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A Brief discussion about the Residential Status of an individual and taxability of income according to their residential status in India.

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Taxability In India, income is taxable is based on their residential status, so it is very important to know about residential status of any individual to check the taxability of income. So let’s know: Status Taxability Resident & Ordinary resident (ROR) Global Income will be Taxable in India Resident but not ordinary resident (RNOR) Income earn in India will be Taxable in India Non Resident Income earn in India will be Taxable in India   To know that whether global income is taxable or income earn in India is taxable, you know first about the residential status with the help of following steps: Step I - Residential Status In order to know the residential status of an individual we have to check that whether he/she is resident or not in the following manner: a)          He/she is stay in India for a period of 182 days or more...
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Deduction under section 80DD, 80DDB and 80U

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Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. a.       Eligible Assessee: Resident Individual & HUF b.       Maximum amount of deduction: (Flat deduction irrespective of expenditure) 1.       Rs. 75,000 in case of Normal disability* . 2.       Rs. 1,25,000 in case of Severe disability**. c.        Conditions: 1.       Deduction is allowed when assessee should incur expenses on medical treatment or deposit any amount for maintenance of a dependent of taxpayer and not the taxpayer himself. 2.       This deduction is not allowed if dependent relative take deduction u/s 80U. 3.       Relative for Individual: Dependent (spouse, brother, sister, children, mother, father) 4.   ...
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A brief discussion about some compliances which have to follow by a company after incorporation or annually

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After incorporation company has to follow certain compliances, and certain compliances which has to follow annually, hence to know about these compliances please take a look below mentioned table.   Sr. No. Particulars Time Limit Fees and Penalty Remarks 1 After Incorporating company have to deposit Paid up Capital in Bank Account Immediately No fees   2 Declaration of Commencement of Business file in form INC-20A Within 180 days from the date of incorporation Check Fees & late fees below mentioned Penalty: Rs. 50,000/- to Company Rs. 1000 per day to every officer (Max. 1,00,000 per officer)   3 Notice of situation or change of situation of registered office to be filed in form INC-22 Within 30 days from the date of incorporation or change Check Fees & lat...
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