Starting a business can be an exciting journey, and one common way to do this in India is by forming a partnership. A partnership means that two or more people come together to run a business. Each person contributes something, like money, skills, or effort, and they share both the profits and the risks of the business.In India, many small businesses choose to operate as a … [Read more...] about Complete Guide to Starting a Partnership Business in India: Key Features, Benefits, and How to Register
How to Start a Sole Proprietorship and Succeed: A Step-by-Step Guide
A sole proprietorship is one of the easiest and most common ways to start a business. It’s a business owned by just one person, where the owner makes all the decisions, manages everything, and is responsible for any debts or problems.If you want to start a business but don't want to deal with a lot of paperwork or complicated steps, a sole proprietorship might be perfect … [Read more...] about How to Start a Sole Proprietorship and Succeed: A Step-by-Step Guide
How Does Income Tax Apply to EPF Withdrawals in India?
To discourage premature withdrawals from the Employee Provident Fund (EPF), the government has introduced Section 192A. According to this section, tax deducted at source (TDS) must be deducted from EPF withdrawals if certain conditions are met.The Employees' Provident Fund (EPF) is a savings plan for workers to help them save for retirement. Each month, 12% of an employee's … [Read more...] about How Does Income Tax Apply to EPF Withdrawals in India?
TDS on payment of compensation on compulsory acquisition of Immovable property – Section 194LA
Any person responsible of paying compensation or enhanced compensation or consideration or enhanced consideration on compulsory acquisition of immovable property other than agricultural land is required to deduct tax at the rate of 10% at the time of payment to a resident. No surcharge, education cess or SHEC shall be added to the rate of TDS. This means it should be deducted … [Read more...] about TDS on payment of compensation on compulsory acquisition of Immovable property – Section 194LA
When and how to issue TDS certificates
A deductor must issue TDS certificates to the deductee for deduction of tax at source. To get started, the person who has to deduct tax must first obtain TAN or Tax Deduction and Collection Account number.Newly registered companies are not required to apply for TAN separately as it gets allotted at the time of company registration. To know your company TAN, please check … [Read more...] about When and how to issue TDS certificates