Income tax Return

PRIVATE LIMITED COMPANY REGISTRATION Every month, thousands of companies are incorporated in India. There are 2 types of entity registration in India i.e. traditional types where company registration takes place in the form of sole proprietorship and partnership firms and nontraditional types like Private Limited Company Registration , Public Limited Company Registration, Limited Liability Partnership etc. Whenever any entrepreneur approaches a consultant for new business set up in India , majority of them opts for traditional types of registration and later wants to convert the same into nontraditional types. There are many popular myths or beliefs in the mind of new entrepreneur which stops them to opt for non traditional types of entity registration in India. Let’s discuss about some of the popular myths or beliefs about private limited company registration in India. Popular myths or beliefs about Private Limited Company Registration 1)       C...

  NRI Tax Return Determination of Taxable Income for filing NRI Tax Return in India   The Financial Year 2021-22 is coming to an end and every individual assessee has to prepare and file their Income Tax return in India   on or before the specified due date i.e. 31 st July 2022 unless and until again the pandemic broke out and results in delay in all compliances including Income Tax Return Filing in India. In this writeup, we would be discussing about types of income of NRI which are taxable in India. This would be helpful in filing NRI Tax return in India. In case of NRIs, following income which is earned in India or received in India or accrue or arise in India would be taxable in India namely, 1)       Salary Income Earned in India:   ·          In case NRI has rendered any service in India, it would be taxable in India as it will be considered as income arises in India. Th...

Form 15CA and 15CB   Every Year, millions of international remittances are done by the Indians all over the world. In this write up, we would be discussing about remittance of money under Liberalized remittance Scheme (LRS) and filing of form 15CA and 15CB .   Under the LRS, all the individuals who are residents including the minors are allowed to make remittance outside India freely upto USD 2.5 lac in a financial year subject to fulfillment of certain prescribed conditions and filing of necessary forms with the AD bankers including filing of Form 15CA and 15CB.   This LRS scheme was originally introduced in the year 2004 and initial limit of remittance was only USD 25,000 which has kept on increasing year after year and now, the limit per financial year is USD 2.5 lac.   This scheme is not available for remittance made by Companies, Partnership firms, HUF, Trusts etc. Even minor can make remittance under this scheme, however, in such cases, declar...

Foreign company registration in India   Over the years, India has become one of the hottest destinations of investment by the global companies and no wonders; it has witnessed more and more foreign company registration in India in recent years.   Investors’ confidence has increased in India in recent years and there are lots of reasons for same as mentioned below:                                                                                            Some of the reasons for same are as under:   a)   ...

Income Tax Filing in India Approx. 60 Million Income Tax Returns are filed in India every year and it is one of the major sources of revenue besides indirect tax in India.   The Income Tax Filing in India is quite a complex procedure and requires lot of documentation. Although documents are not required at the time of ITR filing, however, for the purpose of proper computation of tax liability and filing of tax return, such documents are required. Further, such documents comes to the rescue of the tax payers at the time of any Income Tax Assessment against the assessee by the tax authorities or at the time of any inquiry related to tax return filing by the tax department.   In this write up, we would try to understand what are the different types of documents required for filing Income Tax Return in India .   Documents required for ITR Filing in India by various assessee in India Following are the list of documents required for tax return filing by var...