India Tax Adda

  The word "UDYAM Registration" refers to the registration procedure for Micro, Small, and Medium-Sized Enterprises (MSMEs) in India as of my most recent knowledge update in January 2022. It is essential to verify the most recent policies and procedures from official sources as there might have been revisions or changes after this date.   The MSME registration procedure in India was streamlined and relocated to the Udyam Registration platform as of my most recent update. The procedures for registering as an MSME (Udyam Registration) are as follows:   Go to the Udyam Portal for Registration: Go to the official portal for Udyam Registration. Check for the most recent information from authoritative sources as the URL might have changed.   Enter Aadhaar Number: The Aadhaar number is normally entered at the start of the registration procedure for individual entrepreneurs and businesses that have Aadhaar.   OTP verification: A One-Time Password (O...

 If you are a non-profit organization looking to claim exemption from income tax and receive donations from donors who can claim tax benefits under Section 80G of the Income Tax Act, then you should consider applying for 12A Registration. The process for obtaining 12A Registration involves submitting the required documents, including Form 10A, to the Income Tax Department. Once the application has been submitted, the Commissioner may request the applicant to submit additional information or documents as needed. The benefits of 12A Registration include exemption from paying income tax, eligibility for government funding, and the ability for donors to claim tax benefits. To apply for 12A Registration, you should consult with a qualified professional Don’t miss out on the benefits of 12A Registration – apply today!   What is 12A Registration?  12A Registration is a registration granted by the Income Tax Department to trusts and other non-profit organizations. Th...

While I am unable to file your income tax return on your behalf, I can help you file an income tax return in accordance with Section 139(8A). What you should know is as follows:   Section 139(8A): What is it?   According to Income Tax Act Section 139(8A), you have two years from the end of the financial year in which the initial return was filed to file an updated return. This implies that you won't be penalized or prosecuted if you correct any mistakes or omissions in your initial return.   Under Section 139(8A), who is eligible to file an ITR-U?   Regardless of whether they have previously submitted an original, late, or amended return for the applicable assessment year, any taxpayer may file ITR-U . This comprises:   With an ITR-U, what can you update?   In an ITR-U, you can update the following: revenue from a range of sources Exemptions and deductions calculation of taxes Details of a bank account PAN number  ...

  The Prime Minister's Employment Generation Programme (PMEGP) is a credit-linked subsidy scheme designed to encourage micro-enterprises in both rural and urban areas with the goal of creating jobs. Your application for a PMEGP loan requires you to provide a thorough project report. An outline that can be used to prepare a PMEGP Loan Project Report is as follows:   Cover Page: Title of Project The applicant's name, Address and phone number   Executive Summary: A succinct synopsis of the undertaking Total project cost Loan amount requested Possibility for employment creation   Project Profile: : Name and nature of the project (manufacturing or service) The project's location Kind of organization (sole proprietorship, partnership, corporation) Information about the applicant or entrepreneur Type of activity (manufacturing, providing services, trade)   Product/Service Description: A thorough explanation of the good or ...