Many a times you may come across terms like “Partnership Firm” and “Company”. But, have you ever wondered, how are they any different from one another? Don’t worry, in this article we will explain the differences to you. We hope this article helped you to understand the difference between Partnership Firm and Company. For further…
There has been a time in our lives when we have sought for a loan. The directors are no different, they would have their requirements and they would look for loans. But, have you wondered how the procedure of giving a loan to director under section 185 of Companies Act 2013 work? No, don’t worry,…
Different people have different types of approaches to business and hence, we get to see different types of companies. But, have you ever thought of diving deep to know about these differences? Here are the details. Those were a lot of details, don’t you think? Do you have more queries? Are you looking for…
Have you ever thought about sections 139(9) and 154? Ever wondered what is it about? To help you out, in this article, we have discussed elaborately about these sections. So, without further ado, let us get started. Section 139(9): Defective Income Tax Return In this case, Assessing Officer (AO) is of the opinion that ITR…
Ever wondered what is the procedure for reporting of foreign investment to RBI? Want to know? Here it is. Every Indian Company who receives FDI (Foreign Direct Investment) needs to report such FDI inflow to Reserve bank of India. Therefore this is my attempt to clarify the procedure regarding reporting of FDI to RBI. 1….
So, you are an NRI residing outside India and earning Income from outside India, but you have your resources in India. However, because you are staying outside the country, you are not aware of the rules that are applicable to you. To help you with all the hassle, here are the rules that you need to…
Are you an NRI looking to sell his property in India? If yes, then these are the few things that you need to know. Tax effect on sale of property in India for NRI’s As you have a property/capital asset in India and you want to sell it and you need to understand the Income…
Input Credit Mechanism is available to you when you are covered under the GST Act. So, if you are a manufacturer, supplier, agent e commerce operator, aggregator, or any of the persons mentioned here, registered under GST, you are eligible to claim Input Credit for tax paid by you on your purchases. What can be claimed as…
Tax invoices are very important as they are necessary to claim input tax credit. However, there are a particular set of rules for the issuing of the invoices. The invoice referred to in rule 46, in the case of the taxable supply of services, shall be issued within a period of thirty days from…
So, you are a salaried employee and TDS on your income has already been deducted from your salary and you are feeling that if TDS has been deducted your responsibility towards Income Tax Department has been completed, but this is not completely true. Let us clarify… Filing Income tax return is not mandatory for salaried…
In organizations, an employer has to deduct TDS on salaries and then pay the salary amount. The amount deducted as TDS by the employer will reflect in Form 16 along with Chapter VI-A deductions claimed by the employee. Every employee has to submit investment proofs to employer for computation of income tax as per the…
There are many organizations like charitable institution, NGO’s which help the poor and the needy and you can make donations to these specified organizations, which will ensure the money is used in right purpose. The amount donated can be claimed as deduction under sec 80G of Income tax Act 1961. Deduction under sec 80G can…