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Section 194E TDS Payments to NR Sportsmen
India’s love for cricket can’t be defined by a single ‘word’. Whenever there is any cricket match involving the Indian team or IPL, the madness is visible. But have you ever wondered how many foreign players like Angelo Mathews, David Warner, etc., ...
Section-8 Company Incorporation & Compliances
Check out details with the procedure for registration of section 8 with companies Act, 2013 The primary purpose of registering a company as a Section 8 Company is to promote non-profit objectives such as trade, commerce, arts, charity, education, ...
What are the Requirements for registering an LLP?
LLP Registration in India has become an alternative form of business that provides the advantages of a Company and the flexibility of a Partnership firm into a single organization. The Concept of LLP in India was introduced back in 2008 by the ...
One Person Company and Its Features
What is an OPC? One Person Company in India is a new concept that has been introduced with the Company's Act 2013. One Person Company in India is incorporated by a single person. Before the enforcement of the Companies Act 2013 a single person was ...
What is a Sole Proprietorship Firm and How to Register?
What is a sole proprietorship? Proprietorship in India is a type of unregistered business entity that is owned, managed, and controlled by one person. The micro and small businesses that are operating in the unorganized sector prefer registering as a ...
What is Section 194D and Section 194DA
Similar to tax deductions done at various income sources such as salary, interest income, and house rent, tax deductions at source (TDS) is also required to be done on insurance commission and life insurance premium payments. Section 194D and ...
Section 194J-Fees for Professional or Technical Services
The deduction of tax at source or TDS has been beneficial in collecting taxes in the country by targeting the source of income itself. It also eases the taxpayer’s tax burden when it is time to file their income tax returns. That is because they get ...
Section 194H-TDS on Commission and Brokerage
Section 194H is for income tax deducted on any income by way of commission or brokerage, by any person responsible for paying to a resident. Individuals and Hindu Undivided Family who were covered under section 44AB are also required to deduct TDS. ...
Sec 194M – TDS on Resident Contractors and Professionals
The Budget 2019 proposed various changes in the existing sections of the income tax laws. Along with the changes, this budget also introduced some new Sections for TDS such as 194M and 194N. 194M – TDS on payment to resident contractors and ...
Section 195 – TDS on Non-Residents
As per the Income Tax Act, 1961, any earnings generated through business transactions with NRIs come under the purview Income Tax Act and are subject to the TDS rate under Section 195. To understand this provision better, entities need to gather more ...
Section 194IB & 194IC under Income tax Act
Section 194IB of the Income-tax Act deals with the tax deducted at source on payment of rent. Section 194IC was introduced to bring the ‘Joint development agreement’ of real estate under the preview of TDS. An agreement between the owner of the asset ...
Section 194P- Exemption for ITR filing for senior citizen
To provide significant relief to the senior citizens aged 75 or above from IT filing, Ministry has introduced Section 194P in the Income-Tax Act, 1961 via the Finance Act 2021. New Section 194P is applicable from the 1st day of April 2021. They can ...
Section 194K-Tax Deduction on Income from Mutual Fund Units
FM Nirmala Sitharaman proposed the addition of Section 194K in the Finance Act during the Budget 2020. This section includes a tax deduction on the amount paid on the units of mutual funds, without a limit, to any resident individual. Let’s discuss ...
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 ...
Change in Director of an Indian Company
Change in Director Directors are generally appointed as per the applicable provisions of the Companies Act 2013, by the shareholders of the company to ensure that the day to day operations of the company are executed in an efficient manner. They have ...
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 ...
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