The Companies Act, 2013 (‘Companies Act’) read with the Companies (Restriction on Number of La yers) Rules, 2017 (‘Layering Rules’) says that a company is not allowed to have more than two layers of subsediaries. The general doubt here is, why should not a company have more than two subsidiaries, the answer is this to…
Accounts and tax used to be the key areas of concern for all corporates. But scenario changing rapidly. Violation of rules and regulations are becoming more and more severe in this liberalised market and causing concern for governments. Failure to follow accounting and taxation rules can be caught in different stages and can be less…
One of the major worry for company secretary students is problem papers. Most of them directly ask, whether, the course is theory oriented or problem oriented. Most of them never hesitate to express that they are weak in problem papers that is the reason they felt they can do company secretary course. To be frank…
Small businesses are real back bone of the economy. It contributes in the generation of profit as well as employment to many. The concept of small companies is given by the companies act 2013. The classification of small companies has a long route to enhance the small business in India. According to the companies act 2013…
The concept of Authorised Person was introduced in 2009 by SEBI. The term authorize person refers to a person who has been authorized by a stock broker to provide access to trading platform of a stock exchange in form an agent of such broker. Thus, it is a stock broker who appoints an authorized person.…
Income tax is not the only source of taxes for the government. It also collects indirect taxes such as TDS, TCS, and GST from us, by levying them on goods, services, and transactions. In the case of direct taxes, payments are made by the ones earning the money. In case of indirect taxes, it becomes…
Share holders of a company are the owners of the capital of the company but the real management is done by the board of directors of the company. They are the people who manages the funds of the company and take company to future. But in reality much of the powers of the board of…
Section 89 of the Income Tax Act 1961. This particular section provides for relief to the assessee when there is a chance for increased salary in a year due to an arrear payment has happened in the previous years. This means a salary payment which should have been paid in any previous years, which are…
When we look on to expenditures, we can find that there are different types of expenditures. It can be either long term or short term, recurring or fixed etc. But when we look on to the nature of expenses, we can find that the expenses can be divided into two Capital expenditure Revenue expenditure. For…
Capital Receipt and Revenue Receipt In many situations it is found difficult to differentiate between capital and revenue receipts, but clear class bifurcation is very important. Capital Receipt These are the receipts which are usually found place in the balance sheet of a firm, which is of non recurring nature. Usually capital receipts are understood…
