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All about one person company

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Meaning of One Person Company One-person company means as its name says that only one person in a company as a member. In other words, we can say one-person company can be incorporated by having an only one member. The Companies Act, 2013 completely revolutionized corporate laws in India by introducing several new concepts that did not exist previously. On such game-changer was the introduction of One Person Company concept. This led to the recognition of a completely new way of starting businesses that accorded flexibility which a company form of entity can offer, while also providing the protection of limited liability that sole proprietorship or partnerships lacked.   Advantage: Main advantage of the one-person company is limited liability of Member . There are less compliances than a private limited company other than one-person company. Perpetual Status. The member can be exit easily by transferring his/her share.   Limitation:...
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Analytical view of GST Registration and their applicability limit..

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Introduction In any tax system registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. Without registration, a person can neither collect tax from his customers nor claim any input tax credit of tax paid by him. Need & Advantages of registration There are following advantages: 1.       Legal Recognition 2.       Authorized to collect tax from customers 3.       Claim input tax credit 4.       Seamless flow of input tax credit. Type of taxable person 1.       Normal taxable person: Registration for all but not include all mention...
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Section 194N of Income Tax Act, 1961 - TDS on certain payments in cash, including amendments

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About the Section 194N This section is inserted in the Union Budget 2019 proposed on 5 th July, 2019. However, in this section certain amendment is incorporated by Union Budget 2020 proposed on 27 th March, 2020. Hence lets understand about this section including with amendment. According to this section, Every Person ( Payer ) being i.                     A banking Co. ii.                   Co-operative society (engaged in banking business) iii.                 A post office Who is responsible to paying cash, whether amount or aggregate of amounts, in exceeding rupees 1 Crore during the previous year to any person (i.e. recipient) from single account or multiple accounts?   Rate of Deduction of Tax Then the...
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