Audit, ITR, Annual Filings

Do you think you are safe from Tax notice even if you don't have wads of cash stuffed under your pillow or investments in benami properties there are other reasons why you (small taxpayers) can get into troubles with Tax Authorities. Most of these mistakes happen because of the lack of tax knowledge which means not knowing that such a rule exists.   Listed below are the ten most common mistakes that can fetch you a tax notice. 1. Not Reporting Interest Income This is a very common mistake. Interest income from fixed deposits, recurring deposits, tax saving bank deposits…

Individuals or Businesses making a donation to an NGO are eligible to deduce the donation amount from the total income; thereby this amount will be exempted under section 80G of Income Tax Act.  This article is intended to explain you the scenarios under which the donation is considered as an exemption. The amount donated should not exceed 10% of gross total income after subtracting allowable deductions (other than the deduction under section 80G) for the purpose of a tax rebate. Donations made to various funds set up by the federal or the state government e.g. the National Defense Fund is…

In the current era of cross-border transactions and constant growth of international trade and commerce, more and more residents of a country are extending their sphere of business operations into other countries. This has led to the need for assessing the tax regimes of various countries and bringing about essential reforms. International double taxation has adverse effects on trade, services, and on the movement of capital and people. Taxation of the same income by two or more countries would constitute a prohibitive burden on the tax-payer. Therefore, to avoid such hardship to individuals and also with a view to ensuring…

Did you know that not until 2009 a defined rules set was established to govern LLP Taxation? It was Budget 2009 that realized the importance of laying down taxation policies for LLP as an entity type. In this blog, we will quickly look into the major takeaways for LLP’s in terms of Tax planning. Income Tax Policy For A Limited Liability Partnership 1. Income tax rate of 30% is applicable for LLP registered in India on the total income earned during a financial year. If the income is more than Rs 1 Crore in any financial year, the firm would…

"Annual Declaration" means a declaration required to be lodged by a Limited Liability Partnership (LLP) under section 68 of LLP Act. Annual returns statement contains of the book of accounts accompanied by documents as required in the declaration. Given that the dates are getting closer, we have written this blog to guide you LLPs with the annual returns filing. Conditions For Compulsory Auditing Of Accounts What is this? Well, LLPs, if records a turnover exceeding INR 40L or whose contribution exceeds INR 20L  need to get their accounts audited. How should it be done? LLPs are required to follow these…

Tax havens are defined as countries that provide foreign investors with low or zero tax rates and attractive regulatory policies. They are typically small, and often not the final destination of foreign direct investment. Instead, they tend to serve as conduits for investment in foreign subsidiaries located in other countries. Tax havens have often been viewed as providing bank secrecy and thereby allowing tax evasion to occur. In this blog, we will look into the Top 9 Tax Havens in the world that opens up an opportunity for Indian entrepreneurs to incorporate business and save on taxes.  PS: You can’t…