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What is the preservation period of register of members and annual return under the companies Act, 2013 ?
1. Register of Members As per Section 88(1) of the Companies Act, 2013, every company is required to maintain a register of members (ROM), separately for: Equity shareholders, Preference shareholders, and Debenture holders or other security holders. As per Rule 15 of the Companies (Management and AdRead more
1. Register of Members
As per Section 88(1) of the Companies Act, 2013, every company is required to maintain a register of members (ROM), separately for:
Equity shareholders,
Preference shareholders, and
Debenture holders or other security holders.
As per Rule 15 of the Companies (Management and Administration) Rules, 2014:
✔ This applies to all companies, whether private or public.
📝 Note: In case of a company being wound up, the register must be maintained for 8 years after the dissolution of the company.
2. Annual Return (MGT-7 / MGT-7A)
Filed under Section 92 of the Companies Act, 2013.
🕒 Preservation Period:
According to Rule 15 of the Companies (Management and Administration) Rules, 2014:
See lessHow many type of Assessment and Appeals are in the Income Tax?
The Income Tax Act prescribes 5 main types of assessments, each with a different purpose and scope: 1️⃣ Self-Assessment – [Section 140A] This is done voluntarily by the taxpayer while filing the income tax return. If tax is payable as per return, it must be paid before filing. ✔ No notice from deparRead more
The Income Tax Act prescribes 5 main types of assessments, each with a different purpose and scope:
1️⃣ Self-Assessment – [Section 140A]
This is done voluntarily by the taxpayer while filing the income tax return.
If tax is payable as per return, it must be paid before filing.
✔ No notice from department required.
2️⃣ Summary Assessment – [Section 143(1)]
Also known as Intimation.
Done by CPC through computerised checks.
Adjustments for arithmetical errors, mismatch in TDS, etc., are made.
✔ No detailed scrutiny involved.
3️⃣ Scrutiny Assessment – [Section 143(3)]
Involves detailed examination of the return and accounts.
Done to verify correctness of income, claims, exemptions, deductions, etc.
✅ A notice under Section 143(2) is mandatory.
Commonly called Regular Assessment.
4️⃣ Best Judgment Assessment – [Section 144]
Used when:
No return is filed,
Return is defective and not rectified,
Compliance is not made with notices.
Officer assesses income based on available material.
5️⃣ Reassessment / Income Escaping Assessment – [Section 147/148]
Done when the Assessing Officer believes some income has escaped assessment.
Notice issued under Section 148.
Time limits and prior approvals apply as per amended provisions post Finance Act, 2021.
𝗧𝘆𝗽𝗲𝘀 𝗼𝗳 𝗔𝗽𝗽𝗲𝗮𝗹𝘀 (With Relevant Sections)
1️⃣ Appeal to CIT(Appeals) – [Section 246A]
First appellate authority.
Can appeal against order of Assessing Officer.
Must file appeal within 30 days of receiving order.
2️⃣ Appeal to Income Tax Appellate Tribunal (ITAT) – [Section 253]
Against orders of CIT(A) or certain orders of AO.
ITAT is the second level appellate authority.
3️⃣ Appeal to High Court – [Section 260A]
On substantial questions of law arising from ITAT orders.
Must be filed within 120 days from date of ITAT order.
4️⃣ Appeal to Supreme Court – [Section 261]
Against High Court judgment, only if case involves important legal principles.
Requires certificate of fitness from High Court.
5️⃣ Revision by CIT (u/s 263/264)
Not an appeal, but a review power:
Section 263 – Revision by CIT if order is erroneous and prejudicial to revenue.
Section 264 – Revision in favor of taxpayer.
🔄 Faceless Assessment and Appeals (Recent Development)
Introduced to bring transparency and efficiency.
Conducted electronically, without physical interface.
Applies to 143(3), 144 assessments and CIT(A) proceedings.
🧾 Summary Table:
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What is NPS?
National Pension System (NPS) is a government-sponsored pension scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA). It allows employees (public, private) and self-employed individuals to contribute regularly towards a retirement corpus, which they can withdraw partly aRead more
National Pension System (NPS) is a government-sponsored pension scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
It allows employees (public, private) and self-employed individuals to contribute regularly towards a retirement corpus, which they can withdraw partly at retirement, while the rest is used to buy a pension (annuity).
Tax Benefits under the Income Tax Act (Post-Budget 2025):
1. Employee’s Contribution:
Section 80CCD(1):
Deduction up to 10% of salary (Basic + DA) for salaried individuals.
For self-employed individuals, deduction up to 20% of gross total income.
This deduction is part of the overall limit of ₹1.5 lakh under Section 80CCE.
Section 80CCD(1B):
Additional deduction of ₹50,000, over and above the ₹1.5 lakh limit under Section 80C.
Available to both salaried and self-employed individuals.
2. Employer’s Contribution:
Section 80CCD(2):
Employer’s contribution up to 10% of salary (Basic + DA) is deductible for the employee.
For Central Government employees, this limit is enhanced to 14%.
This deduction is over and above the limits under Sections 80C and 80CCD(1B).
ax Treatment on Withdrawal:
Lump Sum Withdrawal:
Upon retirement, up to 60% of the accumulated corpus can be withdrawn as a lump sum.
This amount is exempt from tax under Section 10(12A).
Annuity Purchase:
The remaining 40% must be used to purchase an annuity, which provides regular pension income.
Annuity income is taxable in the year of receipt under the head “Income from Other Sources.”
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How entertainment allowance is taxed?
Section 16(ii) of the Income Tax Act, 1961, deals with the deduction of Entertainment Allowance. For Government Employees: Entertainment Allowance is first included in salary and then deduction is allowed under Section 16(ii) up to the least of the following: ₹5,000 20% of Basic Salary (excluding alRead more
Section 16(ii) of the Income Tax Act, 1961, deals with the deduction of Entertainment Allowance.
For Government Employees:
Entertainment Allowance is first included in salary and then deduction is allowed under Section 16(ii) up to the least of the following:
₹5,000
20% of Basic Salary (excluding allowances, benefits, and perquisites)
Actual entertainment allowance received
✅ Only Central or State Government employees are eligible for this deduction.
👨💻 For Non-Government (Private Sector) Employees:
❌ No deduction is allowed.
See less👉 The entire amount received as Entertainment Allowance is fully taxable under Salary Income.
My employer provided me joining bonous, Travelling cost and relocation charges, are these taxable? if yes, How?
Short Answer: Component Taxability Reason Joining Bonus ✅ Taxable Treated as a part of salary under Section 17(1) of the Income Tax Act Travelling Cost ❌/✅ Depends Exempt if for official joining & supported by bills; Taxable otherwise Relocation Charges ❌/✅ Depends Exempt if reimbursement of actRead more
Short Answer:
Legal References:
1. Section 17(1) – Definition of Salary
Includes bonus, perquisites, and profits in lieu of salary. Therefore, Joining Bonus is fully taxable in the year of receipt.
2. Section 10(14)(i) read with Rule 2BB – Allowances & Reimbursements
Reimbursement of actual expenses (like travel for joining or household shifting) can be exempt, if incurred wholly for employment and not a personal benefit.
Important Tips:
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See lessAlways submit original bills for travel & relocation reimbursements.
If paid as lump sum, and not based on bills – the whole amount is taxable.
Employers must report these benefits in Form 16 under the appropriate head
My employer reimbursed me the tour expenses, are these reimbursement exempted from income tax?
Yes, reimbursement of actual tour expenses incurred wholly and exclusively for official purposes is exempt from tax under the Income Tax Act, provided certain conditions are met. Section 10(14)(i) of the Income Tax Act, 1961, read with Rule 2BB(1)(b) of the Income Tax Rules, 1962, covers travel andRead more
Yes, reimbursement of actual tour expenses incurred wholly and exclusively for official purposes is exempt from tax under the Income Tax Act, provided certain conditions are met.
Section 10(14)(i) of the Income Tax Act, 1961, read with Rule 2BB(1)(b) of the Income Tax Rules, 1962, covers travel and tour-related allowances and reimbursements.
Exemption Conditions:
🧳 Expenses must be for official purposes only (like meetings, inspections, training, client visits).
🧾 Actual bills and vouchers must be submitted to the employer.
📝 No profit should arise to the employee from the reimbursement.
💼 The trip should be authorized by the employer.
🗂️ Employer should maintain records of:
Nature and purpose of the travel
Amount reimbursed
Evidence of expenses (invoices, tickets, boarding passes, etc.)
Not Exempt If:
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See lessThe amount is paid as a fixed allowance, not against actual bills.
The travel is personal or partly personal.
The employee fails to provide supporting documents.
Is uniform allowance provided to an employee is taxable?
Uniform Allowance is exempt from tax under certain conditions as per Section 10(14)(i) of the Income Tax Act, 1961, read with Rule 2BB(1)(f) of the Income Tax Rules, 1962. Section 10(14)(i): Exempts allowances granted to meet expenses incurred wholly, necessarily, and exclusively in the performanceRead more
Uniform Allowance is exempt from tax under certain conditions as per Section 10(14)(i) of the Income Tax Act, 1961, read with Rule 2BB(1)(f) of the Income Tax Rules, 1962.
Section 10(14)(i): Exempts allowances granted to meet expenses incurred wholly, necessarily, and exclusively in the performance of duties of an office or employment.
And as per Rule 2BB(1)(f): Uniform Allowance is exempt only to the extent it is actually spent by the employee for the purchase or maintenance of a uniform which is compulsorily worn during duty.
Conditions for Exemption:
The allowance must be granted specifically for uniforms.
Uniform must be distinctive and mandatory for the nature of the job (e.g., police, factory workers, aviation staff).
The employee must actually spend the allowance for the intended purpose.
The employer should prescribe or enforce the wearing of such uniforms during duty.
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