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 …
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 …
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 …
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 …
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. …
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 …
The following are some of the major changes to the ITR form for the fiscal year 2022-23: Changes to ITR-1 for the fiscal year 2022-23 While calculating their net salary, this form requires them to provide information about their income from overseas retirement funds. Changes to ITR-2 for the fiscal year 2022-23 The following changes …
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. …
~ 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” …
Under the new Goods and Services Tax GST rules, effective from 18th July 2022, a tax of 18% is now applicable to rent on residential property. The tax will be charged as per the GST reverse charge mechanism (RCM), where the tenant will pay the liable GST. Previously, no GST was payable on residential property …
