How do I convert OPC in PVT Limited after 1 month of OPC registration?

• How do I convert OPC in PVT Limited after 1 month of OPC registration?

Conversion of an OPC into a private limited company is permitted only after two years from the date of incorporation.

However, if the paid-up share capital exceeds rupees 50 lakhs or if its average turnovers exceed INR 2 crores within two months, the OPC could convert into a private limited company by passing the special resolution, obtaining NOC from creditors and filing form INC 5.

• What is the income tax return last date and its procedure?

By default the due date for filing income tax return for individuals is 31st July every year. For the AY 2022–23, the due date is 31 July 2022.

The procedure is summarising all the income earned during the FY 2021–22 and computing tax thereon after providing tax benefits/ deductions.

There are several tax-saving options available which include investing in LIC and tax-saving mutual funds, payment of education fee, health insurance premium etc.

• Is it mandatory that one of the director holds the major shares in private company?

A director need not necessarily become the shareholder of a company. One can become the director even without holding shares.

A company secretary also need not necessarily become the director/ member of the board. It is the sole discretion of the company whether to appoint the company secretary in the board of directors or not.

• How do I reduce income tax legally in India as a salaried person?

There are several tax-saving options available which include investing in LIC and tax-saving mutual funds, payment of education fee, health insurance premium etc.

You can log into the income tax account and file the ITR from the dashboard. You need to give details of your income earned and eligible deductions.

For Company Registration in Kerala and Business Registration in Kerala, visit https://www.parpella.com