Relevant Chapter: Chapter XIV Section 206: Power of ROC to call for information and Inspect documents On scrutiny of any documents filed by Company to ROC its obligation of the company to provide information, explanations and documents as the Registrar may direct. The information, explanation or documents must be provided within a reasonable time as […]
It seems that the government is not happy for people earning more and the raise of salary they get after many years of hard-working. If people want to have a very good quality of retirement and improvised lifestyle in retirement is that act of Fraud. We financial advisor advice investor to have financial planning and […]
. Every individual existing Independent Directors (ID) shall within a period of three months from commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 and every individual who intends to get appointed as an ID after such commencement shall, apply online to the Indian Institute of Corporate Affairs (“the institute) for inclusion of his name in the data bank for a period of one year or five years or for his life-time till he continues to hold the office of an independent director in any company.
DIRECT TAX 1. Corporate tax for new manufacturing Companies & power generation companies brought to 15% and existing companies to 22% . 2. Govt. has exempted individual with income upto Rs. 5 lakh 3. New Simplified new tax for FY 2021-22 are as Taxable Income Slab (`) Existing Tax Rates New Tax Rates 0-2.5 Lakh […]
Finance Minister presented the Union Budget 2020 wherein she proposed substantial amendments for granting exemptions to the charitable / religious trusts institutions etc. Under the new tax regime, she proposed to amend Section 10(23C), Section 11, Section12A, Section12AA, Section 80G and proposed to insert a new Section 12AB. All these amendments are proposed to be made w.e.f. June 01, 2020.
♦ New Taxation Scheme for Individuals & HUF: Alternate/Optional tax regime provided to individuals and HUF by insertion of Section 115BAC. A summary on the rates of tax is provided below: Taxable Total Income Existing Tax Rates Optional Tax Rates* Upto Rs. 2,50,000 Nil Nil Rs. 2,50,001 to Rs. 5,00,000 5% 5% Rs. 5,00,001 to […]
Introduction With soaring expectation from various stakeholders, Finance minister Smt. Nirmala Sitharaman presented the Union budget 2020-2021 on 1st February 2020. The budget aims to open up avenues for vibrant and dynamic economy supported by the new technologies. This is essential keeping in view that India become fifth largest economy in the world. The budget […]
Supply is the taxable event under GST. Section 7(1) (a) defines ‘Supply’ includes all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business. So the […]
SYNOPSIS of UNION BUDGET 2020-21 Please find below the synopsis of Union Budget 2020-21 Direct Taxation: Personal Taxation: 1. A new slab rate has been announced in the Budget for Individuals which is as under Income Group Slab 0-2,50,000 Nil 2,50,000-5,00,000 5% 5,00,000-7,50,000 10% 7,50,000-10,00,000 15% 10,00,000-12,50,000 20% 12,50,000-15,00,000 25% >15,00,000 30% However, the assesse […]
Budget 2020 : Dividend Distribution Tax (DDT) vis a vis Company Incorporation by Unorganized Sector MSME’s in India are the largest job providers in the country but however most of them are unorganised or rarely they take corporate outlook. In order to attract fresh investments in manufacturing sector and to promote growth and investment , […]
