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Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)- as per press release 13th May, 2020

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In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14 th May, 2020 to 31 st March, 2021:-     S. No Section of the Income- tax Act Nature of Payment Existing Rate of TDS Reduced rate from 14/05/2020 to 31/03/2021 1 193 Interest on Securities 10% 7.5% 2 194 Dividend 10% 7.5%   3 194A Interest other than interest on securities 10% 7.5%     4 194C Payment of Contractors and sub-contractors 1% (individ- ual/HUF) 2% (others) 0.75% (indi- vidual/HUF) 1.5% (others) ...
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A Complete Information about Limited Liability Partnership along with compliance after incorporation and annually..

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Applicable Act: Limited Liability Partnership Act, 2008   Meaning: Limited Liability Partnership (LLP) allows for a partnership structure where each partner’s liability is limited to the amount they put into the business. It therefore can exhibit elements of partnership & corporation. In LLP each partner is not responsible or liable for another partner’s misconduct or negligence.   Advantages: LLP is separate legal entity to the members; hence liability of members is limited to the extend their contribution. Flexibility because of written agreement. Identification as a legal person, it can buy, rent, lease, own property, employ staff etc. if necessary. Corporate ownership: LLP can appoint two companies as members of the LLP. In a company at least one director must be real person. An LLP should have designated and non-designated members but at least two designate members. Protecting the partnership name. in other words, ...
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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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