Permanent Account Number (PAN) is a ten-digit alphanumeric number by the Income Tax Department, allotted to any “person” who applies for it. PAN enables the department to link all transactions such as Income Tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence, and so on. PAN, thus, acts as …

Profession tax is levied under the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976. Profession Tax shall be paid by every person exercising any Profession or engaged in any trade or holding any appointment in the State of Karnataka. I run a proprietorship, should I get registered under …

1. How many people are required to start a limited liability partnership (LLP) There should be a minimum of 2 people to start an LLP 2. How much time does it take to set up an LLP? It takes around 15-20 working days to set up an LLP. The setting …

A foreign company has to set up either a private company or a branch office in India. Setting up a branch in India requires an approval from Reserve Bank of India (RBI)   Where to apply for getting branch office license in India? Foreign companies/entities desirous of setting up of …

Employee Provident Fund (EPF) is a society security fund created for the purpose of providing financial security and stability during retirement. The employees will contribute a portion of their salary to this fund during his employment. The employer is also obliged to contribute an equal amount (as specified by the …

The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015. It had, in December 2014, set the last date for public to exchange these notes as June 30, 2015. Soliciting cooperation from members of public in withdrawing these banknotes …

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: “One way to curb the flow of black money is to discourage transactions in cash. Now that a majority of Indians has or can have, a RUPAY debit card. I therefore, propose to introduce …

I come across queries about tax payable on sale of a flat or a house. Generally, people have a good understanding about capital gain taxes. However, when it comes to the actual transaction, they seek professional help. Broadly, the scope of capital gain tax is covered in this article. Hope …

Taxability of the perquisite in the hands of employees towards the facility of motor-car, reimbursement of fuel expenses, etc., are discussed in this article. Hope this helps.   Car is used exclusively for official purposes – fully exempt Where the car is used exclusively in the performance of official duties, …

It is only in rare cases that the employer fails to deposit tax deducted (TDS) from the salary of employees to the government. I have come across many cases of delay in payment but not non-payment of taxes. Kingfisher case – However, I have come across two cases of non-payment …