The Startup India Seed Fund Scheme (SISFS) is an initiative launched by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Government of India. This scheme provides seed funding to startups to help them develop prototypes, conduct market entry trials, and build a sustainable business model.
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Choosing the right business structure is crucial for entrepreneurs in India. The type of business structure you select impacts everything from legal obligations and liability to tax responsibilities and ease of operations. Here, we’ll delve into the various types of business structures in India, exploring their advantages and disadvantages to help you make an informed choice.
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In today’s knowledge-driven economy, intellectual property (IP) is one of the most valuable assets for any business, whether it’s a technology startup, a manufacturing company, or a creative agency. Intellectual property rights (IPR) grant companies legal protection for their innovations, brands, and creative works, ensuring they can profit from their ideas while preventing unauthorized use by others. This article explores the different types of intellectual property rights, why they matter, and how businesses can effectively protect and leverage their IP.
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Introduction to the Companies Act, 2013
Starting a business in India has become more streamlined over the years, thanks to
government initiatives, improved digital infrastructure, and a supportive legal framework.
However, one of the first and most important steps in turning your entrepreneurial dream
into reality is company registration. The process may seem complex at first, but with the
right knowledge and guidance, it becomes a smooth and crucial part of establishing your
business foundation.
Introduction to the Companies Act, 2013
The Companies Act, 2013, is one of the most critical legal frameworks governing corporate
entities in India. It lays down the rules and regulations that businesses need to follow
to operate in compliance with Indian law. This Act not only ensures smooth functioning of
companies but also enforces transparency, accountability, and corporate governance. Among
the many provisions it includes, Section 248 stands out as a significant measure to manage
the existence of companies, particularly inactive or non-functioning entities.
1. Introduction
Starting a business in India is an exciting journey,
but it also
comes with a complex array of legal
and administrative hurdles. One of the key steps to launching your business is registering
your
company. While some entrepreneurs opt for handling this process independently, there are
significant
advantages to hiring a professional company registration service.
Section 189 of the Companies Act, 2013, mandates companies to maintain a comprehensive register of contracts or arrangements involving directors, key managerial personnel, or any of their relatives. This register must include details about the nature of the interest, date of contract, name of the parties involved, terms, and other relevant information. The objective is to ensure transparency and prevent any conflict of interest within a company. The register must be kept at the company's registered office, and it should be accessible for inspection by members during business hours.
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Starting a company in India is an exciting venture, but it involves a few mandatory steps, including the registration of the company. Proper documentation is key to ensure a smooth registration process. This blog will guide you through the essential documents required for company registration in India, providing clarity on what you need to prepare to get your business up and running.
1. Director Identification Number (DIN) The Director Identification Number (DIN) is a unique number assigned to individuals who wish to become directors of a company. This is one of the first documents you need to obtain. You can apply for a DIN online through the Ministry of Corporate Affairs (MCA) portal. To apply, you'll need:
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Registering a company in India is a crucial step for anyone looking to start a business. It not only provides a legal identity to the business but also opens up numerous opportunities and benefits. In this guide, we'll walk you through the entire process of company registration in India, ensuring that you have a clear understanding of each step. .
Types of Business Entities in India
Private Limited Company
A Private Limited Company (PLC) is one of the most popular business structures in India.
It limits the liability of its members and allows for easy transferability of shares. This
type of company requires a minimum of two directors and shareholders.
Corporate governance is the backbone of any robust corporate structure, ensuring that companies operate with transparency and integrity. One pivotal regulation that aids in this endeavor is Section 184 of the Companies Act 2013. This section plays a critical role in preventing conflicts of interest and promoting ethical conduct among directors.
Understanding Section 184
What is Section 184?
Section 184 mandates that directors of a company must disclose their interests in other
entities. This includes their shareholding, directorships, and any other financial or
personal interests that could potentially conflict with the company's interests.
The Companies Act 2013 is a cornerstone of corporate legislation in India, laying down the framework for corporate governance and the responsibilities of various stakeholders in a company. Among its many provisions, Section 152 stands out as a critical segment that deals with the appointment, tenure, and responsibilities of directors in a company. Let’s dive deep into this section and understand its implications for corporate management and governance.
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Running a business comes with its own set of challenges, and sometimes, despite our best efforts, things don't work out. If you find yourself needing to close a private limited company, it's important to know the right steps to take. This comprehensive guide will walk you through the various methods of closing a private limited company, including voluntary winding up, compulsory winding up, selling the company, and winding up a defunct company. Let's dive in!
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Introduction
The Companies Act 2013 revolutionized corporate governance in India, bringing in a host of
regulations aimed at enhancing transparency, accountability, and governance standards. One
crucial section within this act is Section 129, which deals with the financial statements
of companies. Understanding this section is essential for anyone involved in corporate
management or financial reporting.
TAN, which stands for Tax Deduction Account Number, is a 10-digit alphanumeric code that is mandatory to obtain by entities who are responsible for deducting or collecting taxes. This is in accordance with the provisions of Section 203A of the Income Tax Act of 1961.
It is unique identifier assigned by the Income Tax Department to persons, firms, companies etc.
A crucial first step for companies hoping to conduct business lawfully and openly is incorporation. The foundation for the Indian incorporation procedure is established under Section 12 of the Companies Act of 2013. This article explores the nuances of Section 12, including its contents, recent revisions, exceptions, compliance requirements, and business implications.
Understanding the Importance of Section 12
Understanding the importance of Section 12 in the corporate environment is essential
before diving into its details. The legal foundation for company formation is established
in Section 12, which also guarantees accountability, transparency, and adherence to legal
obligations.
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more
Laws and regulations are essential to maintaining accountability, ethics, and transparency in the ever-changing field of corporate governance. In India, Section 203 of the Companies Act 2013 is one such important clause. The purpose of this article is to explore the nuances of Section 203, including its effects on the corporate sector, compliance requirements, and ramifications.
Overview of Companies Act of 2013 Section 203
In certain categories of
corporations, Key Managerial Personnel (KMP) appointments are required by Section 203 of
the corporations Act 2013.
The essence of Section 143 of the Companies Act 2013 lies in fostering transparency and accountability within corporate financial practices. At its core, this section delineates crucial guidelines governing the verification and disclosure of financial information. Let's delve into a clearer understanding of its key facets:
1. Auditor's Role Defined:
Auditors serve as impartial guardians entrusted with
the meticulous examination of financial records. Their primary objective is to ensure the
accuracy and adherence to regulatory standards in company financial statements.
In the realm of corporate governance and financial transparency, the Companies Act 2013 of India stands as a cornerstone. Among its provisions, Section 133 holds particular significance, delineating the requirements for the preparation and presentation of financial statements by companies
Understanding Financial Statements
Financial statements are the lifeblood of any business entity, providing stakeholders with
critical insights into its financial health and performance. These documents typically
include the balance sheet, income statement, cash flow statement, and statement of changes
in equity.
Section 73 of the Companies Act 2013 is a crucial aspect of corporate governance in India. It delineates the rules and regulations regarding the acceptance of deposits by companies and aims to safeguard the interests of investors and stakeholders. In this article, we will delve into the intricacies of Section 73, its provisions, compliance requirements, legal implications, and its impact on corporate governance.
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Introduction to Section 138 of Companies Act 2013
The Companies Act 2013 is a comprehensive legislation governing the incorporation, functioning, and dissolution of companies in India. Within this act, Section 138 holds significant importance, particularly concerning matters related to dishonor of cheque payments.
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In the complex web of legal frameworks governing businesses, the Companies Act 2013 stands out as a cornerstone document for companies operating in India. This article explores the intricacies of this legal instrument, offering insights into its historical evolution, key features, and the impact it has on businesses, particularly in terms of regulatory compliance and legal obligations.
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Embarking on the entrepreneurial journey or launching a startup is a thrilling venture, but amid the excitement, it's crucial to navigate the intricate landscape of legal formalities associated with business registration. These formalities not only ensure compliance with government regulations but also lay the groundwork for a robust and legally sound business foundation.
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In the intricate tapestry of the Companies Act 2013 in India, Section 42 stands as a pivotal clause that delineates the provisions for private placement of shares. This section provides companies with a mechanism to raise capital by offering shares or other securities to a select group of investors, offering a streamlined process for such transactions while ensuring compliance with regulatory standards.
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The Companies Act of 2013 in India is a comprehensive legislation that governs the functioning and regulation of companies in the country. Among its many provisions, Section 197 holds significant importance as it deals with the managerial remuneration of directors, managing directors, and whole-time directors.
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In the intricate web of corporate governance outlined by the Companies Act 2013, Section 180 stands out as a pivotal piece governing the powers and restrictions of companies. Let's delve into the depths of Section 180 to unravel its nuances and explore its implications for businesses.
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In the complex landscape of corporate governance, Section 179 of the Companies Act 2013 stands as a pivotal element, defining the authority and responsibilities of a company's Board of Directors. As we navigate through the nuances of this section, we uncover its evolution, key provisions, and its impact on corporate decision-making.
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Section 8 companies, also known as non-profit organizations (NPOs), have gained
significant recognition in India. These companies are established not for profit but with
a primary objective of promoting various areas such as arts, environment, sports, science,
and more. They are incorporated under Section 8 of the Companies Act.
If you wonder why non-profit organizations choose to adopt a company structure, the
reasons are numerous. This article will explore the benefits and requirements of forming a
Section 8 company in India.
The concept of Limited Liability Partnerships (LLP), introduced in India under the Limited Liability Partnership Act of 2008, has gained significant popularity as a business entity due to its simplified registration and maintenance processes. Unlike traditional partnership firms, LLPs offer a structured and more straightforward approach, leading many entities to transition from partnerships to LLPs. LLPs provide small and medium-sized businesses with the advantages of a separate legal entity, enhanced transferability, and limited liability protection for their promoters. Consequently, there is a growing interest among small business owners and service providers in registering their businesses as LLPs.
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In the realm of corporate law, there are numerous provisions and sections that govern the conduct of companies in India. One such significant provision is Section 185 of the Companies Act 2013. This section deals with loans and advances to directors and is aimed at ensuring transparency and preventing any potential misuse of company funds. In this blog, we will take a closer look at Section 185, its key provisions, implications, and the rationale behind it.
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Small businesses are the lifeblood of any economy, driving innovation, creating jobs, and contributing to economic growth. Recognizing the unique needs and challenges faced by small companies, the Companies Act 2013 in India introduced specific provisions to support and incentivize their growth. In this article, we'll explore the concept of a "Small Company" as per the Companies Act 2013, delve into the reasons behind its introduction, break down the definition, explore its features, and highlight the significant benefits it offers to small businesses.
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When it comes to investing, precious metals like gold and silver have long been considered safe havens. Both metals have their unique allure, but determining which one suits your investment strategy requires careful consideration. In this blog, we'll explore the key factors to help you make an informed choice between gold and silver as investment options.
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Dubai, with its dynamic economy and strategic location, has emerged as a global business hub attracting entrepreneurs from all corners of the world. The process of setting up a business in Dubai might seem complex at first glance, but with the right guidance and understanding, it can be a smooth and rewarding journey. In this article, we will break down the key steps involved in setting up a business in Dubai, making the process seem less daunting and more achievable.
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Running a company is a thrilling journey, but sometimes circumstances arise that necessitate winding up operations. Whether it's due to financial challenges, strategic decisions, or changes in the business landscape, understanding the process of winding up a company in India is essential.
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Expanding your business to new markets can be an exciting endeavor, and India's booming economy offers immense opportunities for foreign companies. If you're considering establishing a foreign subsidiary in India, it's crucial to understand the registration process and legal requirements. In this blog post, we will provide a comprehensive guide on how to register a foreign subsidiary in India, helping you navigate the intricacies of Indian corporate laws and set up your business successfully.
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If you aspire to be a company director, obtaining a Director Identification Number (DIN) is a crucial step. A DIN is a unique identification number assigned to individuals who wish to hold a directorship in an Indian company. In this comprehensive guide, we will walk you through the process of applying for a DIN, ensuring a smooth and hassle-free experience.
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Directors play a crucial role in the effective functioning and governance of a company. They are responsible for making important decisions, providing strategic guidance, and ensuring the company operates in compliance with legal and regulatory frameworks.
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In today's digital age, the use of electronic documents and transactions has become increasingly prevalent. As a result, the need for secure and reliable authentication methods has grown. Digital Signature Certificates (DSC) offer a solution by providing a digital equivalent of a physical signature, ensuring the integrity and authenticity of digital documents.
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One of the most critical decisions when starting a new business is choosing the right name for your company. A company's name is its identity and plays a vital role in establishing its brand and attracting customers.
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If you're thinking of starting a business, you might be wondering which business structure is the best for you. One option that has gained popularity in recent years is the Limited Liability Partnership (LLP) structure. In this article, we'll explore the advantages of registering a company as an LLP, and why it might be the right choice for you.
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If you're looking to set up a company in India, it can be a bit overwhelming at first. However, the process is relatively straightforward, as long as you follow the necessary steps. In this article, we'll walk you through the process of registering your company in India, step-by-step.
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India offers various types of business entities to entrepreneurs looking to start a business. Each type of company has its own unique features, legal requirements, and compliance norms. In this article, we will compare different types of companies in India to help you choose the one that suits your business needs.
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If you're thinking of starting a business, you may have considered incorporating your company. Incorporating your business has many benefits, including limited liability, perpetual existence, and potential tax savings. In this article, we'll explore the benefits of incorporating a company in India.
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Registering a private limited company is a popular choice for entrepreneurs looking to start a business in India. It is a type of business structure that offers limited liability protection to its shareholders while allowing for flexibility in operations. The process of registering a private limited company in India can be daunting for first-time business owners, but it is a crucial step towards establishing a legitimate and successful business.
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The Registrar of Companies (ROC) is responsible for maintaining a database of all the registered companies in India. The ROC Annual Filing is a mandatory process that all companies need to comply with in order to keep their company registration active. The process involves filing various forms and documents with the ROC, which provide information about the company’s financial status, management, and other important details.
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The section 2(m) in the Factories Act, 1948 defines "factory" as any locationthat are
1. In the event that ten or more people are employed or working at any time during the previous twelve months and in any other area in where a manufacturing process is carried out using the power source, or is typically carried out or
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Tax matters in a company cannot be ignored because corporate tax is an obligation. Although this is mandatory, many companies need help managing taxation neatly and taking care of it. This is where the importance of top Indian tax consulting firms that help companies manage taxation comes in.
Using a tax firm's services in Delhi provides enormous benefits for the company. If the company is faced with unresolved problems or wants to pay corporate taxes, these benefits can be directly felt by the company. What are the main benefits of a tax consultant in a company?
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Most entrepreneurs are experts in their business field but need to understand more about the tax impact. This happens for several reasons. First, the laws are changed all the time. In addition, business people are only sometimes clearly informed.
For these reasons, consulting a tax consultancy company is the best way out. It will thus be possible to implement strategic tax management with less improvisation and more intelligence.
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Business planning is quite broad and can cover different aspects and sectors within a company, and in each of them, there is a specific step. One is tax planning. Often forgotten or overlooked and even unknown by the organization, it causes several negative impacts on the company if not managed correctly.
If you want to know more about this subject, continue reading our post, where we will address important questions about tax planning for your company.
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GST was implemented in India, which was a significant tax reform. To harmonize state economies and promote the nation's overall economic growth, the Government implemented the Goods and Service Tax on March 29, 2017. GST is an indirect tax that includes all other tariffs in its scope. GST is a comprehensive tax that is levied throughout the entire sales process. In India, the introduction of GST registration aimed to replace many indirect taxes with a unified taxation structure. Additionally, GST facilitates the collection and increases operational efficiency. This article looks at the documents required for GST registration in India
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Many companies offer multiple kinds of benefits and incentives for example, gifts cards, travel packages or vouchers or gift cards, etc. Distributors agents, channel partners or dealers, to encourage and inspire them to encourage the growth of their company. To control the taxability of these benefits or perquisites, government introduced Section 194R into the Finance Act, 2022. Section 194R places an obligation to the person who is responsible for providing any perquisite or benefit the resident to take deductions of tax at the 10% at the source.
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In this article we have outlined the disclosure necessities in the tax return on foreign assets and stock awards.Bank accounts where the specific has the authority to sign (for instance minor children’s accounts) are also required to be reported. Individuals qualifying as ordinary residents of India for the purpose of taxation are gratified not only to offer all their incomes, including those earned outside India, to tax in India but to also disclose details of assets held outside India in the Income Tax Return Form
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TDS and TCS which comes under GST is an acronym for tax deduction at source and tax collection at source. These both terms are even present under the Income Tax law. TDS and TCS under GST came into impact from 1st October 2018. TDS denotes to the tax which is deducted when the buyer of goods or services, such as government departments, makes payments under a business contract. On the another hand, TCS refers to the tax which is collected by the electronic commerce operator when a seller supplies some goods or services via its website and the payment for the same deliverable is collected by the electronic commerce operator.
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Assessee who earn income must file an Income Tax Return. Filing an income tax return is mandatory if one’s income exceeds the basic exemption limit. The basic exemption limit has to be computed without regard to the provisions of section 10(38), 10 A, 10 B or 10 BA or 54 or 54 B or 54 D or 54 EC or 54 F or 54 G or 54 GA or 54 GB Chapter VIA. The returns are to be filed on annual basis. This article explains who is required to file the income tax return. Though not exhaustive, the lists include persons and incidents that necessitate the filing of an Income Tax Return.
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Every business requires the true proficient to deal with the financial matters at effortlessness as he is the one who will credit the salary of employees on time. The worth of a Chartered Accountant can drive in success to any business, whether it can be small or big. Exact from calculating the salary to dealing with all the tax issues, a chartered accountant can thus find the reasonable ways in enhancing the growth of a business.
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What is the procedure for Incorporation of Company in India?
Updated Income Tax Return Filing
Finally, provision of filing an updated Income Tax Return has been presented in Income Tax
with effect from 01.04.2022. An assessee, whether he has filed or not, an income tax
return (whether it be the original return, the delayed return or the revised return), may
now provide an updated return of income, within two years from the end of applicable
assessment year. For e.g.: For the AY 2022-23 (i.e. Financial Year 2021-22), the updated
return could be filed up to 31st March, 2025. The updated return can be also fitted out
only once for an assessment year. Though, the updated return cannot be filed, if it:
What is the procedure for Incorporation of Company in India?
Know the Step by Step Process
Under the New Companies Act 2013, the Ministry of Corporate Affairs has mandated the procedure for the incorporation of company in India.
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Financial operations involving a company's accounts or other money-related problems necessitate specific care, especially while operating in India as a foreigner. A specialist's assistance can also aid in understanding how the taxation system in this country operates.
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A branch office is a suitable business model for foreign companies looking to establish a temporary presence in India. The branch office serves as an extension of the head office business and carries on the same business and activity as that of its parent company.
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A private company is a company which is owned by non-governmental organisations. In any way, relatively small number of shareholders or members of a company. Usually, a private company does not offer its shares to the general public on the stock exchanges, but rather the private stock of the company is owned and traded. A private limited company is a type of organisation you can set up to run your business
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Nidhi Company is most popular form for giving loan to its member and accepts deposits from its members. Its main objective is to lend and borrow money amongst its members and to cultivate the habit of savings amongst its members. Nidhi Company is governed by the Provision of Companies Act, 2013 and Nidhi rules 2014.
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Bookkeeping involves the recording, on a regular basis ,of a company’s financial transcations. Bookkeepers are individuals who manage all financial data for companies. Without bookkeepers, companies would not be aware of their current financial position, as well as the transactions that occur within the company.
Read moreFor the vast majority of Indians, starting their own business is a dream. Many people, however, are hesitant to take the risk of starting a small business because they are afraid of the unknown. As a result, they prefer to work the traditional nine-to-five jobs and miss out on excellent opportunities to put their entrepreneurial skills to the test and put their skills to more profitable use.
Read mor1.Who all can apply for GSTIN through MCA AGILE form?
Introduction
The Central Board of Direct Taxes recently announced the Faceless Assessment (1st
Amendment) Scheme, 2021.For honouring the honest taxpayers, the Prime Minister has
launched a faceless tax scrutiny.
What is the faceless assessment scheme 2019?
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Union Budget for FY 21-22 introduced several proposals to benefit depositors, investors, and taxpayers. Finance minister Smt. Nirmala Sitharaman said that the tax system should put a minimum burden on the taxpayers. Specific Direct Tax proposals were introduced, providing relaxation to individual taxpayers and startups to some extent. The Finance minister surprised taxpayers by not announcing any change in income tax slab rates. She also did not disclose the proposal to introduce much-hyped Covid cess. In a significant move, the limit for tax audits under section 44AB has been increased from Rs 5 crore to Rs 10 crore (where 95% of payments and receipts are digitized), providing relief to many corporate houses.
Read moreMeaning of presumptive taxation scheme
As per Section 44, businesses and professionals are required to take care of the Books of Accounts under Section 44AA, once they fulfil certain criteria and obtain them audited under Section 44AB in every fiscal year for the aim of tax .
Particularly, to relax their burden of keeping Books of Accounts,
Read moreThe Import Export Code is a crucial document for getting into international sales transactions. it's acquired significance for it's a government-specified pre-requisite before any commercial shipments are often imported or exported. during this post, we highlight the importance of import-export code and specify the procedure to submit your IEC application online.
Read moreWondering the way to register a corporation of your own in India while you're in USA? during this article, we'll mention the steps to register a corporation in India while you're in USA, which all entities are you able to form and which documents are needed for the corporate registration process as a far off national in USA.
Read moreEvery assessee, who earns income beyond the essential exemption limit during a fiscal year (FY), must file a press release containing details of his income, deductions, and other related information. this is often called the tax Return (ITR). Once you as a taxpayer file the income returns, the tax Department will process it. There are occasions where, supported set parameters by the Central Board of Direct Taxes (CBDT), the return of an assessee gets picked for an assessment.
The various sorts of assessment are as follows:
Read moreTrade License – this is often a license that's issued by the Municipal Corporation which provides permission to hold out a specific trade a specific address.
Shop Establishment License – Shops & establishment registration is mandatory for all business entities. It not only includes shops and commercial establishments but also, work from home jobs. Once you register your shop or establishment you'll get a store and establishment certificate.
Read moreIn India, a person or an entity proposing to start with a food business must obtain a food license or a registration from the Food Safety and Standard Authority of India (FSSAI). Approximately 90% of food products have a prescribed specification by FSSAI. Only the ocean products and therefore the production involving fishermen and farmers are out of the scope of FSSAI. It generally takes two months to get the FSSAI License and approximately six months for the launch of product approval within the market.
Read moreMeaning of Winding-Up
Winding-up is a process whereby the life of a company is ended & property is administered for the benefit of shareholders & creditors.
Structure of Winding-Up
Government of India has been making tremendous efforts in clearing backlogs/disputes/appeals under direct and indirect taxes which has resulted in the launched settlement schemes under Direct Tax (Vivaad Se Vishwas Scheme) & Indirect tax (Sabka Vishwas Scheme). On the similar lines, MCA i.e Ministry has come up with the scheme called Companies Fresh Start Scheme 2020 (also called CFSS -2020) vide its General Circular No. 12/2020 for one-time application of condonation of delay of filing the various forms, documents and returns.
Read moreWhat is MAT?
MAT is an indirect tax levied under the Income Tax Act of India, 1961. As per section 115JB, every foreign and domestic company is required to pay MAT, a rule set up to prevent highly profitable businesses from dodging their tax liabilities.
A large number of companies in India try to evade taxes. For instance, many “zero tax companies” generate substantial revenues but end up paying a nil tax by applying deductions, exemptions and other kinds of loopholes in the system. So, MAT was created so that no company is able to completely evade their tax liability.
Read moreWhile total financial independence isn’t a simple goal to succeed in , most of the people wish to a minimum of to spend their lives without struggling for creating their ends meet. Financial planning could assist you in meeting your long-term goal, however, you would like to place the plan into effective action.
Read moreOne of the primary decisions that need to be taken when starting a corporation in India refers to the legal entity under which the respective business will operate the local market. India provides a group of business forms, almost like those available in other jurisdictions. the choice regarding the legal structure of an Indian company should be taken in accordance with the capital the investors have, the obligations and liabilities they need to assume or the dimensions of the business they need to work here.
Read moreCompany registration consultant should be selected very carefully once you are registering a corporation . Transparent pricing, thorough knowledge of Companies Act 2013, in-house company secretary team and knowledge within the field should be checked when selecting a consultant for company registration. Business setup is that the top consultant for company registration in Mumbai, Bangalore, Pune and Hyderabad.
Read moreWhat activities can a branch office perform in India?
The branch office are often opened by any foreign company. The activities it can undertake are mentioned below:
Changing the name of a corporation cannot continue without complying with the wants of selecting a corporation name set by the Registrar of Companies.
Changing a corporation Name
Getting a corporation ’s name changed by the Registrar of Companies (RoC) is not any small matter! Executing a company name search will assist you select an appropriate name. an equivalent rules and laws apply to vary a person’s name, as well. The procedure to vary the corporate name is well-defined and is to be followed strictly. Hence, it's essential to follow all the wants of the registrar of companies in India.
Read moreWhen most small business owners consider the terms bookkeeping and accounting, they often use them interchangeably. While it’s true both bookkeeping and accounting are important within the management of your company’s finances, some key differences between the 2 functions do exist. Therefore, business owners got to understand the roles of every and the way they work together to make sure your company’s success.
Read moreIncome Tax Return is a document an individual is required to file with the Income Tax Department on a yearly basis. However, it is not mandatory for everyone to file the Return. If your income in the previous year is above the basic exemption limit of INR 2,50,000 (Rupees Two Lakh Fifty Thousand only), then you are required to file the Income Tax Return compulsorily.
Even though it is not mandatory for some persons to file the Income Tax Return, one should file it every year as there are many benefits of filing it.
Read moreStep 1
Register your business
There ar three choices to try and do a similar. Please choose the most effective possibility supported the variations listed below.
Private Ltd.
Entrepreneurs reaching to raise funds for angles or VC’s
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Incorporation of a corporation refers to the legal method by that a company entity or a corporation is born or comes into existence. a company company is separated from the legal entity on its own.
But These firms are often known with terms like Iraqi National Congress or restricted or personal restricted in their names and, it had become a company legal entity, that has utterly separated from its house owners.
Read moreA private limited cômpany is a môst flexible and credible structures ôf businesses. It is a type ôf structure wherein investôrs can be separate and the peôple managing the cômpany that is directôrs can be different. It can have cômbinatiôn ôf variôus instruments like preference shares, equity shares ôr debentures.
Separate Identity
A private limited cômpany has a separate identity and is different frôm its directôrs.
Read moreStarting your own business may be a long cherished dream and changing into a Director is that the most honourable position. As you all apprehend that to begin a corporation in Republic of India it's vital to urge the corporate registration through with the Registrar of firms and wish to follow the rules arranged down by the Ministry of company Affairs.
Read moreThe Promoters of a company may be individual entrepreneurs or body corporate engaged in efforts to incorporate a company. It is depending upon, the purposes for which the company is to be incorporated, proposed scale of operations, capital involved, etc. The promoters can select the type of the company as they wish to form themselves into a viz. private company, a public company, a non-profit making company, etc.
how To start a public limited company?
Read moreVAT stands for Value Added Tax. This tax is charged by the Central Government on the sale of goods and services when they are ultimately sold to the final consumers. VAT is charged and paid by the producers of the goods and services but it is finally levied on consumers who purchase the goods and services when they pay for them.
WHAT IS VAT REGISTRATION?
Read moreThe government of Bharat in its latest budget extended many new announcements to spice up the retardation automobile economy, as well as a bunch of reforms for remodeling the electronic vehicles market. during this post, we tend to highlight the nuances of the booming electrical vehicle trade and conjointly forecast prospects of investment during this forthcoming section.
Why is Bharat the correct marketplace for electrical Vehicle development?
Read moreFor Casual nonexempt Persons, it troublesome to stay up a set spot of business or document month to month GST returns systematically, as a result of their business would be regular in nature with no fastened spot of business. Extraordinary arrangements are given beneath the GST Act to the registration of casual nonexempt persons.
Registration Obligation for Casual Taxpayers
Read moreBudget Highlights
India is among the foremost Asian countries United Nations agency have thought-about the concept of putting in place AN Export process Zone (EPZ) model to push country’s exports. to draw in additional foreign investment and supply AN internationally competitive and trouble free surroundings for export promotion in Asian nation, Special Economic Zone (SEZ) was introduced. within the year 2000, with AN beginning of SEZ policy, Asian nation had begun to run on the trail of success.
Initially, the SEZ policy was enclosed beneath foreign foreign policy 2000. The policy was enforced through piecemeal and circumstantial amendments to totally different laws, besides government orders. so as to beat these drawbacks and to allow a stable long run policy framework with minimum regulation, the Special Economic Zone Act, 2005 was introduced. The Act provided broad legal framework, covering all vital legal and restrictive aspects of SEZ development further as for units in operation in SEZs.
Read moreIncome Tax come could be a prescribed format through that an individual has got to disclose the financial gain that's attained by an individual in an exceedingly year. The taxes on this financial gain have to be compelled to be paid to the revenue enhancement Department by the tip of the year. There square measure totally {different|completely different} slabs of taxes for folks from different financial gain slabs. There additionally exists a minimum block, on top of that it's necessary to file revenue enhancement returns. The revenue enhancement Department typically keeps causing reminders to persons to file their revenue enhancement returns. though folks will file their revenue enhancement returns at a later date, there square measure sure consequences connected to constant. This come that is filed on a later date is thought as a tardy come. Such a come is allowable to be filed beneath Section 139(4) of the revenue enhancement Act.
Read moreA booming out-pour of Startups in Bharat is that the recent trendsetter. Recently, we've witnessed several low and status Start-Ups landing up within the Court of law fighting legal battles and sabotaging their name in public. so as to avoid such mistakes, here square measure “8 fast tips” that a Start-Up should do to avoid such ugly legal battles.
Read moreIndia has been recognized as one of the top start-up hubs in the world. Especially under the leadership of Narendra Modi there are several initiatives taken from the year 2016 to revolutionize the start-up businesses.
Start-up India Initiative is one such program taken by Prime Minister Narendra Modi which has benefited entrepreneurs across the country. This initiative was mainly take to support the economic growth and create better and more number of employment opportunities.
Read moreTax saving is that the strategy by that one saves taxes by victimization the provisions given underneath law. At the time of filing your come, you'll be able to seamlessly claim these exemptions and deductions from the tax department. Such provisions square measure provided by the govt to incentivize savings and investments within the economy. the method of tax saving is totally legal and inspired by the govt. it's a obligatory contribution to state revenue levied by the govt on staff financial gain and business profits or else to the value of some merchandise, services and dealings. Taxes paid by public square measure employed by the govt for closing numerous welfare schemes as well as employment programs. underneath section eighty of tax Act, 1961 (“Act”) there square measure numerous deductions a remunerator will claim from his total financial gain which might bring down his dutiable financial gain and thereby cut back his tax outgo.
Read moreIntroduction
Income is one such aspect of recent day life that can't be unnoticed or brushed off. It finds how to influence the answer of one’s day to day challenges from an easy issue on if one ought to walk the additional mile or take the bus? or a lot of larger things on if a corporation ought to invest crores of rupees during a specific sector or not? It influences the lives of all people from poor laborer to wealthy man of affairs and because of such influence that financial gain yields during a country like Republic of India folks square measure usually interested in what cash they pay as taxes and the way a lot of they're stepping into the shape of returns as being compliant with revenue enhancement rules and laws here are available the thought of TDS and TDS returns. allow us to currently verify what one means that by TDS and TDS returns and what's the procedure to envision the standing of such returns online
Read moreThe Union cupboard Ministry crystal rectifier by the Prime Minister Narendra Modi gave its endorsement to varied amendments to the FDI Policy in an exceedingly Press note of last year. Foreign Direct Investment (FDI) could be a noteworthy driver of {monetary|of economic} development and a wellspring of non-debit finance for the monetary improvement of the state.
According to the press note that was discharged last December, the subsequent FDI amendments were created throughout the cupboard meeting:
Read moreThe Interim Budget, 2019, presented by the Union Finance Minister, Mr. Piyush Goyal, is a progressive budget for small taxpayers and real-estate sector. The proposals made in the interim budget would provide immediate relief to small taxpayers and incentivize the salaried taxpayers, who have continuously been hailed as the most honest taxpayer The incentives proposed for the taxpayers would be beneficial both for revenue and taxpayer.outgoes and the revenue would get the opportunity to reduce its administrative cost. Low-income groups and senior citizens generally
Read moreOver the most recent two years, that spoke to difficulties looked by businesses subsequent to demonetisation and prologue to GST, the year 2019 is probably going to be an favourable year for smaller scale, little and medium dimension ventures (MSME). While money crunch portrayed the year 2017, absence of access to credit, fall in the estimation of rupee and expanded consistence costs from changing over to the routine to GST added to the agonies of the little scale businesses.
Read moreTo register business name in India, one must have to visit the official website of Ministry of Corporate Affairs (MCA) and have to apply for new business registration. MCA as sole business invigilator deals with complete administration of all businesses running under Companies Act, LLP act and various other allied acts. It is also responsible for regulating running business enterprises and helping new business ideas to get incorporated with no delay in grounded documentation.
Read moreIntroduction
Transfer Pricing (“TP”) regulations have been at the forefront of corporate headlines over the last few years due to the increasing number of controversies resulting out of tax structuring by multinational companies in India. What makes the topic both contentious and interesting is that regulators view the various techniques applied to inter-corporate transactions as purportedly planned with the intent of achieving benefits of comparable labor cost and tax advantage at the cost of a countries tax revenues.
Read moreMNC's who choose to operate in more than single country can operate its business through a wholly owned subsidiary. Wholly owned subsidiaries can be called as those companies in which Parent Company owns all the shares of the subsidiary which gives access to the parent company to select a board of directors of the subsidiary or control the subsidiary.Wholly owned subsidiaries can also be a part of a different industry.
Read more After having registered their business to sell their products online or offline the next
big step is how to register for VAT so you can then charge your customers.
VAT registration is required when you are in business of any goods or products that can be
felt or touched and exceeds specified amount of annual turnover
Accounting outsourcing is about a contract signed by an organization with third party
consultant to outsource partially or fully their accounting services.
Finance and accounting outsourcing activities are trending in various organizations, as
outsourcing accounting and book keeping services helps to work on main functions of
business and to work more efficiently with the business core area and improve decision
making and other tactics. It can bring considerable increase in company’s level of
productivity and efficiency.
India is turning into an open-market economy. India has been attraction for overseas investers, after the United States, China and Britain.
The Indian economy has continuously recorded high growth rates and become an attractive destination for investment. In India to attract investors there are stable economic policies, availability of cheap and quality human resources, and new unexplored markets. The government initiatives like-
Read moreHere is step-by-step guide for starting your company individually — the understanding of an OPC, the benefits of incorporating it and the legal formalities in its formation.
As per the Companies Act,1956, a Public Ltd Company requires at least 7 members or shareholders wherein a Pvt Ltd Co requires to have at least 2 members. Hence, a One Person Company was never allowed to be formed in our country earlier. However, under the provisions of the Companies Act 2013, Sec 2(62), One Person Company (OPC) is being allowed to form.
Read moreReverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax instead of the provider of the goods and services. Under the normal taxation regime, supplier collects the tax from the buyer and deposits the same after adjusting the output tax liability with the input tax credit available. But under reverse charge mechanism, liability to pay tax shifts from supplier to recipient.
Read moreFirst, the very basic: All registered business owners come under the GST regime, and must furnish details about their sales and purchases on the GST portal. In other words, the process is online. And yes, this also holds true for businesses that had zero operations the previous month, the only difference being that they need to file a “NIL return”, just as it was under the earlier VAT and service tax laws.
Read moreMore than only standard accounting and tax filling services, We helps in corporate tax filings and annual returns for the companies. We work closely with all our clients as we firmly believe that clear understanding of their business goal is crucial to impart the best online payroll services.
Read more The government has set up the National Anti-Profiteering Authority amid reports that some
companies, particularly restaurants, are not passing on the benefit of the goods and
services tax (GST) rate cuts to consumers. B N Sharma, additional secretary in the
department of revenue, was on Tuesday appointed chairman of the authority.
Now, guidelines on what exactly constitutes profiteering are awaited. The authority will
exist for a period of two years from the date Sharma takes charge.
In the 23rd GST Council Meeting, GST rate reduction for various goods and services was announced. A major highlight of the 23rd GST Council Meeting was the reduction of GST rates for various goods listed under the 28% slab. The GST rates changes will tremendously reduce the tax burden on the common man and boost the economy. In this article, we look at a summary of GST rate changes announced in the 23rd GST Council Meeting held on 10th November 2017.
Read moreThe GST Council is set to trim the list of items in the highest tax slab of 28% by shifting some items of common use as well as products made predominantly by small and medium enterprises (SMEs) to a lower tax slab.The tax rate fitment committee, a panel of central and state officials assisting the GST Council, is rigorously combing through the list of items in the highest slab to identify such items, two people with knowledge of the development said on condition of anonymity.The GST Council wants to address the public perception of high tax rates on certain items of common use as well as give further relief to SMEs, which are labour-intensive.
Read moreIf you're a service supplier with operations in just one state, GST goes to be wonderful as a result of while not an excessive amount of of compliance burden, you tend to induce additional input-tax credits. But, if you're a service supplier in additional than one state, and that i believe, the bulk would have operations in multiple states; therein case it might be vastly completely different below GST.
Read moreIndividuals, partnership entities as well as companies can act as valuers under the Companies Act after getting registered with an authority specified by the government, says a notification.
Read moreWe give advice on how to Company incorporate your company in India and provide the complete solution for Company Formation in India, Private limited Company Formation and Company Incorporation in India. Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability.
Read moreWe give advice on Company Registration in India and provide the complete solution for Company Formation in India, Private limited Company Formation and Company Incorporation in India. Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability.
Read moreIndia economic process probably accelerated to six.6 p.c within the quarter simply concluded, however analysts polled by Reuters are sounding more and more distressed that confusion over a replacement product and services tax can dampen activity in coming back months.
Read moreCasual taxpayers who conduct businesses occasionally can now register for the goods and services tax (GST), which will allow them to execute work that comes their way once in a while.
Read moreIn a move meant to curb benami transactions and therefore the use of black cash in realty deals, the govt. is going to build Aadhaar-based authentication necessary at the time of registration of documents like agreement purchasable, power of lawyer and can among others. The govt. has additionally firmed up plans to modify electronic registration of properties, that Aadhaar-based authentications are going to be a requirement in company formation in India.
Read moreEcommerce companies such as Amazon, Flipkart and Swiggy concerned about losing business after the rollout of the goods and services tax (GST) on July 1 shouldn’t have to worry about being forced to exclude products sold by unregistered vendors in company formations services.
Read moreCome July 1 and leasing of land, renting of buildings as well as EMIs paid for purchase of under-construction houses will start attracting the Goods and Services Tax.Sale of land and buildings will be however out of the purview of GST, the new indirect tax regime. Such transactions will continue to attract the stamp duty, according to the legislations Finance Minister Arun Jaitley introduced in the Lok Sabha yesterday for approval.Electricity has also been kept out of the GST ambit in pvt ltd company registration in Delhi.
Read moreThe government on Tuesday free anti-profiteering rules underneath the products and Services Tax (GST) regime that offer for cancellation of pvt ltd company registration in India of any entity or business if it fails to expire the good thing about lower taxes or input diminution to customers during a conterminous manner.
Read moreIf you have not already registered your business under GST or you are a new business and do not have a VAT or service tax or excise registration, you may be worried about how to go about this. It is widely known that GST registration is mandatory when aggregate turnover exceeds Rs 20 lakh (Rs 10lakh for NE States).
Aggregate turnover is the basis on which GST registration is done and determines who needs to register on the GSTN. So how does one calculate aggregate turnover? Whether it is possible to have multiple company formation in Delhi for a business that operates in one state? Are centralized registrations possible? Let us delve deep into these issues.
Read moreIt's only less than a month left until Goods and Service Tax (GST) sees the light of the day. India's biggest tax overhaul crossed its final hurdle last week when GST Council agreed to tax gold and silver jewellery at 3 per cent tax rate.
With GST to be implemented from July 1, it's the ideal time to check if your monthly budget will be affected under the new tax regime. We've put down a list of goods and services that will become cheaper or costlier once GST comes into force.
Read moreDescription - Due to the increasing working population and their enhancing buying power, retail is one of the fastest growing economic sectors of India. If ventured correctly, you can reap significant profit in the retail field. But always remember the fact that a new business setup in India needs great research, hard work and investment of time and money. So, if you are a novice in this field, it is advisable to search for a credible company that can help you set up your new business venture following the right procedure, rules and regulations.
Read moreThe enrolment window for Goods and Services Tax Network (GSTN), the IT backbone of GST, will be reopened on June 1 for 15 days, the finance ministry said in a statement. Around 61 lakh taxpayers out of total 84 lakh assesses have already enrolled under the first phase of enrolment on the new payment portal of GSTN that ended on April 30, it said.
Read moreSince the passing of the GST Constitutional Bill by the Rajya Sabha in August last year, the country has been preparing itself for the new tax regime. The new GST law is India?s biggest tax reform initiative which is expected to improve compliance levels, increase government revenue in company registration in India and create a common playing field for businesses by amalgamating a host of central and local taxes.
Read moreThe revenue department has extended by a month till April-end the enrolment of dealers with GSTN, the IT backbone for the new set-up, as so far only 60 per cent of the existing assesses are done with the switchover.
Read moreFortunately, the new rules and regulations are easier when it comes to start-up a new business in India. Also, there are hassle free new company registration service providers available in India who take care of A to Z of forming and registration of the company. In this post, we will touch upon various forms of new company registration In delhi presently available and which is best suited for your business.
Read moreThe government plans to introduce a new version of the integrated company incorporation gurgaon form in a measure aimed at enhancing ease of doing business that targets reduction in average number of days for incorporating a company to one to two days from more than four days at present.
Read moreIn a significant step towards improving the ease of doing business in India, the Corporate Affairs Ministry will soon centralise the whole process related to registering a new company formation gurgaon and strive to complete the processing within a day.
Read moreRegistering a new company could not be simpler when registering online with company formation India. We are companies house e-filing partner which allows us to set up new limited companies online for our clients in the UK and overseas through our sister company. The company incorporation India website is integrated directly with companies house allowing you to check the availability of your company name. We can help clients from their companies within just 3 hours through our quick online company formation service.
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