Ease of compliance requirements compared to a private limited company, and it is also more cost-effective for the small entrepreneur
OPC can transition to a private limited company or public company more easily now
In the current scenario, we are now in a universal regime where an automatic exchange of tax information is the latest norm. As a matter of fact, more and more countries and jurisdictions are following the international protocols set by the Organisation for Economic Co-operation and Development (OECD).
At present, there are a number of organizations across the world that are hit by COVID-19. As a result of which these companies are under severe pressure to lower the cost. This is likely to favor outsourcing work to the accounting outsourcing companies in India over insourcing.
Taxation is the primary source of revenue for any government and is based on the theory of the maximum welfare of society. The rates of income tax are different for people who are residing in India and for those who live overseas.
“Accounting is the language of business” – Warren Buffet Accounting constitutes an integral part of any business as it helps in: Ensuring statutory compliance Creating a budget and future projections for your business Evaluating the performance of your business.
Our Hon’ble PM Shri Narendra Modi has embarked on a mission of a corruption-free India taking the help of Information and Technology and conceived the idea of Digital India. In a national Conclave of Tax official.
Until a few days back, MSMEs were characterized under the Micro, Small and Medium Enterprises Development Act, 2006. The definition depended on (i) interest in plants and machinery for manufacturing and service industries.
The new form 26AS has come into effect from 1st June 2020 by insertion of new section285BB in the Finance Act, 2020. The new form 26AS provides the assesse with the personal details of mobile number, email id and date of birth.
DUE DATES FOR FILING ROC FORMS FORM PARTICULARS DUE DATE DIR-3KYC KYC OF Directors 30.09.2020 DIR-3 Return of Deposits 30.09.2020 MSME-1 Half yearly Return – Outstanding payments to MSME for more than 45 days.
Director identification number (DIN) refers to a unique identification number of 8 digits allotted to an individual who is willing to become a director or is an existing director of a company. MCA vide amendment of Companies Rules, 2014 came with a new initiative of updation of KYC.
Extension of due dates relating to Income-tax returns and Audit reports Section Nature of compliance Original Due Date Due date extended by the Ordinance 2020 New due dates notified on 24-Jun-20 Section 139(1) Filing of original return for the Assessment Year 2019-20