India Tax

A  Nidhi Company   is a type of company in the Indian non-banking finance sector, recognized under section 406 of the Companies Act, 2013. [1]  Their core business is borrowing and lending money between their members. They are also known as Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company.  They are regulated by the Ministry of Corporate Affairs and are empowered to issue directions to them in matters relating to their deposit acceptance activities. However, in recognition of the fact that these companies deal with their shareholder-members only. Nidhi means a company which has been incorporated with the object of developing the habit of thrift and reserve funds amongst its members and also receiving deposits and lending to its members only for their mutual benefit.   Nidhi companies existed even prior to the existence of companies Act 2013. The basic concept of nidhi is "Principle of Mutuality"  [2]  These comp...

A trademark can be defined as the unique identity that makes your product or service stand out from the rest. The unique identity or expression can be a logo, photograph, slogan, word, sound, smell, colour combination or graphics. Most of the businesses usually look for registration of logo or name only. If you have come up with a unique idea or logo, then the only way to protect it as your own unique identity is to patent it. A registered trademark is your business’s intellectual property or intangible asset. It acts as a protective cover of the company’s investment made in the logo or brand. In India, trademarks registered by the Controller General Of Patents, Designs and Trademarks, Ministry Of Industry and Commerce, Government Of India. You can register the trademark under the act named, The Trademark Act, 1999. The registration provides the right to sue against others who try to copy your trademark. Also, no one else can use a similar trademark to the one registered by a...

A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932. Following are the characteristics of Partnership Firm . 1.  Number of Partners :  Minimum number of person required to start a partnership firm is two and maximum limit is 10 in case of banking business and 20 in case of all other types of business. 2.  Contractual relationship :  A written agreement known as partnership deed which is signed by all the partners, binds them in a contractual relationship. 3.  Voluntary Registration :  Registration of partnership firm is not compulsory. Since the registration provides various benefits to the firm thus it is desirable. 4.  Competence of Partners :  Every partner must be competent enough to enter into the partnership agr...

What is ESIC? The promulgation of Employees' State Insurance Act, 1948(ESI Act), by the Parliament was the first major legislation on social Security for workers in independent India. It was a time when the industry was still in a nascent stage and the country was heavily dependent on an assortment of imported goods from the developed or fast developing countries. The deployment of manpower in manufacturing processes was limited to a few select industries such as jute, textile, chemicals etc.   The registration on creation and development of a fool proof multi-dimensional Social Security system, when the country's economy was in a very fledgling state was obviously a remarkable gesture towards the sociology economic amelioration of a workfare though limited in number and geographic distribution. India, notwithstanding, thus, took the lead in providing organized social protection to the working class through statutory provisions. The ESI Act 1948, encompasses certain hea...