The Ministry of Corporate Affairs (MCA), on the 22nd of January 2019, notified a requirement for companies that have dues outstanding to MSME enterprises to file the particulars of all current outstanding dues to the concerned Micro and Small Enterprises in Form MSME 1. The filing of such returns comprises of two parts, namely initial returns (MSME-1) and half-yearly return (MSME-2). Continue reading “Filing of MSME Form 1 with MCA”
Submitting Tax Saving Proofs to Employer
Why Employers Ask for Tax Saving Investment Proofs?
Employers are responsible to deduct income tax (TDS – Tax deduction at source) from salary paid to its employees and deposit the same to income tax department. But income tax is complicated and the final tax depends on the tax saving investments a person makes or if the person lives on rent or if he has a house. So to compute your taxes correctly your employer asks for a declaration at the start of financial year (in April). The TDS is deducted based on this declaration. Continue reading “Submitting Tax Saving Proofs to Employer”
Certificate of Commencement of Business
The Companies (Amendment) Ordinance 2018 has reintroduced the concept of Certificate of Commencement of Business with effect from 2 November 2018. Under the new Ordinance, no company will be entitled to commence its operations or exercise any borrowing powers unless it has filed within 180 days from its Incorporation a “declaration” stating:
- That the Subscribers to the Memorandum of the company have paid the value of shares agreed to be taken;
- That the Company has filed a verification of its registered office address with the Registrar of Companies.
ESOP – Employee Stock Option Plan
WHAT IS ESOP?
Employee Stock Option Plan (ESOP) can be defined as Employee Benefit Plan, designed for the long-term benefits of the employees of the Organization by providing them with an option to participate in the equity ownership of the Organization by paying minimal amount of consideration.
What is Dematerialization of shares?
The process of Dematerialization of shares was introduced to convert the whole Capital Market into electronic mode. Dematerialization, in simple terms, is a process of converting physical shares into electronic mode which is maintained in an account with the Depository Participant. The Account in which the shares are maintained is termed as the Demat Account. Continue reading “What is Dematerialization of shares?”