General
Section 194N – TDS on cash withdrawal above Rs 1 crore
The budget 2020 has reduced the threshold limit for TDS to Rs 20 lakh for taxpayers who have not filed their income tax returns for the past three years. Such taxpayers withdrawing cash above Rs 20 lakh have to pay 2% as TDS. Earlier, the Union ...
TDS on Rent of Property u/s 194IB : Form 26QC
It is very common for individual / HUF to pay rent for residential / office purposes. Under section 194-IB of the income tax act, if any individual or HUF to whom tax audit is not applicable makes payment of rent to a resident landlord exceeding Rs. ...
Section 194O-TDS Payments made to E-commerce Participants
Section 194O-TDS Payments made to E-commerce Participants Section 194O has been introduced in the Union Budget 2020. According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services ...
Compliance Requirements and Loans Under Nidhi Companies
A Nidhi company is a company that is recognised under section 406 of the Companies Act, 2013, read with Nidhi Rules 2014. Its core functions are borrowing and lending money among its members and fall under the non-banking Indian finance sector. It is ...
Name Criteria for LLP, Section 8 Company & Nidhi Company
Name For Limited Liability Partnership Limited liability partnership is a new concept which is governed by a Limited Liability Partnership Act, 2008. It has the benefits of both company and collaboration and enjoys a separate legal entity. While ...
Name Criteria for Private limited and One Person Company
How to Choose a Name for Private Limited Company? Name of a company is something which needs to be unique, desirable and one of its kinds to make it stand out from the rest. Hence, there are specific guidelines for choosing a name for Private Limited ...
Form 13 – Lower or Nil Deduction of TDS
Person responsible for making the payment is entrusted with the responsibility of deducting the tax at specified rates either at the time of credit in the books or payment to the recipient, whichever is earlier and only pay the balance amount to the ...
How many times DIR-3 KYC has to be filed?
What is DIR-3 KYC? DIR-3 KYC is a new form launched by the MCA. This form will be used to update the KYC of all directors. As per the provisions of Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014, every individual ...
Annual Compliance of Partnership Firms
A partnership is an agreement between two or more people who have agreed to share the profits of a business carried on by all of them together or any of them acting for them all. People who have entered into partnerships are separately called ...
Know all about One Person Private Limited Company (OPC)
A new concept has been introduced in the Company’s Act 2013, about the One Person Company (OPC). In a Private Company, a minimum of 2 Directors and 2 Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 ...
INC 20A | Mandatory Declaration by Companies
INC 20A is a declaration of commencement of business that every company must file if the company’s date of incorporation falls on or after 2nd Nov 2018. Furthermore, the company must file INC-20A within 180 days of the company’s incorporation. And a ...
Annual Compliance of a Public Limited Company
Once you are done with Public Limited Company Registration, the next step is to follow the annual compliances prescribed by the Companies Act, 2013. The Public Limited Companies are classified in two that are Listed and Unlisted Public Limited ...
Virtual Office in Prime Location for your Business in Delhi and All Over India
Virtual Offices Available Across India GST and Business Registration, Mail Handling, Department Verification, Reputed Address & Many More! Are you planning to set up a new office? Or in need to set up another office in a new state? But the ...
Filing TDS on the Sale of Property
The buyer has to pay several taxes, and however while purchasing the property, the purchaser is liable to deduct and pay taxes. Section 194IA of the Income-tax act deals with the requirement of TDS deduction by the buyer when purchasing the property. ...
How to Save Tax in a Private Limited Company
As you setup your company, sell your products and services, get appreciation from customers and having a great go at business. There is one motivational factor – a good profit. And no matter what we think bottom line is the lifeline for your business ...
DPT-3: Applicability and Consequences of Non filing
Form DPT- 3 (MCA) DPT 3 is a return of deposit and loans that every company must file to give information about deposits and outstanding loans or money other than deposits. To safeguard the creditor's interest, the Government notified the amendment ...
What is a Virtual Office?
7 Signs that you need a Virtual Office: 1. No commute time. In last one and a half years We've found that two to three hours every day that used to be spent getting ready for work and traveling to the office is now spent working. Because of that, ...
What are the compliances for a Nidhi Company in India ?
Compliances of Nidhi company S.No. Forms Particulars Due Date Details Required 1 NDH - 1 NDH - 1 is a yearly statement filed with the ROC in terms of Nidhi Rules within 90 days from the closure of every Financial Year a) List of all members with PAN ...
What is a payroll management system?
A Payroll management system is a software that takes care and manages the salary payments of employees’ in an organization. Payroll is a complicated process, It involves various steps such as calculation of basic salaries of every employee in your ...
Purpose, Objective & Stages Of Payroll
Purpose of Payroll When you first started your business, you had this great idea in mind, or you just had the will to have something of your own. Hence, you picked the best industry you know in and started. The first and second month was great. You ...
All about DVAT - Types, Eligibility, Penalty, Procedure for Registration
DVAT Delhi Value Added Tax Good News for all those who want to trade online on Web portals like Flipkart, Snapdeal or Amazon then you should have a Delhi VAT registration Number (TIN Number) and those who want to start their small medium Businesses. ...
COVID-19 Impact on Airline Industry
Impact on Airports The impact so far has been dramatic, with a number of airports now having zero or near-zero passengers traveling through their terminals. At the same time, airports are working hard to remain open for critical services. For ...
Differnce between Listed Company and Unlisted Company
Introduction According to various sources, listed companies are those which are included and traded on a particular stock exchange. The stock exchanges have various prerequisites that a company must fulfill and continue to fulfill in order to be and ...
What are Operational Audits & How is it Performed?
What Are Operational Audits? “A systematic process of evaluating an organization's effectiveness, efficiency and economy of operations under management's control and reporting to appropriate persons the results of the evaluation along with ...
How to conduct a Proper Financial Audit?
What Is a Financial Audit? A financial audit is the investigation of your business’ financial statements and accompanying documentation and processes, and is performed by someone who is independent of your organization. These often-annual events ...
What is forensic audit and how are they done?
Contrary to the name, a forensic audit has got nothing to do with forensic sciences, or criminology for that matter. A forensic audit, also known as forensic accounting, refers to the application of accounting methods for detection and gathering ...
What is External Audit & When is it Applicable in India?
What is External Audit? External Audit is defined as the audit of the financial records of the company in which independent auditors perform the task of examining validity of financial records of the company carefully in order to find out if there is ...
Comparison Between Internal vs External Audits
The words “internal audit” often conjure a sense of fear, frustration, and time consumption. Even in the best circumstances, most would find having someone review their activities unsettling or intimidating. Having an understanding of the role of an ...
What is Tax Audit? Applicability and Penalty for Non-filing
What is tax audit? There are various kinds of audit being conducted under different laws such as company audit/statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit ...
What is Statutory Audit & for whom is it Applicable?
Statutory Audit Meaning Statutory audit, also known as financial audit, is one of the main types of audit which is to be done as per the statutes applicable to the entity and its primary purpose is to gather all relevant information so that the ...
How To Check UAN Passbook Status And PF Balance?
Employees’ Provident Fund (EPF) is one of the most popular investment schemes for salaried individuals in India. With the advent of technology, you can now easily check your account balance online from the Employees’ Provident Fund Organization ...
How to apply for Shop and Establishment Registration in India?
Shop and Establishment Registration The Shop and Establishment Act in India was implemented to govern the rights and working conditions of workers that are employed in the unorganized sector. The act requires all commercial establishments like ...
How to Apply TAN Number Online?
TAN Card Tax Deduction and Collection Account Number better known as TAN is a 10-digit alphanumeric number. The number is required to be obtained by all persons who are responsible for deducting or collecting the tax. The alphanumeric number is ...
How Family Businesses Can Survive the Economic Impact of COVID-19?
Leaders of family businesses are being forced to make agile business decisions to help protect employees and keep the company afloat. As the scope of COVID-19 continues to unfold, anxiety for families and individuals, as well as businesses, remains ...
Angel Investor and Raising Funds from Angel Investors
Angel Investors Angel investor makes capital available for startup business in exchange of transformable debt or equity ownership. They provide support to startup at very initial phase where risks of failing the startup are comparatively high and at ...
What is Women Entrepreneurship Platform?
Introduction This scheme is the initiative of NITI Aayog to realize women to start a new venture. This scheme is focusing on at building an ecosystem for women across India to realize their entrepreneurial aspirations (i.e. desire to start a new ...
How to Apply PAN Card for company?
PAN Card for Company A Permanent Account Number known as PAN is a vital document for any taxpayer. It is a unique 10-character string of letters and digits. PAN card requirements are detailed in the Income Tax Act of 1961. A PAN card is a mandatory ...
What is Human Resource Management (HRM)?
1. What is an HRMS? An HRMS (Human Resource Management System) is a type of HR software that enables the management of several HR functions through the use of information technology. An HRMS typically covers every element of an HRIS and include the ...
How can Payroll Management help in Business?
The term “Payroll” actually refers to the list of employees that receive compensation from a company. However, most companies generally use the term to refer to the money that is paid to the employees or the records that detail how much each employee ...
What is Employees’ Provident Fund?
Employees’ Provident Fund or EPF is a popular savings scheme that has been introduced by the EPFO under the supervision of the Government of India. The savings scheme is directed towards the salaried-class to facilitate their habit of saving money to ...
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