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We all know that the ministry of corporate affairs regulates companies in India is taking many steps to stop the close the bogus and inactive companies. With the same aim of removing not active or disqualified directors the department wants directors to fill one form for KYC.

ROC already issued notices to companies which are not active, but main problem with these companies are they don’t have any accurate communication details of directors, now MCA has issued one form which need to submit by all director with some documents and one unique phone number and mail id. More information on roc filing on https://www.ovakil.com/Annual-Compliances-for-PVT.

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Income Tax Return Mistakes In Income Tax Return Filing Can Be Avoid If You Understand 7 Rules

You need to done Income tax return filing with all proper and correct documents because even a small is take will lead you to pay high penalties and notice may be served to you. In this article we will discuss the mistakes can be done by you.

1. Selection Of Wrong Itr Form

According to the taxation rules, every assesse required to show full earning in the specified form, as the department has notified different form for Income tax filing. If anyone file using wrong form then the return uploaded will be treated as defective return and assesse will be asked to file a revised ITR using the correct form.

In this case, department will provide 15 days' time to file revise return. Assesse need to file that and initiate to the department. On the other hand the department may charge all those penalties which to be file as in case return is not filled in addition to payment of interest under section 234A for total delay in filing the income tax.

2. Avoiding Interest Income From Bank

Assesse should understand that all interest received in saving bank account or FD are taxable under the head of other sources. Taxpayer generally forgot to declare interest earned at the time of Efiling income tax.

Further it is to understand that the interest received on account of fixed deposit is fully chargeable of income tax, but in case of interest received up to 10000/- in the saving bank account is exempted from income tax under section 80TTA Act.

3. Forgot To File Return

Some assesse don't file their tax returns because they have long-term capital gains (LTCG) which are tax-exempt and without this their gross total income is below the tax-exempt income level.

However, as per recent amendments in section 139 (1) of the Act, if your exempted LTCG along with gross total income exceeds the minimum exemption level, you are required to file your return.

4. Not Clubbing Incomes

Clubbing of incomes are very important, in these rules assesse some time need to ass income of some specified person (minor children, spouse, son's spouse, etc.) while calculating gross income, clubbing always increase tax liability of the assesse.

Example: in case of minor child, if any income is earned by any children then such earning to be add in the income of the parent having high income slab rate. For more understanding we can

5. No Declaration of Tax Free Income

As a taxpayer it is compulsory to report every earning to department, which means you need to report even if your income is tax free. You need to open in the form; however you not need to pay tax as you can claim exemption under the tax act

6. Hiding of Bank Account

From the assessment year 2015-16, assesse required to report every bank account maintain by him. Sometime assesse hide bank account because of high transection or they think only one bank account is required to provid.is Earlier you were only required to mention a single bank account in which you wished to receive credit of the income tax refund if any. However, now only dormant accounts are excluded from requirement of reporting in the ITR.

7. Not Declaring Deemed Rent/Expected Rent

If any assesse have more than one house as self-occupied then he need to open deemed rent income from the house even if the house is vacant. This is a kind of tax on notional income under the house property head of income tax

Income tax return filing is very important for every person who are having income more than the taxable slab rate specified by the department. By the time now its very difficult to file return by own, Ovakil provides business legal services like Company formation, GST registration etc. Tax return filing is one of the main services provided by us. We provide all type of Online CA services in India to manage your business.

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Revocation of GST registration cancellation with the application in FORM GST REG 21 is possible. GST authorizes need to take action on the application within 30 days from the date of Application. Sometime department may ask further documents and evidences if they think it is necessary.

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We have seen that government has done so many changes like reducing the fees of company registration, launching of RUN form instead INC-1, application of din by incorporation of the company, now in the series of theses decision for ease of doing business

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To attract customer in your business some time we need to provide then good discount which may be of following type cash discount, trade discount, volume discount, percentage discount etc. now we need to understand the applicability of #GST on #discount Under GST there is no bifurcation in all above discount type, but there are two category in which discount is bifurcated.

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A GST registration can be cancelled by the Tax payer himself or by the legal hires of tax payer in case of the death or any other incapability of the Tax payer. In this write up we will discuss about the cancelation of registration.

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At the time online income tax return you need to get Form 16 from your employer if you are salaried employee. What if you don’t have form 16 at the time of return?

Here we will discuss some easy steps by which you can do income tax filing even you don’t have income tax return.The amount shown in form 16 is also available in form 26AS which can be download in the income tax login of your account.

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Presumptive taxation is a scheme which was offered by the income tax filing department to the small taxpayer for paying the tax on presumptive basis rather than making books of account and calculate the profit as per books. This is benefit for the small taxpayers who don’t want to make books of account and pays tax according to presumptive tax and makes his tax simpler.

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Ovakil is India’s best Online CA services portal. We provide GST registration, business registration and other legal services of business. Our Chartered accountants are professional and have specific qualification for working the field. Visit here https://www.ovakil.com/.

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Many employees believe that they are the most burdened lot, which is clearly a mental trap. The amendments have been introduced to make the online income tax return filing more transparent for assesse. Some of the notable changes introduced under the Finance Act, 2018, include reintroduction of standard deduction, elimination of allowances (medical and HRA), long-term capital gains (LTCG) tax on equity, and increased income tax cess.

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While doing annual filing of company we need to file many forms to the department and all are confused for their attachments or for filing of forms. Here is annual filing checklist of roc for companies.

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Every Private Limited Company is required to do annual filing of company returns after the end of each financial year. The procedure for filing annual return for a private limited company is simple and can be easily completed by a financial. In this article, we look at the procedure for filing annual return for a private limited company.

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For doing business in India we need to use some identity, and for this purpose Firm registration online is the option to do. Aspirants of business have many option, they can chose different type of business entity.

Every business registration involves some time to get done. Now we will explain time duration with reasons for every type of business registration online.

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Income tax return filing is required for every individual, company, partnership firm, Trust and every other entity not covered above but earning money or making lose from in business. Loss making entity need to pay income tax return with the reason of forwarding loss to next year which is technically known as carry forward the loss. This loss will set off with the profit f the entity up to the next 8 years.

For online Income tax return filing can be done from the income tax portal directly. Before filing tax return online we need to have some documents with us. The lists of documents are as follow:

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After registration of company in India is it necessary to open bank account for holding share capital is bank? This is big question in which even some professionals are confused. From this article we are going to put light on this question and try to provide answer for this.

Big No for the people who thinks is it mandatory to open bank account after Company Registration in India. Sometime it happens that people ask CA for Company registration and they wanted to start business after some time. Now we need to understand that if company owner don’t want to start any business after incorporation then no requirement for opening bank account for company.

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Trademark registration that works to protects your business reputation and goodwill around the world. With the trademark; one can easily make his or her business familiar to the target market. Trademark can be representing as graphic, text, words or combination of these elements.

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Online Company Registration in India is not difficult now. Ovakil provides services for business registration which include different type of company registration, sole proprietorship, partnership etc. Total process of registration is generally takes 10-12 working days will all document completion and process.

As per the Company Act 2013, We need CS or CA for Company registration. These professionals complete all documents and signature the documents were required.