Who has to obtain Import Export Code (IEC)? IE Code is a unique 10 digit code issued by Direct General of Foreign Trade (DGFT), Government of India. Those who import or export in India are mandatorily required to obtain IE Code. No person or entity shall make any import or …

VAT (Value Added Tax) is a multipoint tax levied on every sale of goods in the State by a dealer. VAT is collected by the dealer and the same is remitted to the Government. So, those entities who sell goods in the State of Karnataka have to register with Commercial …

Service tax is, as the name suggests, a tax on Services. It is a tax levied on the transaction of certain services specified by the Central Government under the Finance Act, 1994. It is an indirect tax (akin to Excise Duty or Sales Tax) which means that normally, the service …

Who has to obtain registration under Shops and Establishment Act of Karnataka? Entrepreneurs owning shops and commercial establishments in the State of Karnataka have to compulsorily register with Department of Labour, Government of Karnataka as per the Karnataka Shops and Commercial Establishment Act, 1961. A Shop includes offices, storerooms, go …

1. How many persons are required to start a One Person Company (OPC) As the name suggests, OPC shall be set up by an Individual person. No company or a firm can start OPC 2. Where to register OPC? OPC is governed under the regulations of Ministry of Corporate Affairs …

It is a comprehensive Social Security Scheme designed to accomplish the task of protecting the ‘employees’ in the organized sector against the hazards of sickness, maternity, disablement and death due to employment injury and to provide medical care to the insured employees and their families.   Who has to register …

  Generally revenue receipts are taxable under Income Tax Act. However, capital receipts from the transfer of a capital asset are taxable as capital gain tax. Does that mean gains from sale of all assets are taxable? Not really. The Act has clearly defined the meaning of capital asset. Let’s …

  No, the proposed service tax rate will not become effective from 01-04-2015.   Many service providers and receivers are having the misconception that any change in rate of service tax takes effect from 1st April of the year. It shall come into effect from a date to be appointed …

  This article is written by one of our panelists Mr. K S Shreesha, student at National Law University, Gujarat. This is his first article on this blog.   Revolution is not an apple that falls when it is ripe. You have to make it fall. – Ernesto Che Guevara …

The due date for 2nd installment (for corporates) and the 1st installment (for non-corporates) for payment of Advance Income Tax for Financial Year 2014-15 is 15th September 2014