Easy Tax Planner Blogs

The Complete Guide to Income Tax Return Filings For Capital Gains

What is a Capital Gain? keywords: capital gain definition, capital gains tax law Capital gains are profits from the sale of an asset you own, like stocks, bonds or real estate. Capital gains are categorized as short-term or long-term. Short-term capital gains happen when you sell an asset within one year of buying it. Long-term capital gains happen when you sell an asset after one year and before six years since purchase. Capital Gain Tax Law: The Internal Revenue Service (IRS) taxes a capital gain as either a short-term or long-term gain depending on how long the investment was owned and how it was used by the taxpayer. The IRS defines a short-term gain as any investment that was owned for less than one year before being sold, while a long term gain is any investment that was owned for Read more…

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All You Need To Know About Partnership Form Of Company

What are the Benefits of a Partnership Form of Company? keywords: benefits, why is it beneficial, what are the benefits A partnership form of company is a business in which two or more individuals come together to create a company. There are many benefits to this type of business, such as the ability to share risks and resources, and the ability to hire employees with diverse skill sets. The disadvantages can be that there can be difficulty in dividing up profits and losses between partners. How to Choose the Right Type of Partnership for Your Business Needs? keywords: types of partnerships, choosing the right type There is a variety of partnerships that exist in the world of business. Some are more advantageous than others, and it is important to know what they are before choosing which one to enter. The Read more…

By easytaxplanner, ago

The Complete Guide to Copyright Registration in India

Introduction: What is copyright? keywords: copyright, copyrights, copyright laws Copyright is a form of protection provided by the law to the authors of original works, including literary, dramatic, musical, artistic and certain other intellectual works. Copyright gives the author exclusive rights to reproduce and distribute the work, as well as to prepare derivative works. There are several types of copyright that an author can hold in one work. The most common type is called “copyright,” which covers the reproduction and distribution of a work. Copyright is a form of protection grounded in the U.S. Constitution and granted by law for original works of authorship, including literary, dramatic, musical, artistic, and certain other intellectual works. This protection is available to both published and unpublished works. Copyright provides the owner with the exclusive right to reproduce the work; to prepare derivative works Read more…

By easytaxplanner, ago

A Comprehensive Guide to Income Tax in India

The Indian Income Tax Act, 1961 (Act) provides the basic framework for taxation in India. It lays down the principles of taxation including tax rates and other provisions. The Central Board of Direct Taxes (CBDT) is responsible for administering the Income Tax Act. The CBDT is headed by a Chairman and has two Members, one of whom is designated as Member-Secretary. The CBDT also has Director General of Income Tax (DGIT), who heads the technical wing of the Board. DGITs are assisted by Additional DGITs and Joint DGITs with each heading a group of Regional Offices which are located at various places in India. India has a progressive income tax system where people with higher incomes pay higher taxes than those with lower incomes. The government levies income What are the Components of Income Tax in India? keywords: income tax, Read more…

By easytaxplanner, ago

All You Need to Know About Trademark Registration in India

If you are an entrepreneur in India, there’s a good chance that you’re going to need to trademark your brand name at some point. This will help protect your brand from theft by others and also allow you to take legal action against those who violate your intellectual property rights. It might sound like something complicated, but it’s actually not as difficult as you think. This article will cover everything you need to know about trademark registration in India, so let’s get started! What is a Trademark? A trademark is a word, phrase, symbol or design that identifies one seller’s goods and services as distinct from those of others. While many countries rely on trademarks for consumer protection, there are two main reasons why companies seek trademark registration: 1) exclusivity. If you register your trademark with your country’s government you Read more…

By easytaxplanner, ago

Different types of companies in India and their benefits

Companies in India come in many different shapes and sizes, which means there are just as many different types of companies to choose from when starting your own business. Each one offers their own benefits and disadvantages, so it’s important to understand the differences between them before deciding on one that’s right for you. Here’s an overview of some of the most common types of companies in India, including sole proprietorship, partnership, company limited by shares, company limited by guarantee, and public companies. Sole Proprietorship Company This is a traditional business structure which means that it has no legal identity separate from its owner. It’s not a separate entity like a partnership or corporation. Anyone can be a sole proprietor – you don’t need to incorporate, register, or get government approval to operate as one. The main benefit of being Read more…

By easytaxplanner, ago

Everything You Need to Know About Income Tax Filings For Businesses in India

Income tax filings are an essential part of any business, and in India, the process can be somewhat confusing for entrepreneurs. This comprehensive guide to income tax filings for businesses in India will help you cut through the clutter and help you comply with the law without breaking too much of a sweat. It covers everything from setting up an income tax filing system to dealing with common issues like employee taxes and business expenses. We’ll also walk you through how to calculate your profit or loss as well as how to handle investments and deductions as an entrepreneur. Important dates The due date for filing business tax returns is 31 March every year. If you are new to GST, however, your deadline will be 28 August 2018. The reason is that you don’t need to file GST on turnover Read more…

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WHAT ARE THE BENEFITS OF UDYAM REGISTRATION? HOW DO I GET UDYAM REGISTRATION? WHAT IS UDYAM REGISTRATION? The main question that many new entrepreneurs have in mind is what is Udyam registration? If you have a similar question, then you are at the right place. As per the notification of the Ministry of MSME dated 26.06.2020, Udyam Registration is the new process of MSME / UDYOG AADHAAR Registration launched by the Ministry of MSME effective from July 1, 2020. Udyam Registration also referred to as MSME Registration is nothing but a government registration that’s provided alongside a recognition certificate and 16 Digit Alphanumeric registration number. The central motive of the government behind the launch of this facility was to offer a way to the government to recognize MSME Business and provide the maximum benefits to such organizations to promote ‘Atma Read more…

By easytaxplanner, ago

TAN TAN or Tax Deduction and Collection Account Number is again a 10 digit alphanumeric number required to be obtained by all persons who are responsible for deducting or collecting tax. Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax Deduction and Collection Account Number (TAN) allotted by the Income Tax Department (ITD) on all TDS returns. Since last few years ITD has revised the structure of TAN. It is a unique 10 digit alphanumeric code. Accordingly, they have issued TAN in this new format to all existing TAN holders. To facilitate tax deductors find their new TAN, ITD has now introduced a search facility on their website (www. incometaxindia.gov.in). Through this facility, the tax deductors can search their name with their old TAN to find the new TAN. Deductors are advised to find Read more…

By easytaxplanner, ago

IT IS POSSIBLE IN INDIA TO START A BUSINESS WITHOUT SHOP ACT License INTRODUCTION One of the important regulation to which most businesses in India are subject to is the Shop and Establishment Act, enacted by every state in India. The Act is designed to regulate payment of wages, hours of work, leave, holidays, terms of service and other work conditions of people employed in shop and commercial establishments. Any person who wishes to own the above-mentioned shops and business shall apply either online or offline to register the establishment within 30 days from starting the business. If all valid documents are found in place, the chief Inspector will issue the registration certificate. The application details the name of the employer and the establishment, the number of employees, the category of the shop, and all relevant details. Once obtained, the Read more…

By easytaxplanner, ago