As per the present tax laws of India, an individual, partnership firm, company and other eligible persons can file their income tax return or return of income until the completion of two financial years from the end of the financial year for which the return is to be filed. For instance, if return of income or ITR is for the financial year 2014-2015, it can be filed on or … [Read more...] about Can income tax return be filed for earlier years
Who can set up One Person Company or OPC in India
One person company or OPC is not a new concept. It’s widely used all over the world including in countries like Pakistan, china, Singapore and US. In India OPC concept has been introduced with the new Companies act 2013. Section 2(62) of Companies Act 2013, has defined one person company. As per this section, One Person Company means a company which has only one person as a … [Read more...] about Who can set up One Person Company or OPC in India
Dividend income Vs capital gain – Meaning and Difference
There are two ways to make money on stock investments: capital gains and dividends. Dividend can be distributed in the form of cash or stock. Both type of payments are distributed our of companies profit by reducing retained earning. Dividends can provide steady periodic income, while capital gain requires action to convert share to cash. When an investor sells share of a … [Read more...] about Dividend income Vs capital gain – Meaning and Difference
5 reasons why you should incorporate a company
Incorporating a company refers to the process of making a private limited or public limited or OPC, which will be a separate entity from the owner. Here are 5 reason why incorporating a company is beneficial; Personal Asset Protection or Limited Liability In case of proprietorship and partnership form of business, the owner may be liable for the entire debts and … [Read more...] about 5 reasons why you should incorporate a company
Compound interest calculation and The rule of 72
In simple term compound interest is interest on interest. This means, compound interest is the interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan. For example, if you deposit Rs 100 into your saving bank account @ 10% compound interest rate per year, in the first year you get Rs 10 as interest. In the … [Read more...] about Compound interest calculation and The rule of 72
Advantages and Disadvantages of sole proprietorship
While considering the legal structure of your new business, in India you are basically have five form of business ownership to choose, a company, a partnership firm, a LLP, a OPC or a sole proprietorship. The only business that doesn’t need to be registered in India is sole proprietorships that owned and operated by one individual. In India, it’s one of the most popular and … [Read more...] about Advantages and Disadvantages of sole proprietorship
Difference between a private and public limited company
In India, Private Limited Companies are generally owned by family members or a small group of persons and not open to public for ownership. The general accepted rule is that any company which is not a public company is known as a private company. The directors and shareholders in a private limited company are frequently the same persons, which is not a case in public limited … [Read more...] about Difference between a private and public limited company
How to surrender or cancel Director identification number or DIN
As per Section 153 of Companies Act 2013, every individual intending to be appointed as director of a company shall make an application for allotment of Director Identification Number or DIN to the central government in e-form DIR-3. One person should obtain one Director Identification Number or DIN. In certain cases like death of the director or DIN allotted more than … [Read more...] about How to surrender or cancel Director identification number or DIN
Transmission of Shares in case of death of shareholder – As per companies act 2013
Transmission of share means transfer of title to shares by operation of law. This type of situation arises when a shareholder died, inheritance, bankruptcy, marriage and succession. On death of the shareholder, legal heirs are required to submit a request letter supported by an attested copy of the death certificate of the deceased shareholder and the relevant share … [Read more...] about Transmission of Shares in case of death of shareholder – As per companies act 2013
How to start a retail jewellery business in India
Jewellery has been an integral part of human civilization. Some people wear Jewellery at auspicious occasions like marriages, engagements, etc as it’s a symbol of power and prestige and others worn to deliver style statement and be fashionable. In this article we will be discussing how to register a retail jewellery business name in India, how to obtain business license, … [Read more...] about How to start a retail jewellery business in India