In India, a company form called a One Person Company (OPC) is developed that enables a single person to function as a distinct legal entity. OPC registration is appropriate for start-ups and small businesses. The OPC permits the owner to have limited liability and is subject to the same legal restrictions as any other private limited business. In other words, A One Person firm (OPC) is a type...

A lot of individuals think filing an income tax return is an unnecessary thing and voluntary task and thereby wholly ignore the benefits associated with filing tax returns. Filing returns is not at all a burdensome process; instead, it is effortless and beneficial. As a responsible citizen of the country, it is your social and moral duty as well to file income tax returns annually.  ...

Sometimes, we might be in a rush to file our income tax return at the last minute. We rarely devote attention in the beginning and rush to complete the task as the deadline draws near. When we rush through tasks, mistakes are extremely common. So what will happen if someone had typed in the wrong details by mistake? Would it have any impact? Incorrect filing of income tax returns (ITR) can...