Commencement of Business Certificate
As per Companies (Amendment) Ordinance 2018, obtaining Certificate of Commencement of Business is mandatory for every Company within 180 days of incorporation. A director has to declare that every subscriber to the memorandum has paid the value of shares agree…
As per Section 149(1)of the Companies Act, 2013, every company shall have a board of directors consisting of individual directors. In case of a public company a minimum of 3 directors are needed and in case of a private company, a minimum of 2 directors are needed to ensure smooth functioning of the…
Filing of Appeal
An appeal is a procedure by which an assessee/tax payer can fight against the assessment order and/or notice of demand given by the Income tax department.
It may so happen that in an assessment, the data given in the Income tax return is not accepted by the Income Tax departme…
Unexplained money, Deposits & Investments
Section 68 - Cash credits: Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion o…
Companies registered under Section 8 can close their company by surrendering their license to operate as a charitable company. Such license can be surrendered by converting the company into a normal company other than a Section 8 company.
Section 8 company cannot be converted to One Person Co…
RESIDENTIAL STATUS
Section -5 of Income Tax Act, 1961 provides Scope of total Income in case of a person who is a resident, not ordinarily residents and non residents. However, it is important to firstly determine the residential status of the assessee because the scope of total income var…
PPF investment benefits for minor
One of the benefits of the PPF account is its 15-year lock-in period. Therefore, if you open a PPF account for your kid at an early stage in his/her life, then by the time he starts working or becomes adult (i.e., turns 18 years of age), the account would hav…