Articles by Taxblock

MOA and AOA of a Company under Companies Act - Memorandum of Association

Taxblock 20 November 2021 at 09:47

The Memorandum of Association is a document that specifies the constitution of a company and hence it is the foundation on which the company’s structure is built.

Constitution, Restriction and Powers of the board

Taxblock 19 November 2021 at 09:41

Section 149 of the Companies Act, 2013 states minimum and maximum number of the director that shall be in the company. The minimum number of directors in a private limited company is 2, for public limited it is 3 and for an OPC its1.

Appointments, Roles, Responsibilities of Company Secretaries in India and its removal

Taxblock 19 November 2021 at 09:41

The main role of CS in an organization is auditing the company's tax returns maintaining and, keeping books of accounts, advising the board of directors regarding the financial and legal risks of the company and ensuring that the company complies with statutory and legal regulations.

Alteration in charter documents of the company - Alteration of memorandum of association

Taxblock 19 November 2021 at 09:40

The name of the company can be changed by passing special resolution and with written approval of Central Government. Approval of Central Government is not required if the change relates to only addition or deletion of word Private to the name of the company.

Dividend Distribution Tax

Taxblock 03 November 2021 at 09:33

If a company is earning profit then they provide it to the shareholders of the company which is known as dividend. Dividend is income for shareholders so it is taxable in the hands of tax payer.

Alternative Minimum Tax (AMT): Applicability, Exemption, Calculation

Taxblock 03 November 2021 at 09:33

Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax.

Set-Off and carry forward of losses

Taxblock 02 November 2021 at 09:22

There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses.

Notices, Appeal, Revisions, Search & Seizure Under Income Tax

Taxblock 02 November 2021 at 09:22

If any person is receiving notice then they need to act on the notice. Recently CBDT which is known as Central Board of Direct Tax has launched the scheme that is termed as Centralized Communication Scheme, the scheme says that all the communication shall be made in electronic mode.

Minimum Alternate Tax

Taxblock 02 November 2021 at 09:21

Minimum Alternate Tax or MAT is a provision that is in direct tax laws which is for companies, it is the provision for limit the tax exemptions which is availed by the companies.

What is income and what are the different sources of income

Taxblock 27 October 2021 at 09:42

Income is the money received by a person periodically on a daily, weekly, monthly, or yearly basis. Income includes monetary as well as non-monetary values of allowances and perquisites.