Bank provides different kind of working capital loans to large corporate and SMEs which includes Traders, Manufacturers, Service Enterprises, Retailers, Stockist, Distributors, Merchant Establishments, Departmental Stores, Supermarkets, Restaurants and Multi Brand Outlets etc to finance their day-to-day requirements. Cash Credit or CC is part of bank’s working capital loan … [Read more...] about What is Cash Credit, how it differs from Overdraft facility
Archives for December 2015
What is Tax haven, List of countries considered as tax heaven
Tax Haven can be a state or country or territory where taxes are levied at a very low rate or not at all. It’s described as “sunny places for shady people”. It also refers to places where the country or state has a system of financial secrecy laws or bank secrecy laws or offer favorable tax regimes for foreign investors. Financial secrecy or Bank Secrecy means these … [Read more...] about What is Tax haven, List of countries considered as tax heaven
Can income tax return be filed for earlier years
As per the present tax laws of India, an individual, partnership firm, company and other eligible persons can file their income tax return or return of income until the completion of two financial years from the end of the financial year for which the return is to be filed. For instance, if return of income or ITR is for the financial year 2014-2015, it can be filed on or … [Read more...] about Can income tax return be filed for earlier years
Who can set up One Person Company or OPC in India
One person company or OPC is not a new concept. It’s widely used all over the world including in countries like Pakistan, china, Singapore and US. In India OPC concept has been introduced with the new Companies act 2013. Section 2(62) of Companies Act 2013, has defined one person company. As per this section, One Person Company means a company which has only one person as a … [Read more...] about Who can set up One Person Company or OPC in India
Dividend income Vs capital gain – Meaning and Difference
There are two ways to make money on stock investments: capital gains and dividends. Dividend can be distributed in the form of cash or stock. Both type of payments are distributed our of companies profit by reducing retained earning. Dividends can provide steady periodic income, while capital gain requires action to convert share to cash. When an investor sells share of a … [Read more...] about Dividend income Vs capital gain – Meaning and Difference
Passport, Aadhar card and Bank account details to be disclosed in Tax return
Let us understand the latest mandatory requirements applicable to an individual assessee while filing his income tax return. As per the new notification, passport numbers, if available, is required to be disclosed in Income tax forms. In addition to that total number of savings and current bank accounts with details held by the tax payer at any time during the previous year, … [Read more...] about Passport, Aadhar card and Bank account details to be disclosed in Tax return
5 reasons why you should incorporate a company
Incorporating a company refers to the process of making a private limited or public limited or OPC, which will be a separate entity from the owner. Here are 5 reason why incorporating a company is beneficial; Personal Asset Protection or Limited Liability In case of proprietorship and partnership form of business, the owner may be liable for the entire debts and … [Read more...] about 5 reasons why you should incorporate a company
Compound interest calculation and The rule of 72
In simple term compound interest is interest on interest. This means, compound interest is the interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan. For example, if you deposit Rs 100 into your saving bank account @ 10% compound interest rate per year, in the first year you get Rs 10 as interest. In the … [Read more...] about Compound interest calculation and The rule of 72
Advantages and Disadvantages of sole proprietorship
While considering the legal structure of your new business, in India you are basically have five form of business ownership to choose, a company, a partnership firm, a LLP, a OPC or a sole proprietorship. The only business that doesn’t need to be registered in India is sole proprietorships that owned and operated by one individual. In India, it’s one of the most popular and … [Read more...] about Advantages and Disadvantages of sole proprietorship