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Loan from Director under Companies Act 2013. A common question that arises is whether a director or shareholder can give a loan to a company. This applies to both private companies and unlisted public companies. If a company accepts a loan from an individual who is both a director and a shareholder, should this be […]
Read MoreOVERVIEW FOR ALL THE FORMS 1 TO 6. the Income Tax Department of India recently the updated Income Tax Return (ITR) forms for the assessment year 2024-25. Let’s dive into what’s changed, who’s eligible, and how these forms connect in a nutshell: Specific changes and Eligibility criteria For Filing ITR Forms. √ITR Form 1 Specific […]
Read MoreWhat does ITR- 6 Form stand for? ITR 6 is the Income Tax Return filing form designed exclusively for companies who do not claim exemption under Section 11 and must file their income tax returns in ITR-6 Form. What companies are claiming exemptions under Section 11? Companies that claim an exemption under section 11 are […]
Read MoreWhat is ITR-5 Form? This income tax return is designed for various entities, including firms, LLPs (Limited Liability Partnerships), AOPs (Associations of Persons), BOIs (Bodies of Individuals), AJPs (Artificial Juridical Persons), estates of deceased individuals, estates of insolvent individuals, business trusts, and investment funds. You can view the latest ITR-5 form from the Income Tax […]
Read MoreWhat is ITR-4 Form? ITR-4 is the Income Tax Return form for those who choose the presumptive income scheme under Sections 44AD, 44ADA, and 44AE of the Income-tax Act, 1961. However, if your business turnover exceeds ₹2 crore, you’ll need to file ITR-3 instead. The Eligibility Criteria for file ITR 4 for AY 2024-25: Individuals/HUF/Partnership […]
Read MoreWhat is ITR-3 Form? Think of ITR-3 as your go-to form if you’re an individual or part of a Hindu Undivided Family (HUF) earning profits from business or profession. It’s like a master form because it’s where you can report all your different streams of income. Whether it’s from your business ventures, freelance gigs, or […]
Read MoreWhat is ITR-2 Form. Individuals or HUFs who do not earn a profit or gain from their business or profession and for whom ITR-1 does not apply must file ITR-2 and are known as ITR 2 file form. The Eligibility Criteria for file ITR 2 for AY 2024-25: The ITR-2 form is for individuals […]
Read MoreWhat is ITR 1 File? For those with salaries, pensions, family pensions, and interest income, the Income Tax Return Form for salaried individuals is the ITR-1 Form, sometimes known as Sahaj. The Eligibility Criteria for file ITR 1 for AY 2024-25: ITR-1 (SUGAM) is a simplified income tax return form designed for resident individuals whose […]
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