Recently, the Section 44AD has been revised and now it is applicable to all businesses instead of only to civil construction business. On the other outset, limit of tax audit u/s 44AB is increased to Rs. 60 lakh from earlier limit of Rs. 40 lakh. Being an entrepreneur first, I had lot of disappointments on increase of limit as now there will be lesser business men falling under the tax audit bracket. While secondly, I was really happy all business men who want to show profit lesser than 8% fall under the bracket of tax audit though not directly but indirectly.
Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct tax Payment Challan corrected / Rectified which were paid at bank in Physical Mode and time period within which correction request can be made along with conditions , Procedures for the same and Format of the letter to bank.
A correction TDS/TCS statement can be furnished multiple times to incorporate changes in the regular TDS/TCS statement whereas a regular TDS/TCS statement will be accepted at the TIN central system only once.
What is section 192? Section 192 provides that any person responsible for paying any income chargeable under the head salaries is required to deduct tax on the amount payable. Download Format of Form 16 in Word Format Who deduct TDS? A payment can be categorised as ‘salary’ only if it arises out of ‘employer-employee’ relationship. It must be ‘contract of service’ nor ‘contract for service’. It may be noted that pension is also […]
PRIVATE PLACEMENT (PP) UNDER COMPANIES ACT, 2013 Introduction: We all know Companies Act, 2013 provides various options to issue Securities (Shares, Debentures or any other type of Securities). One of these options is Private Placement. The definition of Private Placement explains when the Companies have to follow the provisions. Let’s look into the Definition and […]
A Company can raise reserves through three methods: (1) Deposits (2) Loans (3) Capital. Under Companies Amendment Act 2017, Company can bring funds or Capital up in three different ways: (1) Private Placement/Preferential Allotment (2) Right Issue (3) Bonus Issue. Let’s discuss funds raising through preferential allotment under section 62 of Companies Act 2013. Introduction […]
PRIVATE LIMITED COMPANY Under section 2 (68) of company act, 2013 Private company mean company incorporated under company’s act 2013 having paid-up share capital as may be prescribed, and which by its articles, — 1. Restricts the right to transfer its shares: 2. Except in case of OPC, limits the number of its member to […]
Currently, only companies that follows calendar year as financial year have been granted a 3-months relaxation from holding their AGMs i.e. such companies are allowed to hold their AGMs till 30th September, 2020 instead of June, 2020. Further, the due dates of all other related compliances such as filing of annual returns or financial statements which are required to be done within 60 days/ 30 days as applicable shall be construed accordingly.
Checklist For Convening And Holding of General Meeting By VC Or OAVM (By Virtue of MCA Circular Dated: 08-04-2020 And 13-04-2020) INTRODUCTION In order to maintain the complete lockdown and keeping in view of maintaining the social distancing in the current extraordinary circumstances occurred due to pandemic caused by COVID 19, various companies are facing […]
Independent Director— Time extended to apply with Institute adding name in Data Bank for ID – On or before June 30, 2020 On April 29, 2020 , the Ministry of Corporate Affairs notified an amendment in the Companies (Appointment and Qualification of Directors) Rules, 2014 (the Rules) as the Companies (Appointment and Qualification of Directors) […]
