A company is classified as One Person or private or public limited on the basis of their number of members. According to section 2(62) of the Companies Act, 2013, One Person Company (OPC) means a company which has only one person as a member. This means in the case of OPC, the number of members required to register is only 1. One Person Company or OPC is a one shareholder … [Read more...] about Restrictions on One Person Company – OPC
Finance
how to change name of a LLP – Step by Step Procedure
You may require changing your Limited Liability Partnership (LLP) name due to various business reasons or on the directions of the Central Government. Central Government may ask you to change your Limited Liability Partnership name, if the name is deemed to be undesirable or identical with or too nearly resembling with the name of an existing LLP. Whatever may be the … [Read more...] about how to change name of a LLP – Step by Step Procedure
How a dormant company can get status as active
Dormant companies do have certain legal compliance and reporting obligations to fulfill for maintaining the company on the official register. Please read our earlier article to know how to get status of Dormant Company and its legal compliance requirements as per companies act 2013. In this article, we will discuss how a dormant company can get back its status as … [Read more...] about How a dormant company can get status as active
Legal Compliance for a dormant company and role of auditor
In our last article we have discussed how a company can get status dormant. In this article we will be discussing legal compliance under Companies Act 2013 that a company has to comply after getting status dormant. After analyzing Companies Act 2013, we found out that a dormant company has to comply following things after the status change; Annual Return Filing To … [Read more...] about Legal Compliance for a dormant company and role of auditor
How to get status of Dormant Company – Companies Act 2013
In certain circumstances, a company can change its status from Active to Dormant. As per Companies act 2013, a dormant company is one that has no significant accounting transactions in the last two financial years or annual returns and financial statements for last two years has not been filed with ROC. These types of companies are considered as inactive. If dormant … [Read more...] about How to get status of Dormant Company – Companies Act 2013
How to register One Person Company in India – OPC registration
One Person Company or OPC is a new type of business entity introduced through the Companies Act 2013 that allows a single person to operate a corporate entity with limited liability protection. One of the biggest advantages of a One Person Company or OPC is that it required to have only one member to register, while a minimum of two members are required for incorporating and … [Read more...] about How to register One Person Company in India – OPC registration
Budget 2016 – Direct tax and indirect tax key changes
Here are some of the key highlights from the tax proposals in the union budget 2016-2017 presented by Finance Minister Arun Jaitley. Income tax slab rates for the financial year 2016-2017 remained unchanged. Excise duty on most tobacco products raised by 10-15% Jaitley proposes to lower corporate IT rate for next financial year of relatively small enterprises companies … [Read more...] about Budget 2016 – Direct tax and indirect tax key changes
Cash Account Vs Margin Account – Which one is better
Investors must open a brokerage account to start investing in stocks. While opening a brokerage account, your broker will ask you to choose between a cash account and margin account. Whether you are dealing with a full-service or a discount broker, talk to them on this while opening your account. There are important differences between a cash and margin account which investor … [Read more...] about Cash Account Vs Margin Account – Which one is better
How to change the name of a private limited company
A private limited company can change its name for a number of reasons like change in ownership, object clause, re-branding etc. Whatever is the reason for change in name of your private limited company, you need to follow below procedures to get it done. In order to change company name, e-form 1 is required to be filed first with state ROC for approval. Before … [Read more...] about How to change the name of a private limited company
Four tax benefits of health insurance and medical expenses you must know
As a first step in your financial plan, you must ensure that you have adequate health insurance for self and family members. Buying health insurance will serve the purpose of protecting financial instability and give access to quality health care. Premium paid for health insurance also enjoys certain tax benefits in income tax act 1961 that you must know to reduce your tax … [Read more...] about Four tax benefits of health insurance and medical expenses you must know