Soumya Bajpai

About Soumya Bajpai

Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. She always strives to bring the best to work that she does.

Reduce your Income Tax Liability to save money for your future

There are legitimate ways to save your tax under Income Tax Act, 1961. Income Tax liability on an income is calculated by adding income from all sources  in the total gross then taking all deductions and other tax-exempted allowances (HRA, LTA mutual funds, insurance premiums, NPS, medical insurance etc.) that a person can claim will […]

What are the Legal Liabilities meant under Income Tax for Minors?

Considering the contemporary world, minors today are willing more to earn their money. And indeed, many prefer to be independent more financially. The more of upcoming generation socially inclined towards holding more fame and name, the sooner children wanted to come out of the term that is being used on the minor. Therefore the question […]

What are the Positive and Negative Factors of the Implication of GST under MSMEs?

MSME play a vital in the economic progress of the countries, so the implementation of GST under MSMEs has had an immense outcome on the continued existence in the market. Some enterprises found it helpful however majority visage problem in adopting it. The MSME sector of market has been deliberated as a chief development driver […]

No Restriction on Registering Manufacturing Business as LLP

Incorporating an LLP has a blend of the benefits of a Company and a Partnership Firm. It has mainly the features of limited liability of a company and also the flexibility of a Partnership firm. Considering an upward moving trend, many new LLP’s were incorporated during this year with various objects, and one of them […]

Introduction of New Regulation by FSSAI about Food for Infant Nutrition

The FSSAI has come up with the new regulating law which is named as Food Safety and Standards (Food for Infant Nutrition) Regulations, 2019. This particular Act is regarding infant nutrition and health for the babies not above the age of 12 months. Although this Food for Infant Nutrition Regulation existed as part of the […]

GST Exemption on Satellite launches for Encouraging the Domestic Launch

The GST exemption on satellite will facilitate to protect the local satellite industry and further develop home-made launch capabilities without the upfront GST burden and give it a level playing field. The Central Government with a motive to encourage domestic launching of the Satellites by (ISRO) Indian Space Research Organization[1] and Antrix Corporation (the commercial […]

An Overview on Filing of Form 10BA of Income Tax

Form 10BA is a statement as recorded by the taxpayer who needs to maintain tax deduction under Section 80GG[1] for rent settled on rental property. To claim deduction under Section 80GG the following two requirements must be performed: The taxpayer must not be getting (HRA) House Rent Allowance from an organisation, A taxpayer, his/her husband […]

Is there any Requirement of Food Inspection in India?

Today in the time of pandemic it has become more essential to check and conduct food inspection before delivering it to the customers. The processed foods which are ordered from the restaurant require passing with various stages of food inspections before it is marked as safe to consume. It is important to maintain a balance […]

Is it Possible to sell Food Grains and Edible Oil Online?

As there is a rapid increase in internet usage and Smartphone usage, the Indians tend to buy online more such as groceries and other products much more often now. Therefore there is also in the rising sale of food grains and edible oil online. Both the commodities are essential to the Indian kitchen, and entrepreneurs […]

Things you Must Know all about Form 10-IB in Income Tax

The Central Board of Direct Taxes issued Form 10-IB for Start-Ups allowing them to choose for a more economical tax rate. The notification supplements Rule 21AD to the Income Tax laws that provide for an application of option under sub-section 115BA (4) of Income Tax Act. This can be mention in Form No. 10-IB such […]

Know in Detail About the Filing of Form GST ITC-03

Form GST ITC-03 is the form which is submitted by registered taxpayers in exceptional circumstances where an input tax credit availed has to be reversed. Where the taxpayer opts for composition scheme or where his supplies become exempt, he must file a declaration to intimate ITC reversal and payment of tax on inputs held in […]

An Overview on Agriculture Income Exemption from Income Tax

An income earned, or profit derived from commercial production of agricultural land covered in an agricultural income. Other sources of agricultural income include farming land, and commercial produce from horticulture land. The agriculture income is defined under Section 2(1A) of Income Tax Act 1961. According to this section, the agriculture income is The revenue or […]

Know all Details about the GST Reconciliation in Singapore

Singapore is the largest financial centres, due to which international businesses are booming there. Companies that set up business in Singapore have to register with the Inland Revenue Authority of Singapore (IRAS), for filing GST and other forms of tax returns. GST Reconciliation in Singapore is the process where data or input provided by a […]

TDS Penalty and Late Filing Fees for Tax Deduction at Source

Every assesses whose has to deduct TDS requires filing TDS return. These returns must be filed after particular intervals of time, and information has to be submitted to income tax authorities including TAN (Tax Deduction & Collection Account Number), amount deducted, TDS payment, Permanent Account Number (PAN), kind of payment, etc. There are late filing […]