Concept of Directors For Companies
Concept Of Directors For Companies Since a company is recognized as a legal person in the eyes of law, which makes its existence separate from its members. Even with an individual legal status, a company cannot operate on its own, since it has no physical existence. This is where the concept of Board of Directors come in, The board of directors also known as the board is basically the functional brain of the company. The members of the [...]
Go Cashless Save Tax
As a part strategy on pushing India towards cashless economy, the Govt. of India notified about the lower rate of tax for business opting for digital transactions. According to section 44AD of Income Tax Act 1961, business with turnover of less than two crores and maintaining no books of accounts have an option to opt for presumptive taxation scheme where in their income would be presumed to be 8% of the turnover. Now, as per the notification business having digital [...]
Benefits of MSME Registration
Benefits of MSME Registration What is MSME ? Micro, Small & Medium Enterprises Registration also known as Small Scale Industries Registration is a free registration under the MSMED which gives eligible businesses numerous benefits which is why it's recommended to get a MSME/SSI registration. Any business enterprise having invested in plant and machinery of an amount less than 10 Crores in case of the manufacturing sector and 5 Crores in case of services sector are [...]
Registering a Foreign Company in India
Foreign company in India ! Indian Corporate law recognises the word foreign company when a company incorporated outside India has: a place of business in India by itself or through an agent, physically or through electronic mode; and conducts any business activity in India in any other manner Its clearly evident from the provisions in our law that any company incorporated outside India but has a presence in India as specified above shall be called a Foreign Company. So [...]
Importance of CIBIL Score
Importance of CIBIL Score What is CIBIL Score? CIBIL TransUnion Score is a set of points awarded to all individuals or businesses regarding their credit history. CIBIL or Credit Information Bureau of India Limited is a Credit Information Company that is primarily involved in collecting and maintaining data related to all the borrowers of banks. It maintains a consolidated database of all the borrowers and after analyzing their credit record awards a score which indicates [...]
Concept of Small Companies
Small Company under Companies Act What is a Small Company ? Small company is a new term coined by the new companies act 2013. In view to promote more people to register a company, the new companies act had made relaxations who fall within the meaning of small companies for new startups or small businesses. The act defines small companies as: ‘‘small company’’ means a company, other than a public company,— paid-up share capital of [...]