One Person Company (OPC) vs Proprietorship

Although the terms “proprietorship” and “one person company” give the same idea of Business being run and managed by one owner but there are major differences between the two.

Proprietorship is a very common and traditional form of business in India. Because of its simple features, it is widely adopted by people to set up their own businesses. It is often confused with “One Person Company”, a concept newly introduced by the Companies Act 2013. Continue reading “One Person Company (OPC) vs Proprietorship”

Consequences of Non-Filing of Annual Return and Financial Statements

The consequences of Non-Filing of Annual Return and Financial Statements are severe and one must be aware as well as cautious in this regard. Companies Act 2013 require every Company to file its Annual Return and Financial Statements with the Registrar of Companies, containing information as prescribed in this regard, within 60 days from the date of holding the Annual General Meeting. Continue reading “Consequences of Non-Filing of Annual Return and Financial Statements”

GST: The Goods and Service Tax

The Nation is all geared up for the implementation of one of the biggest indirect tax reforms in India. Are you? All you need to know about GST (Goods & services tax) which is set to rule from 1st July 2017.

As the name itself suggests, Goods and Services Tax will be levied on “Supply” of goods and services. It is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India to replace the existing modes of taxation levied by the central and state governments. Continue reading “GST: The Goods and Service Tax”

New definition of Startup

Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Department of Industrial Policy and Promotion (DIPP), the nodal body for Startup India, taking into account the long gestation period in establishing startups, has revised the definition of startups in its startup action plan with a view to encourage startups in India and also to make procedures easy. Continue reading “New definition of Startup”