How to close a private limited company

We come across various instances when small businesses are not able to sustain in this highly competitive era and prefer to get closed down, rather than running on losses. Many a times, startups prefer closing down a Company when the founder’s drop their business idea in view of an alternate lucrative opportunity.

The Companies Act 2013 provides various modes of closing of Companies. One of such ways is declaring the Company as “Defunct” and getting its name struck out from the records of Registrar. This is a hassle free and easy exit mode provided to Companies, which could not commence their business or are not in operations. Continue reading “How to close a private limited company”

Gold and Silver Rates in India

This article displays gold and silver rates in India starting 1981.

Year Gold Rates in Rs./10 gram (Standard 24 carats) Silver Rates in Rs./Kg.
31 March 2020 43335 39926
31 March 2019 31703 37768
31 March 2018 30408 38322
31 March 2017 28505 42211
31 March 2016 28340 36990
31 March 2015 26245 37825
31 March 2014 28470 43070
31 March 2013 29610 54030
31 March 2012 28040 56290
31 March 2011 20775 56900
31 March 2010 16320 27255
31 March 2009 15105 22165
31 March 2008 12125 23625
31 March 2007 9395 19520
31 March 2006 8490 17405
31 March 2005 6180 10675
31 March 2004 6065 11770
31 March 2003 5310 7695
31 March 2002 5010 7875
31 March 2001 4190 7215
31 March 2000 4380 7900
31 March 1999 4235 7615
31 March 1998 4045 8560
31 March 1997 4725 7345
31 March 1996 5160 7346
31 March 1995 4680 6335
31 March 1994 4598 7124
31 March 1993 4140 5489
31 March 1992 4334 8040
31 March 1991 3466 6646
31 March 1990 3200 6463
31 March 1989 3140 6755
31 March 1988 3130 6066
31 March 1987 2570 4794
31 March 1986 2140 4015
31 March 1985 2130 3955
31 March 1984 1975 3570
31 March 1983 1800 3105
31 March 1982 1700 2720
31 March 1981 1670 2715

Compliances for Private Limited Company, LLP and OPC – a clear comparison

Being a Chartered Accountant and interacting with several entrepreneurs, I found that the most common question bothering startup founders is which business entity to form and what are the compliances of these entities. Hence, there is a need to summarize this essential information in a comprehensive manner and layman terms.

The three most preferred business entities in India – Private Limited Company, Limited Liability Partnership (LLP) and One Person Company (OPC) have some important differences in their compliance structure which affect their running costs as well. Continue reading “Compliances for Private Limited Company, LLP and OPC – a clear comparison”

Difference Between Statutory Audit and Tax Audit

Audit means an examination of books of accounts, statutory records, documents and vouchers conducted with the purpose of establishing the fact that the accounting records presents a true and fair view of the Organization.  It is conducted by a party which is independent of that organization.

There are various kinds of audit being conducted under different laws such as statutory audit, internal audit, cost audit, stock audit etc. Continue reading “Difference Between Statutory Audit and Tax Audit”