Filing an income tax return serves as a crucial income documentation, even when one's income is not subject to taxation. While the law mandates filing when income surpasses the basic exemption limit, there are compelling reasons to maintain a consistent record with the Income Tax...
Residential status played a crucial role in determining the taxation of income for individuals. The Income Tax Act provided clear provisions to ascertain residential status, considering factors such as the total stay in India and the individual's origin....
Operating a company is never easy, and sometimes tough decisions to shut down a company become inevitable for its founders. Over the past three years, approximately 3.8 lakh companies have been struck off under the Companies Act, 2013. When it comes to closing a company,...
When an individual chose to start a business, the most critical decision was selecting the structure of the business. Factors such as taxes, individual liability, or fundraising depended on the chosen structure. Before commencing the business and selecting the structure, business owners sought advice from...
The Director’s Identification Number (DIN) serves as a vital identity proof for directors within a company. It was a mandatory requirement, and obtaining it involved a straightforward process of filling out forms and submitting necessary documents and fees through the MCA Portal. This article explores...
NRIs, or Non-Resident Indians, were individuals who had ties to India but had settled abroad. Many NRIs had investments in properties in India, either purchased or inherited. They sometimes opted to sell these properties located in India. In this article, we will explore the taxation...
The Limited Liability Partnership (LLP) Firm, governed by the LLP Act of 2008, blended elements of a firm and a company. It had statutory obligations akin to a company but was treated for taxation purposes like a partnership firm. This article delves into the taxation...
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Loans played a crucial role in financing companies alongside equity in the past. Under the Companies Act of 1956, companies were permitted to borrow from directors, shareholders, or directors' relatives. However, with the amendment of the act, the New Companies Act of 2013 removed the...
The Financial Statement is a crucial document for any company, necessitating preparation every financial year and subsequent auditing by the company's appointed auditors. It served to provide a comprehensive overview of the company's assets, liabilities, and shareholders' equity. By presenting this information, the Financial Statement...
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