Tax Deductions for small business Owners – Complete List

The most feasible way to lower the income tax bill is to ensure claiming all the tax deductions available to the entrepreneurs. Tax planning is a very integral part of running a business. A considerable amount of money can be saved every year through proper tax planning. Changing the tax season from a less than exciting time of the year to incentivizing the year and making tax filing more bearable…

What is Bonafide Certificate? – All Facts You Need To Know

We've all needed a Bonafide certificate at some point in our lives. Whether we are going to a foreign university or applying for a Visa, a Bonafide certificate acts as proof that we were formerly a member of some institution..  When we look for a job job or want to study for our master's degree abroad, we must show that we have previously studied or employed. This is where a…

How To Choose An Effective Company Name? [Guide]

The biggest challenge that one faces while deciding to open an enterprise is how to choose a company name? Choosing the correct name for your firm can have a big influence on its success. If by chance you end up choosing a name that fails to connect with the customers, it can have negative repercussions on your business and bigger problems like insurmountable commercial and legal obstacles.  Thus, it is…

TDS Calculation on Purchase – Detailed Analysis [Dailyfiling]

TDS or Tax Deducted at Source is the amount deducted while making a payment by an individual or a company. The introduction of the Finance Act, 2021, brought some major changes to the Income Tax Law that came into effect relating to Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). This is in relation to the sale-purchase of goods, pension income of eligible senior citizens, and accelerated…

Understand Reverse Charge Mechanism or RCM in GST – dailyfiling

As you know, the Goods and Services Tax (GST) is levied on both goods and services and is a kind of indirect tax imposed on an individual or a company placed on the ultimate consumption of goods and services.  In general, the seller of goods or services is obligated to pay the GST as per the GST Act. However, in some instances, such as imports and other declared supplies, the…

How to change name legally in India? – Complete Guide

Some of you might wonder why would anybody want to change their name legally? After all, there is a power and effect of a name. Also, the majority would say what’s in a name? But for many significant others, it is an equally important thing triggering their self-esteem and confidence.  On the other hand, there are some people who are bullied because of their names. Well, personally I agree to…

How to get a wine shop license in India? – [Complete Guide]

In India, liquor is sold in bars, pubs, and restaurants, thus if you want to open your own bar or restaurant, you'll need a liquor license because selling alcoholic beverages without a valid license is prohibited and punishable by the law. So, according to liquor laws, a wine shop license or permit is required. What does a wine shop license put in regulation? A wine shop license or regular liquor…