Sub-section (2) of the Banking Regulation Act, 1949, says that no banking shall hold shares in any company, whether as pledgee, mortgagee, or absolute owner, of an amount exceeding 30 percent of the paid-up share capital of that company or thirty percent of its own paid-up share capital and reserves.
Here we are going through post incorporation compliance of a Nidhi Company.
The AIS is a comprehensive statement containing details of all the financial transactions undertaken by you in a financial year (FY). The TIS is a generation of a Taxpayer Information available in AIS in a simplified format.
An insurance contract (General Insurance) is a contract of indemnity and insurance company is liable to pay the loss occurred by the insured due to happening of insured risk/perils.
Tax planning is a process of analyzing one's financial situation during the year and coming up with various exemptions and deductions that reduces tax liability in a legitimate manner.
Scheme for Remission of Duties and Taxes on Exported Products (RODTEP) was launched in 2020 from 1st January 2021 through the ministry of commerce and industry Govt. of India. This scheme is applicable to the export of products but not services.
Section 153A provides the procedure for completion of assessment in case of a person where a search is initiated under Section 132 or books of account or other documents or any assets are requisitioned under Section 132A after 31st May, 2003 but on or before the 31st Day of March'2021.
In the series of FAQs in this article, we have considered the critical issues around financials of a company under the Act and LODR vis-à-vis COVID-19 and have provided certain check points that the directors and the management need to adopt
Cash flow statements are to be prepared by all companies but the act also specifies a certain category of companies which are exempted from preparing the same. Such companies are One Person Company (OPC), Small Company and Dormant Company.
Auditors work in various capacities within different industries. Auditor appointment and resignation all are to be served to Registrar of Companies.
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