Soumya Bajpai

Acquiring Food License from FSSAI (Food Safety & Standards Authority of India) is mandatory for every food business operator in India. To renew FSSAI License within due time is mandatory to make sure that a FBO can legally continue with the business and comply with the regulations of FSSAI. If a food license renewal is […]

FSSAI Registration in India is important as it ensures the safety of food products supplied or manufactured by other establishments. It is basically the food safety certificate issued by the respective food authority (FSSAI) of India. What is meant by FSSAI License and Registration? FSSAI stands for Food Safety and Standards Authority of India. The […]

There are various forms of business present in the market to start with. However, the latest and beneficial among them are LLP (Limited Liability Partnership). LLPs are a flexible legal entity which allows partners to benefit from economies of scale by way of working together, reducing their liability for the actions of other partners. Being […]

Limited liability partnership is a type of entity having features of a partnership firm and a company. Their partner manages the LLP and it is a separate legal entity from its partners. The incorporation process of LLP is easy and it does not require much annual compliance for LLPs, hence, LLP registration are preferred by […]

The individuals who have made financial declarations at a start of the year, which are less than the proof of investment submitted at the end of a year, will be eligible for a TDS refund. If a projected investment declared at a beginning of the year is less than actual investment made at the end […]

In a festival gift to borrowers, the Government has notified a Scheme for grant of ex-gratia payment of difference between compound interest & simple interest for 6 months of loans up to Rs 2 crore for borrowers in specified accounts from 1 March, 2020 to 31 August, 2020. The Supreme Court has directed further to […]

The Delhi bench of (ITAT) Income Tax Appellate Tribunal has ruled that long term capital gains tax will be not imposed on an indirect transfer of Indian assets. This matter came up with the sale of Singapore-based Accelyst startup Augustus Capital PTE Ltd to Jasper Infotech Pvt Ltd (JIPL) in a Financial Year 2016. The […]

Limited Liability Partnership is considered a business that is formed with the combination of company and the partnership firm. LLP consists of all the benefits and characteristics of the private limited company, however it can be operated flexibly just like the normal partnership firm. Compliances are less in LLP as compared to a company, although […]

In year 2004, a manual process of collection of taxes was replaced by an OLTAS (Online Tax Accounting System). It was introduced with the intention to minimize human intervention and reducing errors and also facilitating online transmission of all details of tax collected, deposited, refunded etc. OLTAS issues the single copy of Challan and enables […]

The Income Tax Department has notified Form 3CD Schema Changes under e-Filing Project released by New Tax Audit utility, Schema Version under Form 3CD. The Form 3CD consists of a statement of particulars required to be furnished under section 44AB of the Income tax Act[1]. The department released a document which tracked various the changes […]

Tax Deducted at Source forms a major part of direct taxation mechanism applicable to various heads of an income to collect taxes at the very source, i.e., at a time of payout. The TDS deducted right at the source helps to check the tax evasion and also relieves the taxpayer from a burden of paying […]

Taxes must be deducted at the rates specified in the relevant provisions of Income Act or First Schedule to the Finance Act. The concept of TDS was introduced with an aim to collect tax from the very source of income. TDS means tax deduction at source while the TCS means tax collected at source. One […]

DVAT Act is made to consolidate and amend the law related to levy of tax on sale of goods, transfer of right to use goods, transfer of property involved in execution of works contracts, and entry of motor vehicles by way of introducing a value added tax regime and file revised returns under DVAT in […]

Professional tax is a type of special tax levied by respective state governments on an individual who makes a living by any profession or occupation. Additionally, one must not take Professional tax for its word meaning that only professionals need to pay this tax. Instead, it includes the tax that someone has to pay because […]