What is a one-person business? A one person company is defined in Section 2(62) of the Companies Act as a company with only one member. Furthermore, a company’s members are nothing more than subscribers to its memorandum of association or shareholders. As a result, an OPC is effectively a company with only one shareholder as …
What Does MSME Stand For? Micro, Small, and Medium Enterprises (MSME) are governed by the Micro, Small, and Medium Enterprises Development Act of 2006. MSMEs, according to this act, are businesses that specialise in the processing, production, and storage of goods and commodities. MSME Characteristics Let us look at the characteristics of MSMEs: ● MSMEs …
A sole proprietorship company is one that is owned and managed by one person. This type of business can be formed in fifteen days, making it one of the most popular types of businesses to start in the unorganised sector, particularly among merchants and small traders. Registration is not required for a sole proprietorship business …
FSSAI Registration – Introduction Anyone involved in the food industry must be FSSAI registered. To operate a food processing, food manufacturing, packaging, distributing, or selling business, you must obtain an FSSAI registration. The registration/licence is issued by the Food Safety and Standards Authority of India (FSSAI), an organisation that monitors food businesses in accordance with …
What exactly is the Capital Gains Tax (CGT)? Any gain or profit earned by an individual from the sale of a capital asset is referred to as capital gain. The profit made from the sale of the capital asset is taxed as ‘Income from Capital Gain.’ Profit is made by selling the capital asset for …
What is EPF? Employees’ Provident Fund (EPF), also known as PF (Provident Fund) is a mandatory savings and retirement scheme for eligible employees. Employees can rely on the fund’s corpus after they retire. Employees must contribute 12% of their basic pay to this fund each month, according to EPF rules. The employer matches the …
What exactly is trust? A trust is a legal vehicle that allows a third party, known as a trustee to operate and manage trust fund assets on behalf of a beneficiary. A trust expands your options for controlling your assets, whether you want to protect your wealth from taxes or pass it on to your …
Online sellers must register for GST Anyone who sells goods on e-commerce platforms must register for GST and obtain a GST Identification Number (GSTIN). Online sellers are not subject to the basic exemption limit of Rs 40 lakh (for normal category states) and Rs 20 lakh (for north eastern states). Only GST-registered individuals can register on …
What exactly is Section 12AB? Previously, an NGO’s registration to have its income exempted from tax was done under Section 12AA. Following Section 12A registration, all income is exempt from taxation. If an NGO does not obtain 12A registration, income tax is due on any surplus during the fiscal year. According to the new Compliance …
What is form 10B? All Trusts/Institutions that received permanent registration or approval for a period of 5 years will be required to submit an application in Form No.10AB after that time. 2. All Trusts/Institutions that have received provisional registration or approval for a period of three years must submit an application in Form No.10AB within …
