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Read the latest articles, blogs, case studies, and many more published by MindYourTax

Resignation and Removal of Director as Per Companies Act 2013

Resignation and Removal of Director as Per Companies Act 2013

Directors play a crucial role in a company, but they may resign voluntarily or be removed for reasons like misconduct or disqualification. Under the Companies Act 2013, a director resigns by submitting a letter, notifying the board, and filing Forms DIR-11 and DIR-12 with the Registrar of Companies (ROC), though they remain accountable for past decisions. Removal, on the other hand, is initiated by the company due to absenteeism, legal disqualification, or a shareholder decision, requiring a special notice, a general meeting, and a vote. While resignation is voluntary, removal is company-driven, and both must follow legal procedures to avoid penalties. For smooth compliance and expert guidance, Mind Your Tax is here to help businesses in Bangalore.

MindYourTax updated on Mar 26, 2025

Income Tax Act 1961 vs. Income Tax Bill 2025

Comparative Analysis: Income Tax Act 1961 vs. Income Tax Bill 2025

The Income Tax Bill 2025 replaces the Income Tax Act 1961, introducing key changes like simplified tax provisions, digital asset regulations, revised deductions, faceless assessments, and stricter anti-evasion rules. It aims to modernize tax laws, enhance compliance, and streamline dispute resolution. Mind Your Tax helps you stay updated on these changes.

MindYourTax updated on Feb 24, 2025

Budget 2025 Highlights : 12 Lakhs Tax Exemption, Lower Gold Duties & Big Boost for Industry

Budget 2025 Highlights

Budget 2025 Highlights : 12 Lakhs Tax Exemption, Lower Gold Duties & Big Boost for Industry

The Union Budget 2025 brings major financial relief and industry boosts. The biggest announcement is the income tax exemption for earnings up to ₹12 lakh, benefiting millions. GST reforms focus on simplification and compliance, while customs duty changes aim to strengthen local industries. Key sectors like electronics, healthcare, renewable energy, and textiles see reduced duties to promote domestic manufacturing and exports. Gold and silver duties are lowered, making jewelry more affordable. With a strong push for economic growth and sustainability, Budget 2025 lays the groundwork for a resilient and competitive India.

MindYourTax updated on Feb 4, 2025

Income Tax Budget 2025 Updates

Income Tax Update

Income Tax Budget 2025 Updates: No Income Tax Up to Rs 12 Lakhs Grand Relief for the Middle Class

The Income Tax Budget 2025 offers major relief, with zero tax on income up to ₹12 lakh under the new regime. Revised tax slabs, higher TDS & TCS exemptions, and increased deductions for homeowners and senior citizens ease the tax burden. The time for filing updated returns is now extended to 4 years, ensuring more flexibility. These changes simplify taxation, boost savings, and support economic growth.

MindYourTax updated on Feb 2, 2025

ESOP Taxation for Startups Section 17 (2) (vi)

Company Registration

ESOP Taxation for Startups: Section 17(2)(vi) and the Need for Tax Deferral

Employee Stock Option Plans (ESOPs) are a key incentive for startup employees, but taxation under Section 17(2)(vi) creates financial challenges. Currently, only employees of eligible startups under Section 80-IAC get tax deferral, while many DPIIT-registered startups are left out. This leads to an unfair tax burden, as employees must pay taxes on shares they haven’t liquidated. The blog highlights the need to extend tax deferral to all DPIIT-registered startups, ensuring a fairer system that supports startup growth and talent retention.

MindYourTax updated on Jan 31, 2025

Understanding Section 16(ia) Standard Deduction

Understanding Section 16(ia) Standard Deduction and the Need for Inflation-Linked Revisions

This blog highlights the importance of revising Section 16(ia) standard deduction limits to keep up with rising inflation. Salaried employees often face a mismatch between actual expenses and outdated deduction limits. By linking these deductions to the Cost Inflation Index (CII), employees can get fair tax relief, better financial support, and a system that stays relevant to today’s economic realities.

MindYourTax updated on Jan 28, 2025

sections 44AD and 44ADA

Understanding Sections 44AD and 44ADA: Simplified Tax Provisions for Businesses and Professionals

Sections 44AD &44ADA attempt at making taxation to eligible persons on simpler arithmetic operations. Yet with a non-meaningful difference between these sections create obstacles among professionals. Section 44ADA in unison withSection 44ADIsm a Fair as well as Convenient and Non Arbitrary Tax Compliance.

MindYourTax updated on Jan 23, 2025

Section-44AB-Audit

Section 44AB Audit: Key Provisions for Professionals under Section 44AA(1)

Learn about Section 44AB audit provisions for professionals under Section 44AA(1). This blog explains audit requirements for gross receipts over ₹50 lakh, presumptive taxation compliance, and key reforms to ensure accurate tax filings.

MindYourTax updated on Jan 22, 2025

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