Company auditor appointment procedure and tenure has been changed in companies act 2013 compare to the old provisions of companies act 1956. In this article, we will be discussing how to appoint company auditor in an annual general meeting and tenure of such appointment. If you want to know how first auditor is appointed under companies act 2013 and its time period then … [Read more...] about Appointment of Company auditor – Section 139 of New Companies act 2013
Rotation of company auditors – New provision in companies act 2013
New companies act 2013, has mandated rotation of individual auditor, audit firm and audit partner for all listed companies and certain private and unlisted public companies. In this article we will be discussing applicability of rotation of company auditor and other provisions related to it. As per the new companies act 2013, following companies are compulsorily … [Read more...] about Rotation of company auditors – New provision in companies act 2013
Is PAN card a mandatory requirement for company registration in India
In case of Indian residents, Income tax's Permanent Account Number or PAN details are a mandatory requirement for company incorporation. While applying for DIN in form DIR-3, you are required to provide your income tax's permanent account number or PAN details and get it verified online. However, this field is not a mandatory field in DIR-3. But it does not mean that PAN … [Read more...] about Is PAN card a mandatory requirement for company registration in India
Individuals need not pay tax on income up to Rs. 620000 – Impact of budget 2014
We have seen many changes in budget 2014, out of which some benefits are extended to individual tax payers like hike in section 80C, section 24 deductions etc. Today, in this article we will show you how one can avoid tax by taking advantage of various new amendments in IT act as passed in budget 2014. Let us first discuss these changes. Hike in Section 80C deduction … [Read more...] about Individuals need not pay tax on income up to Rs. 620000 – Impact of budget 2014
Tax threshold limits increased in Budget 2014 but no changes to tax rates
In budget 2014, our honorable finance minister has increased tax threshold limits for the financial year 2014-2015. Below this tax threshold limit, income for the financial year starting from 1st April 2014 to 31st march 2015 is not taxable in India. We have three different threshold limits divided based on the age group. Budget 2014 has increased the basic threshold limit … [Read more...] about Tax threshold limits increased in Budget 2014 but no changes to tax rates
Tax deduction ceiling limit for section 80C hiked in budget 2014
Tax deduction under section 80C is available to an individual or HUF who has invested in certain specified investments like PPF, life insurance and/or have incurred certain expenses like tuition fee. In budget 2014, the earlier maximum tax deduction limit of section 80C has been increased from Rs. 100000 to Rs. 150000 by keeping the list of investments and expenses … [Read more...] about Tax deduction ceiling limit for section 80C hiked in budget 2014
PPF ceiling limit hiked to Rs 1.5 lakhs in budget 2014
Our honorable finance minister in budget 2014 has hiked the maximum ceiling limit of Public Provident Fund scheme or PPF from last year figure of Rs. 1 lakh to Rs. 1.5 lakh. Now with a notification, government of India has changed the maximum ceiling limit of Public Provident fund Act, 1968 to increase the maximum investment limit to Rs. 1.5 lakh for the financial year … [Read more...] about PPF ceiling limit hiked to Rs 1.5 lakhs in budget 2014
Benefits and drawbacks of investing in Kisan Vikas Patra or KVP
Kisan vikas patra or KVP is reintroduced by our honorable finance minister in budget 2014. Kisan Vikas Patra was discontinued since November 2011 by earlier UPA government. With its reintroduction, many small investors will be benefited by getting higher interest rate. For the benefit of our readers we will be discussing benefits and drawbacks of investing in kisan vikas … [Read more...] about Benefits and drawbacks of investing in Kisan Vikas Patra or KVP
How to claim income tax deduction on interest on home loan
Various tax benefits are available on payment of interest and principal portion of home loan. Principal amount paid during the financial year can be added to section 80C tax deduction limit and the interest component is available as a deduction under section 24 of IT act. In this article we will be discussing how to claim income tax deduction on interest on home loan or … [Read more...] about How to claim income tax deduction on interest on home loan
How to open a bank locker in India – Certain things to keep in mind
Bank lockers in India offer option to safeguard things like jewellery, cash, diamond and other valuables. Bank can not deny a customer for locker facility. Even, you are not required to be an existing customer of the bank to get locker facility. To get a locker, the person has to fill up an application form and complete the KYC formalities at bank. The person is also … [Read more...] about How to open a bank locker in India – Certain things to keep in mind