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Company incorporation is just half the battle won; the other half is still left. It includes compliance of private limited company and ROC filing of company. Once company registration process is completed, the responsibility on the entity so registered increases towards the nation. They are expected to be line with all the rules & regulations which are specified in the law. We will discuss each & every post incorporation compliance for a company in detail. A company is an artificial legal entity which possesses certain legal rights, duties, responsibilities, powers & liabilities. Ultimately it’s the shareholders who are the real owners of a company but those shareholders appoint an independent Management which will look after the operation of the company. Since it includes a lot which needs to be regulated therefore Companies act, 2013 defined the guidelines for the companies and leaves no room for any mistakes or loopholes. 1.BOARD MEETINGS At least 4 board meetings to be held in a year and at least one meeting needs to be held every year with not more than 120 days gap between 2 meetings. Presence of the directors is needed for the meeting. Quorum is 1/3rd or 2 Directors whichever is greater. For small companies conducting 2 subsequent board meeting is sufficient. 2.BANK ACCOUNT This condition is mentioned in both pre-company incorporation & post company incorporation process. Bank account is something which will deal specifically in the name of the company and will contain all the transactions of the company. Since the formed business entity is artificial in nature, and you cannot transact on this cannot be done in name of natural name. 3.OFFICIAL ADDRESS OF THE COMPANY Section (12) of companies act, 2013 specifies that the so formed artificial entity must have a registered official address within 30 days from date of incorporation. As all the financial transactions are done in the name of the company, likewise all the transaction must bear the permanent/official address of the company. This address will act as a communication address which will help all the company’s stakeholders, suppliers, creditors to communicate on the said address. 4.APPOINTING THE AUDITOR Section 139, companies act mandated that every company except Government Company must appoint an auditor which can be an individual or a firm, as the auditor of the company. Auditor must be appointed on or before the commencement of first AGM by Board of Directors. The respective auditor shall hold the office from the conclusion of that meeting till the conclusion of its 6th AGM and thereafter till the conclusion of every sixth meeting. 5.INTEREST DISCLOSURE BY DIRECTORS Directors of the company are mandated to disclose all the interest they have in any company/firm/association must be mentioned:
Company must issue the certificate of the shareholding to the respective shareholders within 60 days. 7.BOOKS OF ACCOUNTS Companies act, 2013
Income tax act, 1961
8.GST REGISTRATION GST is an indirect taxation method to levy a certain amount of taxation on manufacturing, sale & consumption of goods & services. This law came into force on July 01, 2017 and is applicable across India. If your business comes under the ambit of Goods & services tax, 2017 then one must comply with rules & regulations of GST to avoid penalties. 9.STATUTORY REGISTERS & OFFICIAL LETTER-HEAD According to Companies Act 2013, mandatorily requires that the newly incorporated company must have letter heads and other letters in a prescribed format displaying:
10.FILING INC-20A: Section 10A specifies that a company incorporated on or after 02nd November, 2018 having a substantial share capital shall not commence its business operations or exercise any of the borrowing powers unless a declaration for the same is being filed by the directors of the companies within 180 days from date of company’s incorporation. One of the most important forms which need to be filed before due date because the non-filing penalties are way too high which will affect your business during its initial stage. Apart from above mandatory compliance there are other event based compliance which a company shall abide by. Non-compliance leads to harsh penalties by company law, therefore it is always a wise decision to have a regular compliance consultant you could reach out for any types of compliances. Below is a list of events when you need to do the compliance filing so next time this event occur in your company make sure you have followed the filing rules:
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Income tax return An Income Tax Return (ITR) is a tax document that is utilized to file against the income we earn on yearly basis with the Income Tax Department. The assessment form is in a predefined group where the earned figures are utilized to calculate the duty risk. Income Tax Return (ITR) forms are required to be documented each year for any individual whose pay during the year surpasses as far as possible whether through pay, property rental, profits, intrigue, capital increases, from any business/calling or different sources Various ways to file an income tax return Before getting deep into various methods of online income tax return filing. We should know about the Income tax slabs available to file an income tax which depends upon the income earned by a particular person. Income Tax Slab Tax needs to Pay Up to 2,50,000 Nil 2,50,000 to 5,00,000 5% 5,00,000 to 10,00,000 12,500 + 20% of total income exceeding 5,00,000 If income is above 10,00,000 1,12,500 + 30% of total income exceeding 10,00,000 There are various methods to file an income tax return what if we don’t have form 16. Form 16 is basically a document which is given to salaried employees. In any case, there could be times when you don't get Form 16 for the year. It could be on the grounds that your boss is shutting his business or perhaps you have changed occupations during the year without finishing appropriate leave conventions. Presently, regardless of whether you don't have Form 16, there are some documents you can use as a reference to ITR Filing. Also Read: New ITR filing date for A.Y Gather your pay slips and calculate your Taxable Income Set up together the net compensation from all the pay slips you have gotten from your manager in the budgetary year. On the off chance that you have changed your company in a financial related year, ensure you incorporate pay slips from all businesses you have worked for in the year. Form 26-AS will help you to calculated the accurate Tax Deducted for ITR Filing. Figure the TDS deducted by your HR throughout the year and match the sum referenced on your Form 26AS.You can follow given link to download 26AS. https://www.incometaxindiaefiling.gov.in/home On the off chance that you see an inconsistency in the TDS sum really deducted and the sum that should be deducted, contact your HR quickly and request that they redress the blunder. Don’t ever miss the HRA if you are eligible. A number of workers have a House Rent Allowance (HRA) segment in their pay. To guarantee the HRA finding, you should present your lease receipts to your finance office ahead of time. In the event that you haven't presented the receipts to your manager, you can generally guarantee it while documenting. On the off chance that you are uncertain how to figure HRA you can contact CA for computations on behalf of you. Tax exemptions for online income tax return filing There are various investments where tax is exempted. Keep your investments receipt ready with you and process the sums qualified for reasoning under areas 80C (Life Insurance, Employee Provident Fund, Public Provident Fund and so forth.), 80D (Medical protection premium), 80E (Interest on training credit) and so forth. Earning from different sources If you are getting income from any source other than your salaried activity, remember to incorporate it under asses sable salary. Such earned money can incorporate premium under Fixed Deposits, pay from lease on property claimed by you and so forth. At long last, File your Income Tax Return (ITR Filing) After you have guaranteed that the expenses paid by you coordinate the duties payable by you, proceed to record your profits on the web. you can proceed ahead and file your income tax without form 16 from official site https://www.incometaxindiaefiling.gov.in/home but make sure e-verification must be done within 120 days of filing. Also read: All about ITR filing for BEGINNERS FAQ
1. what number of heads the salary of a citizen is characterized? Section 14 of the Income-charge Act has ordered the salary of a citizen under Five unique heads of pay, Income from salary Income from house property Income from business or profession Capital Gain Income Income from other sources 2. How to file the return of income electronically? Income-tax Department has built up a website for e-documenting of return of pay. The citizens can sign on to www.incometaxindiaefiling.gov.in for e- recording the arrival of income. 3. What are the advantages of filing an income tax? Filing of return is your obligation and gains for you the pride of intentionally adding to the improvement of the country. Aside from this, your personal government forms approve your credit value before monetary foundations and make it workable for you to get to numerous money related advantages, for example, bank credits, etc. 4. If I forgot to file an income tax to the due date, will I be fined or punished? Yes, if an individual who is required to outfit an arrival of salary under area 139 and neglects to do as such under given time recommended in sub-segment (1), you should make good on enthusiasm on regulatory expense due. According to the evaluation year 2018-19, under section 234F required to be paid if return is outfitted after due date. Expense for default in outfitting return of pay will be as per the following: Rs. 5000 if profit is outfitted for or before the 31st day of December of the evaluation year; Rs. 10,000 if not filed even after 31st day of December In any case, late documenting expense will not surpass Rs.1000 if the all-out pay of an Assesse does not surpass Rs. 5 lakh. 5 What is e-documenting utility given by the Income-tax Department The Income-tax Department has given free e-documenting utility (i.e., Java and exceed expectations) to create e-return and outfitting of return electronically. The e-documenting utility given by Department is straightforward, simple to utilize and furthermore contains guidelines On the best way to utilize it. By utilizing the e-recording utility, the citizens can without much of a stretch document their profits of pay. Utility can be downloaded from www.incometaxindiaefiling.gov.in Is there any e-documenting help work area set up by the Income-tax Department? In instance of inquiries on e-documenting of return, the citizen can contact 1800 180 1961. जैसा कि आप सभी जानते हैं कि वित्त वर्ष 2018-19 के लिए ऑनलाइन आयकर रिटर्न दाखिल करने की नियत तारीख जल्द ही आ रही है। आईटीआर की देय तिथि 31 जुलाई 2019 है, जिनके खातों की लेखा परीक्षा की आवश्यकता नहीं है। और, दूसरों के लिए ITR की नियत तारीख 31 सितंबर 2019 है। आपको अपना आयकर रिटर्न सावधानी से दाखिल करना चाहिए क्योंकि अनुचित आईटीआर दाखिल आयकर विभाग से जुर्माना और नोटिस के रूप में परेशानी ला सकता है। आयकर विभाग के किसी भी दंड और नोटिस से बचने के लिए आपको ITR आईटीआर के नियत तारीख से पहले सटीक और समय पर आईटीआर फाइलिंग के लिए पेशेवरों की मदद लेनी चाहिए। आप Online Income Tax Return filing की सेवाओं के लिए CAONWEB के हमारे ऑनलाइन प्लेटफॉर्म के माध्यम से सर्वश्रेष्ठ पेशेवरों को पा सकते हैं। आपके लिए ITR फाइलिंग को आसान बनाने के लिए, हम यहां शुरुआती लोगों के लिए आयकर रिटर्न दाखिल करने की मूल बातें बता रहे हैं: 1. सही आयकर रिटर्न फॉर्म का चयन करें: एक करदाता को सही आयकर रिटर्न फॉर्म का उपयोग करके आईटीआर फाइल ITR Filing करना होगा जैसे कि वह गलत आयकर रिटर्न फॉर्म का उपयोग करके आईटीआर फाइलिंग करता है, रिटर्न को दोषपूर्ण माना जाएगा और उसे सही आयकर रिटर्न फॉर्म का उपयोग करके एक संशोधित (ITR )आईटीआर दर्ज करना होगा। यदि समय सीमा के भीतर दोष को ठीक नहीं किया जाता है, तो इसे एक ही माना जाता है कि रिटर्न बिल्कुल भी दाखिल न करें। 2. Form 26AS के साथ अपनी आय को पुनः प्राप्त करें: एक करदाता को फॉर्म 26AS में कटौती की गई सभी आय, TDS में कटौती, अग्रिम कर का भुगतान, स्व-मूल्यांकन कर का भुगतान आदि की जांच करनी चाहिए और ITR Filing आईटीआर फाइलिंग में किसी भी विसंगति से बचने के लिए Form16 और Form 16A के साथ इसे सत्यापित करना चाहिए। 3. उन हानियों का खुलासा करें जिन्हें आगे ले जाना है: एक करदाता को भविष्य के वर्षों में आय के खिलाफ ऑफसेट के लिए वर्ष के दौरान होने वाले कुछ नुकसानों को आगे बढ़ाने के लिए नियत तारीख पर या उससे पहले आयकर रिटर्न दाखिल करना होगा। यदि आयकर रिटर्न का दावा करने पर कुछ चालू वर्ष के घाटे को तय तारीख के बाद दर्ज किया जाता है, तो इस तरह के नुकसान को आगे ले जाने की अनुमति नहीं होगी और वही चूक होगी। 4. व्यक्तिगत विवरण सही करें: एक करदाता को सही व्यक्तिगत विवरण प्रस्तुत करना चाहिए और यह भी सुनिश्चित करना चाहिए कि किसी भी धनवापसी बैंक विवरण जैसे कि Account Number, IFSC Code आदि को समय पर और बिना किसी बाधा के धनवापसी प्राप्त करने के लिए सटीक रूप से उल्लेख किया गया है। 5. सभी बैंक खातों की रिपोर्ट करें: एक करदाता को आयकर रिटर्न में उसके द्वारा रखे गए सभी बैंक खातों की रिपोर्ट करना आवश्यक है। हालांकि, निष्क्रिय खातों को आयकर रिटर्न में रिपोर्टिंग की आवश्यकता से बाहर रखा गया है। 6. ब्याज आय की रिपोर्ट करें: एक करदाता को पिछले वित्तीय वर्ष में उसके द्वारा प्राप्त या अर्जित किए गए सभी ब्याज आय की रिपोर्ट करनी चाहिए, जबकि अपना आयकर रिटर्न दाखिल करना होगा क्योंकि वे आम तौर पर बचत बैंक खाते, सावधि जमा (FDS), आवर्ती जमा से अर्जित ब्याज की रिपोर्ट करना भूल जाते हैं। (RDs), आदि। 7. अंतिम कार्य से आय की रिपोर्ट करें: यदि एक वेतनभोगी करदाता ने एक वित्तीय वर्ष में अपनी नौकरी को बंद कर दिया है, तो वर्तमान नौकरी से आय के साथ आयकर रिटर्न दाखिल करते समय उसकी पिछली नौकरी से आय की सूचना दी जानी चाहिए। 8. कर मुक्त आय या मुक्त आय की रिपोर्ट करें: एक करदाता को अपने सभी आय को उन आय को भी रिपोर्ट करना होगा जो कर मुक्त हैं। इन छूट की आय आयकर रिटर्न की 'छूट आय' अनुसूची में बताई जानी है। 9. समय पर भुगतान कर / स्व-मूल्यांकन कर का भुगतान करें: एक करदाता को यह सुनिश्चित करना चाहिए कि वित्तीय वर्ष के 31 मार्च को या उससे पहले कर की बकाया राशि को मंजूरी दे दी जाए क्योंकि नियत तारीखों में ऐसा करने में विफलता ब्याज और जुर्माना को आकर्षित करेगी। 10. समय पर ITR V सत्यापित करें: ऑनलाइन आयकर रिटर्न फाइलिंग के बाद, एक करदाता को Net Banking नेट बैंकिंग, Aadhaar Card आधार कार्ड या EVC Process ईवीसी प्रक्रिया के माध्यम से अपनी वापसी का ई-सत्यापन करना होगा। यदि किसी कारण से वह आपके रिटर्न का ई-सत्यापन नहीं कर पाता है, तो वह Return e-Filing रिटर्न की ई-फाइलिंग से केवल 120 दिनों के भीतर साधारण या स्पीड पोस्ट के माध्यम से CPC पर ITR-V आईटीआर-वी पर हस्ताक्षर कर सकता है और भेज सकता है। तो, ऊपर उल्लिखित शुरुआती लोगों के लिए आयकर रिटर्न दाखिल की मूल बातें हैं। (Online Income tax Return Filing) ऑनलाइन आयकर रिटर्न फाइलिंग के बारे में विस्तार से समझने के लिए आप CAONWEB के माध्यम से भारत में Top Chartered Accountants से भी परामर्श कर सकते हैं। अधिक जानने के लिए पढ़ें: ऑनलाइनआयकर रिटर्न दाखिल करना Yes, it is mandatory to take registration of a Startup in India as there are various benefits of Startup registration. If you are interested in conducting business in India, then you can establish the legal presence of your business in India only by registering your business. As a Startup, you have various alternatives to incorporate your business like Sole Proprietorship, Partnership Firm, One Person Company, Limited Liability Partnership, Private Limited Company, and Public Limited Company. And, it is mandatory to register your business before starting your business. You first have to decide the type of business structure you want to choose for your business among different types of business structure available in India. You can contact professionals through CAONWEB for all type of business registration, startup registration and online company registration in India like private limited company registration, One Person Company Registration, MSME Registration, etc. and for any other legal & regulatory compliances services in India. Accounting or bookkeeping is the systematic recording and organizing of financial transactions of a business entity in an accounting system. Good accounting and bookkeeping are very important to the success of your business to ensure that accurate operational and financial information can be provided to management, regulators, and investors. And, it is also important for any business to maintain a proper book of accounts to ensure that all relevant taxes are paid and tax filings are made timely to avoid penalties. Accounting Outsourcing in India: As it is not possible for every business entity to have a complete accounting department because the establishment of an accounting department, hiring and training accounting personnel and buying accounting software are costly and time-consuming. That’s why outsourcing accounting services is a better option as they provide the best accounting services. If you are looking for best accounting services, Small business accounting services and accounting outsourcing in India then you can contact professionals through CAONWEB. There are various benefits of Outsourcing Accounting Service, which are explained below:
How to do Trademark Registration in India & How much does Trademark Registration cost in India?5/17/2019 What is a Trademark? A trademark means a visual symbol, and that can be a word, name, device, label or numerals which is used by a business to distinguish its goods or services from other similar goods or services which are originating from a different business. It is an intangible asset or intellectual property for a business and is used to protect the company's investment in the brand or symbol.
The Trademark Registration Process in India involves the following steps:-
Trademark registration documents: The following trademark registration documents are required for filing a Trademark Application in India:
In any tax system registration is the most important and fundamental requirement for identification of taxpayers ensuring tax compliance in the economy. Registration of any business entity under the GST regime means obtaining a unique registration number for the purpose of collecting tax on behalf of the government. And, also to avail Input tax credit for the taxes on his inward supplies. If you don’t apply for GST number, then you can neither collect tax from your customers nor claim any input tax credit of tax paid by you. Therefore, it is very important to apply for register number or to register for GST. You can take help of professionals to register for GST through our online platform of CAONWEB. Here, you can find the best professionals providing services in very reasonable GST registration fees. In this article, we are discussing some common questions regarding the GST registration procedure: 1. Who are the persons liable to register for GST? · Taxpayers whose turnover exceeds the threshold limit i.e. Rs.40 lakhs in a financial year (this limit is Rs.20 lakhs for special category states) · Existing taxpayers who were registered under the earlier law has to apply for GST number · Following taxpayers are required to apply for GST number compulsorily irrespective of the threshold limit: a)persons who are making any inter-State taxable supply; b) casual taxable persons; c) persons who are paying tax under reverse charge; d) non-resident taxable persons; e) persons who are deducting tax under section 37; f) persons who are supplying goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise; g) input service distributor; h) persons who are supplying goods and/or services other than branded services, through electronic commerce operator; i) every electronic commerce operator; j) an aggregator supplying services under his brand name or under his trade name; and k) other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the GST Council from time to time. · Any person can also apply for GST number voluntarily if he/she wants irrespective of any criteria. 2. What are the benefits of GST Registration? · You will be legally recognized as a supplier of goods or services. · You can utilize taxes paid on the purchase of goods or services for payment of GST on the supply of goods or services. · You will be legally authorized to collect tax from the purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients. 3. What is the GST Registration Procedure? · Step1- Submit PAN, mobile number and email address in form GST REG-01 Part-A · Step2- A temporary the reference number is generated on successful verification of PAN, mobile number and email address · Step3- Submit your application in form GST REG-01 Part-B along with required documents · Step4- Acknowledgment issued in form GST REG-02 · Step5- If details are complete and satisfactory GST registration certificate issued to you in form GST REG-06 4. What are the documents required to register for GST? · For proprietorship a) PAN card of the owner b) Aadhar card of the owner c) Photograph of the owner d) The electricity bill for the premises · For a partnership or private limited company a) PAN card of the company/partnership b) PAN card of the director/partner c) Aadhar card of the director/partner d) Photograph of the director/partner e) The electricity bill for the premises f) Partnership Deed/ Certificate of Incorporation g) Letter of Authorization 5. Can a person without GST registration claim ITC and collect tax? No. A person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him. For any other details and queries, you can visit our website of CAONWEB. Professionals registered with CAONWEB are providing best online GST services like GST registration and GST return filing in very reasonable GST registration fees and GST returns filing fees. The IEC or Import Export Code is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT). All businesses which are engaged in Importing and Exporting of goods are required to obtain an import-export license and it has lifetime validity. You do not have to visit the department for IEC registration as you can online apply import export code easily through CAONWEB. You just have to follow these instructions for import export code online registration with CAONWEB:
Company Registration for WomenHow women can start a business in India? In today’s era, women entrepreneurship has been recognized as an important source of economic growth of any country. Women entrepreneurs are creating new jobs for themselves and also for others. And, they are also providing society with different solutions to management, organization and business problems. Therefore, governments across the world and various developmental organizations are introducing various policies, schemes, incentives and promotional measures for the promotion of women entrepreneurs. Now women can easily start a business in India as there are many policies and schemes provided by the government for women entrepreneurs. Policies and Schemes for Women Entrepreneurs in India In India, various programs including Entrepreneurship Development Programs (EDPs) are conducted by the Micro, Small & Medium Enterprises development organizations, various State Small Industries Development Corporations, the nationalized banks and NGOs to cater to the needs of potential women entrepreneurs, who do not have adequate educational background and skills. Also, there are various schemes of the central and state government which are providing assistance for setting up training-cum-income generating activities for needy women so that they can become economically independent. Small Industries Development Bank of India has also been implementing special schemes for women entrepreneurs. In addition, there are also various government schemes for Micro, Small & Medium Enterprises which provide certain special incentives and concessions for women entrepreneurs. How to Register a Company in India?
If you are interested in conducting business in India, then you have to establish your company’s legal presence in India by registering your business. You have to file an online application to the Registrar of Companies or ROC to register company name in India. You can take the help of professionals in a company registration process. The Government has also facilitated the company registration process by digitalizing most of the procedures. Now company registration process is online and a single application in SPICe Form (INC-32) is required to be submitted for company incorporation i.e. for the purpose of register company name in India, incorporation of a new company and application for allotment of DIN and application for PAN and TAN. This e-Form is accompanied by supporting documents including details of Directors & subscribers, MOA and AOA, etc. Once the e-Form is processed and found complete, the company registration process is complete and the Certificate of Incorporation would be issued. Following steps are to be followed for company incorporation in India: Step 1: Apply for Digital Signature Certificate (DSC) Step 2: Apply for Director Identification Number (DIN) in the form DIR-3 Step 3: Apply to register company name in India via Application in RUN e-form Step 4: File SPICe-INC-32 Form, e-MOA(INC-33) and e-AOA(INC-34) with MCA along with the required documents Step 5: Issue of Certificate of Incorporation These are the steps of company incorporation in India. If you are worried about how to register a company in India and the company registration process, then you can take help of professionals through our online platform of CAONWEB. The Central Government is conducting a drive to get away with the shell companies along with the dishonest directors who are regulating the “benami companies” who are not on the record books. These directors appoint a random person like their drivers, house-helps or gardeners who don’t even know that they are the director of some company. Hence the Know Your Client (KYC) drill is undertaken to identify individuals who are actually responsible for running the affairs of the company. It is mandatory for every director holding a Director Identification Number (DIN) to update his know your client (KYC) details with the Ministry of Corporate Affairs (MCA) in E-form DIR-3 KYC. What is E-form DIR-3 KYC? The MCA has notified the format for director KYC via E-form DIR 3 KYC for updating its database and it is mandatory for any director who has been allotted a DIN on or before 31st March of a financial year and whose DIN is in approved status, to submit director KYC details in E-form DIR-3-KYC to the MCA on or before 30th April of immediate next financial year. What if E-form DIR 3 KYC is not filed within the due date specified? In case, the director who is supposed to file the E-Form DIR 3 KYC to update their director KYC details, does not file it by the end of the due date specified, then the department will mark their DIN as ‘Deactivated’ with the reason of ‘Non-filing of DIR 3 KYC’. Late fees for filing E-form DIR-3 KYC after the due date is Rs5000. What are the Documents required for filing E-form DIR 3 KYC? Following documents are required for updating director KYC:
A declaration has to be provided by the applicant duly attested by practicing professionals like CA, CS or Cost Accountants. What are the steps involved in filing E-form DIR-3 KYC?
Let’s’ look at the steps involved in filing E-form DIR- 3 KYC:
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