PPF Scheme is very common among the investors or financial advisors for its flexible nature. Also, the tax benefits one can avail from a Public Provident Fund scheme make the plan fruitful. To motivate small investments among the people, the Ministry of Finance, Govt. of India initiated the PPF (Public Provident Fund) in the...
Continue readingExemption from compulsory GST Registration on interstate Supply
As per Section 24(1), compulsory GST registration required if a person makes Interstate Supply even if his aggregate Turnover is below the specified exemption limit and are exempt from GST registration under section 22(1) Under GST, the supply of goods or services from one to another state called Interstate Supply It is between:- Two...
Continue readingNotice of a Board meeting
The purpose of sending notice of the Board meeting is to inform the directors about the time and date of the meeting. The notice of the meeting need not be in any particular form. An informal notice can be sufficient compliance of law provided it complies with the requirement of the provision of law,...
Continue readingDeduction Under section 80G,80GGB,80GGC
Section 80G Deduction for donations towards Social Causes Various donations specified under section 80G of the Income-tax Act, 1961 are eligible for deduction up to 100% or 50% with or without any restriction. From Financial Year 2017-18 any donations made in cash for more than Rs 2,000 will not be allowed as deduction. The donations for more...
Continue readingAlternate Director under section 161 of the Companies Act,2013
Introduction Section 161(2) of the Act empowers the Board if so authorized by its articles or by a resolution passed by the company in general meeting, to appoint a director termed as ‘alternate director’ to act in the absence of an original director during his absence for not less than 3 months from India....
Continue readingQuorum for a Board meeting
What is Quorum? When we talk about a meeting of the Board of Directors we heard about a word quorum. It is a very important aspect of conducting a meeting of the Board of Directors. So with respect to Board meetings, Quorum means the minimum number of directors competent to transact and vote on...
Continue readingDeduction Under Section 80EE,80D,80DD
Section 80EE Deductions on Home Loan Interest for First Time Home Owners Deduction under section 80EE is available in Financial Year 2017-18 if the loan has been taken in the financial year 2016-17. The deduction is available only to an individual having only one house property on the date of sanction of the loan. The value...
Continue readingMeeting of Board of Director
About: Every company has to conduct a meeting on a regular interval of its board of directors to discuss important policies and issues within the organization. In this article, we are going to understand the insights of the procedure and manner of the board meeting. The number of board meetings Every company shall hold...
Continue readingForeign Contribution (Regulation) Act,2010
Introduction The Foreign Contribution (Regulation) Act, 2010 was enacted to regulate the acceptance and utilization of foreign contribution to ensure that the Parliamentary institutions, political associations, academic and other organizations as well as individuals working in important areas. The Foreign Contribution (Regulation) Act, 2010 has come into effect from May 1, 2011. Prohibition to...
Continue readingForm 26AS
About: Form 26AS includes information regarding tax deducted at Source(TDS) on income by deductors, details of tax collected at source(TCS) by collectors, Advance tax paid by the assessee, Self-assessment tax payments, Regular assessment tax deposited by the assessee (PAN holders), Details of the refund received by the assessee during the financial year, Details of...
Continue reading