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A nominee plays a crucial role in an OPC. A novel type of business structure known as the One Person Company (OPC) emerged with the Companies Act, 2013 in India. It enables business owners to incorporate a firm with just one member. Every OPC needs a nominee to meet legal…

Are you familiar with the term ‘tax audit’? Well we all know the concept behind auditing which is to carefully review and inspect financial records to ensure compliance with the Income Tax Act 1961 and other relevant related laws, and detect any fraudulent activities. It is mandatory to conduct an…

Section 44AB OF THE INCOME TAX ACT 1961 requires the firms or entities to get their accounts audited every year by a Chartered Accountant before the due date. The provisions regarding the requirements to get them audited and penalties for non-compliance of the same has been mentioned under the statue.…

Making the most of your tax savings as a salaried employee is essential to maintaining your financial security and guaranteeing a happy future. You can increase your discretionary income and drastically reduce your tax bill by utilizing various tax -saving strategies. Let’s discuss tax saving options for salaried employees. Table…

Fixed deposits are a good investment since they can withstand market fluctuations. A 2023 survey found that Indians favour FDs. About 23% of investors use FDs to hedge inflation. Despite their constant returns, FDs must be considered tax-wise. FD interest is taxed as part of an individual's yearly income. Investment…

The last date for filing income tax returns for the financial year 2022–23 was July 31, 2023. However, if you were not able to file your ITR within the stipulated period, you still have the option to file a late return, also known as a belated return. A belated income…

An important document that creates the foundation for the partnership's operations is the Limited Liability Partnership (LLP) Agreement. A successful partnership is built on a solid LLP Agreement, such as the one we're looking at here. It outlines the LLP's organizational structure, duties, and legal foundation. To make sure that…

Welcome to the ultimate guide on Cost Audits! In the world of business, understanding where your money goes is crucial. This comprehensive FAQ Guide for Businesses & Professionals will unravel the mysteries behind cost audits. From what they are to why they matter, we'll walk you through it all in…

The concept of significant beneficial ownership under the Companies Act of 2013 has become a pivotal element in corporate governance and transparency. With the layers of various entities like companies or limited liability partnerships (LLPs), the Ministry of Corporate Affairs (MCA) introduced the idea of Significant Beneficial Ownership (SBO) Rules,…

India has a big economy and a lot of people, so it's a great place for international companies to explore new opportunities. India is happy to have foreign companies wanting to set up their businesses here. To register a foreign company in India, you need to follow some rules and…