The Income-tax Act imposes numerous forms of interest for various types of delays/defaults. This article discusses the provisions of sections 234A, 234B, and 234C of the Internal Revenue Code that deal with interest charges. The failure to file a tax return on time Advance tax non-payment or underpayment Non-payment or underpayment of individual advance tax…

Meaning of Equity Shares A company limited by shares ‘equity shares’ mean share capital which is not preference share capital. This is the portion of the company’s money that is raised in exchange for a share of ownership in the company. Equity share capital is negatively defined by Section 43 of the Companies Act, 2013, being…

According to the Income Tax Department, individuals with higher incomes are required to disclose certain assets in their Income Tax Return (ITR). The Disclosure of Assets in the Income Tax Return (ITR) is made mandatory. The necessity was applied in 2016 and has since been periodically changed. Let us discuss more it in detail. Table…

Limited Liability Partnership (LLP) is a somewhat new sort of business element presented in India through the LLP Act, 2008. LLPs are generally famous among independent companies and with late unwinding of FDI rules identifying with LLP, the interest to register a LLP among NRIs and Foreign Nationals has additionally expanded. In this article, we…

The Ministry of Corporate Affairs (“MCA”) has, in view of the representations it got for looking for extension of time for holding the Annual General Meeting (AGM) for the financial year finishing on March 31, 2021, informed the Registrar of Companies (RoC) to accord endorsement for expansion of time for holding the AGM for a…

India is the world’s third-largest incubator, with 55000 start-ups. There are 59 unicorns among them. Start-ups are growing in number and scale as a result of the digital revolution. The government has supported this gathering with a number of programmes. Special mention should be made of tax breaks and the effective resolution of issues such…

Form 16 is a TDS certificate that lists out the taxable income to be paid to the government thus, every employee/ salaried individual has to obtain Form 16 from employer to file an Income Tax Return (ITR) every year. Contingent upon the employer has to provide with the Form 16 and in case of non-providence…

Form MGT 9 is an annual return filled by the company with ROC via MCA, MGT 9 is filled in accordance with Section 134 of Companies Act, 2013. However, this provision has been amended in 2017 w.e.f 31st July’ 2018 and in accordance with the amendment the provision in relation with MGT 9 has been…

Food is the basic necessity of life and keeping a check on its quality is the responsibility of the provider. Just like any other product, food requires a stamp from an approved organization. In India, that is FSSAI (Food Security and Quality Control) ensures this task. Let us have a look at all the aspects…

The Financial Statement is the important document of the company which is required to be prepare in every financial year and audited by the auditors of the company. The Financial Statement provides an overview of the company’s assets, Liabilities and shareholders’ equity. The Financial Statement is required to prepare so that the shareholders can get…

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