Appointment of company secretary or CS is governed by the Indian companies act. According to this act, a company secretary is to be appointed and/or compliance certificate is to be obtained based on the paid up share capitals of the company. Companies having paid up share capital of Rs. 10 lakh or more but less than Rs. 2 crore is not required employing a whole time … [Read more...] about Appointment of Company Secretary in India
Requirements of Form 16 and 12BA in Income Tax
Form 16 is a TDS certificate issued by employer to the employee for the financial year with the details of tax deducted, tax deposited, Challan number, date of deposit, PAN of the employee and employer. Every employer at the time of payment of salaries to employee has to compulsorily deduct TDS at the average rate computed on the basis of estimated income of the employee. … [Read more...] about Requirements of Form 16 and 12BA in Income Tax
Salary received from more than one employer – Multiple form16
During the financial year, an assessee can be employed simultaneously under more than one employer or can change the employment during the financial year. In both cases, employee can furnish details of salary due or received by him to either of the employer of his choice. Such company after getting employee’s salary details has to compulsorily deduct TDS after considering … [Read more...] about Salary received from more than one employer – Multiple form16
Section 194B and Section 194BB – TDS on Winning from lottery or crossword puzzles or horse race
Section 194B deals with deduction of TDS in the case of winning from lottery or crossword puzzles and section 194BB is for TDS deduction in case of winning from horse races. Section 194B Under section 194B, any person responsible for paying any amount as winning from followings will attract Tax at Source and the payer has to deduct TDS at the rate of 30% if such amount is … [Read more...] about Section 194B and Section 194BB – TDS on Winning from lottery or crossword puzzles or horse race
Cost of company registration in India – For a private limited company
Company registration cost in India depends on so many factors. One of the major factor is the authorized share capital with which you want to register your private limited company. If you want to register your private limited company with the minimum requirements then cost of company registration will be less. Cost of company registration will go up with the increase in … [Read more...] about Cost of company registration in India – For a private limited company
Section 43B – Tax deductions based on actual payment
Section 43B of Income Tax act allows certain expenses on the basis of actual payment made within the stipulated time i.e. before the due date of filling income tax return. If such expenses are not paid within the due date then it will be allowed in the year of payment i.e. on the basis of actual payment. Section 43B will be applicable only if incomes are chargeable to tax … [Read more...] about Section 43B – Tax deductions based on actual payment
Section 193 – TDS from Interest on Securities
Section 193 is applicable to interest on certain specific securities from which TDS has to be deducted at the time of payment or credit to the books of accounts which ever is earlier. Transfer to any account like suspense account other than the party account will be considered as if such interest amount has been credited in the books of account. Any person who is responsible … [Read more...] about Section 193 – TDS from Interest on Securities
Job of a Chartered Accountant or CS in company registration Process
Chartered accountants (CA) or company secretaries (CS) are the persons who are authorized to approve and certify all the documents that are required in company registration process. At each steps of company registration process, you need to obtain their approval before uploading it to MCA website. Approval of DIN Director Identification Number (DIN) is required before the … [Read more...] about Job of a Chartered Accountant or CS in company registration Process
What is capital gain tax in India
Profits earned by transferring capital assets in India will be liable to capital gain tax under income tax act, 1961. The difference between your sale price and cost of acquisition will be treated as capital gain. Computation of capital gain depends upon the nature of capital asset transferred. Capital asset can be of two types; Long term Short term If the capital … [Read more...] about What is capital gain tax in India
Section 54- Exemption of Capital gain tax on transfer of house property
Any long term capital gain arises to an individual or HUF from transfer of residential house property (income from which is chargeable under the head income from house property) shall be exempt to the extent of such capital gain as invested in the purchase or construction of another residential house property. Such new residential house property should have been purchased … [Read more...] about Section 54- Exemption of Capital gain tax on transfer of house property