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How to Terminate a Contract? Ending or Terminate a contract means stopping an agreement between people or companies. Figuring out when to do this is important, whether it's for things you buy, services you get, or jobs you have. To end a contract the right way, you look at what…

The Government of India on 1 July 2017 introduced the Goods and Services Tax Act 2017 to replace the prevailing complex and fragmented tax structure with a unified system that would simplify compliance, reduce tax cascading, and promote economic integration. And in order to simplify the ever changing tax rates…

A Custom duty could be understood as a tax imposed on the import and export of goods. The Indian government uses this duty to increase its revenue and regulate the movement of goods across international borders. Now we will have a look into the challenges facing customs administration. Table Content…

A nominee plays a crucial role in an OPC. A novel type of business structure known as the One Person Company (OPC) emerged with the Companies Act, 2013 in India. It enables business owners to incorporate a firm with just one member. Every OPC needs a nominee to meet legal…

Are you familiar with the term ‘tax audit’? Well we all know the concept behind auditing which is to carefully review and inspect financial records to ensure compliance with the Income Tax Act 1961 and other relevant related laws, and detect any fraudulent activities. It is mandatory to conduct an…

Section 44AB OF THE INCOME TAX ACT 1961 requires the firms or entities to get their accounts audited every year by a Chartered Accountant before the due date. The provisions regarding the requirements to get them audited and penalties for non-compliance of the same has been mentioned under the statue.…

Making the most of your tax savings as a salaried employee is essential to maintaining your financial security and guaranteeing a happy future. You can increase your discretionary income and drastically reduce your tax bill by utilizing various tax -saving strategies. Let’s discuss tax saving options for salaried employees. Table…

Fixed deposits are a good investment since they can withstand market fluctuations. A 2023 survey found that Indians favour FDs. About 23% of investors use FDs to hedge inflation. Despite their constant returns, FDs must be considered tax-wise. FD interest is taxed as part of an individual's yearly income. Investment…

The last date for filing income tax returns for the financial year 2022–23 was July 31, 2023. However, if you were not able to file your ITR within the stipulated period, you still have the option to file a late return, also known as a belated return. A belated income…

An important document that creates the foundation for the partnership's operations is the Limited Liability Partnership (LLP) Agreement. A successful partnership is built on a solid LLP Agreement, such as the one we're looking at here. It outlines the LLP's organizational structure, duties, and legal foundation. To make sure that…