Charitable trusts in India are set up for social causes. To get tax exemption these registered charitable trusts are required get their trust registered with income tax department and follow tax regulations as prescribed in India. As per Income Tax Act, 1961, charitable trusts in India are required to file income tax return before the due date as prescribed in the Act. … [Read more...] about When charitable trusts are required to file income tax return
Archives for December 2014
Consent of Nominee to form One Person Company in India
One person can form a company for any lawful purpose by subscribing his or her name to the memorandum of association i.e. by becoming a shareholder. Such forms of company in India are called One Person Company. To ensure that the One Person Company lives on even after the death or disability of the sole owner, Companies Act 2013, has made it mandatory that the sole owner has … [Read more...] about Consent of Nominee to form One Person Company in India
Is cash flow statement required for private limited companies
With the introduction of new companies act 2013, many students and professionals are asking one common question, is cash flow statement required to be prepared for a private limited company while preparing financial statements at the end of the financial year. Today we will be discussing requirement of cash flow statements and companies to which it’s not applicable. For … [Read more...] about Is cash flow statement required for private limited companies
Definition of Small Company and few relaxations as per Companies Act 2013
Companies Act 2013 has introduced a new concept known as small company. Small company as per the Companies Act 2013 is defined with reference to the paid up share capital or the turnover as per the last profit and loss account of a private limited company. Because of the size, small companies are considered and they are not required the same level of compliance as large … [Read more...] about Definition of Small Company and few relaxations as per Companies Act 2013
Post incorporation compliance for a private limited company
After getting certificate of incorporation, a private limited company is required to comply with certain rules and regulations as per the Companies Act 2013. Certain new provisions are added to the Companies Act 2013 as compare to the old Companies act 1956. There are many requirements that a company should comply to carry on its business. But, today we are going to discuss … [Read more...] about Post incorporation compliance for a private limited company
When and where to conduct annual general meeting or AGM – Companies act 2013
Annual general meeting or AGM is a yearly meeting of members or shareholders of a private or public limited company to comply with legal requirements which include approval of audited accounts and appointment of company auditor. As per section 96 (1) of companies act 2013, every company other than a one person company or OPC shall in each year hold in addition to any other … [Read more...] about When and where to conduct annual general meeting or AGM – Companies act 2013
How to convert a public limited company to private limited company – Companies Act 2013
Section 13 and 14 of Companies act 2013 and rule 33 of companies (incorporation) rules 2014 deals with provisions relating to conversion of public limited company to private limited company. Section 13 and section 14 requires the public company to pass special resolution to obtain shareholder’s approval in a general meeting. Further, section 14(1) of Companies act 2013, … [Read more...] about How to convert a public limited company to private limited company – Companies Act 2013