Private Limited Company

Private Limited Company

What is the definition of a Private Limited Company? In India, one of the most common types of legal entity is a Private Limited Company (PLC). The Companies Act, 2013 governs private limited companies, which must have at least two directors and two shareholders, one of whom must be an Indian resident and citizen. The …

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Reduce your Tax

How to Save Salary Tax in India? We have a tendency to invest in various items that improve our quality of life but can also cause severe financial strain. To significantly alleviate this burden, the government offers income tax exemptions on direct taxes levied on your total salary. Take out a home loan and benefit …

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Public Provident Fund (PPF)

What is PPF ? PPF schemes are very popular among investors. The National Savings Institute established the Public Provident Fund PPF Scheme in 1968. The Indian government supports this scheme. As a result, the returns are guaranteed. Section 80C of the Income Tax Act exempts the investment and interest earned from the PPF scheme. As …

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New criteria of small business

INTRODUCTION The Ministry of Corporate Affairs has notified a change to the Companies (Specification of Definitions and Details) Rules, 2014, which will take effect on April 1, 2021. The MCA (Ministry of Corporate Affairs) made this change in response to the Honourable Finance Minister’s proposal in the Union Budget 2021 to revise the definition of …

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GST on Food & Grains

What Is the Current GST Rate? The Goods and Services Tax (GST) is a tax levied on traded goods and services in India. The GST was implemented on July 1, 2017, with the goal of creating a unified tax system across the country. Rice, wheat, barley, and other cereals are subject to a 12% GST. …

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How to surrender EP/FPF

How to surrender EPF/PF

What is EPF ? EPF or employee provident fund is a retirement scheme that every salaried employee can avail from their employer. What is the use of EPF ? ●     It helps in saving money for the long run. There is no requirement to make a single, lump-sum investment. ●     Deductions are made on a …

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New TDS Section 2022

New TDS Section 2022

  First Applicable – 1st July 2022                      TDS to be deducted by – Business or Profession To be deducted on – Any Prerequisite / Benefit to RESIDENT      Type of advantage or Prerequisites –  In Cash or In-Kind or Partially in cash and Partially in Kind. …

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New Accounting Rules from 5 August

New Accounting Rules from 5 August

~ The Companies (Accounts) Fourth Amendment Rules, 2022 have been notified by the Ministry of Corporate Affairs (MCA) in order to update the Companies (Accounts) Rules, 2014.  ~ The clause referring to “Manner of keeping books of account in electronic mode” has been amended. ~ Under sub-rule (5), in the proviso, the terms “daily basis” …

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