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In 2009, the government enforced Limited Liability Partnership Act, 2008 for the formation of limited liability partnerships in India. The Limited Liability Partnership is a popular form of business because of its simplified registration process and maintenance. They allow many small and medium-sized companies to have a separate legal entity…

Indian marriages see a huge influx of gifts. The newlyweds are given gifts from their immediate families and friends. A common question arising in the minds of the newlywed taxpayers is revolving between marriage gifts and taxation. Section 56 of the Income Tax Act states that cash, jewelry, house, and…

The backbone of the economy lies with the Micro, Small and Medium Enterprises known as MSME in short. Currently, there are nearly 6.3 crore MSMEs in India according to the latest Ministry data in 2021. These enterprises contribute nearly 29% of the country's GDP. MSME was introduced in 2006 and…

Today’s population, especially those living in big cities have evolved from living in big houses to apartments/villas etc. These days the working professionals do not have enough time for constructing their own houses by arranging men, material etc. So, now the trend of buying posh flats in posh housing societies…

It is said that shareholders are owners of the company. However, in reality it is the Board of Directors who exercise great control. Board of directors only take decisions regarding day to day operations and routine affairs of the company. With control comes risks of misuse of that power. So…

The concept of non-profit organizations came in the early 19th century. In India, non-profit organizations are covered under section 8 of the Companies Act, 2013. The main purpose of a non-profit organization is to invest the profits earned for the betterment of the society. A section 8 company can convert…

GST i.e. Goods and Service Tax is an indirect tax i.e. collected from customers and paid to the government. The Act also provide all the detailed provisions about its collection, payment, due date of payment, due date of returns etc. Now, what happens if the GST is wrongfully collected and…

The full form of TDS is Tax Deducted at Source. It is the amount that is deducted as a tax from the money paid at the time of specific payments such as rents, commissions, salary, or professional fees. It is one of the tax-collection method used in India. It is…

In Companies, major decisions are taken by the board of directors. These decisions are in the form of resolution. A resolution is an agreement made by the members of the company in a meeting. It is a document in writing dealing with significant decisions. The Companies Act, 2013 discusses about…

Savings is something that our Indian households thrive on. To inculcate that habit further there are many institutions like banks, finance companies. There are also Non-Banking Finance Companies which are quite popular these days. The meaning of Nidhi is treasure, Today we will see that what all it takes to…