It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.​

Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year.

The year in which income is earned is called as previous year and the year in which the income is charged to tax is called as assessment year.

e.g., Income earned during the period of 1st April, 2021 to 31st March, 2022 is treated as income of the previous year 2021-22. Income of the previous year 2021-22 will be charged to tax in the next year, i.e., in the assessment year 2022-23.​

Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons.

For the purpose of charging Income-tax, the term 'person' includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.

Thus, from the definition of the term 'person' it can be observed that, apart from a natural person, i.e., an individual, any sort of artificial entity will also be liable to pay Income-tax.

Taxes are collected by the Government through three means: a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers, b) Taxes deducted at source [TDS] from the income of the receiver, and c) Taxes collected at source [TCS]. It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly.​

​​​​​​​​​Under the I​ncome-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2022-23 (i.e., financial year 2021-22) are as follows:

Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your credit worthiness before financial institutions and make it possible for you to access many financial benefits such as bank credits, etc.​​

Income tax is money that individuals and businesses must pay to the government based on the money they earn. When you work a job, earn interest from savings, or make a profit from a business, you owe a portion of that income to the government as tax. The government then uses this money to fund things like schools, roads, healthcare, and other public services that benefit everyone. The amount of tax you owe depends on how much you earn, and the tax rules set by the government.​​

Basic Documents Requirement for Filing Income Tax

1. PAN Card
2. Aadhaar Card
3. Form 16 (In case Of Salary)
4. Business details (In case of Business)
5. Trade License
6. Bank Details (Statements of Last financial year of all banks)
7. FD, LIC & Others Investment (Stock Market, Mutual Fund, Gold, Land, Crypto Currency etc.)
8. Previous Years’ Balance Sheet (If previous years return filed)

​​Profession tax is a type of tax that people who work in certain professions or businesses must pay. It's collected by the state government. Usually, it's a small amount of money taken from a person's salary if they're employed, or they must pay it themselves if they're self-employed. This tax helps the government fund different projects and services in the state, like building roads or providing education. If someone doesn't pay this tax, they could face fines or other legal problems.

Basic Documents Requirement for Profession Tax (Base on West Bengal)

1. Aadhaar Card
2. Pan Card
3. Trade License/Business Details
4. Bank Details (Optional)

​​MSME stands for Micro, Small, and Medium Enterprises. These are businesses that fall within certain size criteria in terms of investment in plant and machinery or equipment, and in annual turnover. In India, MSMEs play a crucial role in the economy, contributing significantly to GDP, industrial output, exports, and job creation. The criteria for classification of MSMEs in India were revised in 2020 to incorporate higher thresholds for investment and turnover, thereby expanding the scope of businesses covered under the MSME category and providing them with various benefits and support from the government.

• Here's a breakdown of the different categories within MSME:

• Micro Enterprises: These are the smallest entities, typically run by individuals or small teams. Micro enterprises have lower investment not more than Rs.1 crore and Annual Turnover not more than Rs. 5 crores.
• Small Enterprises: Small enterprises are slightly larger than micro enterprises but still relatively small in size. They have investment not more than Rs 10 crore and Annual Turnover not more than Rs 50 crores.
• Medium Enterprises: Medium enterprises are larger than both micro and small enterprises but still smaller than large corporations. They have higher investment not more than Rs 50 crore and Annual Turnover not more than Rs 250 crores.

The MSME sector is considered as the backbone of the Indian economy due to its significant contribution to employment generation, industrial output, and exports. The government provides various incentives, subsidies, and support schemes specifically tailored to promote the growth and development of MSMEs, recognizing their importance in fostering economic growth, entrepreneurship, and innovation.

Basic Documents Requirement for Msme Udyam Registration

1. Aadhaar Card
2. Pan Card
3. Bank Details
4. Trade License/Business Details

​​FSSAI stands for the Food Safety and Standards Authority of India. It is an autonomous body established under the Ministry of Health & Family Welfare, Government of India. FSSAI is responsible for regulating and supervising the safety of food products to ensure they meet the standards of quality and safety set by the authority. It formulates food safety standards, regulates the manufacture, storage, distribution, sale, and import of food products, and promotes public awareness about food safety and hygiene in India. FSSAI aims to protect and promote public health by ensuring the availability of safe and wholesome food for consumption.

What are the types of FSSAI licence?

The FSSAI (Food Safety and Standards Authority of India) issues different kinds of registration or licenses based on the scale and nature of the food business. There are mainly three types:

• Basic Registration: This is for small businesses or startups that have an annual turnover of up to ₹12 lakhs. It is suitable for small-scale food businesses such as hawkers, petty retailers, or temporary food stalls.
• State License: This license is for medium-sized businesses with an annual turnover between ₹12 lakhs and ₹20 crores. It is applicable to food manufacturers, processors, transporters, distributors, retailers, etc., operating within a single state.
• Central License: This license is for large-scale businesses with an annual turnover exceeding ₹20 crores. It is required for businesses engaged in import-export of food products, operating in multiple states, or supplying food to government institutions.

Businesses that are required to obtain a Central License from the Food Safety and Standards Authority of India (FSSAI) include:

• Manufacturers with an annual turnover exceeding ₹20 crores.
• Packers and repackers for wholesale distribution with an annual turnover exceeding ₹20 crores.
• Importers and exporters of food products.
• Operators supplying food to central government agencies.
• Large retail chains operating in multiple states.
• E-commerce platforms selling food products across multiple states.

Basic Documents Requirement for Food License

1. Pan Card
2. Aadhaar Card
3. Trade License
4. Photos
5. Electricity Bill
6. Bank Details (Optional)

Note: These are basic documents for FSSAI Registration. More documentation for State License and Central License contact Taxvocate.com

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• Legal Protection: It gives your business a legal identity separate from your personal life. This means if your business faces any legal issues or debts, your personal assets like your house or car are protected.
• Trust and Credibility: Being a registered company makes your business look more trustworthy and professional to customers, suppliers, and investors. It shows that you're serious about your business.
• Access to Funding: Banks and investors are more likely to lend money or invest in a registered company because they see it as a safer bet with clear rules and regulations.
• Tax Benefits: Registered companies often get tax benefits or incentives that can help you save money and grow your business faster.
• Continuity: Your business can keep running even if you, as the owner, change or leave. This gives your business stability and ensures it can continue to grow over time.
• Protects Your Ideas: If you have any unique ideas, inventions, or brand names, registering your company can help protect them legally.

Overall, company registration provides a solid foundation for your business, protecting you legally, building trust with others, and giving you access to resources that can help your business thrive.

Basic Documents Requirement for Company Registration

1. Minimum 2 Director
2. DSC (Digital Signature) of all Director
3. KYC of all Directors
4. Last 3 Month bank statements of all Directors
5. Office Address (Electricity Bill/Telephone Bill, Land Documents)

​​In simple terms, GST, or Goods and Services Tax, is a type of tax that was introduced in India in 2017. It replaced several other taxes like excise duty, service tax, VAT, etc. The idea behind GST was to make taxes easier to understand and pay.

​​Under GST, goods and services are taxed at different rates, ranging from 0%, 5%, 12%, 18%, and 28%, depending on the type of goods or services. This tax is applied at each step of the production and distribution process, but businesses can get credit for the tax they paid on the things they bought. This means that they only must pay tax on the value they add, not on the full price.

Overall, GST was meant to make things simpler for businesses and consumers alike by streamlining the tax system and reducing hidden taxes. However, some people find it complicated, and there have been some challenges in its implementation.​​

Basic Documents Requirement for GST

• For Individual

  1. Aadhaar card
  2. Pan card
  3. Land deed/record/rent agreements
  4. Trade licence
  5. Electric bill
  6. Passport photo
  7. Property tax
  8. Bank details

• For firm/partnership firm/NGO/Society/Trust/Companies/others

  1. Firm PAN Card
  2. Authorized Signatory Details
  3. Authorized Signatories full KYC (PAN, Aadhaar, Passport Photo)
  4. Land Details (Deed/Record/rent agreements, Property Tax)
  5. Trade Licence
  6. Electricity Bill
  7. P-Tax

​​What is DSC or Digital Signature?

Basic Documents Requirement for DSC

1. Aadhaar Card
2. Pan card
3. Photo
4. Mobile Number, Email id