Unlocking Your Tax Savings: A Comprehensive Guide to Deductions under the Income Tax Laws

By Team Lawgical Startup

Introduction: The Income Tax Act 1961 provides various deductions and exemptions that can help individuals minimize their tax liabilities and maximize their savings. Understanding and leveraging these deductions is essential for every taxpayer. In this comprehensive guide, we will walk you through the most common deductions available to individuals under the Income Tax Act 1961,…

Demystifying Form 16 & its Importance for Income Tax Returns

By Team Lawgical Startup

Introduction: Filing income tax returns is an essential responsibility for every taxpayer. It ensures compliance with the law and helps individuals report their income accurately. When it comes to the filing process, one crucial document that plays a significant role is Form 16. In this blog post, we will delve into the details of Form…

Form AOC 4 (XBRL) – Everything about XBRL Filings

By Team Lawgical Startup

Introduction: XBRL stands for Extensible Business Reporting Language, is a language for electronic communication of business and financial data which has significantly revolutionized the reporting of business information, around the globe. Major benefits include preparation, analysis and communication of business information in an cost efficient manner with greater efficiency and improves accuracy and reliability to…

Annual Filings of LLP

By Team Lawgical Startup

Introduction: In 2008, India adopted the concept of Limited Liability Partnerships (LLP). An LLP combines the qualities of a partnership and a corporation. An LLP is governed by the Limited Liability Partnership Act, 2008. For an LLP to be formed, a minimum of Two Partners is required. However, there is no upper cap to this…

MOA Main Object Clauses for Different Companies

By Team Lawgical Startup

The Main Object Clause of the Memorandum of Association defines the purpose of the Company. Hence drafting of this clause is very crucial and should be done with precision and expertise. The Company cannot carry on any activity which is not a part of its object clause. Such activities are called Ultra Virus (beyond powers)…