Category Archives: Incorporation of company

Board Meetings & AGM: Quorum, Notice, Minutes & Virtual Meetings — Complete Compliance Guide Featured Answer: Board meetings and Annual General Meetings (AGMs) are the two most fundamental governance mechanisms under the Companies Act, 2013. Every company must hold a minimum of 4 board meetings per calendar year (Section 173) with a maximum gap of […]

Company Name Change: Procedure, RNC-1, INC-24 & Timeline 📌 Quick Answer: A company registered under the Companies Act, 2013 can change its name by passing a special resolution under Section 13(1)(a), obtaining name availability through Form RNC-1 (or the SPICe+ RUN service) on the MCA portal, and filing Form INC-24 with the Registrar of Companies. […]

Section 80-IAC: 3-Year Tax Holiday for DPIIT-Recognised Startups Quick Answer Section 80-IAC of the Income Tax Act, 1961 provides a 100% deduction of profits for 3 consecutive assessment years out of the first 10 years from incorporation, to eligible startups recognised by DPIIT and certified by the Inter-Ministerial Board of Certification. The startup must be […]

Advance Tax: Due Dates, Computation & Interest for Non-Payment Quick Answer: Advance tax is the income tax paid in instalments during the financial year itself, rather than as a lump sum at the year-end. Under Sections 208 to 211 of the Income Tax Act, 1961, any person whose estimated tax liability for the year is […]

Income Tax Settlement Commission (ITSC): Abolished — Options Now Quick Answer The Income Tax Settlement Commission (ITSC) — which allowed assessees to settle pending tax disputes by making full and true disclosure of undisclosed income — was abolished with effect from 01-02-2021 by the Finance Act, 2021. No new applications can be filed. Cases pending […]

Vivad Se Vishwas 2.0: Direct Tax Dispute Resolution Scheme Quick Answer The Direct Tax Vivad Se Vishwas Scheme, 2024 (VsV 2.0) — introduced by the Finance (No. 2) Act, 2024 — allows taxpayers with pending income tax appeals to settle disputes by paying the disputed tax. Penalty and interest are waived (fully or partially). The […]

Trust & NGO Taxation: 12A Registration, 80G & Compliance Quick Answer Charitable trusts and NGOs in India can claim tax exemption on their income under Sections 11 and 12 of the Income Tax Act, 1961 — but only if they are registered under Section 12A/12AB. Additionally, to enable donors to claim tax deductions, the trust […]

ROC Annual Filing: AOC-4 & MGT-7 — Due Dates, Penalties & Process Quick Answer Every company registered under the Companies Act, 2013 must file two annual forms with the Registrar of Companies (ROC): Form AOC-4 (financial statements under Section 137) within 30 days of the AGM, and Form MGT-7 (annual return under Section 92) within […]

IBC Valuation Under Regulation 35: Liquidation vs Going Concern 📌 Quick Answer: What is IBC Regulation 35 Valuation? IBC valuation under Regulation 35 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 requires the Resolution Professional to appoint two IBBI Registered Valuers who must independently determine both the fair value (going-concern value) and […]