About: A partnership firm is a body of more than one person who comes together to conduct business under one entity. There are two types of partnership firms- Unregistered partnership firm Registered partnership firm Those firms get certified from the Registrar of Firms, called Registered Firm. Partnership firms are required to file income tax...
Continue readingTAX DEDUCTED AT SOURCE (TDS)
Introduction TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The...
Continue readingITR FOR SALARIED PERSON
What is ITR? Income Tax Return (ITR) is a form in which the taxpayers file the information regarding the total income earned during the financial year and compute the tax applicable to his income computed for that financial year to the income Tax Department. The Income Tax Department notifies 7 various kinds of ITR...
Continue readingITR 4 WITH TAX AUDIT
What is the ITR 4? Those assessees who have opted for presumptive income scheme under Section 44ADA, Section 44AD and Section 44AE of the Income Tax Act are required to file their return in ITR-4 However, if the turnover exceeds two crores, the taxpayer will have to file ITR-3. Who is required to file...
Continue readingWhat is TDS ON GST?
Introduction TDS introduced in GST is a mechanism to track or identify the transaction of supply of goods and/or services by making the recipient of such supply deduct a percentage of the amount to be paid to the supplier of such goods and/or services and deposit the same with the Govt. When is Liable...
Continue readingWhat is Saving Schemes?
About Saving schemes are launched by the Government of India, Banks, and financial institutions. Saving schemes help investors to achieve their financial goals over a period of time. Governments or banks decide the rate of interest in these schemes. An investor can use the savings he makes through these schemes for retirement, higher education,...
Continue readingAUDIT COMMITTEE UNDER SECTION 177
About An audit committee consists of non-executive directors, it is set up by and works under the supervision of the board. The audit committee is set up under Section 177 of the companies Act, 2013, and sometimes for the adoption of best practices of good corporate governance. The member of the audit committee comes...
Continue readingHow to Appeal for Outstanding Tax Demand?
After filing of the Income Tax Returns, the next step of the e-filing process is verification. The Income Tax Department checks the income declarations and tax paid to see whether all these details matched. Thereafter the IT Department will accept the tax return filed as per Section 143(1). On checking if IT department found...
Continue readingWhat is One Person Company (OPC) & Advantages and Disadvantages of One Person Company (OPC)?
One Person Company (OPC) One Person Company (OPC) is a private company having a minimum of one Director and Member whereas a public company is required to have a minimum of Three Directors and Seven members. Earlier a single person couldn’t incorporate a Company but now as per Section 2(62) of the Company’s Act 2013,...
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