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Legal Compliances to be followed by a NIDHI COMPANY

PRE-INCORPORATION COMPLIANCE:

 

1. MEMBERS: Minimum: 7 Members

2. Directors:  Out of the above 7 at-least 3 should be Directors

3. Minimum Paid up equity Share Capital: Rs. 5 Lakhs

4. No Preference Shares are allowed to be issued. If an existing company has preference shares and wan…

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Trade License in West Bengal

A Trade License certificate is a document from the municipality that grants permission to a company to carry on trade or business. 

The license is given if the business complies with certain rules and regulations laid down by the corporation and safety authorities of the state. The application …

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DOT Registration, Annual Return and Event Based Compliance

Definition of DOT OSP:

According to Department of Telecommunication (DOT), Other Service Providers (OSP) refers to the companies providing services in the tele-communication Industry with use of telecom resources. OSP includes call centres and Business Process Outsourcing (BPO). OSP providin…

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TDS on cash withdrawal of more than Rs. 1 cr

TDS ON CASH WITHDRAWAL (SECTION 194N)

Applicability:

The Finance (No. 2) Act, 2019 has inserted a new  section 194N, with effect from 01 September, 2019, provides that every person, being-

  • a banking company to which the Banking Regulation Act, 1949 applies (including any bank or ban…

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MANDATORY ANNUAL FILING FOR PRIVATE LIMITED COMPANIES

MANDATORY ANNUAL FILING FOR PRIVATE LIMITED COMPANIES UNDER COMPANIES ACT 2013

Every Private Limited Company is required to file following two forms compulsorily:

  1. AOC-4
  2. MGT-7

AOC-4 is required to be filed within 30 days from the end of Annual General Meeting (AGM). For the purpos…

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Appointment of subsequent Auditor

 
APPOINTMENT OF SUBSEQUENT AUDITOR OF A COMPANY UNDER COMPANIES ACT, 2013 
 
Section 139(1): Appointment of Subsequent Auditor in case of Non-Government Company
 
As per Sub section 1 of section 139, every company shall at the first Annual General Meeting appoint an individua…

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INCOME TAX DEDUCTION FROM SALARIES

INCOME TAX DEDUCTION FROM SALARIES U/S 192 OF INCOME TAX ACT, 1961 FOR FINANCIAL YEAR  2019-20

First let us take a look at the rates of Income tax as per the Finance Act, 2019: 

Tax to be deducted at normal rates:
 

Serial no

Total …

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APPOINTMENT OF FIRST AUDITOR IN A COMPANY

 
As per section 139(6) the first auditor of the company other than a government company shall be appointed by the Board within 30 days of Incorporation.In case of Board failure,an EGM shall be called within 90 days to appoint the first auditor.The law is silent regarding from when this time…

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Finance, Accounts, Audits, and Reports under West Bengal Housing Industry Regulation Act, 2017

Grants and loans by State Government (Section-70):-The State Government may, after due appropriation made by State Legislature by law in this behalf, make to the Authority, grants, and loans of such sums of money as the State Government may think fit for being utilized for the purposes of this Act.

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Offence and penalties under WBHIRA Act, 2017

TEH WEST BENGAL HOUSING INDUSTRY REGULATION ACT, 2017

Offences and Penalties:-

  1. Punishment for non-registration under section 3:-
    1. If any promoter contravenes the provisions of section 3, he shall be liable to a penalty which may extend up to ten per cent, of the estimated cost of the…

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Rights & Duties of allottees - WBHIRA

Rights and Duties of Allottees for Real Estate Project (WBHIRA):- 

1. The allottee shall be entitled to obtain the information relating to sanctioned plans, layout plans along with the specifications, approved by the competent authority and such other information as provided in this Act or the r…

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Function of real estate agents under WBHIRA

Every real estate agent registered under section 9 shall-

  1. not facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, which is not registered with the Authority;
  2. maintain and preserve such books of accounts, records and …

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Registration of real estate agents under WBHIRA

  1. No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or a part of it, being the part of the real estate project registered under section 3, w…

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Guide to the Mandatory compliance of a Private Limited Company

 
 
1. Company Name Board- Every Company shall paint or affix the name and address of registered office and keep the same painted/affixed outside every office or place in which its business is carried on, in legible letters.
 
2. Letter Head of Company- Every Company shall get its n…

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TAXABILITY IN CASE OF JOINT DEVELOPMENT AGREEMENTS

The taxability of capital gains arising on transfer of title to land from the landowner to the developer in a Joint Development Agreement (JDA) can be summarised as under-

Determination of date of Transfer:

Sub-section (5A) in section 45 of the Income Tax Act, 1961 provides that the capital ga…

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India- Hong Kong Income Tax Agreement

Taxation In Hong Kong for Individuals

  • Hong Kong follows a territorial principle of taxation. Individuals are taxed only on income that has been earned in Hong Kong.
  • There is no Double taxation avoidance agreement between India and Hong Kong for the year 2018.
  • Assessment year : A year o…

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More disclosures in the Income Tax return

More disclosures are required in the Income tax returns which are recently notified in the new ITR Forms. This underlines the Government's stated objective of increasing the tax net and reducing the possibility of tax evasion.

The highlights are as follows:-

  1. More disclosures for shareho…

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Income Tax Forms - Which Form applicable for whom?

Form No.:ITR-1 SAHAJ - For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs. 5,000/-.

 

This Form is not applicable –

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Tax on sitting fees and commission received by directors

Section 194J is for Fees for professional or technical services.

(ba) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of any remuneration or fees or commission by whatever name called, other than those on which tax is…

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Certain LTCG & STCG cannot be set off against basic exemption limit for NRI’s

For NRIs, certain special tax rate short term or long term capital gains from sale of investments or assets are taxed even if the total income is below the basic exemption limit. These include short term capital gains on equity shares and equity mutual funds where tax rate is 15% and long term capit…

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