Income Tax Return, GST & All Legal Advices | Best Consulting Services

  INTRODUCTION: While incorporating a company, a businessman is always fumbled with a question that what are the dif f erent ways in which company a can raise the fund. Generally, a company is formed with a purpose of expansion and expansion usually needs one basic step of raising fund. The companies act and its rules does not allow a company to raise funds from any random way rather it needs a thorough understanding of statutory requirements while getting funds in company. One should be aware of the fundamental rules regarding the ways in which company can raise funds. Thus, here in this blog we will throw a light upon those ways from where a company can avail funds for its operations and expansions. Generally, a  PRIVATE LIITED COMPANY  as defined in Section 2(68) of companies act, 2013 is prohibited to accept deposits from public. Thus, a private limited company cannot raise funds from public at large through deposits unlike the public company. So now, the basic questi...

INTRODUCTION: The trademark is an intangible asset for business. It represents the goodwill of business which is earned over a period of several years. Thus it becomes utmost important to protect the most vulnerable intangible asset of business. Now, the questions arises as to what are the legal ways through which we can stop others misusing our trademark or how we can stop others duplicating our goods or services. Here comes a role of trademark infringement or trademark passing off. Let us see in this article the basic difference between trademark infringement and trademark passing off. And what are the circumstances where we can take the help of above legal ways. What is trademark infringement? As per section 29(1) of the trademarks act “ A registered trade mark is infringed by a person who, not being a registered proprietor or a person using by way of permitted use, uses in the course of trade, a mark which is identical with, or deceptively similar to the trade mark in relati...

  GST law is prominently based on the concept of supplies. The type of supplies you made decides your GST liabilities. Thus, it becomes important to classify the correct supplies. Supply in common sense means anything be it either goods or services that you offer. There are tons of different goods and services that are being rendered or offered across the country. Some of them are necessity items or life-saving items or luxury items or we can say FMCG and so on. So, it does not justify charging the same rate of tax to each good and service. And that is why the GST act has classified and differentiate these goods and services into 4 major categories namely EXEMPT SUPPLIES, NON-GST SUPPLIES , NIL RATED SUPPLIES, ZERO RATED and the rest are TAXABLE supplies. Let us discuss the basic difference amongst the above-mentioned different kinds of classification. 1)     Exempt Supplies:   Section 2(47) of CGST act defies exempt supplies as a supply of any goods or...

  1. Smooth Loan Approval: The major influential perk of filing of return to a private is that it enables a private to urge hassle-free authorization . a private may in need of a home equity credit , car loan, commercial loan , or consumer loan . Financial institutions always invite tax returns before approving and disbursing a loan to work out the creditworthiness of a private . Thus, filing income tax returns turns out as a means of getting finance from outside.   2. Establishing income proof: The tax return may be a document that encompasses information just like the total income earned during the fiscal year , total investments made, the entire expenditure incurred, net income earned, fixed assets ownership, and so on. this type of data validates the income earned by a private . Thus it’s demonstrating an individual’s financial position. The tax return is that the most authentic document that proves your earnings.     3. Claim Tax Refund: There are ...

In order to give a boost to the Indian economy and to promote corporatization, the government has introduced an all-new section namely Section 115BAA and Section 115BAB to the Income tax act, whereby the governments have declared the tax benefits to those manufacturers who runs the business by formulating company subject to certain terms and condition. The said sections have received welcoming responses all over the nation. By this step of the government, the environment of running the business in India is expected to be more transparent and legalize. Let us discuss these sections in detail in this article. Section 115BAA: Section 115BAA of the Income-tax act states that, a Domestic company whether Manufacturer or not, needs to pay income tax at the rate of 22% (plus surcharge and cess) from the F.Y 2019-20 if such company adhere to certain terms and condition as prescribed under the act. After adding a surcharge of 10% and a cess of 4%, the effective tax rate would be 25.17%. A co...