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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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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