Statement of Financial Transactions (SFT) Code Finance Act 2014 replaced Section 285BA and renamed it as ‘obligation to furnish statement of financial transaction or reportable account’ to widen the scope of specified persons and to introduce various o ...
TDS on Cash withdrawal of more than 1 Crore
TDS on Cash withdrawal of more than 1 Crore In order to discourage cash transactions and move towards a cashless economy, a new Section 194N has been inserted under Income-tax Act with effect from September 1, 2019, to provide for deduction of tax on cas ...
Income Computation Disclosure Standards (ICDS)
Income Computation Disclosure Standards (ICDS) Central Board of Direct Taxes has notified 10 income Computation and Disclosure standards to ensure control over disclosure of income of assessee, to bring uniformity in accounting policies governing computa ...
Provident Fund
Provident Fund Provident fund is regulated by the Employee Provident Fund scheme, 1952. is one of the primary savings schemes for people working in government, public or private sector organizations in India. Provident fund is a welfare scheme for the be ...
Income Tax Return (ITR)
Income Tax Return (ITR) ITR refers to Income Tax Return which is prescribed form for declaring Income to Income tax department. Every assessee covered under the definition of person under Income tax shall furnish the Income-tax return. There are 7 ITR fo ...
Hindu Undivided Family (HUF)
Hindu Undivided Family (HUF) Definition: HUF stands for Hindu Undivided Family, governed under Hindu law board and could be formed by a married couple or by members of a joint family. HUF could be formed by two members, at least one among whom should be ...
Indexation
Indexation In simple terms indexation refers to technique to adjust income payments by means of a price index, in order to maintain the purchasing power of the public after inflation. To overcome the problem of inflation the concept of indexation was int ...
Company Name Availability Search
Company Name Availability Search Company Name Availability Search under Companies Act, 2013 As per provisions contained in Section 20 of the Companies Act, 2013, no company is to be registered with undesirable name. A proposed name is considered to be u ...
Producer Company
Producer Company The concept of Producer company got predominance under Companies act after the bill introduced by the Ministry of Corporate Affairs stating the insertion of Part IXA (section 581A to 581ZT) into Companies Act, 1956. Section 465 of Com ...
Trademark Goods and Services Class Codes
Trademark Goods and Services Class Codes Trademark is a sign, symbol or mark used to distinguish between the goods sold by two or more builders. Once registered the registration gives the owner the right to guard their trademark. The production of goods ...