Appointment of director in casual vacancy under Companies Act 2013

Casual vacancy can be caused by the resignation, death or disqualification of an existing director. Through this write up we are going to discuss how to appoint a director in case of casual vacancy under companies act 2013. As per section 161(4) of Companies Act 2013, in case of public limited companies, if the office … Read More » "Appointment of director in casual vacancy under Companies Act 2013"

How to link Aadhar number to your PAN for filing return of income

As per the present tax laws of India, a tax payer filing income tax return without using digital signature certificate or DSC is required to send acknowledgement form or ITR V generated after uploading the return of income to the tax department’s CPC Bangalore office. If such acknowledgement or ITR V has not been received … Read More » "How to link Aadhar number to your PAN for filing return of income"

ITR V form password, check list and how to send it to tax department

Tax department has laid down certain guidelines for taxpayers to follow while filing their return of income. If it’s not followed then your return of income may get rejected. Tax payers in India have option to use digital signature while filing their return of income with the tax department. If it’s used then you are … Read More » "ITR V form password, check list and how to send it to tax department"

Who should sign subscription page of MOA or Memorandum of Association

As per Companies Act 2013 read with related rules there under, a Memorandum of Association and Article of Association of a company should be signed by all the subscribers to the MOA of the company at the time of incorporation stating therein the name of subscriber, address, description and occupation in presence of at least … Read More » "Who should sign subscription page of MOA or Memorandum of Association"

How to identify loans or advances as Non Performing Asset or NPA for a bank

To move towards greater transparency and consistency in the published accounts of a bank, RBI has introduced prudential norms for income recognition, asset classification and provisioning for the advance portfolio of the banks. The main objective of these norms is to reflect bank’s actual financial health in its balance sheet. As per the prudential norms … Read More » "How to identify loans or advances as Non Performing Asset or NPA for a bank"

Section 234B and 234C – Interest on defaults and deferment in payment of advance tax

As per section 208 of income tax act 1961, if advance tax payable as calculated in accordance to the provisions of this act is 10000 rupees or more then it shall be payable during the financial year in instalments before the due date as specified under section 211. Section 234B and 234C deals with provisions … Read More » "Section 234B and 234C – Interest on defaults and deferment in payment of advance tax"

How to get an Import export code or IEC number in India

Import Export Code or IEC in short, is provided by Director General of Foreign Trade, ministry of commerce, government of India. Its a 10 digit special code required for a person looking at making an import into India or exporting a product or service out of India. To get issued an import export code or … Read More » "How to get an Import export code or IEC number in India"

Now, One individual can start a company in India – One Person Company or OPC

Under the old Companies Act 1956, it was required to have at least two people to form a private limited company and 7 people to form a public limited company. There was no concept of forming a company with a single shareholder as its member. Also Read: Minimum Persons required to register a company in … Read More » "Now, One individual can start a company in India – One Person Company or OPC"

Interest to be charged for failure to deduct and pay TDS – Section 201(1A)

As per the provisions of income tax act 1961, an assesse is required to deduct tax at source for certain specific payments under section 192 to 196C if conditions as laid down in those relevant sections are satisfied. For example as per section 194C of Income Tax Act 1961, TDS has to be deducted from … Read More » "Interest to be charged for failure to deduct and pay TDS – Section 201(1A)"

Minimum persons required to form a company in India

As per companies act 2013, in India we can form three type of companies i.e. private limited, public limited and One Person Company or OPC. Section 3 prescribes minimum number of persons required to form a public, private or OPC in India. As per section 3 of Companies act 2013, a company in India can … Read More » "Minimum persons required to form a company in India"