Inheritance tax is a tax which is levied at the time of inheriting any asset. Inheritance tax is not levied in India as any amount received under a will or by way of inheritance or in contemplation of death of the payer is exempted under Section 56(ii) from the levy of any Income tax.

Although no tax is levied on receiving the inherited assets in India, but Income tax would be levied on the receipt of any income arising from such Inherited assets.

For example, Mr. A bought a property for Rs. 1 Crore in 2003.He died in 2018 and property was gifted to his son Mr. B. The Market value of this property in 2018 at the time of death of Mr. A was Rs. 2 Crores. This property was on rent and the monthly rent received was Rs. 1 lakh per month. This rent received by the son would be added to the income of the son and taxed as per Income tax slab rates of son.When son sells this property,he would be liable to pay Capital gains on the sale of this property.

Four reasons why you need a will?

Don’t delay

It’s easy to make a will – and it will save your family unnecessary distress at an already difficult time.

1) A will makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful.

2) If you don’t write a will, everything you own will be shared out in a standard way defined by the law – which isn’t always the way you might want.

3) A will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind.

4) Writing a will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.

Your wishes and who carries them out. Your will tells people two very important things:

1. Who should have your money, property and possessions when you die.
2. Who will be in charge of organising your estate and following the instructions you leave in your will – this person is called your ‘executor’, and you can name more than one person if you want to.

You can also use your will to tell people about any other wishes you have, like instructions for your burial or cremation.Your executor will do their best to make sure your wishes are followed, as long as they don’t involve breaking the law.

It might not always be possible for your executors to carry out your instructions.
For example, a person you want to leave something to might die before you do, but if you have a will there’s a better chance of things happening the way you want.

Make sure your will is legally valid. Your will doesn’t have to be on special paper or use a lot of legal language.

A document is a valid will as long as it:

1. Says how your estate should be shared out when you die.
2. Was made when you were able to make your own decisions and you weren’t put under pressure about who to leave things to.
3. Is signed and dated by you in the presence of two adult, independent witnesses, and then signed by the two witnesses in your presence – the witnesses can’t be people who are going to inherit anything from you (or their husband/wife or civil partner.

Companies need cash to fuel growth. However, companies can often find cash reserves simply by optimizing their working capital.

This can be done on three levels:

1. Accounts receivable
2. Accounts payable and
3. Inventories

Following a phase of consolidation, companies focus on growth strategies once again. For this reason, they need additional financing, which is often hidden in their own working capital. With the right optimization approaches in their core business, companies can free up cash to finance growth. We make sure that entire core process chains are considered in the optimization strategy. We identify potential and select the right levers for making sustainable working capital improvements.

We will support the start-ups from the starting of registration of your business/Company and upto book keeping/GST registration/compliance, TDS Compliance, preparation of Balance sheet, Auditing of books, Income tax return i.e. you will get complete solution for all of your Accounting and taxation requirements.

Procedure for Incorporation:

1. Name Approval
2. Drafting and Stamping of Memorandum of Association (“MoA”) and Articles of Association (“AoA”) of the company
3. Submission of Required Documents
4. Obtain Certificate of Incorporation

Various Registrations will be Required for start-up organizations:

1. Permanent Account Number (PAN): Income tax laws requires every assesses to apply and obtain PAN which is a unique tax identification number.
2. Tax Deduction Account Number (TAN): India has tax deduction at source and withholding rules. Every Company, branch and Liaison office while making payments/ expenses is required to deduct tax and deposit it with the Govt. It is a unique tax identification number for withholding purposes.
3. Service Tax Code (STC): It is a PAN based service tax code which every company providing taxable services is required to obtain.
4. Value Added Tax (VAT): The entity is also required to get itself with the VAT Authorities having jurisdiction of premises from where company is making sale.
5. Import Export Number (IEC): This unique number is require before entering into any import or export transactions.

Debt is a problem we all deal with in one way or the other. Sometimes our debts take over our lives and we begin to sink in them. Finally we reach a stage where we cannot pay back in time.

“Going into Debt usually is not caused by lack of money, it’s caused by lack of vision.”

Debt Management is the most important concept to be managed now a days for Wealth Management in the best efficient ways. Credit cards, easy home loans, car loans, house hold item loans lead to easy Debt/ liability on Individual as well Corporate level.

We can provide you plans out of your current Profit and Loss account and Balance sheet Items regarding ways and measures to reduce debt or to manage Debt with least possible expense so that pockets will not be affected too much.

Debt Management is the most important part of Financial Management. We can help Banks to manage NPAs, Corporates to manage Bad debt recovery, Individuals to manage Interest linked loans/credit card.

Debt consolidation: Smart way to get rid of debt

Debt consolidation is taking stock of all your debts and drawing up a plan to extinguish all debt, starting with high cost debt.

If you are 50 years of age or more and are paying EMIs of home loan, car loan, education loan, personal loan, education loan, gold loan, marriage loan, credit card EMIs, etc., it is high time you considered debt consolidation to ensure that by the time you retire, you would have no repayment burden on your head.

So what is debt consolidation all about? Simply put, debt consolidation is taking stock of all your debts and drawing up a plan to extinguish all debt, starting with high cost debt. The final purpose of the plan is to extinguish all debt systematically over a specific period of time.

To begin with, one needs to make a list of all the debt, the principal amount outstanding in each case, rate of interest charged on each loan, remaining tenure of the loan and the monthly outgo towards repayment of all loans.

Once this is done, the loans with the lowest rate of interest should be preferred over loans with higher rates of interest. Usually, home loans and mortgage loans (e.g. gold loans) are the ones with the lowest rates and personal loans and credit card loans, among others, are the ones with the highest rates. Now, one can explore the possibility of getting more of housing loan or mortgage loan, and if the lender agrees to lend more against the property or gold, then one can go for it and prepay the highest rated loans such as personal loan, credit card loan, etc. with the additional amount obtained against property or gold.

Such foreclosure of high rated loans saves a good deal of interest amount and can help a person plan for retirement.