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Does the income of a minor call for levy of taxes?
Tax and earning goes hand in hand .According to Income Tax Act of 1961, every individual has to pay tax as per income tax slab. In our previous article- Quick guide for individuals filing ITR for first time, we have talked about eligibility of tax deduction for individual, senior citizens and super citizens. Now, one question arises here –Are minor accountable for tax payment? Well, the answer is yes and lets discuss how in this article. In India, a minor. Read More
Salient Features of OPC:
single person cannot incorporate more than one OPC or become nominee in more than one OPC but one single person can validly become a member in one OPC and a nominee in another OPC
a minor is not eligible to become a member or nominee of the One Person Company or hold shares in the capacity of a beneficiary
an OPC cannot be converted voluntarily into any other kind of company unless 2 years have expired from the date of incorporation, except in cases where capital or turnover threshold limits of Rs. 50 lakhs or Rs. 2 Crore respectively reached
as regards to the number of directors is concerned, an OPC shall have minimum one Director but the member may if needed for management of the business of the company propose to have more directors
a minor is not eligible to become a member or nominee of the One Person Company or hold shares in the capacity of a beneficiary
an OPC cannot be converted voluntarily into any other kind of company unless 2 years have expired from the date of incorporation, except in cases where capital or turnover threshold limits of Rs. 50 lakhs or Rs. 2 Crore respectively reached
as regards to the number of directors is concerned, an OPC shall have minimum one Director but the member may if needed for management of the business of the company propose to have more directors