#when tds is required to be deducted

[cadeveshthakur]

What is TDS??| TDS ki कक्षा | A Comprehensive Guide to Tax Deduction at Source| Part 1| Basics 2024 "CA Inter Direct Taxation | May/Nov 2024 Attempt | Ultimate Exam Prep Playlist" Description: 🎓 Welcome to the ultimate guide for CA Inter students, accountants, and professionals gearing up for the May/Nov 2024 attempt! Dive into our comprehensive playlist focused on Direct Taxation, curated to enhance your understanding and boost your exam preparation. 📚 Uncover in-depth explanations, practical examples, and expert insights on key Direct Tax topics crucial for success in the CA Inter examination. Whether you're a student aiming to ace the upcoming exams or a professional seeking to stay updated, this playlist is your go-to resource. 🔍 Playlist Highlights: 1️⃣ Income from Salary & House Property: Master the nuances of income computation, exemptions, and deductions to confidently navigate these critical sections. 2️⃣ Income from Business & Profession: Explore detailed discussions on taxation aspects related to business income, including special provisions, depreciation, and more. 3️⃣ Capital Gains & Other Sources: Gain a thorough understanding of capital gains taxation, as well as insights into income from other sources, ensuring a solid foundation for exam success. 4️⃣ Clubbing of Income & Set-Offs: Decode the complexities of clubbing provisions and set-off mechanisms, crucial for accurate tax planning and compliance. 5️⃣ Assessment Procedures & Appeals: Navigate through the assessment process, learn effective strategies for handling appeals, and stay ahead of the curve in tax compliance. 🚀 Elevate your exam readiness with our expert-led videos, designed to simplify complex concepts and provide a comprehensive understanding of Direct Taxation. Hit play now and gear up to conquer the CA Inter May/Nov 2024 exams! 🔗 Don't forget to subscribe for regular updates, and share this invaluable resource with your peers to create a community of empowered learners! Best of luck on your journey to success! 🌟 🔥 #cainter  #directtaxation  #caexampreparation #caexamprep #caintermediate  #MayNov2024 #TaxationTips #examsuccess  #accountancy  #cajourney  #professionaldevelopment  #taxlaw #cainterdirecttax  #studywithme #cadeveshthakur #directtaxrevision #directtaxrevisionlectures #directaxcainter #directaxclasses #tds #salary #businessincome #pgbp #setoff #capitalgaintax #castudents #castudent #castudentlife Understand the Basics of TDS [Tax deducted at source] What is TDS? Why is there a requirement to deduct tax at source? When TDS is required to be deducted? Who is required to deduct TDS? Who is payer? Who is payee? Who is deductor? Who is deductee? When to deduct tax? When to deduct TDS? What is PAN? What is TAN? Who is required to obtain TAN? Penalty for failure to apply TAN Quoting false TAN Amount on which TDS is required to be deducted? Interest for non deduction of TDS? Multiple employment Two or more employer How to avoid TDS? Form 15G Form 15H No deduction of Tax Lower deduction of Tax TDS return process TDS credit process What if PAN is not provided? Follow me on: Pinterest: https://in.pinterest.com/cadevesht LinkedIn: https://www.linkedin.com/in/cadeveshthakur/ Instagram: https://www.instagram.com/cadeveshthakur/ Twitter: https://twitter.com/cadeveshthakur Tumblr: https://www.tumblr.com/blog/cadeveshthakur Youtube Channel: https://www.youtube.com/c/cadeveshthakur Reddit: https://www.reddit.com/user/cadeveshthakur E-Commerce Accounting: https://www.facebook.com/groups/ecommerceaccountingsolutions #cadeveshthakur https://www.cadeveshthakur.com/

[scbhagat]

Professional Tax Consultants in Delhi, India by SC Bhagat & Co.

Managing taxes efficiently is critical for individuals and businesses alike. Whether it's navigating complex tax laws, ensuring timely compliance, or optimizing tax savings, having an expert guide is invaluable. SC Bhagat & Co., a renowned name in the financial and accounting domain, offers top-notch services as professional tax consultants in Delhi India.

With years of expertise and a commitment to excellence, SC Bhagat & Co. provides comprehensive tax solutions tailored to your needs.

Why Choose SC Bhagat & Co. as Your Tax Consultant?

Expertise in Indian Tax Laws Navigating India's intricate tax system can be overwhelming. SC Bhagat & Co. brings years of experience in handling all aspects of taxation, including income tax, GST, TDS, and corporate tax, ensuring full compliance and minimizing liabilities.

Comprehensive Tax Solutions The firm caters to both individuals and businesses, offering services such as:

Income tax planning and filing GST registration and compliance Tax audits and assessments Representation before tax authorities Advisory on international taxation

Personalized Tax Strategies At SC Bhagat & Co., every client’s financial situation is carefully analyzed. Their team develops tailored strategies to optimize tax savings while ensuring strict adherence to legal requirements.

Trusted by Businesses Across Sectors SC Bhagat & Co. has built a reputation as a reliable partner for businesses across various industries. From startups to large corporations, their services are trusted by clients seeking seamless tax management.

Key Tax Consulting Services Offered

Income Tax Filing and Advisory Avoid penalties and maximize savings with SC Bhagat & Co.'s expert income tax filing services. Their team ensures accurate filing, helps identify deductions, and provides actionable advice for better financial management.

GST Services With the introduction of GST in India, compliance has become more critical than ever. SC Bhagat & Co. offers:

GST registration Filing of GST returns Input tax credit optimization GST audits

Corporate Taxation SC Bhagat & Co. provides end-to-end corporate tax solutions, including tax planning, audits, and representation during scrutiny. They help businesses align with tax regulations while achieving financial efficiency.

Tax Audit Services Their tax audit services ensure that financial records comply with tax regulations, minimizing the risk of disputes and penalties.

TDS Compliance Stay compliant with TDS (Tax Deducted at Source) regulations. SC Bhagat & Co. assists with TDS calculation, filing, and rectification of any discrepancies.

Benefits of Hiring Professional Tax Consultants in Delhi India Save Time and Resources: Tax consultants streamline processes, allowing you to focus on your core business operations. Reduce Errors: Accurate calculations and filings prevent unnecessary penalties or legal issues. Optimize Tax Savings: Professionals identify deductions, exemptions, and credits to minimize tax liabilities. Stay Compliant: Experts ensure timely filing and adherence to the latest tax laws. Why SC Bhagat & Co. Stands Out Experienced Professionals: Their team of Chartered Accountants and tax experts is well-versed in Indian and international tax laws. Client-Centric Approach: They offer personalized services that align with your financial goals. Proven Track Record: A long list of satisfied clients speaks to their reliability and excellence. Affordable Services: SC Bhagat & Co. delivers high-quality tax consulting services at competitive rates. Conclusion Tax management doesn’t have to be a daunting task when you have experts by your side. SC Bhagat & Co., with their unparalleled expertise and commitment to excellence, is your trusted partner for all tax-related needs. Whether you’re an individual, a startup, or a large corporation, their professional tax consultants in Delhi India, are equipped to handle it all.

[jjtax]

Understanding Tax Refunds: JJ Tax made it easy

Handling tax refunds can seem overwhelming, but having a clear grasp of the process can make it straightforward. This newsletter aims to demystify tax refunds by covering key aspects: eligibility criteria, claiming procedures and tracking your refund status.

What is a Tax Refund?

A tax refund represents the amount returned to taxpayers who have overpaid their taxes over the fiscal year. This situation arises when the total tax deducted or paid exceeds the actual tax liability determined based on their income.

In India, tax payments are made through TDS (Tax Deducted at Source), advance tax, or self-assessment tax. When the total tax paid or deducted surpasses your tax liability as calculated in your Income Tax Return (ITR), the excess amount is refunded. This mechanism ensures taxpayers are reimbursed for any overpayments.

Who is Eligible for a Tax Refund?

Eligibility for a tax refund depends on various factors:

Excess Tax Payments If your TDS or advance tax payments exceed your tax liability, you’re eligible for a refund. This often applies to salaried employees, freelancers, and individuals with taxable investment income.

Claiming Deductions If you claim deductions under sections like 80C, 80D, etc., and these deductions lower your tax liability below the total tax paid, a refund may be due.

Filing an Income Tax Return Only those who file their Income Tax Return can claim a refund. The return must accurately reflect your income, deductions, and tax payments to establish if a refund is warranted.

Losses to Set Off If you have losses from previous years or the current year that can be carried forward and set off against current year income, you might be eligible for a refund if these losses reduce your tax liability.

Who is Not Eligible for a Tax Refund?

Certain situations or individuals may not qualify for a tax refund:

Income Below Taxable Threshold If your total income is below the taxable limit, a refund may not be applicable.

Salary Below Government Criteria Individuals earning below the minimum threshold specified by the Government of India may not qualify for a refund.

No Overpayment If your tax payments match your tax liability or you haven’t overpaid, a refund will not be available.

Non-Filers or Incorrect Filers Those who fail to file their Income Tax Return or file it incorrectly will not be eligible for a refund. Proper filing is essential for initiating the refund process.

Invalid Deductions Claims for deductions that do not meet tax regulations or lack valid documentation may result in a refund rejection.

Incorrect Bank Details If the bank account information provided in your ITR is incorrect or incomplete, the refund may not be processed.

How to Claim Your Tax Refund

Here’s a step-by-step guide to claiming your tax refund:

File Your Income Tax Return (ITR) Access the Income Tax Department’s e-filing portal. Choose the correct ITR form based on your income sources and eligibility. Accurately complete all required details, including income, deductions, and tax payments.

Verify Your ITR Verify your ITR using Aadhaar OTP, net banking, or by sending a signed ITR-V to the Centralised Processing Centre (CPC). Verification must be completed within 120 days of filing your ITR.

ITR Processing The Income Tax Department will process your return, assess your tax liability, and determine the refund amount. This process can take a few weeks to several months.

Refund Issuance After processing, the refund will be credited directly to your bank account. Ensure your bank details are accurate and up-to-date in your ITR.

Update Bank Account Details (if needed) If your bank details change after filing your ITR, promptly update them on the e-filing portal to ensure correct refund crediting.

How to Check Your ITR Refund Status for FY 2024-2025

To check your refund status, follow these steps:

Visit the Income Tax E-Filing Portal Go to the official Income Tax Department e-filing website.

Access the 'Refund Status' Section Navigate to the ‘Refund Status’ page, typically under the ‘Services’ tab or a similar heading.

Enter Required Details Input your PAN (Permanent Account Number) and the assessment year for your filed return.

Review the Status The portal will show the status of your refund, including whether it has been processed, approved, or if further action is needed.

Track Refund Processing Keep an eye on any updates or notifications from the Income Tax Department regarding your refund.

Understanding the tax refund process can simplify the experience. By following these steps and staying informed about your eligibility, you can make sure that you have a smooth process and quickly receipt of any excess tax payments. For expert guidance and personalized assistance, consult with JJ Tax. Visit our website or contact us today to get the support you need for all your tax-related queries.

JJ Tax

[strangetreeharmony]

CIFDAQ Founder Himanshu Maradiya Challenges Web3 Brain Drain with India-Centric Approach

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

India's Web3 landscape is thriving with new players coming in. However, this burgeoning sector finds itself at a critical crossroads. On one hand, India grapples with stringent regulatory measures that pose challenges for crypto and blockchain businesses. On the other, the country boasts a vibrant environment ripe with opportunities for exponential growth in the Web3 sector.

To gain a deeper understanding of this dynamic industry and also spotlight a key player in the ecosystem, we sat down with Himanshu Maradiya, Founder and Chairman of CIFDAQ. 

In this exclusive interview, Maradiya shares key insights on India's Web3 challenges and explains CIFDAQ's unique position within this ecosystem.

The Paradox of India's Web3 Landscape

According to KPMG, India boasts one of the world's largest Web3 ecosystems, with over 1,000 startups operating in this space. The country's enthusiasm for cryptocurrencies is equally impressive, with recent research indicating that India is home to an estimated 100 million crypto owners as of late 2023.

The vibrancy of India's Web3 scene is further evidenced by the proliferation of meetups, events, and gatherings across the country that serve as hotbeds for innovation, networking, and knowledge sharing. 

However, beneath this growth lies a concerning trend that threatens India's position in the global Web3 landscape. At nearly every industry gathering, many founders reveal they are relocating to Dubai or have already moved.

Entrepreneurs are increasingly seeking jurisdictions that offer welcoming environments, supportive ecosystems, and favorable regulatory frameworks. Dubai, in particular, has emerged as a prime destination, actively crafting rules and regulations designed to attract Web3 talent and businesses. 

The catalyst for this shift can be traced back to November 2021, when anticipation of high taxes and stringent cryptocurrency regulations in the proposed Crypto Bill began to take hold. Since then, industry executives estimate that over a hundred Indian entrepreneurs have relocated to Dubai and registered their businesses there. 

Additionally, reports suggest that following the introduction of a 1% Tax Deducted at Source (TDS) and a 30% tax on Virtual Digital Assets (VDAs), trading volumes on Indian exchanges have plummeted by a staggering 97%, with active users decreasing by 81%. 

Maradiya’s Take on India's Regulatory Approach

Despite the challenges faced by the Indian crypto industry, Maradiya offers an optimistic perspective on the country's regulatory landscape. 

“Crypto regulations in India are playing a significant role in shaping the blockchain and crypto industry,” emphasized Maradiya.

Furthermore, he stated that while these regulations are indeed stringent, they are designed to create a balanced framework that promotes innovation, security, and financial stability. He points out that this balance is achieved by incorporating crypto into the taxation framework and requiring registration of Reporting Entities (RE) with the Financial Intelligence Unit (FIU) under the Ministry of Finance, Government of India.

In light of this regulatory landscape, Maradiya revealed that CIFDAQ adopts a country-centric approach and plans to operate in India as a Registered Entity with the FIU under the Ministry of Finance.

When discussing the trend of Indian Web3 startups relocating to Dubai, Maradiya offered a balanced view. He recognized that the migration of startups to Dubai is primarily motivated by regulatory clarity, tax benefits, and a business-friendly environment.

Additionally, he noted that Dubai's well-defined regulations, low taxes, and strong support for Web3 technologies make it an attractive destination for startups seeking stability and growth opportunities. The vibrant international community and access to global markets in Dubai further enhance its appeal.

However, Maradiya was quick to highlight India's unique position and potential in the global Web3 landscape. He pointed out several key strengths that position India as a potential leader in this space. 

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya. “India also ranks first in the Chainalysis Global Crypto Adoption Index for 2023, driven by a predominantly young and tech-savvy user base.”

Maradiya also emphasized the progress being made at the government level. He noted that the Indian government is increasingly recognizing the potential of blockchain technology, with multiple state governments initiating blockchain-based projects. He believes that further regulatory clarity will only enhance this progress.

The CIFDAQ Blueprint

Moving from the broader industry perspective, our conversation with Maradiya shifted to focus on his venture, CIFDAQ, a new-generation blockchain ecosystem that leverages artificial intelligence (AI) and machine learning (ML) to create a platform that's resilient against external hacking, fraud, and corruption. 

Interestingly, CIFDAQ has been self-funded to date, but Maradiya revealed that the company is now preparing for an upcoming funding round of Rs 40 crore. 

“A significant portion of these funds will be allocated towards continuous technological enhancements, ensuring that CIFDAQ remains at the forefront of innovation in the industry,” Maradiya added.

In addition, Maradiya shared that the company intends to raise a total of Rs 200 crore in phases over the next 12 months through equity dilution.

The following is an excerpt of the interview that further delves into CIFDAQ.

(Editorial Note: The answers in the following excerpt have been condensed for brevity. However, we have carefully preserved the original context and meaning of Maradiya's statements.)

Newzchain: What is CIFDAQ's current primary focus in terms of product development and market expansion?

Maradiya: Currently, CIFDAQ's primary focus in terms of product development revolves around launching a robust and secure blockchain ecosystem tailored for the Indian and Southeast Asian markets. In parallel, CIFDAQ is gearing up for market expansion strategies that will initially focus on establishing a strong presence within India's burgeoning blockchain and Web3 ecosystem. 

We aim to position CIFDAQ as a leader in facilitating secure digital transactions and fostering innovation across various sectors including finance, real estate, and supply chain management.

Furthermore, our market expansion efforts will extend to Southeast Asia, adapting our platform to local needs and regulations. The focus is on user-centric design and international compliance to ensure a trustworthy blockchain experience.

Our key product milestones include:

Q3 2024: Introducing our centralized exchange (CEX) and listing CIFD, our native token.Q4 2024: Launching Dex and DeFi products for decentralized trading and financial services.

Concurrent with these: Releasing MPC Wallet V 2.0 with enhanced security and functionality.

These initiatives aim to enhance our blockchain ecosystem and expand our market presence.

Looking ahead to 2025, our roadmap includes:

Q1: Launching an NFT marketplace for digital collectibles and art.

Q1: Introducing CIFDAQ Custodian for institutional clients and Launchpad for new blockchain projects.

Q2: Entering the GameFi sector to integrate blockchain with gaming.

Q3: Rolling out Layer 1 and Layer 2 blockchain solutions for scalable, efficient frameworks.

Newzchain: What role does the CIFD Coin play in your ecosystem, and how does it drive value creation?

Maradiya: CIFD Coin is our native cryptocurrency, crucial for value creation in our ecosystem. It serves as the primary medium of exchange, facilitating transactions and fee payments. We use it for staking, governance, and managing digital assets, including NFTs. CIFD Coin also rewards network contributors and AI data providers, incentivizing participation. 

Furthermore, coin holders can vote on platform decisions, ensuring community involvement in our ecosystem's evolution. And it's designed for cross-platform utility, enhancing its value beyond our ecosystem. 

CIFD Coin is actively traded on various exchanges, providing liquidity for users. These functions collectively promote decentralization, security, and transparency, making CIFD Coin vital to our ecosystem's growth and innovation.

Newzchain: Where do you see CIFDAQ in the next five years? What are the major milestones you aim to achieve within this period? 

Maradiya: In the next five years, CIFDAQ is poised to become one of India's leading blockchain ecosystem companies, driving global blockchain development with world-class products and services tailored to local ecosystems. 

Our initial focus for the first 24 months is on introducing and scaling our products, stabilizing our technology and operations, and securing licenses in at least one or two Southeast Asian countries. We plan to expand our operations throughout the region.

Beyond innovation, we're committed to positively impacting the economy and fostering market growth. We aim to ensure our stakeholders benefit from our success through regulatory compliance and ethical business practices that promote sustainability and long-term value creation.#CIFDAQ #CRYPTO #BLOCKCHAIN #WEB3

www.cifdaq.com

[ebizfilingindia-blog]

Difference Between Nil TDS Return and Regular TDS Return

Tax Deducted at Source (TDS) is a essential a part of tax compliance for corporations, inclusive of MSMEs and startups. It guarantees tax collection on the source of profits.

This article shall help to understand the difference among a Nil TDS Return and a Regular TDS Return is important for businesses to maintain compliance with tax laws.

What is a Nil TDS Return?

A Nil TDS Return is filed while a company or an individual does no longer have any TDS deductions for the duration of a selected quarter however has a legitimate TAN (Tax Deduction and Collection Account Number).

This submission informs the tax government that no tax was deducted, stopping unnecessary notices or penalties.

When Should You File a Nil TDS Return?

When a business or startup has a TAN however did not deduct TDS all through the zone.

If an MSME or enterprise does now not have transactions requiring TDS deduction in a selected length.

To make certain compliance and keep away from unnecessary scrutiny from the Income Tax Department.

What is a Regular TDS Return?

A Regular TDS Return is mandatory for organizations that have deducted TDS on payments like salaries, professional charges, hire, hobby, or contractor payments.

It should be filed in each area in Form 24Q, 26Q, or 27Q, depending on the type of price.

Key Features of a Regular TDS Return:

Includes information of TDS deducted and deposited with the government.

Requires submission of challans and deductee details.

Mandatory for all eligible businesses, startups, and MSMEs making taxable payments.

Why MSMEs and Startups Should File Nil TDS Returns?

Maintain a Clean Record: Startups and MSMEs want a strong compliance history for funding and regulatory approvals.

Simplifies Future Filings: Continuity in TDS compliance facilitates businesses to avoid last-minute chaos.

Conclusion

Both Nil TDS Return and Regular TDS Return play a important position in tax compliance. While submitting a Nil TDS Return isn't mandatory, it enables organizations avoid useless tax department notices.

MSMEs and startups should be up to date with their tax duties to make sure easy operations.

[besttdssoftwareindia]

Benefits of Using Online TDS Software for Tax Return Filing

Filing tax returns can be a tedious and time-consuming process, especially when done manually. With changing tax regulations and strict deadlines, businesses and individuals need an efficient way to manage tax compliance. This is where TDS Software becomes an essential tool. The Best TDS Software India provides an automated, error-free, and streamlined approach to tax return filing, helping businesses stay compliant while reducing administrative burdens.

One of the biggest advantages of using TDS Software is the accuracy it provides. Manual tax calculations often lead to errors, which can result in rejected returns or financial penalties. The Best TDS Software India ensures that calculations are automated and error-free, reducing the chances of incorrect filings. By integrating the latest tax rules and government regulations, TDS Software helps businesses stay updated with compliance requirements without having to constantly track policy changes.

Time efficiency is another major benefit of using TDS Software. Filing tax returns manually can take hours or even days, depending on the complexity of the tax deductions and data volume. The Best TDS Software India significantly reduces the time required for tax filing by automating processes such as PAN verification, challan verification, and form generation. With a few clicks, businesses can generate and file accurate tax returns, allowing them to focus on core operations rather than spending excessive time on tax compliance.

Another crucial advantage of using TDS Software is the reduction of paperwork. Traditional tax filing methods require extensive documentation, making it difficult to organize and retrieve tax-related information when needed. The Best TDS Software India provides a cloud-based platform that stores all tax records securely, making access easier and reducing the dependency on physical documents. This also ensures that businesses have a digital backup of their financial records, preventing data loss due to misplaced files or system failures.

Security is a key concern when dealing with financial data, and the Best TDS Software India ensures that sensitive tax information is well-protected. With encrypted storage, secure access controls, and cloud backups, businesses can have peace of mind knowing that their tax data is safe from unauthorized access. Online TDS Software offers multi-layer security protocols that prevent data breaches while ensuring that only authorized personnel can access tax records.

The Best TDS Software India also offers seamless integration with accounting and payroll systems, reducing manual data entry and ensuring accurate tax deductions. Businesses that use accounting software for managing financial transactions can benefit from TDS Software that integrates with these platforms, streamlining tax calculation and return filing. This integration minimizes discrepancies and enhances efficiency, making tax compliance smoother and hassle-free.

Flexibility is another major advantage of using online TDS Software. With cloud-based access, businesses can file tax returns from anywhere at any time. Whether working from an office, a remote location, or on the go, users can access their TDS Software to complete tax filing tasks without being tied to a specific system. The Best TDS Software India provides real-time access to tax data, allowing businesses to track and monitor their tax filings effortlessly.

Regulatory compliance is a critical aspect of tax filing, and TDS Software ensures that businesses adhere to government regulations without unnecessary complications. The Best TDS Software India includes built-in validation checks that prevent incorrect filings, reducing the risk of penalties and audits. Automated compliance tracking ensures that businesses meet tax deadlines and avoid last-minute rushes, making tax return filing a stress-free process.

Tax professionals and consultants also benefit from using TDS Software, as it allows them to manage multiple clients efficiently. The Best TDS Software India provides multi-user access, enabling tax professionals to handle tax returns for different clients from a single platform. This increases productivity and simplifies tax management for firms that deal with high volumes of tax filings.

The ease of use provided by the Best TDS Software India makes it an ideal choice for businesses of all sizes. Even those without extensive tax knowledge can navigate the software easily, thanks to user-friendly interfaces and step-by-step guidance. Automated data validation, error notifications, and online support further enhance the user experience, ensuring that tax filing is completed smoothly without confusion or mistakes.

Cost-effectiveness is another key factor that makes TDS Software a preferred choice for businesses. The Best TDS Software India eliminates the need for expensive manual processes and reduces the cost associated with hiring tax professionals for routine tax filing tasks. Cloud-based solutions offer subscription-based pricing, allowing businesses to choose plans that suit their budget and requirements without incurring unnecessary expenses.

The ability to generate comprehensive reports is another major advantage of using TDS Software. Businesses can access detailed tax reports, transaction histories, and compliance summaries, making financial management more transparent and organized. The Best TDS Software India provides insights into tax deductions, helping businesses make informed financial decisions while maintaining compliance with tax regulations.

Choosing the Best TDS Software India is a smart investment for businesses that want to simplify tax return filing while ensuring accuracy, security, and compliance. With features like automated calculations, real-time updates, cloud storage, and seamless integration, TDS Software makes tax compliance effortless. Businesses no longer need to struggle with complex tax filings or worry about errors, as the right TDS Software provides a streamlined and efficient approach to managing tax returns.

As the tax landscape continues to evolve, businesses need reliable solutions that keep up with changing regulations and compliance requirements. The Best TDS Software India offers a technology-driven approach to tax filing, ensuring that businesses can meet their obligations with ease and confidence. By automating tax deductions, improving accuracy, and enhancing efficiency, TDS Software is the ultimate tool for businesses looking to simplify their tax compliance process and focus on growth.

[abhijeetmeenarajput]

When does one become a Tax resident of UK?

Understanding tax residency in the UK is crucial for Indian expats in the UK tax rules for Indian. The UK follows specific criteria under the UK tax implications for Indian residents and the Statutory Residence Test (SRT) to determine whether an individual is considered a tax resident.

Tax Residency Rules in the UK

The UK tax authorities use the Statutory Residence Test (SRT) to establish tax residency. Factors include:

Number of days spent in the UK

Connections to the UK (work, family, accommodation, etc.)

Sufficient Ties Test

If an individual spends 183 days or more in the UK within a tax year, they are considered a UK tax resident under the UK self-assessment tax return for NRIs.

Double Taxation Avoidance Agreement (DTAA) Between India and the UK

The double taxation avoidance agreement India UK prevents NRIs from paying tax twice on the same income. DTAA benefits for NRIs in the UK from India allow individuals to claim relief by offsetting tax paid in one country against the other.

UK Tax on Overseas Assets for NRIs

NRIs who qualify as tax residents must declare global income and assets under UK tax on overseas assets for NRIs. This includes income from Indian property, bank accounts, and investments.

Foreign Income Tax Reporting in the UK

NRIs must report foreign income via the UK self-assessment tax return for NRIs. If tax has been paid in India, relief can be claimed under the India UK double taxation avoidance agreement.

Key Tax Forms for Indian Expats in the UK

NRIs in the UK should be aware of key tax forms such as:

Form 16A – TDS certificate for tax deducted on income in India.

Schedule FA – Reporting of foreign assets.

Form 15 CA CB – Certification for foreign remittances.

Form 10F – Required for claiming DTAA benefits.

Form 10 BA – Declaration for rent deductions.

Form 67 – Required for claiming Foreign Tax Credit.

Conclusion

NRIs moving to the UK must carefully evaluate their tax residency status under income tax rules for Indian expats in the UK. Proper tax planning with an understanding of the UK tax implications for Indian residents and DTAA India UK can help avoid unnecessary tax burdens. Seeking professional guidance can ensure compliance with UK self-assessment tax return for NRIs and maximize tax benefits.

[gtsconsultant]

Redefining Income Tax Returns: A Path to Financial Success

Income Tax Returns (ITRs) may sound frightful to many, but they are the heart of financial planning and legality. Writing down the ITR is not just to follow compliance and avoid penalties; it's a means of effectively using tax laws to get refunds, claim deductions, and create a creditable financial profile.

The guide will highlight the advantages of filing returns, identify common errors not to make, and explain how professional help can ease the pressure of the whole process.

Income Tax Return

Simply put, this is an annual formal statement submitted with the tax authorities disclosing one’s income, tax paid, or deductions claimed. This document is used to assess not only one's tax liability, but also to obtain a refund should there have been too much tax withheld.

Regardless of whether you are an individual with one source of income or a business with varied sources, it is critical for the financial health of both to file ITRs timely and appropriately.

Why File ITR

Claim Refund: Only through filing can you avail refunds for excess tax deducted at the source(TDS).

Avoid Penalty: Late registration or a failure to file an ITR can serve you hefty fines and unnecessary trouble.

Establish Credibility: A history with filed ITRs is often needed by lending institutions when applying for loans, credit cards, or visas.

Bearing Forward Losses: Losses on business or investment can be claimed so that they can be set off against future income, which can relieve stress on taxes.

Work Towards the Nations: Paying taxes is a social responsibility that fosters national development.

Method-By-Method Guide to Filing ITR

To file an ITR easily, it will be easier for you to follow these steps.

Identify Your Income Sources: Your income, for example, is each classified-expressed as salary, business income, rental income, capital gain, etc.

Choose the Right ITR Form: Filing must utilize the form based on taxpayer category and source of income. Generally it will be ITR-1 for #Salary & ITR-4 for individuals running small businesses.

Documents Required: Collect Form 16, bank statement, TDS certificate, proof of investments, etc.

Calculation of Taxable Income: Find taxes by subtracting deductions permitted (like sections 80C or 80D) from overall income.

E-filing Your ITR: You can file your return through the government’s e-filing portal or any trusted consultant for an error-free submission.

Verification of ITR: Once the filing is done, the return must be verified through Aadhaar OTP, net banking, or any other means.

Common Mistakes to Avoid

One cannot afford to mess filing an ITR, with serious consequences. So here are some common errors to keep an eye out for:

Wrong Details- One must accurately note the details on the return: PAN, Aadhaar, and banking details to avoid delays in processing.

Income Unreported- Do not miss secondary income, that is, interest from the bank account or rental income.

Deductions- Minimize your tax liability through the maximum permitted deductions.

Wrong ITR Form- Filing the wrong ITR form is a valid basis for rejection.

Delay- If ITR is filed late, a penalty attracts, further reducing eligible amount of refund from income tax.

How GTS Consultant Can Help

Tax filing could be tough, but please note, GTS Consultant makes it seamless for you. No matter if it's your first time filing or multiple sources of income, our professional team ensures everything is done accurately and in compliance.

Our services include:

Tax Planning- Stan for lawful and extreme minimization of tax liabilities.

Easy Filing- Takes care of everything, from collating documents to submission and verification.

Regulatory Assistance- Support for GST, TDS, or any other tax compliance needs.

Audit Advisory- Expert assistance in responding to tax notices or audits.

Why Professional Help Matters

Benefits you will gain by hiring a tax professional:

Accuracy: An expert will file your taxes without errors, which reduces the risk of attracting penalties in the process.

Maximize Savings: Consultants deduct and exempt items you could otherwise miss.

Time Saving: Walk away from this time-consuming task of filing taxes.

Peace of Mind: Feel content knowing that professionals are handling your taxes.

Conclusion

Given that income tax returns aren't just a process of legal dutifulness but an avenue for financial clarity and growth. Earlier filing translates into receiving refunds into personal coffers, availing deductions, and currently establishing a sturdy financial history for an eye into the future.

At GTS Consultant, we've made it our business to streamline this process so that all individuals can experience their tax filing as smooth, efficient, and stress-free. Let our expertise aid you, back every step with compliance, and maximize benefits.

Take control of your taxes today: contact GTS Consultant for professional, reliable, and customized solutions.

[serpent2024]

Effortless TDS & TCS Management in Odoo 18 Accounting Module

Managing complex Indian tax regulations has never been easier with Odoo 18’s Accounting module. Tailored for Indian businesses, this feature-rich platform provides automated TDS and TCS compliance with pre-configured sections and thresholds. Businesses can easily set up ledgers for various expenses, ensuring that tax deductions are calculated accurately and automatically.

This blog details how Odoo alerts users when a transaction exceeds tax thresholds (e.g., ₹30,000 for professional services under Section 194J). The system’s intuitive design simplifies the process of passing TDS entries and generating journal records. This ensures traceability, allowing businesses to track pending TDS certificates from vendors effortlessly.

Additionally, Odoo 18’s accounting module integrates seamlessly with vendor bills and sales transactions. For example, if a vendor has multiple bills for services rendered, the system consolidates them, calculates the total taxable amount, and applies the relevant TDS rate. This automation reduces the burden of manual calculations while ensuring compliance with statutory requirements.

The module also supports centralized management of TDS and TCS deductions across multiple transactions, offering businesses unparalleled visibility into their tax liabilities. With Odoo’s robust reporting tools, companies can analyze their financial performance, track tax obligations, and ensure timely payments.

Odoo 18 is the ultimate accounting solution for Indian businesses, offering a blend of automation, compliance, and efficiency. Whether you’re managing vendor payments or sales invoices, Odoo makes it easy to stay ahead in today’s competitive market.

[hellofun-0045]

CIFDAQ Founder Himanshu Maradiya Challenges Web3 Brain Drain with India-Centric Approach

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

India's Web3 landscape is thriving with new players coming in. However, this burgeoning sector finds itself at a critical crossroads. On one hand, India grapples with stringent regulatory measures that pose challenges for crypto and blockchain businesses. On the other, the country boasts a vibrant environment ripe with opportunities for exponential growth in the Web3 sector.

To gain a deeper understanding of this dynamic industry and also spotlight a key player in the ecosystem, we sat down with Himanshu Maradiya, Founder and Chairman of CIFDAQ.

In this exclusive interview, Maradiya shares key insights on India's Web3 challenges and explains CIFDAQ's unique position within this ecosystem.

The Paradox of India's Web3 Landscape According to KPMG, India boasts one of the world's largest Web3 ecosystems, with over 1,000 startups operating in this space. The country's enthusiasm for cryptocurrencies is equally impressive, with recent research indicating that India is home to an estimated 100 million crypto owners as of late 2023.

The vibrancy of India's Web3 scene is further evidenced by the proliferation of meetups, events, and gatherings across the country that serve as hotbeds for innovation, networking, and knowledge sharing.

However, beneath this growth lies a concerning trend that threatens India's position in the global Web3 landscape. At nearly every industry gathering, many founders reveal they are relocating to Dubai or have already moved.

Entrepreneurs are increasingly seeking jurisdictions that offer welcoming environments, supportive ecosystems, and favorable regulatory frameworks. Dubai, in particular, has emerged as a prime destination, actively crafting rules and regulations designed to attract Web3 talent and businesses.

The catalyst for this shift can be traced back to November 2021, when anticipation of high taxes and stringent cryptocurrency regulations in the proposed Crypto Bill began to take hold. Since then, industry executives estimate that over a hundred Indian entrepreneurs have relocated to Dubai and registered their businesses there.

Additionally, reports suggest that following the introduction of a 1% Tax Deducted at Source (TDS) and a 30% tax on Virtual Digital Assets (VDAs), trading volumes on Indian exchanges have plummeted by a staggering 97%, with active users decreasing by 81%.

Maradiya’s Take on India's Regulatory Approach Despite the challenges faced by the Indian crypto industry, Maradiya offers an optimistic perspective on the country's regulatory landscape.

“Crypto regulations in India are playing a significant role in shaping the blockchain and crypto industry,” emphasized Maradiya. Furthermore, he stated that while these regulations are indeed stringent, they are designed to create a balanced framework that promotes innovation, security, and financial stability. He points out that this balance is achieved by incorporating crypto into the taxation framework and requiring registration of Reporting Entities (RE) with the Financial Intelligence Unit (FIU) under the Ministry of Finance, Government of India.

In light of this regulatory landscape, Maradiya revealed that CIFDAQ adopts a country-centric approach and plans to operate in India as a Registered Entity with the FIU under the Ministry of Finance.

When discussing the trend of Indian Web3 startups relocating to Dubai, Maradiya offered a balanced view. He recognized that the migration of startups to Dubai is primarily motivated by regulatory clarity, tax benefits, and a business-friendly environment.

Additionally, he noted that Dubai's well-defined regulations, low taxes, and strong support for Web3 technologies make it an attractive destination for startups seeking stability and growth opportunities. The vibrant international community and access to global markets in Dubai further enhance its appeal.

However, Maradiya was quick to highlight India's unique position and potential in the global Web3 landscape. He pointed out several key strengths that position India as a potential leader in this space.

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya. “India also ranks first in the Chainalysis Global Crypto Adoption Index for 2023, driven by a predominantly young and tech-savvy user base.” Maradiya also emphasized the progress being made at the government level. He noted that the Indian government is increasingly recognizing the potential of blockchain technology, with multiple state governments initiating blockchain-based projects. He believes that further regulatory clarity will only enhance this progress.

The CIFDAQ Blueprint Moving from the broader industry perspective, our conversation with Maradiya shifted to focus on his venture, CIFDAQ, a new-generation blockchain ecosystem that leverages artificial intelligence (AI) and machine learning (ML) to create a platform that's resilient against external hacking, fraud, and corruption.

Interestingly, CIFDAQ has been self-funded to date, but Maradiya revealed that the company is now preparing for an upcoming funding round of Rs 40 crore.

“A significant portion of these funds will be allocated towards continuous technological enhancements, ensuring that CIFDAQ remains at the forefront of innovation in the industry,” Maradiya added. In addition, Maradiya shared that the company intends to raise a total of Rs 200 crore in phases over the next 12 months through equity dilution.

The following is an excerpt of the interview that further delves into CIFDAQ.

(Editorial Note: The answers in the following excerpt have been condensed for brevity. However, we have carefully preserved the original context and meaning of Maradiya's statements.)

Newzchain: What is CIFDAQ's current primary focus in terms of product development and market expansion?

Maradiya: Currently, CIFDAQ's primary focus in terms of product development revolves around launching a robust and secure blockchain ecosystem tailored for the Indian and Southeast Asian markets. In parallel, CIFDAQ is gearing up for market expansion strategies that will initially focus on establishing a strong presence within India's burgeoning blockchain and Web3 ecosystem.

We aim to position CIFDAQ as a leader in facilitating secure digital transactions and fostering innovation across various sectors including finance, real estate, and supply chain management.

Furthermore, our market expansion efforts will extend to Southeast Asia, adapting our platform to local needs and regulations. The focus is on user-centric design and international compliance to ensure a trustworthy blockchain experience.

Our key product milestones include:

Q3 2024: Introducing our centralized exchange (CEX) and listing CIFD, our native token.Q4 2024: Launching Dex and DeFi products for decentralized trading and financial services. Concurrent with these: Releasing MPC Wallet V 2.0 with enhanced security and functionality. These initiatives aim to enhance our blockchain ecosystem and expand our market presence.

Looking ahead to 2025, our roadmap includes:

Q1: Launching an NFT marketplace for digital collectibles and art. Q1: Introducing CIFDAQ Custodian for institutional clients and Launchpad for new blockchain projects. Q2: Entering the GameFi sector to integrate blockchain with gaming. Q3: Rolling out Layer 1 and Layer 2 blockchain solutions for scalable, efficient frameworks. Newzchain: What role does the CIFD Coin play in your ecosystem, and how does it drive value creation?

Maradiya: CIFD Coin is our native cryptocurrency, crucial for value creation in our ecosystem. It serves as the primary medium of exchange, facilitating transactions and fee payments. We use it for staking, governance, and managing digital assets, including NFTs. CIFD Coin also rewards network contributors and AI data providers, incentivizing participation.

Furthermore, coin holders can vote on platform decisions, ensuring community involvement in our ecosystem's evolution. And it's designed for cross-platform utility, enhancing its value beyond our ecosystem.

CIFD Coin is actively traded on various exchanges, providing liquidity for users. These functions collectively promote decentralization, security, and transparency, making CIFD Coin vital to our ecosystem's growth and innovation.

Newzchain: Where do you see CIFDAQ in the next five years? What are the major milestones you aim to achieve within this period?

Maradiya: In the next five years, CIFDAQ is poised to become one of India's leading blockchain ecosystem companies, driving global blockchain development with world-class products and services tailored to local ecosystems.

Our initial focus for the first 24 months is on introducing and scaling our products, stabilizing our technology and operations, and securing licenses in at least one or two Southeast Asian countries. We plan to expand our operations throughout the region.

Beyond innovation, we're committed to positively impacting the economy and fostering market growth. We aim to ensure our stakeholders benefit from our success through regulatory compliance and ethical business practices that promote sustainability and long-term value creation. WWW.CIFDAQ.COM

[cryptowala]

CIFDAQ Founder Himanshu Maradiya Challenges Web3 Brain Drain with India-Centric Approach

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

India's Web3 landscape is thriving with new players coming in. However, this burgeoning sector finds itself at a critical crossroads. On one hand, India grapples with stringent regulatory measures that pose challenges for crypto and blockchain businesses. On the other, the country boasts a vibrant environment ripe with opportunities for exponential growth in the Web3 sector.

To gain a deeper understanding of this dynamic industry and also spotlight a key player in the ecosystem, we sat down with Himanshu Maradiya, Founder and Chairman of CIFDAQ. 

In this exclusive interview, Maradiya shares key insights on India's Web3 challenges and explains CIFDAQ's unique position within this ecosystem.

The Paradox of India's Web3 Landscape

According to KPMG, India boasts one of the world's largest Web3 ecosystems, with over 1,000 startups operating in this space. The country's enthusiasm for cryptocurrencies is equally impressive, with recent research indicating that India is home to an estimated 100 million crypto owners as of late 2023.

The vibrancy of India's Web3 scene is further evidenced by the proliferation of meetups, events, and gatherings across the country that serve as hotbeds for innovation, networking, and knowledge sharing. 

However, beneath this growth lies a concerning trend that threatens India's position in the global Web3 landscape. At nearly every industry gathering, many founders reveal they are relocating to Dubai or have already moved.

Entrepreneurs are increasingly seeking jurisdictions that offer welcoming environments, supportive ecosystems, and favorable regulatory frameworks. Dubai, in particular, has emerged as a prime destination, actively crafting rules and regulations designed to attract Web3 talent and businesses. 

The catalyst for this shift can be traced back to November 2021, when anticipation of high taxes and stringent cryptocurrency regulations in the proposed Crypto Bill began to take hold. Since then, industry executives estimate that over a hundred Indian entrepreneurs have relocated to Dubai and registered their businesses there. 

Additionally, reports suggest that following the introduction of a 1% Tax Deducted at Source (TDS) and a 30% tax on Virtual Digital Assets (VDAs), trading volumes on Indian exchanges have plummeted by a staggering 97%, with active users decreasing by 81%. 

Maradiya’s Take on India's Regulatory Approach

Despite the challenges faced by the Indian crypto industry, Maradiya offers an optimistic perspective on the country's regulatory landscape. 

“Crypto regulations in India are playing a significant role in shaping the blockchain and crypto industry,” emphasized Maradiya.

Furthermore, he stated that while these regulations are indeed stringent, they are designed to create a balanced framework that promotes innovation, security, and financial stability. He points out that this balance is achieved by incorporating crypto into the taxation framework and requiring registration of Reporting Entities (RE) with the Financial Intelligence Unit (FIU) under the Ministry of Finance, Government of India.

In light of this regulatory landscape, Maradiya revealed that CIFDAQ adopts a country-centric approach and plans to operate in India as a Registered Entity with the FIU under the Ministry of Finance.

When discussing the trend of Indian Web3 startups relocating to Dubai, Maradiya offered a balanced view. He recognized that the migration of startups to Dubai is primarily motivated by regulatory clarity, tax benefits, and a business-friendly environment.

Additionally, he noted that Dubai's well-defined regulations, low taxes, and strong support for Web3 technologies make it an attractive destination for startups seeking stability and growth opportunities. The vibrant international community and access to global markets in Dubai further enhance its appeal.

However, Maradiya was quick to highlight India's unique position and potential in the global Web3 landscape. He pointed out several key strengths that position India as a potential leader in this space. 

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

“India also ranks first in the Chainalysis Global Crypto Adoption Index for 2023, driven by a predominantly young and tech-savvy user base.”

Maradiya also emphasized the progress being made at the government level. He noted that the Indian government is increasingly recognizing the potential of blockchain technology, with multiple state governments initiating blockchain-based projects. He believes that further regulatory clarity will only enhance this progress.

The CIFDAQ Blueprint

Moving from the broader industry perspective, our conversation with Maradiya shifted to focus on his venture, CIFDAQ, a new-generation blockchain ecosystem that leverages artificial intelligence (AI) and machine learning (ML) to create a platform that's resilient against external hacking, fraud, and corruption. 

Interestingly, CIFDAQ has been self-funded to date, but Maradiya revealed that the company is now preparing for an upcoming funding round of Rs 40 crore. 

“A significant portion of these funds will be allocated towards continuous technological enhancements, ensuring that CIFDAQ remains at the forefront of innovation in the industry,” Maradiya added.

In addition, Maradiya shared that the company intends to raise a total of Rs 200 crore in phases over the next 12 months through equity dilution.

The following is an excerpt of the interview that further delves into CIFDAQ.

(Editorial Note: The answers in the following excerpt have been condensed for brevity. However, we have carefully preserved the original context and meaning of Maradiya's statements.)

Newzchain: What is CIFDAQ's current primary focus in terms of product development and market expansion?

Maradiya: Currently, CIFDAQ's primary focus in terms of product development revolves around launching a robust and secure blockchain ecosystem tailored for the Indian and Southeast Asian markets. In parallel, CIFDAQ is gearing up for market expansion strategies that will initially focus on establishing a strong presence within India's burgeoning blockchain and Web3 ecosystem. 

We aim to position CIFDAQ as a leader in facilitating secure digital transactions and fostering innovation across various sectors including finance, real estate, and supply chain management.

Furthermore, our market expansion efforts will extend to Southeast Asia, adapting our platform to local needs and regulations. The focus is on user-centric design and international compliance to ensure a trustworthy blockchain experience.

Our key product milestones include:

Q3 2024: Introducing our centralized exchange (CEX) and listing CIFD, our native token.Q4 2024: Launching Dex and DeFi products for decentralized trading and financial services.

Concurrent with these: Releasing MPC Wallet V 2.0 with enhanced security and functionality.

These initiatives aim to enhance our blockchain ecosystem and expand our market presence.

Looking ahead to 2025, our roadmap includes:

Q1: Launching an NFT marketplace for digital collectibles and art.

Q1: Introducing CIFDAQ Custodian for institutional clients and Launchpad for new blockchain projects.

Q2: Entering the GameFi sector to integrate blockchain with gaming.

Q3: Rolling out Layer 1 and Layer 2 blockchain solutions for scalable, efficient frameworks.

Newzchain: What role does the CIFD Coin play in your ecosystem, and how does it drive value creation?

Maradiya: CIFD Coin is our native cryptocurrency, crucial for value creation in our ecosystem. It serves as the primary medium of exchange, facilitating transactions and fee payments. We use it for staking, governance, and managing digital assets, including NFTs. CIFD Coin also rewards network contributors and AI data providers, incentivizing participation. 

Furthermore, coin holders can vote on platform decisions, ensuring community involvement in our ecosystem's evolution. And it's designed for cross-platform utility, enhancing its value beyond our ecosystem. 

CIFD Coin is actively traded on various exchanges, providing liquidity for users. These functions collectively promote decentralization, security, and transparency, making CIFD Coin vital to our ecosystem's growth and innovation.

Newzchain: Where do you see CIFDAQ in the next five years? What are the major milestones you aim to achieve within this period? 

Maradiya: In the next five years, CIFDAQ is poised to become one of India's leading blockchain ecosystem companies, driving global blockchain development with world-class products and services tailored to local ecosystems. 

Our initial focus for the first 24 months is on introducing and scaling our products, stabilizing our technology and operations, and securing licenses in at least one or two Southeast Asian countries. We plan to expand our operations throughout the region.

Beyond innovation, we're committed to positively impacting the economy and fostering market growth. We aim to ensure our stakeholders benefit from our success through regulatory compliance and ethical business practices that promote sustainability and long-term value creation.

[sahilcidfaq]

CIFDAQ Founder Himanshu Maradiya Challenges Web3 Brain Drain with India-Centric Approach

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

Harshajit Sarmah

India's Web3 landscape is thriving with new players coming in. However, this burgeoning sector finds itself at a critical crossroads. On one hand, India grapples with stringent regulatory measures that pose challenges for crypto and blockchain businesses. On the other, the country boasts a vibrant environment ripe with opportunities for exponential growth in the Web3 sector.

To gain a deeper understanding of this dynamic industry and also spotlight a key player in the ecosystem, we sat down with Himanshu Maradiya, Founder and Chairman of CIFDAQ. 

In this exclusive interview, Maradiya shares key insights on India's Web3 challenges and explains CIFDAQ's unique position within this ecosystem.

The Paradox of India's Web3 Landscape

According to KPMG, India boasts one of the world's largest Web3 ecosystems, with over 1,000 startups operating in this space. The country's enthusiasm for cryptocurrencies is equally impressive, with recent research indicating that India is home to an estimated 100 million crypto owners as of late 2023.

The vibrancy of India's Web3 scene is further evidenced by the proliferation of meetups, events, and gatherings across the country that serve as hotbeds for innovation, networking, and knowledge sharing. 

However, beneath this growth lies a concerning trend that threatens India's position in the global Web3 landscape. At nearly every industry gathering, many founders reveal they are relocating to Dubai or have already moved.

Entrepreneurs are increasingly seeking jurisdictions that offer welcoming environments, supportive ecosystems, and favorable regulatory frameworks. Dubai, in particular, has emerged as a prime destination, actively crafting rules and regulations designed to attract Web3 talent and businesses. 

The catalyst for this shift can be traced back to November 2021, when anticipation of high taxes and stringent cryptocurrency regulations in the proposed Crypto Bill began to take hold. Since then, industry executives estimate that over a hundred Indian entrepreneurs have relocated to Dubai and registered their businesses there. 

Additionally, reports suggest that following the introduction of a 1% Tax Deducted at Source (TDS) and a 30% tax on Virtual Digital Assets (VDAs), trading volumes on Indian exchanges have plummeted by a staggering 97%, with active users decreasing by 81%. 

Maradiya’s Take on India's Regulatory Approach

Despite the challenges faced by the Indian crypto industry, Maradiya offers an optimistic perspective on the country's regulatory landscape. 

“Crypto regulations in India are playing a significant role in shaping the blockchain and crypto industry,” emphasized Maradiya.

Furthermore, he stated that while these regulations are indeed stringent, they are designed to create a balanced framework that promotes innovation, security, and financial stability. He points out that this balance is achieved by incorporating crypto into the taxation framework and requiring registration of Reporting Entities (RE) with the Financial Intelligence Unit (FIU) under the Ministry of Finance, Government of India.

In light of this regulatory landscape, Maradiya revealed that CIFDAQ adopts a country-centric approach and plans to operate in India as a Registered Entity with the FIU under the Ministry of Finance.

When discussing the trend of Indian Web3 startups relocating to Dubai, Maradiya offered a balanced view. He recognized that the migration of startups to Dubai is primarily motivated by regulatory clarity, tax benefits, and a business-friendly environment.

Additionally, he noted that Dubai's well-defined regulations, low taxes, and strong support for Web3 technologies make it an attractive destination for startups seeking stability and growth opportunities. The vibrant international community and access to global markets in Dubai further enhance its appeal.

However, Maradiya was quick to highlight India's unique position and potential in the global Web3 landscape. He pointed out several key strengths that position India as a potential leader in this space. 

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

“India also ranks first in the Chainalysis Global Crypto Adoption Index for 2023, driven by a predominantly young and tech-savvy user base.”

Maradiya also emphasized the progress being made at the government level. He noted that the Indian government is increasingly recognizing the potential of blockchain technology, with multiple state governments initiating blockchain-based projects. He believes that further regulatory clarity will only enhance this progress.

The CIFDAQ Blueprint

Moving from the broader industry perspective, our conversation with Maradiya shifted to focus on his venture, CIFDAQ, a new-generation blockchain ecosystem that leverages artificial intelligence (AI) and machine learning (ML) to create a platform that's resilient against external hacking, fraud, and corruption. 

Interestingly, CIFDAQ has been self-funded to date, but Maradiya revealed that the company is now preparing for an upcoming funding round of Rs 40 crore. 

“A significant portion of these funds will be allocated towards continuous technological enhancements, ensuring that CIFDAQ remains at the forefront of innovation in the industry,” Maradiya added.

In addition, Maradiya shared that the company intends to raise a total of Rs 200 crore in phases over the next 12 months through equity dilution.

The following is an excerpt of the interview that further delves into CIFDAQ.

(Editorial Note: The answers in the following excerpt have been condensed for brevity. However, we have carefully preserved the original context and meaning of Maradiya's statements.)

Newzchain: What is CIFDAQ's current primary focus in terms of product development and market expansion?

Maradiya: Currently, CIFDAQ's primary focus in terms of product development revolves around launching a robust and secure blockchain ecosystem tailored for the Indian and Southeast Asian markets. In parallel, CIFDAQ is gearing up for market expansion strategies that will initially focus on establishing a strong presence within India's burgeoning blockchain and Web3 ecosystem. 

We aim to position CIFDAQ as a leader in facilitating secure digital transactions and fostering innovation across various sectors including finance, real estate, and supply chain management.

Furthermore, our market expansion efforts will extend to Southeast Asia, adapting our platform to local needs and regulations. The focus is on user-centric design and international compliance to ensure a trustworthy blockchain experience.

Our key product milestones include:

Q3 2024: Introducing our centralized exchange (CEX) and listing CIFD, our native token.Q4 2024: Launching Dex and DeFi products for decentralized trading and financial services.

Concurrent with these: Releasing MPC Wallet V 2.0 with enhanced security and functionality.

These initiatives aim to enhance our blockchain ecosystem and expand our market presence.

Looking ahead to 2025, our roadmap includes:

Q1: Launching an NFT marketplace for digital collectibles and art.

Q1: Introducing CIFDAQ Custodian for institutional clients and Launchpad for new blockchain projects.

Q2: Entering the GameFi sector to integrate blockchain with gaming.

Q3: Rolling out Layer 1 and Layer 2 blockchain solutions for scalable, efficient frameworks.

Newzchain: What role does the CIFD Coin play in your ecosystem, and how does it drive value creation?

Maradiya: CIFD Coin is our native cryptocurrency, crucial for value creation in our ecosystem. It serves as the primary medium of exchange, facilitating transactions and fee payments. We use it for staking, governance, and managing digital assets, including NFTs. CIFD Coin also rewards network contributors and AI data providers, incentivizing participation. 

Furthermore, coin holders can vote on platform decisions, ensuring community involvement in our ecosystem's evolution. And it's designed for cross-platform utility, enhancing its value beyond our ecosystem. 

CIFD Coin is actively traded on various exchanges, providing liquidity for users. These functions collectively promote decentralization, security, and transparency, making CIFD Coin vital to our ecosystem's growth and innovation.

Newzchain: Where do you see CIFDAQ in the next five years? What are the major milestones you aim to achieve within this period? 

Maradiya: In the next five years, CIFDAQ is poised to become one of India's leading blockchain ecosystem companies, driving global blockchain development with world-class products and services tailored to local ecosystems. 

Our initial focus for the first 24 months is on introducing and scaling our products, stabilizing our technology and operations, and securing licenses in at least one or two Southeast Asian countries. We plan to expand our operations throughout the region.

Beyond innovation, we're committed to positively impacting the economy and fostering market growth. We aim to ensure our stakeholders benefit from our success through regulatory compliance and ethical business practices that promote sustainability and long-term value creation.

Edited by Harshajit Sarmah

[tradingculture]

CIFDAQ Founder Himanshu Maradiya Challenges Web3 Brain Drain with India-Centric Approach

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

India's Web3 landscape is thriving with new players coming in. However, this burgeoning sector finds itself at a critical crossroads. On one hand, India grapples with stringent regulatory measures that pose challenges for crypto and blockchain businesses. On the other, the country boasts a vibrant environment ripe with opportunities for exponential growth in the Web3 sector.

To gain a deeper understanding of this dynamic industry and also spotlight a key player in the ecosystem, we sat down with Himanshu Maradiya, Founder and Chairman of CIFDAQ. 

In this exclusive interview, Maradiya shares key insights on India's Web3 challenges and explains CIFDAQ's unique position within this ecosystem.

The Paradox of India's Web3 Landscape

According to KPMG, India boasts one of the world's largest Web3 ecosystems, with over 1,000 startups operating in this space. The country's enthusiasm for cryptocurrencies is equally impressive, with recent research indicating that India is home to an estimated 100 million crypto owners as of late 2023.

The vibrancy of India's Web3 scene is further evidenced by the proliferation of meetups, events, and gatherings across the country that serve as hotbeds for innovation, networking, and knowledge sharing. 

However, beneath this growth lies a concerning trend that threatens India's position in the global Web3 landscape. At nearly every industry gathering, many founders reveal they are relocating to Dubai or have already moved.

Entrepreneurs are increasingly seeking jurisdictions that offer welcoming environments, supportive ecosystems, and favorable regulatory frameworks. Dubai, in particular, has emerged as a prime destination, actively crafting rules and regulations designed to attract Web3 talent and businesses. 

The catalyst for this shift can be traced back to November 2021, when anticipation of high taxes and stringent cryptocurrency regulations in the proposed Crypto Bill began to take hold. Since then, industry executives estimate that over a hundred Indian entrepreneurs have relocated to Dubai and registered their businesses there. 

Additionally, reports suggest that following the introduction of a 1% Tax Deducted at Source (TDS) and a 30% tax on Virtual Digital Assets (VDAs), trading volumes on Indian exchanges have plummeted by a staggering 97%, with active users decreasing by 81%. 

Maradiya’s Take on India's Regulatory Approach

Despite the challenges faced by the Indian crypto industry, Maradiya offers an optimistic perspective on the country's regulatory landscape. 

“Crypto regulations in India are playing a significant role in shaping the blockchain and crypto industry,” emphasized Maradiya.

Furthermore, he stated that while these regulations are indeed stringent, they are designed to create a balanced framework that promotes innovation, security, and financial stability. He points out that this balance is achieved by incorporating crypto into the taxation framework and requiring registration of Reporting Entities (RE) with the Financial Intelligence Unit (FIU) under the Ministry of Finance, Government of India.

In light of this regulatory landscape, Maradiya revealed that CIFDAQ adopts a country-centric approach and plans to operate in India as a Registered Entity with the FIU under the Ministry of Finance.

When discussing the trend of Indian Web3 startups relocating to Dubai, Maradiya offered a balanced view. He recognized that the migration of startups to Dubai is primarily motivated by regulatory clarity, tax benefits, and a business-friendly environment.

Additionally, he noted that Dubai's well-defined regulations, low taxes, and strong support for Web3 technologies make it an attractive destination for startups seeking stability and growth opportunities. The vibrant international community and access to global markets in Dubai further enhance its appeal.

However, Maradiya was quick to highlight India's unique position and potential in the global Web3 landscape. He pointed out several key strengths that position India as a potential leader in this space. 

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

“India also ranks first in the Chainalysis Global Crypto Adoption Index for 2023, driven by a predominantly young and tech-savvy user base.”

Maradiya also emphasized the progress being made at the government level. He noted that the Indian government is increasingly recognizing the potential of blockchain technology, with multiple state governments initiating blockchain-based projects. He believes that further regulatory clarity will only enhance this progress.

The CIFDAQ Blueprint

Moving from the broader industry perspective, our conversation with Maradiya shifted to focus on his venture, CIFDAQ, a new-generation blockchain ecosystem that leverages artificial intelligence (AI) and machine learning (ML) to create a platform that's resilient against external hacking, fraud, and corruption. 

Interestingly, CIFDAQ has been self-funded to date, but Maradiya revealed that the company is now preparing for an upcoming funding round of Rs 40 crore. 

“A significant portion of these funds will be allocated towards continuous technological enhancements, ensuring that CIFDAQ remains at the forefront of innovation in the industry,” Maradiya added.

In addition, Maradiya shared that the company intends to raise a total of Rs 200 crore in phases over the next 12 months through equity dilution.

The following is an excerpt of the interview that further delves into CIFDAQ.

(Editorial Note: The answers in the following excerpt have been condensed for brevity. However, we have carefully preserved the original context and meaning of Maradiya's statements.)

Newzchain: What is CIFDAQ's current primary focus in terms of product development and market expansion?

Maradiya: Currently, CIFDAQ's primary focus in terms of product development revolves around launching a robust and secure blockchain ecosystem tailored for the Indian and Southeast Asian markets. In parallel, CIFDAQ is gearing up for market expansion strategies that will initially focus on establishing a strong presence within India's burgeoning blockchain and Web3 ecosystem. 

We aim to position CIFDAQ as a leader in facilitating secure digital transactions and fostering innovation across various sectors including finance, real estate, and supply chain management.

Furthermore, our market expansion efforts will extend to Southeast Asia, adapting our platform to local needs and regulations. The focus is on user-centric design and international compliance to ensure a trustworthy blockchain experience.

Our key product milestones include:

Q3 2024: Introducing our centralized exchange (CEX) and listing CIFD, our native token.Q4 2024: Launching Dex and DeFi products for decentralized trading and financial services.

Concurrent with these: Releasing MPC Wallet V 2.0 with enhanced security and functionality.

These initiatives aim to enhance our blockchain ecosystem and expand our market presence.

Looking ahead to 2025, our roadmap includes:

Q1: Launching an NFT marketplace for digital collectibles and art.

Q1: Introducing CIFDAQ Custodian for institutional clients and Launchpad for new blockchain projects.

Q2: Entering the GameFi sector to integrate blockchain with gaming.

Q3: Rolling out Layer 1 and Layer 2 blockchain solutions for scalable, efficient frameworks.

Newzchain: What role does the CIFD Coin play in your ecosystem, and how does it drive value creation?

Maradiya: CIFD Coin is our native cryptocurrency, crucial for value creation in our ecosystem. It serves as the primary medium of exchange, facilitating transactions and fee payments. We use it for staking, governance, and managing digital assets, including NFTs. CIFD Coin also rewards network contributors and AI data providers, incentivizing participation. 

Furthermore, coin holders can vote on platform decisions, ensuring community involvement in our ecosystem's evolution. And it's designed for cross-platform utility, enhancing its value beyond our ecosystem. 

CIFD Coin is actively traded on various exchanges, providing liquidity for users. These functions collectively promote decentralization, security, and transparency, making CIFD Coin vital to our ecosystem's growth and innovation.

Newzchain: Where do you see CIFDAQ in the next five years? What are the major milestones you aim to achieve within this period? 

Maradiya: In the next five years, CIFDAQ is poised to become one of India's leading blockchain ecosystem companies, driving global blockchain development with world-class products and services tailored to local ecosystems. 

Our initial focus for the first 24 months is on introducing and scaling our products, stabilizing our technology and operations, and securing licenses in at least one or two Southeast Asian countries. We plan to expand our operations throughout the region.

Beyond innovation, we're committed to positively impacting the economy and fostering market growth. We aim to ensure our stakeholders benefit from our success through regulatory compliance and ethical business practices that promote sustainability and long-term value creation.

[strangetreeharmony]

CIFDAQ Founder Himanshu Maradiya Challenges Web3 Brain Drain with India-Centric Approach

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

India's Web3 landscape is thriving with new players coming in. However, this burgeoning sector finds itself at a critical crossroads. On one hand, India grapples with stringent regulatory measures that pose challenges for crypto and blockchain businesses. On the other, the country boasts a vibrant environment ripe with opportunities for exponential growth in the Web3 sector.

To gain a deeper understanding of this dynamic industry and also spotlight a key player in the ecosystem, we sat down with Himanshu Maradiya, Founder and Chairman of CIFDAQ.

In this exclusive interview, Maradiya shares key insights on India's Web3 challenges and explains CIFDAQ's unique position within this ecosystem.

The Paradox of India's Web3 Landscape According to KPMG, India boasts one of the world's largest Web3 ecosystems, with over 1,000 startups operating in this space. The country's enthusiasm for cryptocurrencies is equally impressive, with recent research indicating that India is home to an estimated 100 million crypto owners as of late 2023.

The vibrancy of India's Web3 scene is further evidenced by the proliferation of meetups, events, and gatherings across the country that serve as hotbeds for innovation, networking, and knowledge sharing.

However, beneath this growth lies a concerning trend that threatens India's position in the global Web3 landscape. At nearly every industry gathering, many founders reveal they are relocating to Dubai or have already moved.

Entrepreneurs are increasingly seeking jurisdictions that offer welcoming environments, supportive ecosystems, and favorable regulatory frameworks. Dubai, in particular, has emerged as a prime destination, actively crafting rules and regulations designed to attract Web3 talent and businesses.

The catalyst for this shift can be traced back to November 2021, when anticipation of high taxes and stringent cryptocurrency regulations in the proposed Crypto Bill began to take hold. Since then, industry executives estimate that over a hundred Indian entrepreneurs have relocated to Dubai and registered their businesses there.

Additionally, reports suggest that following the introduction of a 1% Tax Deducted at Source (TDS) and a 30% tax on Virtual Digital Assets (VDAs), trading volumes on Indian exchanges have plummeted by a staggering 97%, with active users decreasing by 81%.

Maradiya’s Take on India's Regulatory Approach Despite the challenges faced by the Indian crypto industry, Maradiya offers an optimistic perspective on the country's regulatory landscape.

“Crypto regulations in India are playing a significant role in shaping the blockchain and crypto industry,” emphasized Maradiya.

Furthermore, he stated that while these regulations are indeed stringent, they are designed to create a balanced framework that promotes innovation, security, and financial stability. He points out that this balance is achieved by incorporating crypto into the taxation framework and requiring registration of Reporting Entities (RE) with the Financial Intelligence Unit (FIU) under the Ministry of Finance, Government of India.

In light of this regulatory landscape, Maradiya revealed that CIFDAQ adopts a country-centric approach and plans to operate in India as a Registered Entity with the FIU under the Ministry of Finance.

When discussing the trend of Indian Web3 startups relocating to Dubai, Maradiya offered a balanced view. He recognized that the migration of startups to Dubai is primarily motivated by regulatory clarity, tax benefits, and a business-friendly environment.

Additionally, he noted that Dubai's well-defined regulations, low taxes, and strong support for Web3 technologies make it an attractive destination for startups seeking stability and growth opportunities. The vibrant international community and access to global markets in Dubai further enhance its appeal.

However, Maradiya was quick to highlight India's unique position and potential in the global Web3 landscape. He pointed out several key strengths that position India as a potential leader in this space.

“India boasts a strong foundation in the Web3 sector, with a rapidly growing developer community that has expanded from 3% of the global pool in 2018 to 12% in 2023. The country's ecosystem is diverse and dynamic, home to over 1,000 Web3 startups,” said Maradiya.

“India also ranks first in the Chainalysis Global Crypto Adoption Index for 2023, driven by a predominantly young and tech-savvy user base.”

Maradiya also emphasized the progress being made at the government level. He noted that the Indian government is increasingly recognizing the potential of blockchain technology, with multiple state governments initiating blockchain-based projects. He believes that further regulatory clarity will only enhance this progress.

The CIFDAQ Blueprint Moving from the broader industry perspective, our conversation with Maradiya shifted to focus on his venture, CIFDAQ, a new-generation blockchain ecosystem that leverages artificial intelligence (AI) and machine learning (ML) to create a platform that's resilient against external hacking, fraud, and corruption.

Interestingly, CIFDAQ has been self-funded to date, but Maradiya revealed that the company is now preparing for an upcoming funding round of Rs 40 crore.

“A significant portion of these funds will be allocated towards continuous technological enhancements, ensuring that CIFDAQ remains at the forefront of innovation in the industry,” Maradiya added.

In addition, Maradiya shared that the company intends to raise a total of Rs 200 crore in phases over the next 12 months through equity dilution.

The following is an excerpt of the interview that further delves into CIFDAQ.

(Editorial Note: The answers in the following excerpt have been condensed for brevity. However, we have carefully preserved the original context and meaning of Maradiya's statements.)

Newzchain: What is CIFDAQ's current primary focus in terms of product development and market expansion?

Maradiya: Currently, CIFDAQ's primary focus in terms of product development revolves around launching a robust and secure blockchain ecosystem tailored for the Indian and Southeast Asian markets. In parallel, CIFDAQ is gearing up for market expansion strategies that will initially focus on establishing a strong presence within India's burgeoning blockchain and Web3 ecosystem.

We aim to position CIFDAQ as a leader in facilitating secure digital transactions and fostering innovation across various sectors including finance, real estate, and supply chain management.

Furthermore, our market expansion efforts will extend to Southeast Asia, adapting our platform to local needs and regulations. The focus is on user-centric design and international compliance to ensure a trustworthy blockchain experience.

Our key product milestones include:

Q3 2024: Introducing our centralized exchange (CEX) and listing CIFD, our native token.Q4 2024: Launching Dex and DeFi products for decentralized trading and financial services. Concurrent with these: Releasing MPC Wallet V 2.0 with enhanced security and functionality. These initiatives aim to enhance our blockchain ecosystem and expand our market presence.

Looking ahead to 2025, our roadmap includes:

Q1: Launching an NFT marketplace for digital collectibles and art. Q1: Introducing CIFDAQ Custodian for institutional clients and Launchpad for new blockchain projects. Q2: Entering the GameFi sector to integrate blockchain with gaming. Q3: Rolling out Layer 1 and Layer 2 blockchain solutions for scalable, efficient frameworks. Newzchain: What role does the CIFD Coin play in your ecosystem, and how does it drive value creation?

Maradiya: CIFD Coin is our native cryptocurrency, crucial for value creation in our ecosystem. It serves as the primary medium of exchange, facilitating transactions and fee payments. We use it for staking, governance, and managing digital assets, including NFTs. CIFD Coin also rewards network contributors and AI data providers, incentivizing participation.

Furthermore, coin holders can vote on platform decisions, ensuring community involvement in our ecosystem's evolution. And it's designed for cross-platform utility, enhancing its value beyond our ecosystem.

CIFD Coin is actively traded on various exchanges, providing liquidity for users. These functions collectively promote decentralization, security, and transparency, making CIFD Coin vital to our ecosystem's growth and innovation.

Newzchain: Where do you see CIFDAQ in the next five years? What are the major milestones you aim to achieve within this period?

Maradiya: In the next five years, CIFDAQ is poised to become one of India's leading blockchain ecosystem companies, driving global blockchain development with world-class products and services tailored to local ecosystems.

Our initial focus for the first 24 months is on introducing and scaling our products, stabilizing our technology and operations, and securing licenses in at least one or two Southeast Asian countries. We plan to expand our operations throughout the region.

Beyond innovation, we're committed to positively impacting the economy and fostering market growth. We aim to ensure our stakeholders benefit from our success through regulatory compliance and ethical business practices that promote sustainability and long-term value creation.#CIFDAQ #CRYPTO #BLOCKCHAIN #WEB3

www.cifdaq.com

[ebizfilingindia-blog]

LLP vs Pvt Ltd: Key Differences in Taxation and Compliance

When starting a commercial enterprise, one of the crucial decisions to make is selecting the proper business structure. Two popular alternatives in India are the Limited Liability Partnership (LLP) and Private Limited Company (Pvt Ltd). 

This article helps you know the key differences between LLP vs Pvt Ltd. with respect to Taxation and Compliance. Taxation in LLP vs Pvt Ltd Tax Rates: LLP: An LLP is taxed as a partnership organization. The income of an LLP is taxed at a price of 30% on profits, plus applicable surcharge and cess. There are no dividend distribution taxes (DDT) in LLPs, that's tremendous if income are retained inside the commercial enterprise in place of dispensed.

Pvt Ltd: A Pvt Ltd organization is taxed at a corporate tax charge of 25-30%, relying on its turnover. However, not like LLPs, groups are concern to Dividend Distribution Tax (DDT) at the price of 15% (plus applicable surcharge and cess) while distributing earnings to shareholders. Tax Deducted at Source (TDS): LLP: An LLP is needed to document an Annual Return (Form 11) and Statement of Accounts and Solvency (Form eight) every 12 months. Income tax returns (ITR) are filed underneath ITR-five.

Pvt Ltd: Pvt Ltd groups need to report an Annual Return (Form MGT-7) and Financial Statements (Form AOC-four) with the Registrar of Companies (ROC). The tax return is filed using ITR-6.

Compliance in LLP vs Pvt Ltd Management and Ownership: LLP: The management shape in an LLP is more bendy. Partners have the liberty to agree on the jobs and obligations of every accomplice, with fewer statutory necessities for conferences and resolutions.

Pvt Ltd: A Pvt Ltd organization need to have a Board of Directors and preserve Annual General Meetings (AGMs). Compliance requirements are greater stringent, such as the need for resolutions, minute book upkeep, and ordinary board conferences. Auditing Requirements: LLP: An LLP is needed to have an audit only if its annual turnover exceeds ₹40 lakh or if its capital contribution exceeds ₹25 lakh. This makes LLPs less burdensome in terms of auditing.

Pvt Ltd: Pvt Ltd corporations ought to undergo an audit each year, regardless of turnover. This adds to the compliance charges and administrative burden. Share Transferability: LLP: Ownership in an LLP is transferred via the admission of latest partners or the transfer of partnership interest, that is typically extra complicated and much less bendy than that during a Pvt Ltd organization. Pvt Ltd: Shares in a Pvt Ltd employer are easily transferable, depending on certain conditions like board approval. This makes Pvt Ltd businesses greater attractive for buyers and for elevating capital.

Conclusion In the LLP vs Pvt Ltd assessment, the selection in large part relies upon the character of your commercial enterprise, its increased possibilities, and the extent of compliance you are prepared to control.

If you're looking for a more flexible and much less compliance-heavy structure with trustworthy taxation, an LLP will be the proper preference. 

[kredily]

Essential Benefits of Payroll Software in India for 2025

Introduction

Efficient payroll management is crucial for businesses of all sizes in India. With evolving tax regulations, compliance requirements, and employee expectations, manual payroll processing is no longer sustainable. Payroll Software in India has emerged as a game-changer, providing businesses with automation, accuracy, and compliance.

As companies face challenges like manual errors, compliance risks, and increased payroll complexities, adopting the right tools can make all the difference. Be it Free Payroll Software for startups or advanced Online Payroll Software for enterprises, payroll solutions are essential for driving growth and efficiency. Let’s dive into the key benefits these solutions will offer businesses in 2025.

1. Improved Compliance and Regulatory Adherence

Simplified Tax Management

Automatically calculates income tax, TDS, PF, and ESI contributions.

Ensures compliance with the latest government regulations, reducing the risk of penalties.

Labor Law Compliance Made Easy

Tracks employee leave, overtime, and entitlements in line with labor laws.

Adheres to minimum wage requirements and statutory deductions seamlessly.

Real-Time Updates

Offers proactive alerts on tax law changes and filing deadlines.

Minimizes errors with automated checks, safeguarding your business from fines.

2. Enhanced Efficiency and Productivity

Automated Payroll Processing

Replaces time-consuming manual processes with automation, saving significant hours.

Ensures accurate calculations for salaries, bonuses, and reimbursements.

Centralized Data Management

Consolidates all employee data, making it easy to update and access when needed.

Provides secure storage for sensitive information, ensuring data integrity.

Advanced Reporting and Insights

Generates detailed payroll reports for analysis and decision-making.

Offers insights into salary structures, tax liabilities, and workforce expenses.

3. Catering to Businesses of All Sizes

Scalable Solutions for Startups and SMEs

Payroll Software for Small Businesses provides affordable, user-friendly options.

Startups can leverage Free Payroll Software to manage payroll without stretching their budgets.

Robust Features for Larger Enterprises

Advanced Employee Payroll Software supports complex calculations for large teams.

Integrates seamlessly with other HR systems to streamline overall operations.

4. Enhanced Employee Experience

Accurate and Timely Payments

Ensures employees receive correct salaries on time, improving trust and satisfaction.

Reduces disputes arising from payroll discrepancies.

Self-Service Portals

Empowers employees to access payslips, tax forms, and other documents independently.

Reduces administrative workload for HR teams.

Integration with HR Systems

Synchronizes payroll data with attendance and performance management systems.

Offers a unified view of employee information for better decision-making.

5. Cost-Effectiveness and Flexibility

Affordable Online Solutions

Online Payroll Software eliminates the need for costly hardware or manual operations.

Scalable pricing models cater to the unique needs of businesses, big or small.

Long-Term Savings

Reduces costs associated with compliance errors and penalties.

Saves valuable time, allowing HR teams to focus on strategic initiatives.

Conclusion

As we approach 2025, businesses in India must embrace the transformative power of payroll automation. Whether it's Payroll Software for Small Business or comprehensive Employee Payroll Software, these solutions ensure compliance, enhance efficiency, and improve employee satisfaction.

By investing in the right Payroll Software in India, businesses can not only overcome challenges but also unlock their full growth potential. From startups seeking Free Payroll Software to enterprises in need of advanced systems, the benefits are clear and impactful.

Take the next step in revolutionizing your payroll processes. Explore Kredily’s Online Payroll Software and discover how it can simplify your operations, ensure compliance, and boost productivity. Contact us today for a free demo and see the difference firsthand!