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  Section 42 of the Companies Act, 2013 provides that a company may be able to create a private placement for a particular group of people. Private placement by companies means giving away their securities or inviting them to register their securities for a select group of people without the…

CARO 2020 represents the Companies (Auditor's Report) Order, 2020. Section 143 of the Companies Act, 2013 states that auditors are authorized to report on matters relating to CARO. The CARO is an order that sets out issues that are considered necessary by the Ministry of Corporate Affairs (MCA) that auditors…

The main purpose of the revisions to the Companies Act, 1956 was to have a simplified law that would address changes taking place in the national and international context, allow for the adoption of internationally accepted best practices and provide flexibility in responding to ever-changing business models. Also similar to…

The Input Tax Credit is a key concept of GST as it eliminates the declining effect of tax. A registered person is entitled to GST credit payable on imported goods or services and capital goods under certain exceptions and conditions. The input tax credit may be used by the registrant…

Although Partnership Firms do not have a separate legal entity, for Income Tax, they are treated as separate from their partners. These firms whether they are registered or unregistered are therefore required to register with the Income Tax Department and obtain a PAN Card Number. This article provides an insight…

For almost two years India has taken a major step in the tax system through GST. Although there are many benefits to GST, the same is not useful for the GST portal. Both the portal and portal help desk did not provide enough information, which is appropriate for taxpayers. After…

Although auditing is often regarded as stressful, a wealth of valuable information can be gleaned from these financial tests. Internal and external audits are performed for a variety of reasons. Both can help identify areas where a small business lacks internal control, efficiency, or compliance. This article provides an insight…

Section 55 of the Companies Act, 2013 read with Rule 9 of the Companies Act (Share Debt and Capital), 2014 allows the Company to issue preference redeemable shares. Section 55 (1) imposes a ban on the issuance of irredeemable preference shares. This article provides an insight into the issue &…

Are you perplexed and unable to decide whether to file an ITR? Have you heard elsewhere that if your income is less than the basic exemption level, you should skip filing an ITR? Before you decide not to file your ITR, read on to learn about the benefits of submitting…

As provided for in the Companies Act of 2013, every company registered under the Companies Act 2013 or previous rules whether a private limited company, public limited company, small company, OPC, and category 8 company are required to file annual returns and annual tax returns whether they worked or not.…