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Naturally Curious

parpellakerala

Aug 22, 20221 min read

What happens if you ignore a tax audit?

If you are liable to tax audit but not complying to it purposefully, penalty upto Rs.100,000 can be imposed. Further, the AO can be...

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parpellakerala

Aug 20, 20221 min read

How do I find out the GST compliance rating of a vendor?

As of now, the GST compliance rating has not been introduced it’s still in the planning stage. However, you can get the details of GST...

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What is the procedure for registration under GST?

parpellakerala

Aug 19, 20221 min read

What is the procedure for registration under GST?

GST Registration can be obtained by logging into www.gst.gov.in first a temporary registration will be allotted based on the PAN, mobile,...

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(1) Being an NRI, can I buy shares in India? (2) Should I trademark my upcoming business name?

parpellakerala

Aug 12, 20221 min read

(1) Being an NRI, can I buy shares in India? (2) Should I trademark my upcoming business name?

(1) Being an NRI, can I buy shares in India? Yes. An NRI can buy shares in India. However, he/ she needs to open a demat account and an...

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How can I register a Pvt. Ltd. company in India?

parpellakerala

Aug 11, 20221 min read

How can I register a Pvt. Ltd. company in India?

Registration of Pvt limited company is a 3 step process and the entire registration process is regulated through the ministry of...

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Is private limited company director is classified as employee or self employed?

parpellakerala

Aug 10, 20221 min read

Is private limited company director is classified as employee or self employed?

The director is a whole-time director or managing director, he is classified as an employee of the company where as the independent...

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How do I remove/replace a shareholder in a private limited company without commencement of business

parpellakerala

Aug 9, 20221 min read

How do I remove/replace a shareholder in a private limited company without commencement of business

It is not possible to transfer the shares before depositing the paid-up capital in the bank account and filing INC 20 A. The first...

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What are the benefits of converting a private limited company to OPC?

parpellakerala

Aug 5, 20221 min read

What are the benefits of converting a private limited company to OPC?

The major benefit of converting a PLC to OPC is that being a small company as per the provisions of Companies Act, there will be...

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How do you remove a director from a private limited company?

parpellakerala

Aug 4, 20221 min read

How do you remove a director from a private limited company?

A company can remove its director by passing an ordinary resolution unless he was appointed by the Central Government or the Tribunal....

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Which is better, OPC or private limited?

parpellakerala

Aug 3, 20221 min read

Which is better, OPC or private limited?

Both have their own pros and cons and the decision depends on the situation. If you’re too particular about starting your company on your...

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Can an unlimited liability company be registered as a Section 8 company?

parpellakerala

Aug 2, 20221 min read

Can an unlimited liability company be registered as a Section 8 company?

No. Only a limited company can apply for Section 8 company license. A Section 8 Company registration typically costs between 15000 to...

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How do I convert OPC in PVT Limited after 1 month of OPC registration?

parpellakerala

Aug 1, 20221 min read

How do I convert OPC in PVT Limited after 1 month of OPC registration?

Conversion of an OPC into a private limited company is permitted only after two years from the date of incorporation. However, if the...

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parpellakerala

Jul 30, 20221 min read

What is the income tax return last date and its procedure?

By default the due date for filing income tax return for individuals is 31st July every year. For the AY 2022–23, the due date is 31 July...

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parpellakerala

Jul 29, 20221 min read

Is it mandatory that one of the director holds the major shares in private company?

A director need not necessarily become the shareholder of a company. One can become the director even without holding shares. A company...

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How do I reduce income tax legally in India as a salaried person?

parpellakerala

Jul 28, 20221 min read

How do I reduce income tax legally in India as a salaried person?

There are several tax-saving options available which include investing in LIC and tax-saving mutual funds, payment of education fee,...

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Is there a board of directors in One Person Corporation (OPC)?

parpellakerala

Jul 27, 20221 min read

Is there a board of directors in One Person Corporation (OPC)?

A single person can become the director in an OPC. An OPC has this peculiar provision to have a single director as well as upto 15. Hence...

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Can a senior citizen mother claim her medical expenses in income tax?

parpellakerala

Jul 27, 20221 min read

Can a senior citizen mother claim her medical expenses in income tax?

The Income Tax Act allows you to claim a maximum deduction of Rs 50,000 (as of FY 2021–22) on medical expenses incurred on the healthcare...

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How do you create a new GST registration?

parpellakerala

Jul 26, 20221 min read

How do you create a new GST registration?

GST Registration can be obtained by logging into http://www.gst.gov.in first a temporary registration will be allotted based on the PAN,...

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Are partners principal to the firm or only agents of firm?

parpellakerala

Jul 25, 20221 min read

Are partners principal to the firm or only agents of firm?

In a partnership, a person must not act for himself alone, but for other partners also, Thus, each partner is a representative of all...

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How much does it cost to get a GST number in India?

parpellakerala

Jul 22, 20221 min read

How much does it cost to get a GST number in India?

The price of GST registration in India varies between a range of R.1000 to Rs.15000. The documents required for GST registration are PAN,...

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