Individuals or enterprises must register a Limited Liability Partnership (LLP) to create a legal entity that combines the advantages of a limited liability company and a partnership. The LLP form offers simplicity of use, flexibility, and limited liability protection. A few documents need to be completed and submitted to start…
For each registered GSTIN, a taxpayer registered under the Goods and Services Tax (GST) statute is required to file a GST return. Additionally, if the taxpayer files returns on a regular basis, the GSTIN status needs to be active. GST Rules specify 22 different kinds of GST returns. Eight of…
Introduction to Rule 86B In the CGST Rules 2017, the central government has added a new rule termed Rule 86B to curb fake invoice transactions. This Rule imposes restrictions on the use of ITC (Input Tax Credit) to discharge liability towards output tax. It means that the taxpayer must pay…
In the ever-evolving landscape of business, financial management stands as a critical pillar for success. regardless of the size or nature of your enterprise, managing your finances effectively can be the difference between thriving and struggling. This is where chartered accountant firms in Mumbai (CA) firm steps in, offering expertise…
PTEC full form Professional enrollment certificate is an essential requirement to maintain smooth functioning of the business complying with legalities of respective states. PTEC applicability is a tax levied on companies as entities and their authority's remuneration. Acquiring a Professional tax enrollment certificate allows paying professional tax of a business…
Limited Liability Partnership is a form of partnership in a business enterprise where all the members have limited liabilities. No single partner is solely responsible for losses or misconduct of other partners. It has become the preferred form of organization among entrepreneurs because it incorporates the benefits of both a…
More often than not, you may have found yourself ask questions or hear people ask you questions like “Am I liable to pay tax if..?” or “if I do it this way, will the liability be lesser?” But before determining NRI Income Tax, it is fundamental to ascertain the…
Since time immemorial, cash has been the go-to method of receiving and accepting payments in any trade. Even in terms of financing businesses, cash has been the preferred mode of holding and spending. As times progressed, the method, modes and nuances of business have also changed. However, certain things remain…
Blocked Input Tax Credit under Section 17(5) The Goods and Services Tax Act, 2017, also known as the GST Act, is the consolidated legislation on indirect tax in India. The GST Act recognizes several concepts which are fundamental to the indirect tax regime in India. One such concept is input…