Know Tax Benefits for Students

Abdul Kalam felt strongly about the importance of investing in students for a nation to succeed.. Students are the backbone of any country and as a student Kalam faced many hardships.. His life took him to an unfortunate place in which he had to sell newspapers in order to gain the funds required to support his education. However, he persevered and was eventually able to attend top law school and study towards the goal of becoming a Constitutional Judge To celebrate this talent, easytaxplanner has taken a small initiative to make you aware of the different tax benefits which you may be entitled to. These benefits include tax concessions or exemptions which are provided because of your student status and also the rebate on education loans on income tax within India. Here are three major benefits that were taken into Read more…

The Ultimate Guide to Sole Proprietorship vs Partnership

Introduction: What is the Difference Between Sole Proprietorship and Partnership? keywords: sole proprietorship, partnership, company ownership Sole proprietorship is a business structure in which the owner is the business’s only shareholder. On the other hand, partnership is a form of company ownership in which there are multiple shareholders. The key difference between these two structures is that sole proprietorship does not have any legal entity, while partnership does have one. The key difference between these two structures is that sole proprietorship does not have any legal entity, while partnership does have one. How Sole Proprietorships Can Help You Achieve Your Goals and Reach Your Full Potential keywords: sole proprietor, self-employed, business owner Sole proprietorship is a business structure in which an individual or business has the legal status of an independent entity, and is not legally bound to any other Read more…

What is the GST Compliances in India?

GST Compliance & How it Affects You as an Individual keywords: how does the new law affect you as an individual GST is a new tax law in India. It was launched on July 1st, 2017 and replaces the previous tax system of Value Added Tax (VAT). The GST Act provides for a single, nationwide market-based tax with a single rate on all goods and services. GST is an important step towards making India’s economy more efficient and competitive. With this new law, there are many benefits that individuals can enjoy such as lower taxes and easier compliance. This article discusses how GST affects you as an individual in terms of compliance. It also includes some tips on how you can make the process easier for yourself by following best practices like keeping your records in order, preparing your documents Read more…

The Complete Guide to Trademark Classes in India

Introduction: What is a Trademark Class? keywords: trademark classes, trademark classes in india, trademark class definition A trademark class is a group of similar trademarks that are registered with the same application number. A trademark class is a group of similar trademarks that are registered with the same application number. A trademark class is usually created when a company has more than one product and they want to protect each one separately. For example, if there was an electronics company, they could create a trademark class for their laptops and phones. Trademark Class Definition- A Legal Definition of a Trademark Class keywords: legal definition of a trademark class A trademark class is a group of similar goods or services. A trademark class can be as broad as a product category, like “food” or “clothing,” or as narrow as a particular Read more…

How Copyright Registration in India Can Help You Protect Your Content

Why Copyright Registration is Important for Creators, Publishers & Sellers keywords: copyright registration, copyright protection, copyright law Copyright registration is important for creators, publishers, and sellers. It protects their rights to their work and allows them to sell it without fear of being sued by a third party. Copyright registration is a legal process that protects the copyright holder’s rights over their creative work. The creator registers the work with the government which then gives them exclusive rights to use and distribute that work. The owner of a copyright has the exclusive right to reproduce, publicly perform, publicly display, or distribute the copyrighted material without permission from the copyright holder. Copyright is a federal law that grants the owner of a copyrighted work an exclusive right to reproduce, publicly perform, publicly display or distribute the copyrighted material without permission from Read more…

How to Prepare for an Income Tax Audit of a Proprietorship?

Introduction: What is the Definition of a Proprietorship? keywords: proprietorship, sole proprietorship, tax audit A proprietorship is a business that is owned and operated by a single person. The owner of the proprietorship is known as the “proprietor.” A sole proprietorship is a business that is owned and operated by one person. This type of business has no distinction between the owner’s personal and business finances. The sole proprietor reports all income and expenses on their personal income tax return. A tax audit, or an examination of a company’s records by federal or state tax authorities, can be stressful for any small business owner. Proprietors with other types of businesses may not be required to undergo this procedure as often as sole proprietors are because they have more complex accounting practices to follow. What are the Different Types of Audits Read more…

The Complete Guide to Income Tax Returns for Limited Liability Partnerships

Introduction: What is a Limited Liability Partnership? keywords: limited liability partnership, llp, llc A limited liability partnership is a business entity that combines the pass-through taxation of a partnership with the limited liability of a corporation. Limited Liability Partnerships are an increasingly popular business structure among small businesses, especially in industries where personal liability is high. A Limited Liability Partnership (LLP) combines the pass-through taxation of a partnership with the limited liability of a corporation. The LLP has two types of partners: general and limited. General partners have unlimited personal liability for the debts and obligations of the partnership, while Limited partners have no personal liability for these obligations or debts. The Limited Liability Partnership (LLP) was created to help protect both general and limited partners from being personally liable for any debt or obligation incurred by the company, while Read more…

The Complete Guide to Income Tax Return of Partnership

Introduction: What is a Partnership and Why do Partnerships Need an Income Tax Return? keywords: business taxes, partnership return, partnership income tax return A partnership is a business entity in which two or more people join together to form a business. Partnerships are not taxed separately, but rather are taxed as one entity. A partnership’s income is reported on the individual income tax return of each partner. A partnership’s losses and credits, such as deductions for bad debts and depreciation, can be passed through to the partners’ individual returns. Income Tax Return: A return filed with the IRS that reports taxable income and calculates taxes owed by an individual or organization. What is the Partnership and What’s the Difference between it and a Sole Proprietorship? keywords: business structure, incorporation, sole proprietorship A partnership is one of the most common types Read more…

The Complete Guide to Income Tax Filing for Freelancers in India

Introduction: What is a Freelancer and Why do They Need to File Taxes? keywords: freelancer taxes, freelance income tax filings, freelancer tax filing requirements Freelancers are self-employed individuals who work for themselves. They are not employed by any company, but instead they work on their own terms. Freelancers are an important part of the labor force because they provide a great amount of flexibility and skillsets to companies. This is why freelancers need to file taxes in order to keep track of their earnings and expenses so that they know how much money they have earned or spent during the year and what they owe in taxes. What are the Tax Deductions for Freelance Income in India? keywords: freelance income tax deductions india, freelance deductions The Income Tax Act provides for deductions from the gross total income in computing the Read more…

The Complete Guide to Income Tax Return Filings For Foreigners In India

Introduction: What is an Income Tax Return? keywords: what is an income tax return, income tax filing, foreign income tax return An income tax return is a document that summarizes a person’s or business’ income, deductions, and taxes. It is used to calculate the amount of income tax that will be owed to the government. Income tax returns are filed with the federal government by individuals and businesses. Income tax returns are due every year on April 15th. The IRS has a variety of forms available for filing an individual’s personal income taxes including Form 1040EZ, Form 1040A and Form 1040. These forms vary in complexity depending on the level of detail they require from filers and their level of experience with filing taxes. The process of filling out an income tax return can be difficult because it requires information Read more…