Income Tax : ITR forms were introduced with a view to enhance simplification and information disclosures from the assessees. The forms required...
Company Law : Thus, Single Member Company or One Person Company has been defined as A Company which has only one person as a member under sub se...
ITR forms were introduced with a view to enhance simplification and information disclosures from the assessees. The forms required extensive disclosures such as bank account disclosures held during the year including dormant accounts, details of foreign trips including number of visits and sums expended from assessee’s own sources . Aadhaar has, like in other essential services, crawled into the Income-tax Returns also.
Thus, Single Member Company or One Person Company has been defined as A Company which has only one person as a member under sub section 62 of section 2 of the Companies Act, 2013. It is now possible for a person, competent to enter a contract, to start such One Person Company which is like a proprietary firm with the benefits of a Limited Company.
