New Section 194Q – TDS on Purchase of Goods

In the Budget for FY 2021-22, a new section 194Q has been introduced which is related to payment of certain sum for purchase of goods.

As per this section, any person, being a buyer who is responsible for paying any sum to any resident for purchase of any goods of the value or aggregate of such value exceeding INR 50 lakhs in any previous year, shall, deduct TDS @0.1% on the total value of the transaction.

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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”