Income tax in India will be charged based on the residential status of your company. Residential status of a company is based on the place of company’s control and management of its affairs. If your company is register in India then it will be treated as a resident under the provisions of IT act. An Indian company will be always treated as resident. … [Read more...] about How to derive residential status of companies
FAQ on residential status of Individual
Can any person be a resident of more than one country Yes, a person can be resident of more than one country. If you are a resident of India as per the provisions of Indian income tax act then it does not mean that you will be treated as non resident for other countries. Different countries have different set of income tax act and rules. If after becoming a resident in … [Read more...] about FAQ on residential status of Individual
What is Articles of Association (AOA) – A beginner’s guide
Like MOA, Articles of Association (AOA) is also prepared at the time of incorporation of a company in India. Different countries like United Kingdom, Pakistan, Bangladesh, Srilanka also have this concept of preparation of AOA. An AOA defines the rules and regulations which a company will be following while carrying out the activities as mentioned in the memorandum of … [Read more...] about What is Articles of Association (AOA) – A beginner’s guide
What is Memorandum of Association (MOA) – A beginner’s guide
Memorandum of association (MOA) is a statement which is prepared and uploaded by the subscriber at the time of company’s registration. You can take help of a professional like a CA or CS for drafting of memorandum of association (MOA). Contents of Memorandum of Association - MOA MOA has to be prepared and to be filed while incorporating a new company in India. Countries like … [Read more...] about What is Memorandum of Association (MOA) – A beginner’s guide
How to derive Residential Status of an individual – section 6 of income tax act
Residential status of an individual decides whether the person is taxable or not in our country. You need to determine residential status of each year to know whether you are taxable in that year or not. To determine residential status you need to first find out whether you are a resident or non resident. If you are a resident then in the next step you need to determine … [Read more...] about How to derive Residential Status of an individual – section 6 of income tax act
Business Expenditure in Cash is permitted up to Rs. 20, 000 – Section 40A(3)
Business expenditure paid in cash to a person in a single day is allowed up to Rs. 20, 000. If you make different payments at a different time in a single day which aggregate to more than Rs. 20, 000 then the entire expenditure will be disallowed as business expenditure. In the case of plying, hiring or leasing goods carriage business the limit of cash expenditure under … [Read more...] about Business Expenditure in Cash is permitted up to Rs. 20, 000 – Section 40A(3)
TDS on Rent – Section 194I of Income Tax Act
TDS on rent has to be deducted under section 194I where the aggregate amount paid or credited or likely to be paid or credited to the account of recipient exceeded Rs. 1, 80,000 during the financial year. However, if you are jointly owner of a property then this limit will be applicable to each such joint owner i.e. TDS on rent will be deducted only when the limit of Rs. … [Read more...] about TDS on Rent – Section 194I of Income Tax Act
What is NEFT – National Electronics Funds Transfer
The acronym NEFT stands for National Electronics Funds Transfer system. In NEFT bank settle transactions in batches. This means, settlement of one transaction takes place along with all other transactions received till a particular cut-off time. NEFT settlements are done every hour in batches. That means transactions within that hour will be settled at once. The … [Read more...] about What is NEFT – National Electronics Funds Transfer
What is RTGS – Real Time Gross Settlement
RTGS stands for Real Time Gross Settlement. Under RTGS, processing of your payment instructions are done at a real time rather than at some other time i.e. settlements are done instruction wise from the banks. In Real Time Gross Settlement funds from your bank account are transferred to another bank account on a real time (i.e. settlements are done without any waiting … [Read more...] about What is RTGS – Real Time Gross Settlement
Trademark Registration in India – How to register your trademark
A unique logo, name, combination of colors and slogan are the first thing most of the business man does. It identifies the source of goods, services and inspires trust and loyalty with a perceived level of quality. How about miss using these logos, names and slogans which you consider to be your business asset. To prevent such things you need to register all these or you have … [Read more...] about Trademark Registration in India – How to register your trademark