We would like to bring your attention to the Provident Fund Act, a Central Government legislation that binds entrepreneurs who employ a specified number of employees. From an employee’s perspective, it serves as a Social Security Act, providing a lump sum amount upon retirement and continued pension funds for the unorganized and private sectors. Applicability: […]
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We would like to bring your attention to the ESIC Act, a Central Government legislation that binds entrepreneurs who employ a specified number of employees. From an employee’s perspective, it serves as a Social Security Act, providing a lump sum amount upon retirement and continued pension funds for the unorganized and private sectors. Applicability: Mandatory […]
Highlights of Section 44(AD), Presumptive Tax: Taxable limits for Section 44(AD) for FY 2023-24, 2024-25 is 3 Crores. A new condition has been introduced wherein a minimum of 5 years to be continued for Presumptive Tax benefits under Section 44(AD). If in the event, you switch over to regular business, the Presumptive benefits will be […]
The redefined role of MSME classification aims to boost business and entrepreneurship, recognizing them as the backbone of the economy. It is designed to promote entrepreneurship and self-employment in India. Here are the key features: 1. Promotion of local manufacturing: The government encourages local production and reduces dependence on imports through incentives and subsidies. This […]
Micro, Small, and Medium Enterprises (MSMEs) play a vital role in the growth and development of economies worldwide. In India, MSMEs are considered the backbone of the economy, contributing significantly to employment generation and industrial production. To promote and support these enterprises, the Indian government has implemented various policies and initiatives. Let’s explore the classification […]
Budgets have come and budgets have gone. Ruling party is happy, opposition party is not. We need an FM who can balance. The experts have given this budget more than 7 out of 10, which is really good. The FM has done a balancing act by satisfying everyone who do not want tax increase and […]
BUDGET ASPIRATIONS is always from a Country Citizens, Business, Additional tax Source is what your FM looks in As part of our yearly Budget wish list to the FM, Total Solutions would like to first and foremost suggest Additional Tax Source from avenues that have not been taxed for so many years. The next step […]
Liaison Office: As per FEMA rules, liaison office means a business to act as a channel of communication between the principal place of business or a head office and entities in India. Foreign companies can open a liaison office in India Foreign Branch office: An entity having a net worth of not less than USD 100,000 […]
The Legal metrology Act – Today we are discussing about this Act. This was introduced in 2009 and came into force from 1st April 2011 to replace the Weights & Measures Act of 1976. The main agenda of the Act was to enforce the standards of Weight & Measures and to regulate Trade & Business […]
SEZ (Special Economic Zones). SEZ has two types namely, SEZ developers and SEZ units. Today, we are not dealing with developers. We are going to explain only about SEZ units. However, SEZ developers are the people who provide infrastructure facilities and places of operation for SEZ units. These are deemed to be outside the customs territory. […]