue reading "Know your related parties under Companies Act, 2013"

It is really important for you to understand the clubbing of income provisions under the income tax act, as it may have income tax consequences.  There are certain situations in which income of another person may be included in your income; this is known as clubbing of income. Usually, you are only taxed for income … Continue reading "What is clubbing of income and why you should be aware of it?"

Always felt a need to have something handy while filing your income tax return? In this article, we help you identify the list of items which you should be aware of before filing your income tax return.

Who doesn’t love receiving gifts! But do you know that there are provisions in the Income Tax Act which provide for taxability of gifts?

Let us understand when will be the gifts received taxable.

HRA (House Rent Allowance) is an allowance provided by the employer to their employee to meet the cost of rented accommodation.   HRA received by employee is tax exempt only if you are living in a rented accommodation and paying rent for it, which means, if you are not living in rented accommodation then the … Continue reading "Can you claim HRA tax relief without submission of rent payment proof?"

  Double Tax Avoidance Agreement (DTAA) or commonly known as a tax treaty is an agreement that is entered in between two countries for the purpose of preventing double taxation of income. It is very often the case that non-resident Indians (NRI) who live abroad also earn some income from sources in India. This income … Continue reading "How NRIs can claim benefits under DTAA (tax treaty)?"

  In this article we will discuss about capital gains on transfer of assets and its taxability in India. To start with let us understand what is meant by capital gains.   What is capital gain? Capital gain means the gain that arises on the transfer of a ‘capital asset’. The gain will be taxed … Continue reading “Comprehensive Guide to Income Tax on Capital Gains in India”