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
How a partner of partnership firm is taxed in India
Partners are individuals joined hands to form a partnership firm by signing a contract or agreement with all the terms and conditions that they are agreed to.In india, a partner is taxed as an individual. All the tax provisions applicable to an individual is applied to a partner for calculating his/her tax liability.A partner generally receive following incomes from … [Read more...] about How a partner of partnership firm is taxed in India
When you can’t claim office rent as business expenditure for tax calculation
Any expenses incurred in the running of business is tax deductible if it's not specifically disallowed or certain tax provisions are not satisfied. Similarly, office rent incurred by your business can be deducted as a business expenditure if provisions of income tax act, 1961 is satisfied.In this article, we will discuss certain situations where you can't claim office … [Read more...] about When you can’t claim office rent as business expenditure for tax calculation
15 things you must know about Sukanya Samriddhi Yojana Scheme – SSY
A natural or legal guardian can open Sukanya Samriddhi account in the name of a girl child with any branches of India Post or Department of Post office or in a bank. It's a scheme launched by government as part of ‘Beti Bachao Beti Padhao’ campaign.Here are 15 key things that you should know about the Sukanya Samriddhi Yojana Scheme:To know more about Sukanya … [Read more...] about 15 things you must know about Sukanya Samriddhi Yojana Scheme – SSY
Top 20 reasons why income tax PAN is a must for Indians
PAN stands for permanent account number. PAN is a 10 digit alphanumeric number issued by income tax department to the applicant who has submitted form 49B along with documents.Also Read: How to get instant PAN onlineYou can apply for a PAN at any point of time. Once issued, it's valid for your entire life.However, you can not hold more than one income tax permanent … [Read more...] about Top 20 reasons why income tax PAN is a must for Indians