Share Purchase Agreements

It is said that a good idea only when nicely planed turns out to be good venture and a good idea if not nicely planned may turn out into a disaster. In order to start a business, certain pre planning is definitely required.

What is meant by business plan

A person who establishes the business or proposing to establish a business, if asked about his/her business plan, then it may happen that he will write it on a piece of paper about his business plan and yes is nothing but a business plan. But then the next question is has he/she covered all the aspects of business? Yes he may be and yes he may not have covered all the aspects of business.

A business plan should contain all such essentials in such a manner that after reading it, the reader get to know exactly what the business is all about and are engaged into.

It shall include following:

1. Business Description

It is the short description of the business outlook, future plans, market dependency, present scenario, trend , possible change in trend and its impact on the business, induction of any new product or such other development.

2. Potential competition

In order to stay competitive, knowing your competitors is very important. Analysis of strength and weakness of competitors, and finding the loophole in it and looking for potential of development in it.

Competitive strategies usually fall into these five areas:

• Product
• Distribution
• Pricing
• Promotion
• Advertising

3. Market Strategies

Clearly defined market strategies, next steps, the target market and at present position of the company in the market are of great importance. Business Plan Consultant  main aim is to create a development budget that will enable the company to reach its goals.

4. Financial Goals

What is the goal of company in coming years in terms of finance? It can be framed in short term and long term goals basis. As Financials of any company is the back for it and the most vital reason to run a business is nothing but to run the business profitably.

5. Promotion Plan

The promotion strategy shall include every marketing tool utilized in the communication effort. This may includes Advertising, Packaging, Public relation, Sales promotion, Personal sales etc.

6. Costing budgeting and cash flow of the company

Take into account all the expenses and profit sourced areas to run the business. The cash-flow statement is one of the most critical information tool in business, helping in reaching out to the fact that how much cash will be needed to run the business and survive in the market, when it is going to be required, and from where the company will be able to manage safely.

7. Design & Development Plan

The product's design, chart its development within the context of production, marketing and the company itself, and create a development budget that will enable the company to reach its goals.

8. Operations & Management Plan

How the business functions are going to run. It shall include the details of the logistics of the organization which shall include various responsibilities of the management team, the tasks assigned to every division within the company.

Business plan should be concise and touching on most of the important aspects of the business, at the same time it should be drafted in such a manner that the reader without getting bored , gets a fair idea about our the business engagements.

Source url – http://entersliceindia.inube.com/blog/8023632/business-plan-summary-of-future-plans-of-an-enterprise/

 

MSME stands for Micro, Small and Medium Enterprises. MSME registration is required for each and every micro, small and medium enterprises to get benefits of various incentives provided under the Micro, Small and Medium Enterprises Development Act (MSMED Act).

In this blog, we will briefly discuss about MSME registration. Here we will cover:

1.      What is MSME registration?

2.      Who can apply for MSME registration?

3.      Is it mandatory to obtain MSME registration?

4.      Benefits of MSME registration

5.      MSME registration Process

6.      Documents required for MSME registration

Let's start the journey!

Who can apply for MSME registration?

Any type of business entity can apply for MSME registration. List of the business entities who are entitled to apply for MSME registration is given below:

1)    Proprietorships

2)    Partnership firm

3)    One person company

4)    Limited liability partnership

5)    Private Limited Company

6)    Producer Company

7)    Any association of Persons

Is it mandatory to obtain MSME registration?

MSME registration is not mandatory until yet but it is advisable to obtain MSME registration because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc.

 

Benefits of MSME registration

There are numerous benefits of MSME registration and some are discussed below:

1)    Easy to get a bank loan - Once you obtain the MSME registration, then you can easily get a bank loan.

2)    Subsidy on Patent registration - Through MSME registration, a business entity and enterpriser can avail 50% subsidy on patent registration.

3)    Industrial promotion subsidy - Enterprise having MSME registration is eligible for Industrial promotion subsidy.

4)    Concession in electricity bills - Those who have MSME registration are entitled to get concessional benefit in respect of electricity bills.

5)    Protection against delay payments - By obtaining the MSME registration, any enterprise can get protection against delay payments.

6)    Government Tenders - A MSME registered enterprise can be easily selected for a Government tender.

MSME registration Process

MSME registration can be done through online as well as through offline. The process of MSME registration is given below:

1) Visit the website - To obtain MSME registration, first of all, visit the website as prescribed by the government

2) Filling up Registration Form- After successful login, you have to select the register option and then need to fill up MSME registration form along with various documents like:

a)      Aadhar card number

b)    Validation of Aadhar

c)      Gender ID of the entrepreneur

d)    Name of the enterprise

e)      Type of your organization

1)    f)PAN

f)      Location of your plant

g)      Residential address

h)    Your previous registration details, if any

i)      Bank details

3) Submission of Form - After fill up the registration form you need to submit same.

4) Issuance of MSME Registration - Upon successful submission of the Registration Form and after proper verification of the Registration Form, the concerned authority will issue MSME registration certificate.

Documents required for MSME registration

List of the documents required for MSME Registration is listed below:

1)    PAN of the enterprise

2)    Bank details

3)    Aadhar card

4)    Proof of ownership of premises

5)    Copy of licenses and Bills of Machinery purchased

1.      6)Copies of Sale/Purchase bills

6)    Partnership deed

Conclusion

MSME acts as an engine which helps in the growth of the economy and promoting equitable developments. Enterslice provides world's best service in a matter of MSME registration. If you are planning to apply for MSME registration, then kindly contact the expert team of Enterslice to get best and affordable service.

 

Source url - https://entersliceindia.blogspot.com/2019/02/easy-steps-for-msme-registration.html

Are you a micro or small or medium business? If yes, then MSME registration is assuredly compulsory for you. Legally it is not mandatory, but it is always advised to obtain the MSME registration for availing the benefits offered under the MSMED Act.

In this blog, as the title suggests, we will see the MSME registration certificate sample. But before that, it's necessary to have a quick through on MSME and MSME registration.

What is MSME?

MSME stands for Micro Small and Medium Enterprises, and it plays a very significant role in the Indian economy or better says, it's a backbone of the Indian economy. Therefore, the government of India has introduced various schemes, subsidies, and incentives to support and promote MSME/SSI (Small Scale Industries).

What is meant by MSME registration?

MSME registration is a process through which a company register itself under the Micro, Small and Medium Enterprises Development (MSMED) Act. An enterprise registered as MSME is allowed to avail various benefits offered by the Central and State Government.

MSME registration eligibility criteria

You are eligible for MSME registration under the following conditions:

·        If you're a Sole Proprietorship

·        When you have a private limited company or limited liability partnership or one person company

·        If you have a production company that produces materials

·        In case, you belong to or are part of Hindu Undivided Family

·        If you work in association with another person

·        If you have a cooperative society

·        Or any other undertaking

Documents required for MSME registration certificate

For SSI registration online or to obtain an MSME registration certificate, you first need to prepare the following papers:

ü PAN card of all the directors and partners

ü Aadhaar card of all the directors and partners

ü Ownership proof of premises such as allotment letter or possession letter or lease agreement or property tax receipt.

üIn case of a rented premise , rent agreement and NOC from the landlord along with the utility bill

üA scanned copy of sale bill for each end product and purchase bill of each raw material purchased

üIn case of partnership firm, a copy of Partnership Deed

üA scanned copy of Memorandum of Association (MoA), Articles of Association (AoA) and Certificate of Incorporation (COI) in case of Private Limited Company Registration along with the Board’s Resolution authorizing the director to sign the application

üA scanned copy of Industrial License obtained under the Industrial Development and Regulation Act,1951

üA copy of a purchase bill of machinery installed

üBills pertaining to purchasing and installation of plant and machinery

üAn affidavit made on Rs. 10/- non-judicial stamp paper duly attested by Notary Public affixed providing the status of machinery installed, power requirement, etc.

ü Current Bank account statement

Procedures of MSME/SSI registration

The method for MSME registration is quite simple and can be canceled at any time if the annual turnover exceeds more than a threshold limit. MSME registration process is as follows:

·        As per the rules & regulations, you need to file an application with the respective government department or file an online application directly on the official website of Udyog Aadhaar Registration.

·        A person willing to register for more than one industry can do individual registration.

·        In the application, the applicant needs to provide the details of the industry they want to run along with the necessary details and documents.

·        The document required are Aadhaar card, Industry name, Address, PAN details, email address, contact number, and some other common information.

·        The individual can provide self-certified certificates.

·        Bank account number along with IFSC code.

·        The primary business activity of the company.

·        NIC 2-digit code.

·        Investment made in Plant & Machinery / Equipment

·        There's no registration fee for this process.

·        Once the details are filled and uploaded, you will get the registration number.

·        The documentation process will take around 2-3 working days to complete.

Note: To complete the process in a hassle-free manner and to avoid any future difficulty, all the necessary formalities must be completed.

Know about reliefs provided to MSME borrowers.

For more details on MSME registration process or SSI registration online, contact Enterslice.

Source url - https://enterslice.odoo.com/msme-registration-certificate-sample

 

EPF stands for employees provident fund, this scheme is governed by the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. It comes under one of the largest social security organizations. It plays an important role during the retirement period of an employee.

Further, in this blog, we will discuss what is EPF? and how to register under it?

Steps involved under EPF registration

Below are the steps, need to be followed for the PF registration-

STEP1: Obtaining the EPFO registration

The first step is to visit the website of EPFO. Once you have landed upon the website, you just need to click on the option Establishment Registration.

STEP2: Go through the User Manual

When you click on the Establishment Registration, you will come across an Instruction manual. You must read the Instruction manual, if you are doing this for the first time.

STEP3: DSC registration

If the employer is already registered, then they just need to provide the credentials (Universal Account Number [UAN] and password). You can take a look at the Instruction manual for registration instructions and Digital signature certificate (DSC) of the employer.

If you are filing a fresh application, then you must have the DSC beforehand.

STEP4- Fill the details

Once you are done reading the instruction manual, you just need to move ahead to the EPF Registration process by ticking on. You will land on the new page, where you will be asked to fill the employer's detail.

STEP5: Details asked in the registration form

In the registration form, you need to mention the following list of details-

·        First name, middle name, and last name. It must be similar to the name furnished to the Income-tax department. If the name doesn't match, it may lead to the problems such rejection of the application.

·        Then you will be asked to enter the employer's PAN after there will be a pop up saying the employer is not registered previously. It will also be verified.

·        You need to create a user name of your choice, and the system will let you whether your proposed username is available or not.

·        There will be a few hint question/answer which would be helpful, in case you forget your User id or password.

·        You will finally receive a PIN on your mentioned mobile number, you just need to agree with the above declaration.

·        There will be an email link as well sent to your e-mail ID, to confirm the submission of an application.

We wish you all the luck for all your future ventures. For any query, please contact Enterslice.

Source url - https://enterslice.puzl.com/_news/What-is-EPF-and-how-to-register-under-it/144229

Before we know about NGO registration, first of all, it is necessary to know the meaning of NGO. Non-governmental organizations, non-profit organizations commonly referred to as NGO. NGO is an organization which is not run by the Government. NGOs are operated independently. NGOs are generally funded by donations. In this blog, we will discuss the meaning of NGO, functions of NGO, registration of NGO and all other aspects of NGO.

What is the meaning of NGO?

NGO means a non-profit organization that operates independently. NGOs are incorporated with an object to support poor people as well as underprivileged persons of the society. If a group of person or community want to work for social change and wish to work on certain social issues, then they can work as NGO without any registration. NGO as an association includes group and institutions with primary cooperative objectives rather than commercial objectives. NGOs are private agencies which support development at local, national and international level by organized groups.

The function of NGOs in India

NGOs have a number of functions. List of the details of functions of NGO is given below:

1) NGOs provide free education to the poor and economically backward children.

2) NGOs conduct free classes for poor people.

3) NGOs provide free medical facilities to the rural people.

4) NGOs work for welfare and upliftment of the woman.

5) NGOs help to reduce environmental pollution.

6) NGOs provide shelter to the poor, orphans, old aged people even to animals.

What is the purpose of NGOs?

The primary purpose of NGO is to promote a specific cause. NGOs being non-government organizations try to raise awareness and knowledge by making press work and activist events.

Examples of NGOs

NGO is a non-governmental organization. Funds of NGO are raised by the government but it maintains a non-governmental position. NGOs are also known as civil society organizations. Examples of NGOs are public arts organizations, trade unions, and charitable organizations.

What are the advantages of NGO?

There is a number of advantages of NGO. List of the advantages of NGOs is listed below:

1) Right to acquire assets - When a non-governmental organization is registered with the Corporate Affairs Commission then it becomes entitled to acquire land, assets.

2) Protection from personal liability - Assets, and property registered in the name of NGO cannot be attached for the satisfaction of any debts. Assets and property are protected from personal liability.

3) Access to credit - If any one registers NGO, then he/she can afford access to credit from official lenders and financial institutions.

4) Preservation of Name - Once NGO is registered then no one else can use the same name.

Procedure for NGO registration:

1) Name of NGO - To register a NGO, a first necessary step is to choose an appropriate name for your NGO.

2) Memorandum, Articles of Incorporation/Articles of association - The memorandum, Articles of Incorporation or bye-laws must be in a pre-decided and normal required legal format. Prepare the Memorandum, Articles of Incorporation and by-laws of the proposed organization including all the rules and regulations need for the NGO registration and operation. Following are some points which required to be included in Memorandum and Articles of Incorporation:

i) Name of the NGO

ii) The object, the purpose of NGO

iii) Location and working are of the NGO

iv) Name of founder and Board Members

v) Other required information and detail

3) Submission of Memorandum and other documents - After finalization of all the above details, the applicant seeks to register NGO is required to submit Memorandum and other documents along with the Society registration form to the Registrar.

Documents required for NGO registration:

For NGO registration submission of certain documents is necessary. List of the documents requires for NGO registration is listed below:

1)  Identity proofs and PAN of all directors/promoters

2) Address proof (Telephone bill, electricity bill etc)

3) Passport size photographs of all the directors

4) No objection certificate of the owner of registered office

5) Utility bills of the registered office

6) Residential proof of all the members.

Enterslice provides best services relating to NGO registration. Keep in touch with one of it's consultant to get an awesome and best service in matter of NGO registration.

Source url - https://www.youpals.com/blogs/3450/19960/how-to-apply-for-ngo-registration

 

Have you ever come across the abbreviation MSMEs while going through the newspaper (especially business columns) or watching business news on TV?  If yes its good, if not then let us inform you that MSMEs stand for micro, small and medium enterprises. MSMEs are considered to be playing a very important role as they are expected to offer higher employment by 2020.

This sector has also been contributing to the government’s initiatives; MAKE IN INDIA and SKILL INDIA.

The introduction of GST (Goods and services tax) led so many questions and confusion to rise. People had expectations, what all would be affected by it.  

Difficulties faced by the MSMEs on the introduction of GST

·        Whenever we try to do something, we are faced with the challenges that may or may not prove beneficial for everyone. So let’s take a look at what all situations were faced by the MSME, when GST came into effect.

·        During the initial times, there was a lot of confusion as everybody couldn’t grab the fundamentals of GST

·        There were even some loopholes in the infrastructure, which actually took little long to stabilize, Input tax credit was also noticed to be delayed in few cases, which ultimately affected the MSME industry.

·        Goods and services tax disrupted the supply chains, especially in the case of small traders, who were supplying to big manufacturing companies.

Effect on liquidity due to Daily Sales Outstanding (DSO)

Daily sales outstanding refers to the number of days, it takes to collect the payments once you have supplied the goods or services.

According to the reports published in the economic times, daily sales outstanding turned out to be higher, after the introduction of GST registration.

Changes in the cost of borrowing for MSMEs

Most the MSMEs had outstanding inventories, which would be taxed under the new GST regime. However, as these MSMEs lacked compliance infrastructure to have the tax invoices for those inventories.

This lead to the weak credit profile, due to which these MSMEs could not the avail the bank loans, which ultimately pushed them to approach non-banking financing options, And these non-banking financial entities charged a higher rate of interest in comparison to the banks.

Effect on the sales of MSMEs

Because of the introduction of the GST registration, there was a decline in the sales of MSMEs. GST brought more steps, which caused delays in the whole MSME Registration procedure. This also led to high costs, which was not under control.

Future Expectations

Once MSMEs become the part of GST regime, these would be a part of larger compliance climate. There would be a better level of preparedness and discipline in conducting the business.

Our government of India is also committed to providing support to these MSMEs, ultimately would take a positive turn for everybody’s benefit.

These were all the effects of GST registration on MSMEs, but in the long run it would benefit us all.

Source url - https://www.playbuzz.com/item/2e175a0c-a25d-4d58-891a-14853b1d0f68

 

 

 

 

The online MSME registration process has now become quite simple and time-efficient. If your business is small or medium or even micro, then you must obtain MSME registration because the government of India has introduced many schemes under MSMED Act to encourage and promote micro, small and medium enterprises.

MSME stands for Micro, Small and Medium Enterprises, and such enterprises are the backbone of Indian economy. If we believe the reports, the MSME sector shares 45% of India's Total Industrial Employment, 50% of India's Total Exports, and 95% of all industrial units in the country.

As per information from MSME's official website , more than 6000 types of products are manufactured in such industries. The growth of the Indian economy is directly proportional to the growth of MSME industries. As the industries grow, the country's economy develops as a whole. MSME industries are also known as Small Scale Industries (SSI).

Categorization of MSME

Micro Small and Medium Enterprises are categorized into two parts:

·        Manufacturing Enterprises; and

·        Service Enterprises.

Further, they are defined as investment in Plant and Machinery/ Equipment as follows:

Categories	Investment made in Micro Enterprises	Investment made in Small	Investment made in Medium
Plant and Machinery	Less than Rs. 25 Lakhs	Less than Rs. 5 Crores	Less than Rs. 10 Crores
Equipment	Less than Rs. 10 Lakhs	Less than Rs. 2 Crores	Less than Rs. 5 Crores

 

Online MSME registration process

You can register your MSME both online and offline. But if you are seeking online MSME registration process, then follow the following steps:

Step1: The foremost step to MSME registration includes filing an online application on MSME's website and filling up the details.

Step2: If you want to register for more than one industry, then you can do individual registration by filing a single form available on the website.

Step3: Then submit all the documents required for the registration such as Aadhaar number, industry name, bank account details, address, and other general information.

Step4: Submit the above documents along with self-certified certificates.

Step5: Once you have filled all the details accurately and uploaded it on the website, you will receive the registration number very soon.

There's no fee required for this registration process.

Latest updates on MSME registration

Recently, the government of India has launched support and outreach for greater synergy to the MSME sector. Under this initiative, the enterprises can avail the following benefits:

1.      Approved loan up to Rs. 1 crore only in 59 minutes through an online portal.

2.      All CPSUs are mandatorily required to procure through the GeM portal.

3.      3% procurement is reserved for women out of 25% procurement mandated from MSMEs.

4.      100 Technology centers will be established at the cost of Rs. 6000 crores.

5.      All PSUs are required to obtain 25% from MSMEs, instead of the 20% of their total purchases.

Apart from these, there are several new features updated for MSME sectors. For more info, click here.

Conclusion

MSME registration offers many benefits to the small-scale industries. All you need to do is to obtain an MSME registration for your enterprise. Business falling under the MSME categories can easily get loans and that too at lower rates, various tax subsidies, excise duty exemption schemes, eligible for IPS subsidy, reimbursement of ISO certification, etc.

Hence, if you're looking to register your business under MSMED act, then contact India's no. 1 consultant Enterslice. Our team of experts will help you obtain the MSME registration in a very few time and at a fair price.

Source url - http://enterslce.bcz.com/2018/12/27/online-msme-registration-process

Before we start with the facts about Sin Tax, let us ask you a question. Are you sinning? Aren't you sure? Fine, let us then ask you a few more questions. Do you smoke, consume alcohols, eat tobacco or paan masala, take drugs, etc.? If yes, then you are unquestionably sinning. You might be thinking how these could be sins. And the answer is because such products affect human health and aren't safe to consume.

To your surprise, the Government of India has imposed the highest tax on sinning products because of certain reasons described later in this blog.

Therefore, in this blog, we aim to make you aware of the various aspects of Sin Tax in India. Here, we have discussed five facts that we are sure a very few of us know. So, let's get started without making any more delays-

What is meant by Sin Tax?

Sin tax is an excise or sales tax levied on the purchase of certain goods that are harmful to society and individuals. For instance, items such as drugs, cigarettes, alcohol and tobacco, soft drinks, fast foods, beverages, pornography, and gambling are injurious to health as well as for society.

Sin Tax is also applicable to luxury cars since they contribute to emitting pollution in excess. Everything that damages the environment and affects the people and society whether directly or indirectly comes in the category of sin.

5 Unknown facts about Sin Tax in India

Until now, we have understood what Sin Tax is and why the government has imposed this tax. But there are a few things that we aren't still aware of, and that's what we will learn in this blog. So, let's have a look below at some surprising facts on Sin Tax-

1.     The Government has imposed the highest tax rates on Sin goods

Yes, it's true. Currently, in India, the GST council has proposed a 4-tier rate structure with two standard rates 12% and 18%, a lower rate of 5% for the essentials and a higher rate of 28% for sin items and luxury goods.

2.     The reason for the highest tax is to lower the consumption of sin items

Well, it could be somewhat shocking to all, but yes that's the reason. In fact, there are two main reasons why the government of India has imposed the highest tax rates on sinning items. They are as follows:

·        To discourage the consumption of undesirable goods;

·        To force industries producing these goods to pay higher taxes so that they can be used to fund other welfare expenditure.

 

3.     Panels suggest higher sin tax of 40% on tobacco and alcohol

Based on the article published in Times of India, the Niti Aayog has proposed and suggested a higher Sin tax of 40% on the items such as tobacco, alcohol, and unhealthy foods such as sugar-sweetened beverages and soda, etc.

Such items contribute to air pollution, malnutrition, and dietary risks which are the biggest contributors to disease burden in India. The reason behind the tough measure is to upgrade the country's public and preventive health system.

4.     WHO recommends countries to impose at least 75% or more on Sinning goods

WHO, known as the World Health Organization, prescribes countries to impose the tax of at least 75% or more of the retail price to achieve the dual objective of reducing the use or consumption of tobacco and alcohol and for increasing government revenue?

5.     Sin Tax in India is very low as compared to other countries

Despite imposing the highest tax on sinning items, India is still known to have imposed the lowest tax rates on tobacco and alcohols as compared to other middle-income countries, including those in South Asia.

Conclusion

Whatever tax percentage has been imposed on sinning items, it's clear that the prime purpose of imposing Sin Tax is to achieve the dual objective of lessening the use of tobacco and increasing the government revenue to be used for other welfare associations. If you are still in doubts, for GST Registration then contact Enterslice. Our team of experts will help you with your queries.

Source url - https://enterslice1.wordpress.com/2018/12/26/5-jaw-dropping-facts-about-sin-tax

TDS return filing is a quarterly statement which is supposed to be filed by the deductor and submitted to the income tax department. Typically TDS stands for Tax Deducted at Source and is a tax that the deductor pays in advance in the form of salary, contract payment, dividends, Funds, etc. to the government of India.

A deductor is a person who deducts the tax. However, a deductee is an entity whose tax is cut by the deductor. Any organization or individual making payments is supposed to deduct TDS and file the TDS return if the paying amount surpasses the threshold limit.

In this blog, we will discuss the two most important aspects of TDS return filing as follows:

·        Due dates for TDS return filing, and

·        Essential documents for TDS return filing

Due dates for TDS return filing

If you're an employer or somebody who pays salary to employees, then you're required to deduct tax at source and file TDS returns before specific due dates. The deductor is supposed to do TDS return filing on a quarterly basis as described below:

Quarter	Period/Term	Due dates for TDS return filing
1st Quarter	1st April to 30th June	31st July
2nd Quarter	1st July to 30th September	31st October
3rd Quarter	1st October to 31st December	31st January
4th Quarter	1st January to 31st March	31st May

Essential documents for TDS return filing

Before TDS return filing, you need to gather the required documents so that you don't face any trouble while doing the same. Documents required are as follows:

Form 26AS: The form is an abstract of taxes deducted on your account by the deductor, details on tax deposited by the taxpayers and tax fund received in the financial year. You can receive the form from the Income Tax return filing Department and access it from the I-T department's website.

Form 16: The form is for salaried employees who are issued by the employer indicating the details on the TDS deducted from employees' salary and deposited with the authorities. Form 16 contains details you will require to prepare and file your income tax return.

 

Form 24Q: It's a form that consists of the details of salary paid to the employees and TDS deducted on such payment. Form 24Q requires to be submitted on a quarterly basis. The form consists of two annexure- Annexure I and Annexure II.

·         Annexure I: It represents deductee wise break up of TDS against specific challan.

·         Annexure II: The annexure includes a total breakup of the salary, any deductions needed to be claimed by the employee, his/her income from other sources, and house property and overall tax liability as calculated.

Form 27EQ: It's a quarterly statement that states details and information about the tax collected at source at the end of every quarter as per Section 206C of the Income Tax Act 1961. Corporate and government deductor, as well as the collectors, are required to submit this form.

Section 80C Investment documents: Investments made under ULIPS, ELSS, NSC, PPF, LIC, etc. qualify for deductions under Section 80C. A deduction of Rs. 1, 50,000 can be claimed from your total income. The deduction is allowed to a Hindu Undivided Family or an individual.

Documents regarding interest income:

·        TDS certificate allotted by banks and others;

·        Passbook or bank statement for interest on savings accounts;

·        The interest income statement for fixed deposits.

Conclusion

TDS return filing is a quarterly statement filed by the deductor and submitted to the Income Tax Department. Returns consist of details of TDS deducted and deposited by deductor, PAN of deductor and deductee, TDS challan info, etc. For filling TDS returns there are a few essential documents that must be submitted by the applicant. The documents are Form 24Q, Form 16, Form 26Q, Form 27EQ, documents under Section 80C investments, etc. which are already described above. If you're looking for a consultant to file TDS return, then contact us at Enterslice. We will execute the process in the least possible time and in a smooth way.

Source url - https://entersliceindia.wixsite.com/mysite/blog/documents-required-for-tds-return-filing