Concept of one person company or OPC has been introduced in India by the Companies act, 2013.As per the provisions, one member with a nominee can form a OPC by registering it with the ministry of corporate affairs.Nominee is a person who becomes member of the One Person Company in case of death or any other incapacity of the member.One person company has certain … [Read more...] about When you can convert a One person company to private limited
Is withdrawals from NPS account taxable in the hands of individuals
Central government has introduced NPS or national pension scheme to provide old age income after retirement.In National Pension Scheme, account can be opened either by visiting POP-SP or through e-NPS. All most all leading banks and India post are authorized to act as a POPs for NPS.As discussed in our earlier article, periodic contribution to the NPS account is allowed … [Read more...] about Is withdrawals from NPS account taxable in the hands of individuals
Tax deduction on contribution to national pension scheme or NPS
National pension scheme (NPS) is managed by Pension Fund Regulatory and Development Authority (PFRDA), a statutory body established by Government of India.The main purpose of this scheme is to give you retirement benefits to salaried as well as self-employed persons.In this article, we will be discussing tax deductions available to an individual for investing in a … [Read more...] about Tax deduction on contribution to national pension scheme or NPS
10 things a self employed person should know for better tax compliance
In India, a self employed person is taxable as an individual. His or her income based on the source from which it's derived gets added to different heads of income to calculate taxable income.However, if you do proper planning, your taxable income can be reduced. Hence, you will be liable to pay less tax.Based on certain parameters, our tax laws has asked a self … [Read more...] about 10 things a self employed person should know for better tax compliance
Top 10 post incorporation compliance applicable to OPC – One person company
A one person company is required to comply to companies act, 2013 and income tax act,1961 in addition to other applicable laws.You need to remember certain mandatory compliance applicable to a one person company in order to avoid penalties and non compliance issues.In this article, we have listed top 10 post incorporation compliance to help you understand the … [Read more...] about Top 10 post incorporation compliance applicable to OPC – One person company