The Faceless Assessment (1st Amendment) Scheme, 2021 was just unveiled by the Central Board of Direct Taxes. The Prime Minister has begun a faceless tax audit to honour honest taxpayers. What exactly is the 2019 faceless assessment scheme? The Faceless Assessment Scheme was introduced by the Central Government to improve the transparency, efficiency, and accountability …
Category: Other
Who is Non-Residents in India
A non-resident is an individual who mainly resides in one region or jurisdiction but has interests in another region. In the region where they do not mainly reside, they will be classified by government authorities as non –resident. Understanding Non-Resident: It is determined by set circumstances, such as the amount of time spent within a …
Personal Finance Tips That Will Help You Manage Your Money Better
Cracking the code to non-public finance might not seem easy initially . But if you’ve got the proper tips guiding you, you’ll find that managing your money becomes such a lot more effortless. Mastering personal finance can assist you answer all those questions you’ll have had over the years, like how you’ll set about saving …
ISO Certification, Importance & Requirements
Introduction ISO stands for International Organization for Standardization. It is an Independent, non-government international organization with a membership of 165 national standards bodies which develop standards to ensure the quality, safety and efficiency of products and services. With ISO Standards, the consumers can have confidence that the products are safe, reliable and of good quality. …
Conversion of Partnership firm into Private Limited – Why, Pre- requisites, Taxation Benefits & Impact and Procedure
Why: Most of the business started as sole proprietorship or partnership firm due to its easy & lesser compliance and low cost. Although, once the business grows enough in terms of revenue, profit, operation area, number of employees, it would become obvious to convert the same into private limited company considering under mentioned: Separate Legal …
Basic details about setting up a Business Entity in India
Can foreign nationals and foreign organizations setup a company in India? Yes, the foreign companies can setup the subsidiary companies in India with 100% shareholding. Also, foreign nationals can individually be the share holder in the company, barring few sectors like defense, media and retail. Do I need a Indian resident to setup a company …
From the Managing Partner’s desk
Dear Clients, On 4th May 2021, our team suffered a terrible and an irreparable loss, Mr. Neeraj Bhagat- Managing Partner, SC Bhagat & Co. passed away. He was the pillar of the organization and he shall always remain alive in our hearts. We understand this message may be difficult to process, however, courage is the most important …
Things to Know About Corporate Fixed Deposits
Fixed deposits (FDs) have been a popular investment instrument in India for earning fixed and guaranteed returns on savings. However, following the flat-lining interest rates on FDs and recent rate cuts by the Reserve Bank of India (RBI), many investors are now looking for a different investment option. If you are looking for stable interest …
What is the Liberalized Remittance Scheme (LRS)
What is the LRS? Prior to 2004, Indian residents required approval from the reserve bank of India (RBI) every-time they sent money overseas because the RBI wanted to limit capital outflow. The RBI was concerned that excessive outflow of cash would destabilize the rupee and make it lose value. The RBI feared that if everyone …
What is the new Startup India Seed Fund Scheme?
India is home to the third-largest startup ecosystem, with almost 50,000 functional startups within the country. it’s predicted that startups in cities aside from Bangalore, Delhi, and Mumbai are likely to extend by 40% within the next decade. This makes seed funding for startups very relevant. during this post, we analyse the background and advantages …