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Determination of Income of Association of Person (AOP) under Income Tax Act

ASSOCIATION OF PERSON (AOP) UNDER INCOME TAX ACT An Association of Persons (AOP) or a Body of Individuals (BOI), whether incorporated is treated as a person u/s 2(31) of the Income Tax Act, 1961. It is important to note that an AOP or BOI shall be deemed to be a person, whether or not, it was formed […]

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CBDT Notifies Taxpayers cannot join Atal Pension Yojana w.e.f 1st October 2022

ATAL PENSION YOJANA: TAXPAYERS CANNOT JOIN THIS SCHEME W.E.F 1st OCTOBER 2022 Atal Pension Yojana, launched on 9th May 2015, is a Government of India pension scheme. The Atal Pension Yojana, basically, focuses on the unorganized sector workers. The Yojana encourages and enables the applicant to save for their retirement. Notably, the Atal Pension Yojana

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DGFT extends due date for filing of Non-Preferential Certificate of Origin

FILING OF NON-PREFERENTIAL CERTIFICATE OF ORIGIN IS EXTENDED TILL MARCH 2023 What is Certificate of Origin? A Certificate of Origin is a certificate that is used to identify the country of manufacturing of any goods or commodity. The Certificate of Origin carries many other points of information such as what the product is, its destination

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CBIC: Limit for E-invoice is reduced from 1st October 2022

CBIC REDUCES LIMIT FOR E-INVOICE FROM RS. 20 CRORE TO RS. 10 CRORE W.E.F 1ST OCT 2022 What is E-invoice? E-Invoicing/E-Invoice is a form of electronic billing which is increasingly mandated by Governments across the World due to tax evasion.   A. E-invoicing shall not be applicable to the following categories of registered persons irrespective

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How to obtain Certificate of Commencement of Business

CERTIFICATE OF COMMENCEMENT OF BUSINESS Commencement of Business’ this concept was there in the erstwhile Companies Act, 1956 and it was also introduced by the Companies Act, 2013 under the Section 11 of the Companies Act, 2013. However, section 11 was omitted (deleted) LATER ON by the companies (Amendment) Act, 2015 w.e.f. 29th May 2015. Declaration

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CBDT: Time limit for verifying Income Tax Return is reduced to 30 days

CBDT REDUCES TIME LIMIT FOR VERIFYING INCOME TAX RETURN   What is ITR-V? ITR-V stands for ‘Income Tax Return – Verification’ form. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature/ Aadhaar OTP/ EVC mode. On receipt of ITR-V you have to sign the

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