Form 16- Basics Form 16 is a certificate of Tax Deducted at Source(TDS) from salary. It is issued by an employer and it contains the information which is required to file an Income Tax Return(ITR). An Employer shall issue Form 16 every year on or before 15th June of the next year, immediately after...
Continue readingDeposit
Meaning of Deposit As per section 2(31) of the Companies Act,2013 ‘deposit’ includes any receipt of money by way of deposit or loan or in any other form by a company. The procedure of Acceptance of deposit As per section 73 of the Companies Act,2013 a company may accept deposits from its members on...
Continue readingResignation of Director
About: A Director may resign from his office by giving a notice in writing to the company for their resignation. And then the board on receipt of such notice shall take note of the notice given by the director and the company from which the director wants to resign the company shall within 30...
Continue readingVacation of Office of Director
Vacation of office of Director means when the director ceases to hold the office on various grounds. So let’s look on the ground of vacation of office of Director of are as follows: The vacation of the director attracts when he incurs any of the Disqualification mentioned in the Companies Act. If the director...
Continue readingCharge under the Companies Act,2013
Introduction to Charge A charge is a security provided for securing loans or debentures by way of a mortgage on the assets of the company. Generally, debentures and other borrowings are secured by a charge on the assets of the company. Where property, both existing and future, is agreed to be made available as...
Continue readingCapital Gains Exemption under section 54 of the Income Tax Act,1961
Introduction The Income Tax Act,1961 classifies capital assets into two types: short-term capital asset and long-term capital asset. Section 54 of the Income Tax Act, 1961 provides an exemption in the case of Long term capital gain (LTCG) on the transfer of residential house property if certain conditions are satisfied by the assessee. It...
Continue readingTCS: Tax Collected at Source
What is TCS? TCS is an abbreviation for Tax Collection at Source. The provision of TCS is governed by section 206C. TCS is one of the Models of collecting Income-tax from the taxpayer, where the seller will collect tax from the buyer and will pay the same to the government. TCS Rate Section Particulars...
Continue readingAppointment of director elected by small shareholders
Small Shareholders: A shareholder who is holding shares of nominal value not more than Rs.20,000 in a public company. The small shareholders are entitled to elect a director in a listed company and the director elected by such shareholders will be known as small shareholders director. Let’s see the rules regarding small shareholders director...
Continue readingFRAUD REPORTING
Term ‘fraud’ as Fraud’ deals with intentional misrepresentation by one or more individuals among management, TCWG (those charged with governance) o, third parties or employees, involving the use of deception to obtain an illegal advantage”. CHARACTERISTICS OF FRAUD Fraud is Intentional Misstatements in the financial statements can arise from either fraud or error. The...
Continue readingBranch Audit
Branch: Branch office, in relation to a company, means any office described as a branch by the company. In short, it is on the company to describe an establishment as their branch office. There is no such hard and fast condition; it’s a company’s discretion. Eligibility to be appointed as an Auditor? When a...
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