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Checklist for filing Income tax returns of Individuals


 

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Newly issued GST registration guidelines dt.17.04.2025

Overview of the newly issued GST registration guidelines aimed at reducing unnecessary hurdles and ensuring smoother processing 📋 Officer Conduct Instructions Follow document checklist in FORM GST REG-01 only. Do NOT ask for: Original physical documents Additional/unprescribed documents ⏱️ Application Timelines ✅ Not Risky & Aadhaar Authenticated: Within 7 working days ⚠️ Flagged / Aadhaar Not Authenticated: Within 30 days (includes physical verification) 👨‍💼 Principal Chief Commissioners to oversee and review processes regularly. 🏢 Documents for Principal Place of Business Type of Arrangement-->Documents Required Owned--> One valid document (e.g., electricity bill, tax receipt) Rented (Registered Agreement)-->Rent/lease agreement only – no lessor ID needed Rented (Unregistered)-->Rent/lease agreement + lessor’s ID proof Tenant has utility bill on his name-->Acceptable with rent agreement Other’s Property (e.g., Spouse)-->Consent letter + ownership proof + I...
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Taxation on sale of listed equity shares for FY 2024-25

Understanding the tax implications on sale of equity shares. Taxable Event: When the listed equity shares are sold. Capital Gain: When the sale price is more than purchase price. Capital Gain= Sale Price - Purchase Price - expenses on Sale (brokerage, commission etc) Capital Loss: When the sale price is less than purchase price. Long Term Capital Gain:  Holding Period: Shares are sold after holding them for a period of more than 12 months. Tax Rate: Long term Captial Gains are exempt upto Rs.125,000 per annum (For FY 2024-25) Long Term capital gains will be taxed @12.5% with respect to equity shares sold after 23.07.2024. Long Term capital gains will be taxed @10% with respect to equity shares sold between 01.04.2024 to 22.07.2024. Note : LTCG will be calculated on gains exceeding Rs.125000 only. Short Term Capital Gain:  Holding Period: Shares are sold after holding them for a period of lessthan 12 months. Tax Rate:  Short Term capital gains will be taxed @20% with ...
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LLP vs Partnership Firm

In terms of safeguarding the personal assets from financial losses occurred during course of business, LLP is the best option. The following post enumerates the concept in detail. Any business owner shall think of continuity of business irrespective of the members joining or leaving the entity. The status of the entity should remain same in case of death or insolvency or bankruptcy of any member so that the interest of other members are safeguarded. Hence, LLP can be treated as best option that any business owner can choose. WHAT IS A PARTNERSHIP FIRM? An association of two or more persons who have agreed to share the profits of a business which they run together. The liability of partners is unlimited with respect to capital. The losses can be recovered from the personal assets of partners. WHAT IS A LIMITED LIABILITY PARTNERSHIP? A business entity in which the partners liability is restricted to the capital contribution by them. Let us understand various concepts under Private limite...
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