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...
The rebate under section 87A was one of the several tax provisions that helped taxpayers decrease their tax liability. This section was inserted to provide relief to individual taxpayers whose gross income did not exceed Rs 5 lakh per financial year. This article highlighted and...
India underwent a significant shift towards embracing social responsibility more comprehensively following the issuance of a new directive in January 2021, which underscored that Corporate Social Responsibility (CSR) became obligatory and legally binding. Back in 2014, Section 135 of the Companies Act had made it...
When purchasing goods, it was crucial to adhere to the new Section 194Q of the Income Tax Act, introduced via the Finance Act – 2021, which established fresh TDS provisions on goods' purchase. These provisions took effect from 01/07/2021. Let's delve into the specifics of...
Committees were constituted by companies in accordance with the Companies Act, 2013. Section 177 of the Companies Act, 2013 allowed the Board of Directors to delegate specific matters to committees established for this purpose. These committees were established to enhance the efficiency and effectiveness of...
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