Advance payment of Tax

This article is in form of Question and Answer to have an overview of the topic  “Advance Payment of Tax ”

 

Which Sections are applicable of Income Tax Act, 1961

Section 207 to 219

What is Advance tax?

It is a form of pre-paid tax system or known as ‘pay as you earn’ scheme. Advance tax is payable on current income in installment during the previous year incomes.

Things to display on company’s website as the Companies Act, 2013 and Listing Agreement

Here is the list of items that is required by the Companies Act, 2013 (Referred as “Act”) as well as Listing agreement that needs to be displayed at the company's website. Requirement of listing agreement may be ignore by the unlisted entities.

S.No.

What needs to be displayed

Company Type

Statutory reference under the Companies Act, 2013

1.

First Information Report (FIR) - FAQ

First Information Report (FIR)

Who can register an FIR?

Any person/citizen who is a victim of a crime or is a witness any crime or has the knowledge of the crime can register an FIR.

When you should register an FIR?

One can register an FIR any time soon after a crime happened to your or in case you witness any crime or accidence.

What are the other steps you can do in case police refuse to register an FIR?

Document Apostillisation - Authentication

The Purpose of Authenticating a Document

Authentication is the process of reliably verifying the identity of someone (or something). It establishes who you are. Authentication is the process by which documentary evidence  and other physical evidence  is proven to be genuine, and not a forgery.

Therefore, it is absolutely crucial for smooth operation of administrative functions.

Choice of Business Entity

This is new buzzword these days among youngster or otherwise who want to create something. And believe me if you are thinking to setup a startup, nobody has time in this world to read lengthy articles. But at some point of time the business requires to take a form of legal business entity and its very important to consider the legal aspects of the business entity.

LIAISON OFFICE IN INDIA

liaison office means a place of business to act as a channel of communication between the principal place of business or head office and the entity in India but which does not undertake any commercial/trading/industrial activity and maintains itself out of inward remittances received from abroad. A liaison office may be permitted to carry on the following activities:

BUSINESS ENTRY OPTIONS IN INDIA

By incorporating a company under the Companies Act 2013:

       A.   Joint Venture;
       B.    Wholly Owned Subsidiary in India (Basically a Private Limited Company having a foreign parent holding company outside India).

A foreign company can set up their operations in India through:

      A.    Liaison office/representative office;
      B.    Project office;
      C.    Branch office.

One Person Company (OPC)

The concept of One Person Company is a new vehicle/form of business, introduced by The Companies Act, 2013 [No.18 of 2013], thereby enabling Entrepreneur(s) carrying on the business in the Sole-Proprietor form of business to enter into a Corporate Framework.

The concept opens up new vistas of business opportunities and particularly spectacular possibilities for sole proprietorships and entrepreneurs who can enjoy the advantages of limited liability and the benefit of separate legal entity as well.