Monthly Archives - January 2017

Every small business should know this – Presumptive taxation scheme

Here we would discuss about the presumptive taxation scheme under section 44AD and how demonetization had a positive impact on this scheme. Presumptive taxation scheme 44AD This is an optional scheme applicable for small businesses having annual turnover not exceeding Rs 2 Crore Who is eligible? Any resident individual, HUF or partnership firm (not LLP) What are the benefits? No need to maintain books of accounts No need to get the tax audit done Income would be computed on presumptive basis @ 8 % of annual turnover [...]

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Procedure for closing a private limited company in India

Often, we register a company for a business idea we wanted to implement and for some reasons it does not work, we do not even start the work. Also, there are times when we register a company for a future project and hence those companies are not operational in present. There are various compliances which one needs to meet after registering a company and it takes a cost to meet them. Who would want to bear more cost for the [...]

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SPICE- The modern way to register your company!

Incorporating a company in India has become more easy with newly introduced SPICE- Simplified Proforma for Incorporating Company Electronically Earlier, to incorporate a company, one needed to fill up several forms such as for obtaining approval of name, acquiring DIN, registering the company & approval of registered office etc. Introduction of fast track registration form (INC-29) on May 2015 which particularly included all the above forms in one & thus simplified the incorporation process Through a notification on October 1 2016, MCA has [...]

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How to register trademark for your brand in India?

As we have a name & a face by which we are recognised, our business too has a name & a face, we register the business as a company or any other form which is suitable to us, but how about its face? You must have a face or a “mark” under which you run your business proudly. But have you ever thought that anybody could use the mark until you register and keep it reserved for your business. Surely, [...]

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Leave travel Allowance: Who doesn’t like travelling and what’s better if it saves taxes for you!

You must have come across a component in your salary structure named Leave travel allowance, it can save your taxes, all you should do is to take leave & travel. Income tax law provides the tax break for holidays to a domestic destination, you can either take a travel holiday alone or with your family i.e. your spouse, children, parents, brothers & sisters You can claim the “travel costs” incurred by you as the LTA exemption and save taxes. This exemption [...]

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Tax saving tips you must know!

In our earlier posts we discussed about how you could save tax through famous Sec 80 C  and how your house could save taxes for you. Now we will have a look at other tax saving options available. Combined together this post would make you tax savvy and come handy while you plan your taxes. Lets see what’s in the store ! A.Section 80 D – Health or Medical Insurance for self/family We commonly call it a medi-claim policy or a health insurance. Apart from [...]

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Learn how can you save taxes through your house !

Saving tax through residential house property! Ever wondered that your house could save taxes for you. Here we have compiled for you the various ways through which your house can help you cut your taxes We had already discussed the repayment of home loan up-to 1.5 lakh can be claimed under section 80 C 1. You can also get deduction of interest paid on home loan If you have self-occupied your house, i.e. you are residing in the house and have not let [...]

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Save Tax this new year through famous section 80 C (See…) !

Year 2016 is about to end in a few hours and a New year 2017 welcomes us all. Amidst the celebrations, you must now start thinking to make investments for returns and to save taxes as 1st January 2017 along with a new year would mark the beginning of last quarter of the ongoing tax year 2016-2017. So here we have for you a sneak-peak on the famous section 80 C along with few considerations and tips which you might find [...]

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