Limited liability partnership or LLP is registered with the ministry of corporate affairs. It's a partnership firm where all the partners have limited liability. The concept of LLP in India started in 2009 after the introduction of LLP act, 2008 which is passed and notified with effect from 31st march 2009. In India a It's treated just like a partnership firm formed with a … [Read more...] about Limited Liability Partnership Firm Formation – LLP Formation in India
Company Name Approval Process in India
After getting you Director Identification Number or DIN approved from MCA, you can start your company name approval Process. You can check at MCA site to know whether the company name is available for registration or not. If you find any company with the same name then your name can not be approved by MCA. Same site can be used for LLP name search. The must important … [Read more...] about Company Name Approval Process in India
What is a digital signature certificate – DSC
DSC is an electronic signature used to authenticate any digital message or documents. A properly implemented digital signature gives the receiver reasons to believe that the message that has been sent by the owner of the signature. The original owner can not deny for the authentication of the signature. Digital signature or DSC uses encryption technique and a public/private key … [Read more...] about What is a digital signature certificate – DSC
Public Limited Company – Minimum requirements and Advantages
Public limited companies are incorporated or registered in India under the Indian Companies Act 2013. As per the present law, Public limited company are defined as a type of organization which is not a private ltd company i.e. It's not managed privately by group of individuals. Shares are freely traded by the public and the organization registered as a public limited … [Read more...] about Public Limited Company – Minimum requirements and Advantages
Private Limited Company Requirements
Private Limited Company is registered in India under the companies act, 1956 with not less than 2 members and not more than 50 members as its subscriber. It's less cumbersome to organize and operate as there are certain legal exemptions to follow. In India most of the family businesses are run in the name of a private limited company. It does not trade in a stock exchange and … [Read more...] about Private Limited Company Requirements
Section 24 – Deduction from income from house property
Under section 24, tax deduction from annual value of house property is available while calculating income from house property. Only two types of tax deductions are allowed under section 24 of income tax act; Standard Deduction Interest on borrowed capital The list presented in section 24 is an exhaustive list and no other deductions are allowed from “income from house … [Read more...] about Section 24 – Deduction from income from house property
Gross Annual Value of your House Property – Income Chargeable Under the head income from house property
For the purpose of calculating the taxable amount of house rent, we have to first derive the gross annual value of the property. Gross Annual value will be derived as follows; Derive the expected rent for your house property To derive the expected rent of your house property you need to follow the following steps; Calculate the Municipal and Fair Value of the … [Read more...] about Gross Annual Value of your House Property – Income Chargeable Under the head income from house property
Income from House Property – Tax Calculation for your house rent
Rent received as a legal owner from your owned building is taxable under the head “house property”. If you have a land which is attached or situated in the vicinity of your building then rent received from such land will also become part of the building rent and will be taxable along with your rent income. If you have a vacant land or a plot and you have received rent out of … [Read more...] about Income from House Property – Tax Calculation for your house rent
Unrealised Rent in House Property Income
Unrealised rent is the portion of your house rent amount which is not realised from the tenant fro some reason. While deriving actual rent received or receivable for the purpose of calculating gross annual value, the unrealised rent has to be deducted from it. Unrelaised rent will be allowed to be excluded from the rent received only when following conditions are … [Read more...] about Unrealised Rent in House Property Income
Joining bonus – Income tax liability for receiving joining bonus
Joining bonus is an amount paid to a new employee by a company as an incentive to join them. Normally employer pays a lump sum amount at the time of joining to lure experienced peoples from the competition. According to income tax act, joining bonus will be treated as profit in lieu of salary and will be taxable in the hands of the employee who receive it. When you receive … [Read more...] about Joining bonus – Income tax liability for receiving joining bonus