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2019

Brief Note on TDS Under Section 194H

Section 194H is for income tax deducted on any income by way of commission or brokerage, by any person responsible for paying to a resident. Individuals and Hindu Undivided Family who were covered under section 44AB are also required to deduct TDS. Section 194H does not include insurance commission referred to in section 194D.

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2019

FAQs on Tax Deducted at Source under section 194I

The Finance Act, 1994 inserted the Section 194I, regarding deduction of tax from rent. The Government introduced the provision to cover the income by way of rent under tax deduction at source. In other countries as well, such income is subject to deduction of income tax at source.

2019

Things that you must know about Employee Provident FundEPF

What is EPF?

  • Employee Provident Fund (EPF) is a scheme regulated by central government under ‘The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952′ which came into effect from 1951 which extends to whole of India except Jammu & Kashmir.
  • EPF is one of the most beneficial investment methods for salaried employee.
  • Government has initiated EPF registration and made it compulsory with certain conditions mainly for cultivating the habits of saving for all employees working in private sector, public sector or even in government undertakings.

2019

Voluntary Liquidation of a Private Limited Company

Introduction:

Company is a form of business which comes with many compliance requirements. Unlike other forms of business like Proprietorship or Partnership Firm which have very less compliance burden, companies have to comply with lot more regulations. Introduction of Companies Act, 2013 has also increase this compliance burden.

This entails an increasing cost in the form of Government fees, late payment interest & penalty etc. The businessmen have to hire consultants to manage these requirements which in turn further increase their cost.

In the face of global economic slowdown, if the business is not performing well, this additional compliance would only increase losses of the business instead of adding any value. Hence, many small companies prefer to switch to other forms of business like Partnership Firm. In this article we will discuss the process of closing down a Pvt. Ltd. company.

2019

Policy Measures for Revival of Indian Economic

Data indicates the United States, the world’s largest economy, may be headed for another recession. This could lead to another global economic slowdown. Many of the world’s other top economies may also be headed for troubling downturns.

The turmoil over Brexit has partly led the UK’s economy to slowdown in the second quarter. Growth has also stopped in Italy, amid political crisis and situation does not seem to be improving soon. Germany’s economy declined in the three months before June, according to new numbers, a troubling sign for the world’s fourth-largest market.

Argentina just went through one of the worst stock market crashes in decades after an allegedly corrupt politician nears power once more. Brazil and Mexico, two leaders of Central and South America’s economies, are expected to perform weakly this year.

Japan faces a recession, and it’s recently entered into a trade dispute with South Korea. Singapore, another Asian economic engine, is also on the brink of recession. Months of protests in Hong Kong have brought the financial hub’s economy to a standstill, and also there is a looming threat of a possible Chinese military intervention. On top of it all, China’s growth rate has slowed due in large part to the trade war launched by President Donald Trump.

2019

TDS on Insurance Commission Section 194D

There are various provisions related to TDS in the Income Tax Act, 1961. One of the very important provisions related to TDS is TDS on TDS on insurance commission under section 194D. In this article we are going to discuss section 194D in to detail.

Financial Management