The Ministry of Corporate Affairs (MCA) vide its General Circular No. 11 dated 24th March 2020 and 12/2020, comes up with the Companies Fresh Start Scheme, 2020 for a one-time application of amnesty of delay of filling the various forms, documents, returns, etc. with the MCA. Earlier Company Settlement Schemes introduced by MCA in 2010,2011, 2014,2018, and...
Continue readingHouse property and Tax Planning
Property covered under income from house property basically comprises any building house, office building, godown, factory, hall, shop, auditorium, etc and/or any land attached to the building. Income from vacant land, however, is not covered under this head. It is covered under another category of income that is ‘income from other sources’. When a...
Continue readingAdvantage and Disadvantage of One Person Company (OPC)
What is One Person Company (OPC)? One Person Company (OPC) is a private company having a minimum one Director and Member whereas a public company is required to have a minimum Three Directors and Seven members. Earlier it was not possible for a single person to incorporate a Company but now as per Section 2(62)...
Continue readingDeduction under Section 80D (Medical Insurance premium)
Person Eligible for deduction under Section 80D Individuals (Resident or Non-resident) or Hindu Undivided Family (HUF) are eligible to claim deduction under Section 80D if the amount paid for medical insurance premium. Any payment made by an individual to purchase medical insurance for his/her spouse, children (dependent), Parents (whether dependent or not). Quantum of...
Continue readingTYPES OF RETURN UNDER GST
GSTR- 1 Return for outward supply Who is required to furnish Every registered person including a casual registered person. However, there are few exceptions to it which is are the following: Input service distributor (ISD) non-resident taxable person (NRTP) the person paying tax under composition scheme the person deducting tax at source the person...
Continue readingManagerial Remuneration
Total Managerial remuneration: The total remuneration payable to Directors (including all the Whole-time Directors, Managing Directors and, all other Directors) and Managers of a Public company for the Financial Year shall not exceed 11% of net profits of the company for that financial year. However, the total managerial remuneration payable to directors and managers...
Continue readingLOGO DESIGN
What is a logo? A logo is a graphic mark, images, texts, shapes, symbols, or a combination of these used to depict name, purpose, and to promote public identification and recognition. It helps in establishing an emotional connection with your audience, promotes brand loyalty, gives the audience a symbol that they can remember, helps to create a brand identity,...
Continue readingRemoval of Director
A company may by passing an ordinary resolution remove a director before the expiry of the period of his office. A company can use Section 169 of the Companies Act 2013 for the removal of any director, so the members of the company have effective control over the directors by removing all such directors...
Continue readingCapital gain in case of compulsory acquisition of Capital Asset
Compulsory acquisition is the power of government to acquire private rights in the land without the willing consent of its owner in order to benefit society, compensation against such acquisition is provided to the assessee by the government. On the occurrence of such transactions capital gain is to be computed as per the provisions...
Continue readingConversion of Capital Asset into Stock –in-Trade
According to Section 45 of the Income Tax Act, 1961 provides that capital gains arising from a conversion of capital asset into stock-in-trade shall be chargeable to tax. However, in cases where the stock in trade is converted into, or treated as, capital asset, the existing law does not provide for its taxability, according...
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