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Requirement of Quorum under Companies Act, 2013

Munimji Training And Placement Academy12 Apr, 2021Education

A ‘Quorum’ in simple words means the minimum number of members that have to be present. Under the Act, the quorum for a General Meeting, a Board Meeting, and an Extraordinary General Meeting is enumerated within its provisions. A quorum refers to the minimum acceptable level of individuals with a vested interest in a company needed to make the proceedings of a meeting valid under the corporate charter. This clause or general agreement ensures there is sufficient representation present at meetings before any changes can be made by the board.

New Amendments in Corporate Social Responsibility Rules

Munimji Training And Placement Academy22 Feb, 2021Education

According to the United Nations Industrial Development Organisation, Corporate Social Responsibility (CSR) is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives (Triple – Bottom Line – Approach), while at the same time addressing the expectations of shareholders and stakeholders. Changes in the global environment increasingly challenge business around the world to look beyond financial performance, and to integrate social and environmental concerns into their strategic management.

Income Tax Return Guide – ITR 7

Munimji Training And Placement Academy09 Feb, 2021Education

• ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D). • No document (including TDS certificate) should be attached with this return form while filing ITR-7. • Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.

An Overview of the New Labour Code and its Financial Impact

Munimji Training And Placement Academy05 Feb, 2021Finance

• While offering salaries in the private sector the employers generally restrict the component of basic salary to bare minimum to keep its minimum its own contribution for employee provident fund (EPF) as well as payment of gratuity when the employee leaves the employment. • The balance part of the salary is paid to the employee in the form of various allowances like house rent allowance, conveyance allowance, leave travel allowance and special allowance being the biggest component for people in high salary range.

Standard Deduction in case of Income from Salary

Munimji Training And Placement Academy27 Jan, 2021Finance

The Finance Minister Arun Jaitley introduced Standard Deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance Rs. 19,200 and medical reimbursement of Rs. 15,000 per annum. Interestingly, the provision of Standard Deduction was earlier available. However, it was abolished in the Finance Act 2005. They are usually deducted from the gross salary and claimed as an exemption. The government has proposed requisite amendments to Section 17(2)(viii) of the Income-tax Act, 1961. As a result, the effective additional benefit on account of the standard deduction would be an additional income exemption of Rs 5800.

Maintenance of Books of accounts under Income Tax Act, 1961

Munimji Training And Placement Academy21 Jan, 2021Education

In this article, we will discuss the legal provisions on the compulsory maintenance of books of accounts as specified in section 44AA of the Act by a Professional declaring tax under section 44ADA. Let us begin the discussion analyzing the provisions of section 44AA of the Act related to â€˜Maintenance of accounts by certain persons carrying on profession or businessâ€™.