The Form DIR 2 acts as consent of the person that he/she is ready to act as the Director of a company.

DIN is an identification number allotted by the Central Government to any person who is going to be appointed as director or to any existing director of a company.

The procedure of appointing a director in the company.

Directors are the individuals who are appointed to manage the business affairs of the company.

Nil return is generally filed to declare that the income earned during the financial year is less than the exemption limit.

Section 194P is recently introduced in Budget 2021 to provide a relief to senior citizens above the age of 75 years from filing the income tax return. It helps an individual to provide relief in terms of burden compliances from filing income tax returns.

TDS is deducted from the specified types of payments like rent, commission, salary, etc. at the specifies rates. The person who is deducting tax at source has to submit tax amount to the government on or before the specified due dates.

Income tax department launched a new website ‘www.incometax.gov.in’ for the easy access to the e-filing portal. The following steps is the procedure of registering your PAN on the new website of the income tax department.

Individuals have to pay taxes according to their income, the rates at which an individual pay taxes are called income tax slab rates. The article explains the slab rates for different income slabs.

Section 194Q Deduction of TDS on payment of certain sum for purchase of goods   The Government of India has come up with a new section which is going to be effective from 1st July 2021 in relation to deduction of tax at source on transactions involving purchase of goods. The tax to be deducted … Continue reading “Section 194Q & Section 206C (1H)”