The Professional Tax Registration Certificate (PTRC) is a statutory requirement for employers in Maharashtra under the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975. PTRC pertains to the professional tax that an employer deducts from the salaries of employees and remits it to the Maharashtra Government. Applicability Every employer who has even […]
WHAT IS ADVANCE TAX? Advance tax means income tax should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments as per due dates provided by the income tax department. Total estimation is used for […]
DEFINITION OF BUSINESS According to section 2(13) of the Income Tax Act, the term “business” is defined as any trade, commerce, or manufacture or any adventure or concern in the nature of trade, commerce or manufacture.” The term `Business’ means an activity being carried on continuously and systematically by a person with the application of […]
WHAT IS LIMITED LIABILITY PARTNERSHIP? Limited Liability Partnership (LLP) is a combination of a corporate structure along with the flexibility of a partnership. LLP is governed by Limited Liability Partnership Act, 2008. Nowadays, LLP has become very popular of business as many entrepreneurs are willing to opt for it. An LLP is a separate legal […]
WHY ASM? As indicated by the RBI, frauds had arisen as the most genuine concern in the administration of functional risk, with 90% of them situated in the credit portfolio of banks. Due to ever increasing frauds and the amount of non-Performing assets increasing drastically in every bank in India, RBI took the stand and […]