Fortowl

01/07/2024

27/06/2023

Are you someone who is planning to start a new business or someone who is running an existing business?
Business registrations that you should be aware of

1. Legal Setup
2. GST registration
3. Trademark registration
4. Shop & Establishment registration
5. MSME registration

To take your business to the next level, all these registrations must be taken.

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23/06/2023

Are you someone who pays house rent❓

If you are a salaried or self employed person you can claim income tax on the rent you pay

This is how the calculation works
It's based on 3 conditions
1️⃣ The actual HRA that the employer pays us
2️⃣ Deduct 10% of our basic salary from the rent we pay
3️⃣ 50% of our basic salary, Out of the three, whichever amounts to the least will be the amount on which we can claim income tax.

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20/06/2023

What are the benefits of taking MSME Registration

If you take this registration, you an avail
🔷Collateral free loan with low interest rate
🔷Capital subsidy schemes are available
🔷There will also be discounts on trademark, patent registration and ISO registration

So if you are yet to get this registration, Take it at the earliest.

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17/06/2023

On instances where you have lost goods that you have bought for your business while transporting it or if it was stolen, damaged or if you give it out as free samples, you will not be eligible for input tax credit.
According to GST act,
Stolen goods, Damaged goods and Goods that are being given out as free samples won't be eligible for input tax credit

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13/06/2023

When you go to a hotel or a shop, Have you noticed a board that says Composition Tax Payer?
What does this board signify?
Composition Tax Payer means they are not eligible to give Tax Invoice.

So when you purchase something from a composition tax payer, always note whether they are collecting tax from you.
If they are collecting tax from you, inform the authorities at the earliest since they are not eligible to collect tax or issue invoice.

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09/06/2023

It's a big dream of every common man to own a house of their own. Just like that, it's a dream of every business owner to have their own office. But, after constructing a new office, the GST that we paid for it won't be eligible for credit.

When a building is constructed and is intended for resale by a construction company or builder or promoter, they can avail GST credit related to the construction.

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06/06/2023

Are you someone with a GST registration❓
If yes, an important thing that you should know is that your GST number should be mentioned in your name board.

Apart from this, your GST certificate should be displayed in a prominent place in your office/business where it is visible to all.

If this is not followed, you will be liable to pay a penalty of up to ₹25,000

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03/06/2023

Are you someone who is planning to reward your employees who were pivotal in your business growth by giving them gifts?

If so, Note that you will not be getting input tax credit for this.
According to GST rules, input tax credit won't be available for the gifts that we give to the employees for free

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30/05/2023

Do you or your employees travel for business needs?

Different expenses that come with this like air fare, bus fare, train fare, accommodation charges etc are eligible for GST credit. So while getting these bills, make sure that you get the GST bill by providing your GST details.

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26/05/2023

Reduced rate of interest

Do you wish to take home loan at a reduced rate of Do you wish to take home loan at a reduced rate of interest?
If yes, Then keep a female member in your family as the co-applicant for the loan. Here by, you will get a reduced interest rate + both the applicants will get a deduction of up to 2 lakhs at the time of income tax filing.

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