Director Identification Number (DIN) is a unique identification number for an existing director or a person intending to become the director of a company. In the scenario of e-filing, DIN will be a pre-requisite for filing of certain company related documents.
Who should apply for DIN?
- Any person who is a director of a company or any who one intends/proposed to be a director of company in future needs to apply for DIN
- As per the recent amendment in the Companies Act ,1956 ,DIN has become mandatory for all the directors - DIN is individual specific and not company specific, so only one DIN is required per director/person
TDS or Tax Deducted at Source, is a means of indirect tax collection by Indian authorities according to the Income Tax Act, 1961. TDS is managed by the Central Board of Direct taxes (CBDT), which comes under the Indian Revenue Services (IRS).
VAT stands for Value Added Tax and is supposed to be paid by producers of goods and services to the government. VAT is a multi-level taxation system which means that tax is levied at each stage of production of goods and services. VAT filing by these enterprises can be done offline as well as online.
NRI or not, any individual whose income exceeds Rs.2,50,000 is required to file an income tax return in India. Note that for an NRI, income earned or accrued in India is taxable in India.
Always Comply with statutory authorities like Provident Fund, ESI, Income Tax, etc
Statutory Compliance Requirement For ESI Deduction The statutory compliance requirement for ESI deduction is as follows: ESI fund, maintained by ESIC, is applicable to employees earning Rs 15,000 or less per month to provide the cash and medical benefits to them and their families.
Statutory Compliance Requirement For PF Deduction The statutory compliance requirement for PF deduction is as follows: Just like ESI, the Employees Provident Fund (EPF) is also a contributory fund in which both the employee and employer contribute amount. EPF is a compulsory and contributory fund for the Indian organizations under “The Employees’ Provident Fund and Miscellaneous Provisions Act 1952”.
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