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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…

Any operating business needs funds for expansion as well as smooth running of the business. Now the business can choose to opt for borrowed funds or own funds. In case of companies own funds means equity or preference share capital. Now, again the company can choose to bring in new…

The director's report is a mandatory financial document attached to the balance sheet before the annual general meeting(AGM) filed at the end of every financial year. The main aim behind drafting a director report is to explain to the shareholders the financial positions and business operations of the company. Section…

The Companies Act, 2013 defines a company as a company incorporated in India to carry different types of businesses. Companies are formed under Companies Act, 2013. There are many different types of companies in India based on the functionality, and requirements of the promoters. In this article, we will be…

The due date for filing Income Tax Return is approaching. There are lots of things that cross your mind when you sit with your Form-16 to file the return. There are 7 ITR Forms notified by Income Tax Department. In this article we will discuss ITR-1 and ITR-2 Forms. Normally…