FAQ ON MSME REGISTRATIONS
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MSME (Micro, Small and Medium Enterprises MSME)
Micro, Small and Medium Enterprises (MSMEs) play a significant role in the Indian economy by generating employment and contributing to GDP growth. To promote the growth and development of these enterprises, the Government of India has introduced various schemes and initiatives, including MSME registration.MSME registration is the process of obtaining a certificate of registration from …
Annual Information System
Annual Information Statement Annual Information Statement (AIS) is comprehensive view of information for a taxpayerdisplayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS. AIS showsboth reported value and modified value (i.e. value after considering taxpayer feedback) under eachsection (i.e.TDS, SFT, Other information). Objectives of Annual Information System Process To Access Annual …
FAQ ON EQUALISATION LEVY (EQL)
1.What do you understand by EQL?Equalisation Levy is referred to as EQL (EQUALISATION LEVY). It would be assessed on digital services (mostly Advertising) offered in India by non-resident companies. 2. Why it is charged?In India, Non-Resident corporations would frequently avoid paying any type of tax. The government instituted EQL @ 6% on all non-resident entities …
Internal Audit vs External Audit: Key Differences Explained
As businesses grow, they need to ensure that their financial records are accurate and that their operations comply with legal and regulatory requirements. To achieve this, they may conduct internal audits or engage external auditors. Both internal and external audits serve the same goal, which is to improve the organization’s efficiency and accountability. However, they …
Hello foreign parent company – what tax you will pay on receiving dividend from your Indian Subsidiary
Meaning of Foreign Subsidiary CompanyA foreign subsidiary company is any company, where 50% or more of its equity shares are owned by a company that is incorporated in another foreign nation. For example, a company incorporated in USA (Parent company) is executing the same business operation through an Indian subsidiary company. However, this company should abide by …
Company Name Guidelines and Approval Process in India: Everything You Need to Know
As a business owner in India, one of the most important decisions you will make is choosing a name for your company. Not only does your company name represent your brand identity, but it also plays a critical role in establishing your legal presence in the country. However, before you can start using your chosen …
Gujarat International Finance Tec-City
GIFT City is a business district in the state of Gujarat, India. It is created with an object to offer competitive edge to Financial services and Technology related activities. Recognizing the growing significance of international financial services center (IFSC), the Global Financial Centers Index, London Report (March 2022) put IFSC in GIFT City at the …
Should You Choose a Tax-Saving FD?
Let’s face it, the current macroeconomic situation across India and beyond could make you sweat your forehead. Incessant layoffs within multinational companies along with the constantly increasing inflation rate and interest rate increases all indicate a difficult future. To deal with these challenges and difficulties, it is vital to take the proper steps to build …
Tax Audit: Meaning and Benefits
Tax audits are an auditing process that was developed by an accountant. The task consists of a sequence of analyses of documents from companies! Do you know the importance of tax audits If you’re an entrepreneur or a partner in an organisation, you’ll be aware that the burden of taxation in this country can be …