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Income Tax Assessment Procedure

In this article, we shall discuss about the various income tax notices, notice reply, reply for rectification of mistake and time limit for completion of assessments. When can you expect a notice from the Income tax department? Well, don’t panic if you receive a...

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One Person Company Registration in India

One Person Company Registration in India One person company registration is a new concept introduced under companies act 2013, in which only a single person can form a company instead of having minimum 2 persons for a private company registration and 3 for a public...

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Appointment Of Designed Partners In (LLP)

Every Limited Liability Partnership (LLP) has to appoint minimum 2 (two) partners who shall act as Designated partners of such LLP. The partners could be body corporate as well as individuals. But the designated partners can only be individuals and out of which one...

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LIMITED LIABILITY PARTNERSHIP (LLP)

WHAT IS LIMITED LIABILITY PARTNERSHIP (LLP)? Limited Liability Partnership, popularly known as LLP is an alternative business vehicle to carry out business which combines the characteristics of a private company and a conventional partnership. Formation of Limited...

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Board Meetings of Companies

NUMBER OF BOARD MEETINGS The first Board Meeting shall be held within: 30 days of date of incorporation of the Company As regards subsequent meetings: There should be atleast 4 Board Meeting in every Calendar year. However, there is no such necessity to hold the Board...

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NIDHI COMPANY

Introduction The core business of Nidhi companies is, to borrow and lend money among their members only. In this way, such companies, refine a habit of small savings targeted at the lower & middle-class people. They are known under different names such as Nidhi,...

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TAX REFUND UNDER GST

Meaning and Eligibility: A tax refund refers to any amount that is due or refundable to the tax payer by the tax department. The refund under GST can be claimed under the following: Excess payment of taxes, Unutilized input tax credit on account of output supplies...

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MINIMUM ALTERNATE TAX (MAT)

OBJECTIVE There are various companies, which earn substantial amount of profit, quite enough to be able to declare dividend to their shareholders. However, they avail a number of deductions, exemptions or incentives, due to which their net taxable profit comes out to...

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ADVANCE TAX

  What is Advance tax? Every assessee is required to pay income tax on his/her income exceeding the basic exemption limit. But, the tax required to be paid is ascertained only after the end of the year, so that the right amount of tax can be deposited on his/her...

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PERMANENT  ACCOUNT  NUMBER (PAN) AND AADHAR CARD

WHAT IS PAN? PAN is a 10 digit alpha-numeric unique number allotted to each individual who apply for it. The digits of PAN signify the following: Let PAN of Mr. Ravi Lamba be:  A   A   A   P   L   1  2   3   4   C WHAT DOES THE FOURTH CHARACTER- STATUS MEAN? A  - AOP...

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Tax on Presumptive Basis

Tax on Presumptive Basis- Section 44AD, 44ADA and 44AE   Meaning and intention Section 44AD, 44ADA and 44AE of the Income Tax Act provides a presumptive taxation scheme, which is intended to reduce the compliance burden of small businessmen and relieve them from the...

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TAX DEDUCTED AT SOURCE (TDS)

Introduction​ As the name suggests, Tax Deducted at Source aims to collect tax from the very source of income. Here, the specified assessee (deductor) making specified nature of payment to any other person (deductee) shall deduct tax at source and remit the same into...

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IMPORT OF FOOD PRODUCTS IN INDIA

One of the major developments in the last few decades has been globalization and rapid growth in International trade and business which has resulted in a quantum leap in the imports of various products from diverse countries into India. In India, various food articles...

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Prosecution and Penalties under FSSAI

PROCEDURE FOR LAUNCHING THE PROSECUTION UNDER FSSAI The procedure envisages that the designated officer after due assessment of the report prepared by the food analyst will decide whether the contraventions are punishable with imprisonment or with only fine. In case...

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