Characteristics of Public Limited Company Directors As per the provisions of the Companies Act, 2013 to start a public limited company, a minimum of 3 directors are required and there is no restriction on the maximum number of directors. Limited Liability The liability of each shareholder is limited. In simple words, a shareholder of a…
OPC FORMATION One Person Company (OPC) is a type of Company under the Companies Act, 2013. OPC is a company that has only one person as to its member and another person as their nominee. It can also be said that an OPC is a blend of Proprietorship concern and a Company. Features of OPC:…
Private Limited Company, The most popular legal structure for businesses, should be chosen by anyone looking to build a scalable business. Indian start-ups and growing companies pick it because it allows outside funding to be raised easily, limits the liabilities of its shareholders and enables them to offer employee stock options to attract top talent.Private…
Partnership: A partnership is a special type of contract and is a relation between two or more persons who have agreed to share profits of a business run by all or any one of them acting for all. The essence of a partnership is a contract between partners. It is mandatory for partners to share…
The income tax authorities process the tax returns (ITR) filed by assessees and if any refund is due, a refund order is issued for direct credit to the taxpayer’s bank account. Since March 2019, the income tax department only issues e-refunds and physical dispatch of refund cheques has been discontinued. Hence, it is important to…
Prepare and Submit ITR Online: To Prepare and Submit ITR Online, please follow the below steps : Login to e-Filing website with User ID, Password and Captcha. Go to e-File and click on “Prepare and Submit ITR Online”. Only ITRs 1 and 4S can be filled online Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment…
What is a revised return?Revised return allows you to rectify the error or omission of facts made at the time of filing your original ITR. Filing a revised return simply means filing your return again but this time with the correct information. When filing a revised return you need to mention details of the original…
To view Refund/ Demand Status, please follow the below steps: Login to e-Filing website [ https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html] with User ID, Password and Captcha. Go to My Account and click on”Refund/Demand Status”. Below details would be displayed. Assessment Year Status Reason (For Refund Failure if any) Mode of Payment is displayed. Taxpayer can now view Refund/ Demand Status. Or,…
Citizens of the country are liable to pay tax on the income earned under the Income Tax Act, 1961. Income earned in the financial year is assessed in the next year, known as Assessment Year. However, though the income is assessed in the Assessment Year, taxes are generally paid in advance through Tax Deduction at Source…
What is income tax audit?The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts of…