Nidhi Company in India What are the benefits of registering Nidhi Company in India? Advantages: There are several advantages of starting a Nidhi Company in India. We will have a look into some of these: · Limited RBI regulatory compliance Nidhi Companies need to incorporate themselves as Public Limited Companies with the MCA. And … Read More →
Nidhi Company in India IPORTANT POINT: Dividend: A Nidhi shall not declare dividend exceeding 25%or Such higher amount as may be specifically approved by the Regional Director for reasons to be recorded in writing and further subject to the following conditions- An equal amount is transferred to General Reserve; There has been no default in … Read More →
Covid-19 impact: India GDP growth slows to 3.1% in March quarter Gross domestic product grew by a slower pace of 3.1% in the fourth quarter of 2019-20, showed data released by the Central Statistics Office on Friday. This, as the coronavirus further weakened consumer demand and private investment in the March quarter. The median forecast … Read More →
COMPANY LAW: Declaration & Payment of Dividend to Non- Resident Shareholder PROCEDURE FOR DECLARATION OF FINAL DIVIDEND: Board Meeting: Dividend shall be declared only on the recommendation of the Board, made at a meeting of the Board. Where a company has an Audit Committee, this Committee shall consider the annual financial statements before submission to … Read More →
ACCOUNTING & TAXATION: Brief notes on Income from other sources Incomes which are charged to tax under the head ‘Income from other sources’ ‘Income from other sources’ is the residual head of income. Hence, any income which is not specifically taxed under any other head of income will be taxed under this head. Further, there … Read More →
COMPANY LAW: Concept of Woman Director under Companies Act, 2013 Earlier under Companies Act, 1956 there was no such provision under which appointment of woman has been made compulsory for Companies but with the introduction of The Companies Act, 2013, a sub section and rule related to the mandatorily appointment of Woman Director in the … Read More →
ACCOUNTING & TAXATION: First Time Dual Income Tax Rates for Individuals in Income Tax Every time the Finance Minister makes the changes in the Income Tax at the time of presentation of annual budget proposals. This year a historical change is announced by the Finance Minister along with the various provisions that keep changing in … Read More →
COMPANY LAW: New Independent Directors Rules under Companies Act 2013 ? Independent Director (Define): Means an independent director referred to in Section 149(6). ? Applicability of Independent Director Provisions: Listed Company The Public Companies having paid up share capital of 10cr or more; or The Public Companies having turnover of 100cr or more; or The … Read More →
ACCOUNTING & TAXATION: Which ITR applicable to whom for FY 2019-20/AY 2020-21 Brief on Applicability of Income tax return (ITR) form for Financial Year (FY 2019-20)/Assessment Year (AY) AY 2020-21 All the taxpayers are mandatorily required to file their ITRs electronically except individuals over the age of 80 years who have the option of … Read More →
ACCOUNTING & TAXATION: Tax Free Bonds in India Tax-Free Bonds in India are issued by Government to collect money for long term projects like Construction projects, Railway projects or any other project which government may think of. Government takes the money & gives interest to investors annually. Government allows Retail Investors to invest in Tax- Free … Read More →