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
10 things you must know before registering a One Person Company – OPC
To form a private limited company, you require a minimum number of 2 directors and shareholders. If you are not finding anyone to join you, then better to start your business as a one person company (OPC).Similar to private limited, in a OPC both director and member can be the same person.While registering, you should not get certain things wrong as your application … [Read more...] about 10 things you must know before registering a One Person Company – OPC
Cash payments can be disallowed for business tax calculation
Expenses can be paid in cash or by using any banking mode. If it's not specifically disallowed for calculating business tax liability, then you need to check whether the business expenditure is paid in cash or banking mode.Government has taken initiative to discourage cash payments for businesses.If aggregate payments in respect of a expenditure is made to a person in a … [Read more...] about Cash payments can be disallowed for business tax calculation
One Person Company (OPC) in India: Registration, Benefits & Limits
Thinking about starting your own business in India but prefer to keep it small and manageable? A One Person Company (OPC) might be the perfect fit for you. It merges the advantages of a sole proprietorship and a private limited company, providing limited liability protection while keeping ownership simple.This type of company allows a single individual to own and run a … [Read more...] about One Person Company (OPC) in India: Registration, Benefits & Limits
What is director identification number (DIN) and how its issued
A company can't appoint or re-appointment an individual as director unless he has been allotted a director identification number or DIN from the government.You are required to compulsorily quote your director identification number in each e-form filed with the registrar of companies and in all such documents that you sign as a director.As per section 153 of companies … [Read more...] about What is director identification number (DIN) and how its issued