A private limited company is a type of business structure that is commonly used by entrepreneurs and business owners. This type of company is considered to be a separate legal entity, which means that it is distinct from its owners. In India, a private limited company is governed by the Companies Act, 2013. One of …
Are you the owner of a proprietorship firm and looking to expand your business? Converting your proprietorship firm to a private limited company can be a great option for you! Not only does it provide you with more opportunities for growth, but it also offers several other benefits. And if you’re based in Gurgaon or …
As a responsible citizen, filing your Income Tax Return (ITR) is an important part of your financial obligations. Every year, the Income Tax Department of India mandates individuals and entities to file their ITRs, and non-compliance with the same can lead to penalties and legal consequences. If you are a taxpayer residing in Faridabad, Haryana, …
The Assessing Officer (AO) sent a reopening notice electronically to an assessee-company for the relevant year using the email address included in its ITR-6 filed for assessment year 2020-21. The assessee challenged the notice on the ground that it was not served as per the provisions of section 282 of the Income-tax Act. The assessee …
The Central Board of Direct Taxes (CBDT) has recently issued a notification that lists the various consequences that will be applicable to an individual if their PAN becomes inoperative due to non-linking with Aadhaar. In this regard, the CBDT has substituted Rule 114AAA of the Income-tax Rules, 1962 to specify the consequences that would follow. …
The Ahmedabad Income Tax Appellate Tribunal (ITAT) recently issued a ruling in a case involving an Indian company, Kalpataru Power Transmission Ltd., and a UAE-based service provider, Oilstone UAE. The case centered on whether payments made by the Indian company to the UAE service provider for design services were subject to Indian taxation. The ITAT …
In the case of Sambhav Energy Ltd. v. ACIT, the issue before the Income Tax Appellate Tribunal (ITAT) was the disallowance of a depreciation claim of Rs. 52.48 lakhs made by the assessee for Assessment year 2014-15. The Assessing Officer had disallowed the claim on the grounds that the assessee had not carried out any …
The Delhi High Court has overturned an order that rejected an application made by an individual Assessee seeking immunity from penalty proceedings under Section 270AA. The Court found that the Assessee was not given an opportunity to be heard, as mandated by Section 270AA(4), before their application was dismissed. The Assessee had filed a return …
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Introduction: A one-person company (OPC) is a type of business entity where a single individual can operate a company as a separate legal entity. It is a hybrid between a sole proprietorship and a private limited company that provides the benefits of limited liability while allowing the entrepreneur to retain complete control of the business. …
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Non-Resident Indians (NRIs) often face unique tax and financial challenges due to their status as non-residents. They may not be familiar with the tax laws and regulations of India, and may face difficulties in managing their finances and investments in India. This is where the services of a Chartered Accountant (CA) in Faridabad can be …
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