Companies in India are required to file tax return by September 30th of the year following the close of its tax year. If you have incorporated a private or public limited company then also September 30 is the due date for filing income tax return (ITR). Therefore if income is earned for the financial year 2018-19 then company tax return for the same year has to be filed on or … [Read more...] about When to file company tax return and which form to use
Corporate Tax Rate in India for Financial Year 2017-18 and 2016-17
A resident company in India is taxed on its worldwide income where as a non-resident company is taxed only for its income received in India. Companies must pay income tax on their taxable profit based on the rate of tax applicable to the financial year. If you are a new company, one of the first things you should do is to register with income tax department by applying for a … [Read more...] about Corporate Tax Rate in India for Financial Year 2017-18 and 2016-17
Income tax slab rates for PY 2017-18 (AY 2018-19) – For Individual
Budget 2017 has proposed to change the tax rates for the previous year 2017-2018 i.e. assessment year 2018-2019 by keeping income tax slabs unchanged. Existing rebate available under section 87A is also proposed to be reduced from existing Rs. 5000 to Rs. 2500. In India, tax is calculated according to the income tax slab rates for different age groups announced by the … [Read more...] about Income tax slab rates for PY 2017-18 (AY 2018-19) – For Individual
how to change name of a LLP – Step by Step Procedure
You may require changing your Limited Liability Partnership (LLP) name due to various business reasons or on the directions of the Central Government. Central Government may ask you to change your Limited Liability Partnership name, if the name is deemed to be undesirable or identical with or too nearly resembling with the name of an existing LLP. Whatever may be the … [Read more...] about how to change name of a LLP – Step by Step Procedure
Why and How to e-verify your income tax return
Earlier, a taxpayer can verify their tax return either by using Digitally Signed Certificate (DSC) or by sending signed ITR-V copy to Income Tax Department, CPC. With the introduction of e-verification process, assessee is not required to send income tax return acknowledgment copy or ITR-V to CPC, Bangalore after e-filing if e-verification is done successfully. Income tax … [Read more...] about Why and How to e-verify your income tax return
Should salaried individuals file tax return without taxable income
Many salaried persons are under the impression that if full tax has already been deducted by employer from their salary then they are not required to file their income tax returns. In this post, we will discuss why a salaried individual is required to file his income tax return in cases where full tax has already been deducted from salary by his employer. As per the … [Read more...] about Should salaried individuals file tax return without taxable income
How a dormant company can get status as active
Dormant companies do have certain legal compliance and reporting obligations to fulfill for maintaining the company on the official register. Please read our earlier article to know how to get status of Dormant Company and its legal compliance requirements as per companies act 2013. In this article, we will discuss how a dormant company can get back its status as … [Read more...] about How a dormant company can get status as active
Legal Compliance for a dormant company and role of auditor
In our last article we have discussed how a company can get status dormant. In this article we will be discussing legal compliance under Companies Act 2013 that a company has to comply after getting status dormant. After analyzing Companies Act 2013, we found out that a dormant company has to comply following things after the status change; Annual Return Filing To … [Read more...] about Legal Compliance for a dormant company and role of auditor
How to get status of Dormant Company – Companies Act 2013
In certain circumstances, a company can change its status from Active to Dormant. As per Companies act 2013, a dormant company is one that has no significant accounting transactions in the last two financial years or annual returns and financial statements for last two years has not been filed with ROC. These types of companies are considered as inactive. If dormant … [Read more...] about How to get status of Dormant Company – Companies Act 2013
How to register One Person Company in India – OPC registration
One Person Company or OPC is a new type of business entity introduced through the Companies Act 2013 that allows a single person to operate a corporate entity with limited liability protection. One of the biggest advantages of a One Person Company or OPC is that it required to have only one member to register, while a minimum of two members are required for incorporating and … [Read more...] about How to register One Person Company in India – OPC registration