India Tax Adda

According to my most recent update from January 2022, the Prime Minister's Employment Generation Programme (PMEGP) is a credit-linked subsidy program run by the Indian government's Ministry of Micro, Small and Medium Enterprises (MSME)। By encouraging micro-enterprises in the non-farm sector, the program aims to create jobs in both urban and rural areas। PMEGP loan eligibility criteria may include: Persons: Any individual above 18 years of age can apply Self-assistance groups (SHGs): PMEGP provides assistance to SHGs। Institues: Additionally, trusts and non-governmental organizations have the ability to apply। Educational Institutions: Polytechnics and technical institutions are eligible to apply for the establishment of common facility centers। Actual Units: Expansion, modernization, and diversification activities may also be eligible for existing units। Lokasyon: The business should be established in either rural or urban areas, depending on the beneficiary। Qualif...

Posted On: 18 DEC 2023 6:50PM by PIB Delhi The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as on 17.12.2023) show that net collections are at Rs. 13,70,388 crore, compared to Rs. 11,35,754 crore in the corresponding period of the FY 2022-23, representing an increase of 20.66%. The Net Direct Tax collection of Rs. 13,70,388 crore (as on 17.12.2023) includes Corporation Tax (CIT) at Rs. 6,94,798 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 6,72,962 crore (net of refund). The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stand at Rs. 15,95,639 crore, compared to Rs. 13,63,649 crore in the corresponding period of the preceding financial year, showing a growth of 17.01% over the collections of FY 2022-23. The Gross collection of Rs. 15,95,639 crore includes Corporation Tax (CIT) at Rs. 7,90,049 crore and Personal Income Tax (PIT) includi...

Project Report for Bank Loan: A Comprehensive Guide Introduction Securing a bank loan is a pivotal moment for any project. Crafting a comprehensive and compelling project report is the key to success. In this guide, we'll delve into the intricacies of creating a Project Report for Bank Loan that not only meets the requirements but also impresses lenders, paving the way for financial support. The Importance of a Well-Crafted Project Report Understanding the Essentials Embark on your loan application journey by grasping the fundamental components of a project report. From executive summaries to financial projections, each element plays a crucial role in presenting a well-rounded picture of your project. Key Sections in a Project Report Navigate through the various sections that constitute a project report, including project description, market analysis, and risk assessment. Each section serves a unique purpose, contributing to the overall strength of your loan application. ...

 Getting Around the Maze: Taking the Mystery Out of India's GST Registration Procedure Introduction  When India implemented the Goods and Services Tax (GST) regime in 2017, the tax environment in that nation underwent a dramatic change. GST has made it easier for businesses to comply with tax laws by streamlining and harmonizing the tax system. The GST registration procedure, which serves as a company's entry point into the tax system, is an essential step in this process. In order to empower companies and entrepreneurs, we explore the complexities of GST registration in this article. Knowing the Fundamentals: GST registration is mandatory for businesses with an annual turnover exceeding the prescribed threshold limit. As of the latest information, the threshold limit for GST registration is Rs. 20 lakhs for most states, while for special category states, it is Rs. 10 lakhs. Voluntary registration is also an option for businesses that fall below the threshold, enabling them to...

  As of my last knowledge update in January 2022, the Department for Promotion of Industry and Internal Trade (DPIIT) in India provides a recognition process for startups to avail various benefits and incentives. However, keep in mind that regulations and procedures may change, so it's crucial to check the latest guidelines on the official DPIIT website or consult with a legal professional. Here are the general steps for DPIIT registration for startups: Eligibility Criteria: Ensure that your business meets the eligibility criteria defined by DPIIT. Typically, startups should be registered as a private limited company, partnership firm, or a limited liability partnership. The business should be working towards innovation, development, deployment, or commercialization of new products, processes, or services driven by technology or intellectual property. DPIIT Recognition Application: Submit an application for recognition on the official Startup India portal ( https://www.startupin...

  Eligibility Criteria: Ensure that you meet the eligibility criteria for claiming a GST refund. Generally, exporters are eligible for GST refunds. Export of Goods or Services: The refund process is usually applicable to goods or services that are exported. Make sure you have exported the goods or services and have the necessary documentation to prove the export. GST Return Filing: File the GST returns regularly. Ensure that all the relevant details are accurately reported in the returns. Documents Required: Gather the necessary documents to support your refund claim. This may include invoices, shipping bills, export declarations, and other relevant documents. Refund Application: File a refund application with the appropriate tax authorities. The process and forms for filing a refund application may vary from one country to another. In many cases, a separate refund application form needs to be submitted. Verification by Tax Authorities: The tax authorities will review your refund ...

  The Importer Exporter Code (IEC) is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) in India. It is a mandatory requirement for individuals or businesses involved in the import or export of goods and services. Here are some key points highlighting the importance of the IEC code : Legal Requirement: Obtaining an IEC is a legal requirement for anyone wishing to engage in import or export activities in India. Without a valid IEC, individuals or businesses cannot undertake cross-border trade. Unique Identification: The IEC serves as a unique identification number for the entities involved in international trade. It helps in tracking transactions and simplifies communication between businesses and government agencies. Bank Transactions: The IEC code is required by banks for processing international transactions. It is used in the documentation related to foreign exchange and allows businesses to receive payments in foreign currency. Customs Clearance: The...

Shop and Establishment Registration in India is mandatory for all shops and establishments employing up to 10 people. The registration is done under the Shop and Establishments Act, 1956, which is a state law. The purpose of the registration is to maintain a record of all shops and establishments in the state and to collect certain information from them, such as the name of the owner, type of business, number of employees, and working hours. The registration process is as follows: Apply for registration: The owner of the shop or establishment can apply for registration online or offline. To apply online, the owner needs to visit the website of the Labour Department of their state. To apply offline, the owner needs to submit the application form to the local Labour Inspectorate.  Documents required: The following documents are required for registration: Proof of identity of the owner (Aadhaar card, Voter ID card, PAN card, or passport) Proof of address of the establishment (rent ag...