How to get a company registered ?
Picking the right company structure for your business is as important as any other business-related activity. The right business structure will allow your enterprise to operate efficiently and meet your required business targets. In India, every business must register themselves as part of the mandatory legal compliance. Before we learn how to register a company, let’s try and understand the types of business structures in India.
What is a Private Limited Company?
A Private Limited Company has a minimum of two members and two Directors. Maximum number of members that a Private Limited Company can have is 200 and maximum number of directors can be 15. Total capital of such a company is formed with shares and every shareholder is a partner. Directors of a Pvt Limited Company should meet at regular intervals and all its transactions should be audited. The name of such a company ends with the words 'Private Limited'.
What are the Time Period for filing of Forms for pvt ltd company?
AOC-4-Within 30 days of Holding of Annual General Meeting
MGT-7/MGT-7A-Within 60 days of holding of Annual General Meeting. If there is no AGM, then within 60 days from the date on which AGM should held.
ADT-1 If Auditor Appointed/ re-appointed in the AGM
what is commencement of business under pvt ltd ?
section 10A says a company incorporated on or after 02/11/2018, having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the directors within 180 days from date of incorporation of company in INC form 20A with the Registrar of Companies that ‘every subscriber to the MOA has paid the value of the shares agreed to be taken by him on the date of making of such declaration” and the contents of the said form shall be verified by a Company Secretary or a Chartered Accountant or a Cost Accountant, in practice
How to incorporate changes in membership after death?
The company shall file form INC-4 in case of cessation of member of OPC on account of death, incapacity to contract or change in ownership. In the same form, user needs to provide details of the new member of the OPC.
What is a Section 8 company?
It is a type of not-for-profit company set up for the promotion of art, science, commerce, charity, sports, education, research, or any other useful activity. These companies are typically formed to benefit a specific community or purpose and are excluded from the provisions of the Companies Act, 2013 that generally apply to other companies.
Is FDI permited in LLP?
FDI is allowed under automated route in an LLP by the Foreign Investments Promotion Board (FIPB).
Note: Foreign Institutional Investors and Foreign Capital Investors are not allowed to invest in LLPs.
What is trademark registration ?
A trademark is a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks.
Can trademark be renewed in India?
The application for trademark renewal has to be filed within 1 year before the expiry of the registered trademark
What is the Full Form of GSTIN Number
GSTIN is Goods and service tax identification number with 15 digit Number.
What is the ROC compliance for a Private Limited Company?
1. Form ADT 1: First Auditor of the company shall be appointed by the BOD within 30 days of Incorporation who shall hold the office till the conclusion of 1st AGM.
2. Form MGT 7: Form MGT-7 must be filed by all companies registered in India every year. It is an electronic form provided by the Ministry of Affairs to all the corporations in order to fill in their annual return details. The due date for filing MGT-7 is within 60 days from the date of the Annual General Meeting.
3. Form AOC 4: Every Private Limited Company is required to file its Balance Sheet along with a statement of Profit and Loss Account and Director Report in this form within 30 days of holding of Annual General Meeting.
The above forms need to be certified by CA/CS/CWA
Can I file ITR 5 form Offline?
You can file ITR 5 form offline by either furnishing the bar-coded return or return in the form of physical paper. While submitting the return in physical paper form, you will receive an acknowledgement from the Income Tax Department.
Which section of the GST Act talks about annual return?
According to Section 44 of the GST Act, 2017 states that every registered person is required to furnish an annual return for every Financial Year. However As per 43rd GST Council meeting outcome, GSTR-9 shall continue to be optional for taxpayers with turnover up to Rs. 2 crore, whereas GSTR-9C can be self-certified by taxpayers with turnover less than or equal to Rs 5 crore
Is it mandatory to file GST return?
Even if there is no transaction, you must file a Nil return.
Who should file ITR 1?
ITR-1 can be filed if: Taxpayer is a resident Individual. Total income does not exceed Rs 50 lakh. Sources of income include salary, one house property, agricultural income up to Rs 5,000 and other sources such as interest from savings account, deposits, income tax refund, family pension etc.
Who is eligible to file ITR-2 for AY 2022-23?
ITR-2 can be filed by individuals or HUFs who:
• Are not eligible to file ITR-1 (Sahaj)
• Do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of :interest ,salary ,bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm
Can we file an ITR 3 without an audit?
yes,ITR 3 can be filed without any audit
Is it compulsory to file the ITR4 form for 5 consecutive years once filed in a particular year?
If a taxpayer is opting for Presumptive scheme as per section 44AD then he/she shall have to file ITR4 for 5 consecutive years.
Is DSC compulsory for ITR 6?
yes,DSC is compulsory for itr 6
Who needs to file itr7?
Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes
When TDS is not required to be deducted?
no TDS has to be deducted if the person making the payment is an individual or HUF whose books are not required to be audited. However, in case of rent payments made by individuals and HUF exceeding Rs 50,000 per month, are required to deduct TDS @ 5% even if the individual or HUF is not liable for a tax audit
What will be Rate of TDS on 194Q?
TDS shall be deducted at an amount equal to 0.1 % of such sum exceeding 50 lakh rupees as income-tax, if the seller has furnished his PAN or Aadhaar, otherwise, the tax shall be deducted at the rate of 5%.
Whether sales consideration includes GST component?
yes,sales consideration includes gst
Is audit mandatory for private trust?
f a Private Trust's total income exceeds Rs. 1,50,000 which is the limit for non-taxable income provided under the Income Tax Act, 1961, then the private trust should be mandatorily audited by the Chartered Accountant (CA).
Is AGM mandatory for LLP?
No, AGM is not required for an LLP
Is audit compulsory for proprietorship?
In the matter of a professional proprietorship, an audit needs to be done if the total receipts of the proprietorship exceed the amount of Rs 50 lakh. If a proprietorship is under any presumptive tax scheme, regardless of the annual turnover, an audit is required.
What is the ITR for partnership firm?
Form ITR-5.
Can family members be members of society?
No
How much time does it take to get FSSAI license?
A basic FSSAI License can be issued in 7-10 days. A State and Central license can take a time period of 30 days
Can an Indian citizen who is living abroad allowed forming One Person Company?
Only Indian born citizens can form a One Person Company. Non-resident Indians or individuals who do not reside in India for over 182 days cannot incorporate a OPC.
Is there any limit on a number of shareholders in a Public Limited Company in India?
NO,there is no limit on maximum numbers of shareholders.
Do we need to renew IEC certificate every year?
Renewal of the IEC code is mandatory as per Notification No. 58 dated 12th Feb 2021. Renewal/ Update is needed to be done every year, from April to June. Non-renewal will have an impact of de-activating the IEC
Is IEC is required for import or export of goods for personal use?
No,IEC is used for business and commercial use only
Who can attend trademark hearing?
The hearing at the registry can be attended in person by the applicant or through trademark agent or trademark attorney.
Is ESI return mandatory?
Yes, ESIC Return filing is compulsory for all the employees registered under the ESI. Employees must file the return on a half-yearly basis until the decided due date
Is it mandatory for the Employer to register under the scheme?
Yes, it is the statutory responsibility of the employer under Section 2A of the Act to register their Factory/ Establishment under the ESI Act within 15 days from the date of its applicability to them
. What is the due date for yearly PF return filing?
The due date for yearly return filing is the 30th of April every year.
What is DPIN?
unique identification number that is assigned to all existing and proposed Designated partners of an LLP.
What is price for franchisee?
Rs 15,000(all inclusive).No hidden charges.
What are the Time limit for issue of credit note and debit note?
On or before the thirtieth day of November following the end of the financial year in which such supply was made, or
The date of filing of the relevant annual return for the financial year,
whichever is earlier.
Can copyright be unregistered?
The copyright registration can be considered as a pre-condition for filing a lawsuit.If the copyright is not registered then the owner has to prove his right by collective evidence against the infringer and the burden of proof will lie upon the owner.
How can we get auditors?
client filing india will arrange you the auditors who will assist and guide you and will audit your books of accounts.
Can a registered society be a limited company?
A registered society can be converted into section 8 company only as a company limited by guarantee.
Is PF compulsory for all employees?
All employees drawing a salary are eligible for EPF. Moreover, it is compulsory for all employees earning less than ₹15,000 to register for the EPF. However, employees earning more than ₹15,000 can also voluntarily stay in the EPF scheme.
Which Form is required to be filed for appointing a new Director?
DIR-22
What are post compliances one needs to comply with once a director has been removed from the company?
The Company needs to furnish MGT-14 and DIR-12 forms with required attachment to the ROC in thirty days from the passing of the ordinary resolution in the annual general meeting.
Can a startup be registered as a Public Limited Company?
No, the public limited company is not eligible to start up
Can I have more than one CRES?
No. Only one CRES would be issued against a single IE code number. Any proprietor
can have only one IEC number. In case of more branches under one IEC which need to
be incorporated in the CRES, an endorsement of address would be done.
What is trademark registration ?
A trademark is a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks.
What is a Directors Identification Number (DIN)?
DIN, Directors Identification Number, is actually an identification number issued to a Director or a prospective Director of a Company by the Ministry of Corporate Affairs, Government of India.
To obtain a DIN, one needs to make an online application to the Ministry of Corporate Affairs and submit the required documents related to Identity and Address Proof with affixing DSC-class3
What is the maximum limit of members Requird to start public ltd company? .
To register a Public Limited Company in India there should be a minimum of seven members and there is no limit on the maximum number of members/shareholders for starting a Public Limited Company.
Is there any tax advantage on forming an OPC?
There is no specific tax advantage to an OPC over any other form. The tax rate is flat 30%, other tax provisions like MAT & Dividend Distribution Tax applies as they apply to any other form of company.
Can Section 8 company make profit?
Yes, a Section 8 company can profit just like any other company. Section 8 companies are non-profit organisations formed to promote commerce, art, science, sports, charity, religion, or any other object of public utility
Is trademark valid for 5 years?
Registered trademarks have a limitation period of ten years. If the trademark is not being used for a period of five years then it may be cancelled at the request of another party. The holder of a trademark is at the liberty to renew the trademark indefinitely every ten years
Can trademark be renewed by paying the renewal fee in India?
yes, trademark be renewed by paying the renewal fee in India
Do I need a bank account for the GST Registration
No, After final approval and allotment of Gst number from Department ,A bank account must be opened within a period of 45 days and a copy of bank statement or a cancel cheque must be uploaded in Gst Portal.
What are the document required to add a director in a Private LTD company?
To add a director to a Private Limited Company, all you need is three things:
• A valid Digital Signature Certificate(DSC)
• Director Identification Number
• A Consent letter from the proposed director
What is the due date to file ITR 5 form?
The due date for filing this form is August 31.
Can GSTR-9 be revised?
No, Once GSTR-9 is filed successfully, it cannot be revised .
How many returns are there in GST?
There are 13 returns under GST. They are the GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04. However, all returns do not apply to all taxpayers
If Agriculture income in a financial year exceeds Rs 5,000,can i file ITR 1?
NO,use other form to file return in that case.
Can a non-resident India file the ITR 2 form?
Yes, a non-resident Indian is eligible to file for ITR 2 form.
Can I file the ITR 4 under 44ADA if I filed the ITR 3 last year which was the first year of filing? The 5 years limit is for 44ADA as well.
Yes, Taxpayers can file ITR 4 if she/he filed ITR3 last year and the limit of 5 years is not applicable on Sec. 44ADA
What is Schedule FD in ITR 6?
Break-up of payments/receipts in Foreign currency
Is DSC compulsory for ITR 7?
While verification of ITR Form 7, the political parties are compulsory required to verify the return through digital signature certificate(DSC) by CEO or secretary
What are TCS charges?
TCS - Tax Collected at Source. Tax Collected at Source (TCS) is tax that is payable by the seller, but which is collected from the buyer. Section 206C of the Income Tax Act has an exhaustive list of goods that are specified for this purpose
Is trust income taxed twice?
The trust is a taxable entity. Beneficiaries usually have to pay tax on the income that they receive from the trust. Trusts are not subject to double taxation, so any taxable income distributed to the beneficiaries is deductible by the trust.
What is the tax rate for LLP?
30%
What are few proprietorship compliances?
filing of ITR,filing of GST,paying professional taxes,etc
Can partnership firm show profit less than 8%?
The assessee can claim less than 8% / 6% net profit with audit and accounts liability
What is yearly compliance apart from ROC?
Every company essentially has to file the Income Tax Return every financial year with another compliances like Professional Tax, TDS, Advance Tax, etc. When the company turnover is above Rs1 crore, Then it is mandatory to file this tax every financial year along with audit report
Can a society enter into a contract?
yes, a society enter into a contract.
What is proof of premises in FSSAI?
Proof of possession of premises. (sale deed, rent agreement or electricity bill, etc.)
Is Foreign Direct Investment allowed for One Person Company?
No, FDI is not allowed for One Person Company
What is the last date for IEC Updation?
For the FY 2021-22, 30th June is the last date to update or modify your IEC particulars. If an IEC holder fails to update his IEC in the specified period, his IEC will become inactive and will only be activated after updation.
For the FY 2021-22, 30th June is the last date to update or modify your IEC particulars. If an IEC holder fails to update his IEC in the specified period, his IEC will become inactive and will only be activated after updation.
Do we need to take different IEC number for each firm?
IEC is associated with PAN. Hence, if a person has more than one proprietorship firm then for every firm only one IEC registration is to be taken
How do I find my trademark date of hearing?
A hearing notice is sent to the applicant/agent/attorney concerned, intimating him about the application No & date of hearing. The hearing notice is usually sent approximately 15 days before the date of hearing.
Who is required to file ESI return?
ESI registration is mandatory once a company or any other entity employs 10 or more low-earning employees. According to the Act, any employee earning less than Rs. 15,000 per month needs to contribute 1.75% of his/her pay towards the ESI, while 4.75% will be contributed towards his/her ESI by the company
Can we withdraw ESI amount?
No, one cannot withdraw an ESI amount but we can avail the benefits of ESI. One can take medical facilities through the ESIC card. There is no provision of withdrawal of contributed ESI money in India.
The due date for yearly return filing is the 30th of April every year.
The due date for monthly PF returns is the 15th of the subsequent month.
How much capital is required to start a Limited Liability Partnership?
There is no such minimum requirement,LLP can be started with any amount of money.
What are criteria for franchisee?
A good office infrastructure of at least 100 sq feet with a computer/laptop,printer,scanner and high speed internet
What are Duration for which the books needs to be maintained under companies act?
Books should be maintained for a period of 8 years from the end of the relevant financial year.
Why are copyright important?
Copyright is important as it helps to protect the value of an author/academic/researchers work, by giving the originator of the work the ability to protect it from unlicensed or uncredited usage
How to assign audit work to CA?
CA will start audit work after signing an engagement letter .Drafting of letter will be done by client filing india on clients behalf, wherein scope of audit will be specified.
Are societies legal entities?
Societies do not constitute separate legal entities from their members. This means that if the society is sued, all members of the society will be personally liable.
How many employees are required for EPF registration?
Register establishment with EPFO on crossing the eligibility threshold – 20 or more employees for Other establishments - not statutorily required to register - can register voluntarily
What are the preconditions before removing a director?
The director is given an opportunity to be heard before its removal.
Can NRIs/Foreign Nationals be a Director in Public Limited Company?
yes
Is any Returns to be submitted by the exporter?
Yes,All registered exporters have to submit the quarterly returns in Form B
What certificate is required to open a public limited company?
Certificate of Commencement of Business under Companies Act, 2013. A Public and Private Limited company having share capital cannot commence business until it has obtained the certificate of commencement of business (COB) from the concerned Registrar of Companies
Who cannot form a One Person Company?
A minor, a foreign citizen, a Non-Resident, and any person incapacitated by contract will not be eligible to become a member
Who is owner of Section 8 company?
Section 8 company must have a minimum of one Resident Director i.e. a director who has resided in India at least for a total period of 182 days (one hundred and eighty-two days) or more within the previous calendar year
Can you lose a trademark?
You can lose a trademark in a variety of ways. You can lose a mark through abandonment. A mark will be considered abandoned if you stop using it for three consecutive years and you have no intent to resume its use. You can also lose a mark through improper licensing or improper assignment
What if trademark is not renewed?
In the case of a person failing to renew a trademark, the registrar will issue an advertisement in the Trademark Journal indicating the removal of the trademark. After the period of the ten years if the trademark is not renewed the person still has the option of restoration, which means renewal itself but with a fine.
Which Organisations are Exempt from Gst Registration?
The following do not require registration and are allotted a UIN (Unique Identification Number) instead. They can take a refund of taxes on notified supplies of goods/services received by them:
(a)Any specialized agency of UNO (United Nations Organisation) or any other multilateral financial institution and Organization notified under the United Nations Act, 1947,
(b)Consulate or Embassy of foreign countries,
(c)Any other person as notified by the Board/Commissioner,
(d)The Central Government or State Government may notify exemption from registration to specific persons
is it mandatory to add a Private Limited after the company’s name ?
Yes, If your company is incorporated as a Private Limited Company, it is mandatory to add a Private Limited Company after the company’s name.
In case it is a Public Limited Company, the suffix you need to add is Limited (Ltd).
Who are not required to file Annual return?
The following persons, as per section 44(1), are not required to furnish annual return:
• Input Service Distributors,
• Persons paying tax under section 51,
• Casual taxable persons, and
• Non-resident taxable persons
. What GST returns need to be filed if a registered business terminates its operations permanently?
Any business that permanently terminates its operations is required to file the GSTR-10, also known as the final GST return.
How do I file my ITR-1 Form?
You can submit your ITR-1 Form either online or offline.
Only the following persons have the option to file the return in paper form
• An individual at the age of 80 years or more at any time during the previous year
• An individual or HUF whose income does not exceed Rs 5 lakhs and who has not claimed any refund in the return of income
What is the structure of the ITR 2 Form?
ITR 2 Form has two parts, that is, Part A and Part B. While Part A contains general information, Part B comprises the computation of total income and the tax payable on the total earnings.
Who is eligible for ITR 3?
ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession
Is Balance Sheet compulsory for ITR 3?
It is a reporting requirement as per ITR3 to add a balance sheet and P&L
Can a salaried person file ITR 4?
This form can only be used by a person who is resident for income tax purposes. So a non resident cannot use it even if his income is below 50 lakhs and has income taxable on presumptive basis. In case you are director in any company or own shares in any unlisted companies you cannot use ITR 4
Who can not file ITR 6?
Individuals, Hindu Undivided Family (HUF), Firm, Association of Person (AOP), Body of Individuals (BOI), Local Authority and Artificial Judiciary Person.
Companies that claim an exemption under section 11 (Income from property held for charitable or religious purposes)
What is the Last Date for Filing ITR 7 Form?
The due date for filing ITR-7 Form is different depending upon the audit of the accounts. Tax Assessees whose accounts are not required to be audited can file till 31st July 2022 for AY 2022-23 while for audit cases, the due date is 31st October 2022 for FY 2021-22 (AY 2022-23)
Is section 194Q applicable to the purchase of capital goods?
Yes, section 194Q applies to purchase of all goods whether on capital or on revenue account
How does a family trust get taxed?
Typically, the trust itself or its beneficiaries pay tax on taxable income. Income kept in the trust is paid on a trust tax return using Form 1041. Income distributed to beneficiaries is reported to the beneficiaries by the trust using Form K-1.
Is LLP required to maintain minutes?
Minute book should be maintained to record minutes of meetings of partners and managing /executive committee of partners. There is no provision for regular meeting of members of LLPs.
What deductions can a partnership claim?
start-up costs, operating expenses, travel costs, and product and advertising outlays, as well as a portion of the money you spend on business-related meals and entertainment.
Which Form is to be filed for the appointment of the statutory auditor?
Form ADT-1 is filed for appointing or replacing the Statutory Auditor
Do incorporated societies need a common seal?
yes,This is usually a rubber stamp that includes the name of the society and the words 'common seal'
Can a foreigner/ NRI become Nominee of One Person Company?
NO.
What are the types of Public Limited Companies?
A company that is limited by the shares
A company that is limited by guarantee.
Unlimited Company
Is IEC is only required for goods?
No,IEC is required for export and import of both goods and services
What happens if IEC is not renewed?
IEC shall be de-activated, if it is not updated
What is the show cause hearing in the trademark?
The Trademark show cause hearing gets into the picture when there are some objections supported by other parties to which the acknowledgement given is not enough to the Registrar.
The Registrar calls upon the candidate who is the owner or proprietor of the trademark office/trademark lawyer or attorney to visit the hearing.
Is there any annual return for ESI?
Every ESI registered Companies have to file their return half-yearly and annually returns.
When can we file ESIC Return?
The ESIC Return is filed on the half-yearly basis which means the ESIC return is required to file on or before 11th May and 11th Nov.
How many days it will take to clear the PF amount?
When the employee applies for EPF it takes 5-30 days to get the PF amount into the bank account. But the time depends on how fast the EPFO officer clears the claim. Some EPFO office clears the claim in 5 days while some take more days.
Any qualification needed for franchisee?
Yes,the franchisee applicant must be of commerce background with minimum graduation level.
What are Duration for which the books needs to be maintained under GST Act?
Books and records should be maintained for 6 years from the last date of filing of the annual return (31st December) for that year.
What are 5 copyright laws?
1) reproduction, 2) adaptation, 3) publication, 4) performance, and 5) display
How to explain the doubts raised by auditors?
in case of clarification,we will arrange a video conference or telephonic conversation apart from sms and wats app
Is PF compulsory for private company?
If you are an employee with a basic + expensive allowance of less than 15,000 rupees per month, it is compulsory for you to open an EPF account by your employer.
Can director appoint another director?
Board of Directors can appoint alternate Director to act for the original director during his absence from India
for a period of not less than 3 months. Alternate Director can be appointed by passing a resolution in Board
meeting or by circulation.
Can a Minor become a Director of the company?
No, as per the Act, it is mandatory that the director needs to be at least 18 years of age.
How long is Rcmc valid?
RCMC has a 5-year validity period
Can a limited liability partnership (LLP) be converted to a private limited company?
yes
Why OPC is better than private limited ?
One person Comapny(OPC) is the perfect hybrid of a private Limited Company and a Limited Liability Partnership(LLP).It offers the limited liability benefits of a Pvt Ltd as well as the flexibility of an LLP
What are the conditions for voluntary conversion of OPC to Private Limited Company?
When a One Person Company gets incorporated, it cannot convert itself to a Private or Public company before two years from the date of incorporation.
If the time period has elapsed and two years time period is over, a One Person Company can apply for converting itself to a Private Limited Company or a Public limited company.
Is Section 8 company taxable?
Taxation over section 8 company is treated at par with other companies. The profits are taxes @30%. However, if section 8 company is registered under section 12AA (tax exemption) of the income tax act, then Section 8 profit is completely exempt and no tax is levied on the company.
Which is not protected by trademark?
A trademark can't protect an idea or an invention. The only way to protect an idea is to keep it a secret, but some ideas can't be kept secret once they are being used. ... The only way to protect an invention is to get a patent
what are the commodities which is outside the purview of Gst?
Alcohol, for human consumption, and five petroleum products namely Crude Petroleum, Petrol (motor spirit), High-speed Diesel, Natural Gas, Electricity and Aviation Turbine Fuel is outside the purview of Gst
What will happen if I make any mistake while filing ITR 5 form?
To avoid,penalty,notices and fines from department,contact client filing india team
Is penalty levied on late filing of GSTR-9?
A late fee of Rs.200/- per day on late filing of GSTR-9 along with the higher cap of 0.25% of turnover in the State/Union Territory has been provided .
What is due date to file gst 1?
Gst 1 must be filed by 11 of succeeding month.
What are the details required for filing ITR 1?
• Form 16 Salary slips.
• Interest Certificates from the Post offices and Banks.
• Form 16A/16B/16C.
• Form 26AS.
• Tax saving investment proof.
• Deduction under the Section 80 D to 80 U.
• Home Loan statement from the NBFC or the Bank
Can ITR 2 Form be filled online?
Yes, ITR 2 Form can be filled in both online and offline mode.
Can ITR 3 be filed without CA?
YES,ITR 3 can be done without the help of any CA.
. Who is eligible to use Form ITR-6 for A.Y. 2022-23?
This form is for Companies other than companies claiming exemption under Section 11 of the Income Tax Act, 1961.
Which is the base year for the threshold limit of Rs.50 lakhs?
Limit of 50 lakhs is considered in each financial year. The 50 lakhs exemption is for one financial year for a single seller
Who is eligible for TCS tax?
Where transaction value exceeds Rs 50 lakh and buyer's turnover exceeds Rs 10 crores in the earlier year, TDS would apply over TCS. For sale transactions involving motor vehicle, tendu leaves, scrap, etc., TCS continues to applyWhere transaction value exceeds Rs 50 lakh and buyer's turnover exceeds Rs 10 crores in the earlier year, TDS would apply over TCS. For sale transactions involving motor vehicle, tendu leaves, scrap, etc., TCS continues to apply
When can you distribute trust income?
the trustees must exercise their discretion to distribute trust income by midnight on 30 June of the relevant year. Net income of the trust is defined in accordance with accounting concepts
When should we file Form 3 of LLP?
Form 3 for the LLP agreement has to be filed within 30 days of the date of incorporation
. Are audited Financial statements mandatory while annual filing of the Private Limited Companies?
Audited financial statements are necessary for every company from its incorporation. The company must file the audited statements only.
What is FSSAI stands for?
Food Safety and Standards Authority of India
What if, if the turnover of the company exceeds Rs.2 Crores?
As per the Act, the average annual turnover during the relevant period should not exceed Rs.2 Crores. If it exceeds, then the company automatically get converted to a Private Limited Company.
Who owns a public limited company
shareholders.
Are there any renewal and returns in IEC?
yes,every year renewal need to be done
Are Government departments required to have IEC?
NO
How do I check my IEC renewal status?
The facility to check status of Import Export Code(IEC) application can be accessed from DGFT website using Online Application → IEC → Know your IEC Status or directly from http://164.100.128.145:8100/IecStatusReport
What are the documents required to be filed by a LLP annually?
LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return) is required to be filled annually.
when is Maintenance of Books of Accounts compulsory Under Income Tax Act
f the sale/turnover/gross receipts from the business or profession is more than Rs. 25,00,000 or the income from business or profession is more than Rs. 2,50,000 in any of the 3 preceding years, then books of accounts will be compulsorily maintained.
how will you get Audit report?
Besides getting the same over email ,we will send you physical copies by post
Can a society run without registration?
. In the absence of registration, all the trustees in charge of the fund have alone a legal status and the society has no legal status, and, therefore, it cannot sue and be sued.
How can director removed from office before expiry of his term?
A company may remove a director before the expiry of the term of his office by passing an ordinary resolution and
after giving him a reasonable opportunity of being heard. However, any director who has been appointed by
National Company Law Tribunal u/s 242, is not subject to the provisions of section 169.
Can directors remove other directors?
A company director can be removed for a number of reasons, but the resignation or termination must be in accordance with the terms of the Companies Act 2006, the articles of association, the shareholders' agreement (if applicable), and any service agreement between the director and the company
Are the assets of Directors of Public Company safe in case of any loss?
personal assets of the directors are meant to be safe
For whom is Rcmc mandatory?
Mandatory for all exporters
Can OPC raise funds ?
. An OPC can raise funds through venture Capital, financial institutions. An OPC can also raise funds by converting into a private Limited Company.
Is public limited company owned by government?
A public limited company is formed by shareholders with no governmental control. It is a small business in which the liability is limited. Limited liability encourages investors to invest, as they know they lose or earn only the part they share. Its shares are bought and sold on the Stock Exchange.
can we convert a partnership firm into an LLP?
Yes,Existing partnership Firm can be converted in LLP
Who is eligible to act as a member of OPC?
Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC.For the above purpose, the term "resident in India" means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one financial year.
Who can oppose a trademark application?
'any person' can oppose a trademark, irrespective of his commercial or personal interest in the matter. A trademark can be countered by filed by a customer, member of the public or competitor, or any other person
Is it necessary that Section 8 Companies are to be incorporated as a limited company with share capital ?
Section 8 Company may be incorporated as a company limited by shares or by guarantee (with or without share capital ).
How long is Gst registration valid?
GST certificate is granted for the lifetime of the business unless canceled, suspended, revoked or surrendered.
Only those certificates, as issued to the Casual taxable person, and Non-Resident taxable persons have a validity period fixed by the Authorities.
Do Private Companies have to release annual reports?
Yes,It is mandatory for all the companies which are registered under MCA to file their annual reports with the concerned ROC every year. However, for Private Limited Companies, it is not mandatory to publish or release their annual report for Public access
Who can not file ITR Form 5?
ITR- 5 Form is not filed by an individual, company, HUFs and those who file an income tax return in new ITR Form 7.
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Who Cannot claim 44AD?
if the total turnover or gross receipt of the business exceeds Rs. 2,00,00,000 then the scheme of section 44AD cannot be adopted.
What are the consequences of not deducting or not depositing TDS?
As per sec 40(a)(ia), if TDS is not deducted or Deducted but not deposited then 30% of the amount on which TDS is to be deducted and deposited will be added to the Income of that person. However on payment of such TDS in the subsequent year, the 30% of such amount added back in the previous is allowed as deduction in the year in which Tax deducted is paid.
What is the turnover limit for TCS?
The Critical threshold criteria to be fulfilled or to be met is the turnover of Rs 10 crores in previous Financial year.
Does a trust get a standard deduction?
Trusts and estates do not have a standard deduction and the tax rate changes for trusts and estates are very minimal. As a result, the taxes paid by trusts and estates will likely increase, as will the taxable income that flows through to the beneficiary.
Is annual compliance mandatory for all LLPs in India?
Yes annual compliance is mandatory require for all LLPs in India.
Can a partnership firm file loss return without audit?
yes.
When is annual return to be filed after the AGM?
After the AGM all the private limited companies are required to file the annual return within 60 days of holding the annual general meeting
Can society open saving account?
yes, bank accounts can be opened for Societies registered under Societies Registration Act, 1860 or any other corresponding Law in force in the state or Union Territory.
Why is FSSAI needed?
To ensures the food products undergo quality checks thereby curtailing the food adulteration and sale of sub-standard products.
Is it mandatory by law to get the signature of a Company Secretary on the annual return of an OPC?
It is not mandatory to appoint a Company Secretary in OPC and hence the annual return of OPC companies can be signed by the Director.
What happens if IEC is not renewed?
IEC shall be de-activated, if it is not updated
What happens if a trademark is objected?
When the trademark application is objected to, it is specified that a response should be finished within one month from the date of receipt of the Examination Report
What is the impact of TCS on e-invoicing under GST?
There is no impact of TCS on einvoicing
What is ESI return?
ESI registered businesses have to file ESI returns on monthly basis. It is governed under the ESI Act, 1948; ESIC (Employees' State Insurance Corporation) which provides benefits to employees in the event of their sickness, death, disablement, injury, etc.
How can change Join Date in ESIC?
there are no provision to change appointment date in ESI Employer portal. you can do one thing ask your HR to give letter to your branch manger to change the appointment date in TIC. they need to enclose current employment deviance like appointment letter and company id proof
What is the PF contribution?
The employer and the employee both have to both contribute 12% of the basic salary of the employee in the EPF account.
What if i dont know how to handle clients as i have no knowledge of subject?
We help you and provide support and consultancy on your behalf
What extra apart from rs 15,000 i need to pay?
Only one life time payment of rs 15,000 is to be made to get our franchisee.No hidden charges,seperate charges are to be paid.
Are there penalties for violating copyright
The Copyright Act also makes provision for criminal penalties - a fine (a maximum of R5 000 per infringement) and/or imprisonment of up to 3 years for a first conviction. The maximum fine and/or imprisonment penalty for a second conviction is R10 000 and/or 5 years
Who can be members of society?
A Society can be created by a minimum of 7 or more persons. Apart from persons from India, companies, foreigners, as well as other registered societies can also register for the Memorandum of association of the society. Similar to Partnership firms, society can also be either unregistered or registered
What is purpose of society Registration Act?
The Societies Registration Act, 1860, was enacted to better the legal implications of society's registration. Further, it seeks to foster literature, fine arts, or science to spread insightful knowledge for charitable purposes
Who is not eligible for PF?
employee whose 'pay' is more than Rs 15,000 a month at the time of joining, is not eligible and is called non-eligible employee. Employees drawing less than Rs 15,000 a month have to mandatorily become members of the EP
Which section deals with the Procedure of the removal of a Director
Section 169 of the Company Act, 2013
Are there any requirements for minimum paid up capital to set up Public Company Registration?
The primary requirement of the minimum paid-up share capital worth INR 5 Lac has been repealed by the famous amendment done via Companies (Amendment) Act, 2015.
Is FDI allowed for OPC?
No, FDI is not permitted for OPC Company formation, if it does then it will lose its real nature of OPC.
How many types of RCMC are there?
There are two kinds of membership available for RCMC Membership registration under FIEO.
What protection does trademark give?
A trademark typically protects brand names and logos used on goods and services.
is it mandatory that the name of section 8 Company shall include the words like – Foundation,forum,association,federation,chamber,confederation,council,electoral trust etc. ?
Yes.
Is Pan mandatory for Gst Registration?
Yes,Pan is mandatory for Gst Registration
What is the minimum turnover and capital required for Pvt.Ltd.Co. in India?
There exists no bar on turnover or capital in a private Limited Company, unlike One person Company
Which income comes under 44AD?
Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively. They must declare minimum profits of 8% for non-digital transactions or 6% for digital transactions, whichever one is applicable
When should we file Form 8 of LLP?
The due date to file form 8 is October 30 of every financial year.
What are Due Date for filing DIR-3 KYC
On or before 30th April of immediate next Financial Year
What is form IX in FSSAI?
Through the FSSAI Nomination Form IX, the owner of a food business in India can nominate an employee of the business in charge of establishment, branch or the unit to be responsible and liable for food safety or any contravention of the FSSAI Act and rules/regulations
Do restaurants need FSSAI?
Yes,all restaurants needs FSSAI
Can OPC become a member of another private Limited company?
YES.
Can NRIs/Foreign Nationals be a Director in Public Limited Company in India?
yes, an NRI or Foreign National can be a Director in a Public Ltd Co. in India
IS dsc needed for filing reply for hearing?
Yes,class 3 dsc is mandatory
What is the due date to file TCS return?
Every tax collector shall submit a quarterly TCS return in Form 27EQ by the 15th of the month subsequent to the quarter. However, TCS return for the Jan-Mar quarter can be filed by 15th May of the following year.
What shall be the rate of TCS if the buyer fails to provide its PAN or Aadhaar?
in such cases TCS shall be 1% of sales consideration
What is current ESIC limit?
The existing wage limit for coverage under the Act effective from 01.01. 2017 is Rs. 21,000/- per month (Rs. 25,000/- per month in the case of Persons with Disability
Can I increase my EPF contribution?
Over and above the mandatory EPF contribution amounting to 12% of the basic salary, the employee can choose to contribute an amount higher to increase the investment in their EPF account. However, if the employee opts to increase their PF contribution, the employer is under no obligation to increase their contribution.
What are the time limit to file annual documents?
The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates
How can society sell its property?
A society empowers its founding members to sell the property of a society only if the seller pays standard fees & address the liabilities of the society. The transfer fee, entry fee or membership fee are common expenses that a seller needs to address to make the property's transfer successful.
Is a trainee an employee under the Act ?
Yes, a trainee would be considered as an employee as per the Act but in case the trainee is an apprentice under the Apprentice’s Act then he/ she will not be considered as an employee under this Act.
Can a person be director without DIN?
Only after obtaining the DIN, he/she can be appointed as a Director in a Company.
Who appoints board of directors?
The board of directors of a public company is elected by shareholders. The board makes key decisions on issues such as mergers
and dividends, hires senior managers, and sets their pay. Board of directors candidates can be nominated by the company's
nominations committee or by outsiders seeking change.
What if the company fails to comply with provisions?
If a company contravenes any provisions mention under the Companies Act, 2013, the company and every officer of the company who is in default should be punishable with a fine which shall not be lesser than 50000 rupees but which may hold up to 500000 rupees
What is Rcmc in IEC?
A Registration Cum Membership Certificate (RCMC) is a certificate that is issued by the Federation of Indian Export Organizations (FIEO) and the Export Promotion Councils (EPC) or the Commodity Boards
Is audit Compulsory for OPC ?
For an OPC statutory audit is mandatory.A company needs to appoint a CA as the auditor of the Company.The auditor needs to verify the books of account and issue a statutory Audit report.
In which cities client filing incorporate OPC?
We provide services across India in all cities. We have done OPC registration in Mumbai, Delhi, Gurgaon, Noida, Bangalore, Chennai, Hyderabad, Ahmedabad, Kolkata, Surat, Pune, Jaipur, Lucknow, Kanpur, Nagpur and other Indian cities.
How many sections are there in copyright law?
There are 14 sections and 8 rules in copyright law.
Why a trademark is important for a business?
Trademarking is an important step for protecting your brand identity. It will stop competitors from poaching your customers by imitating your brand. It can also offer you some protection if those copycats do something reputation-damaging.
Can Section 8 Companies receive contributions from overseas or non-residents?
There are special requirements to be complied with under the Foreign Contribution and Regulation Act, 2010 before a Section 8 Company can receive any contributions or donations from overseas/outside India from non-residents. The provisions of the said Act are in addition to the provisions under the Companies Act.
Who needs to furnish ITR Form 5?
The entities who needs to file an income tax return with form 5 are :
Firms
Association of persons (AOPs)
Body of Individuals (BOIs)
Artificial Juridical Person (AJP)
Estate of deceased
Estate of insolvent
Business trust and investment fund
LLPs (Limited Liability Partnerships)
Cooperative societies
Local authority
What is new rule for GST registration?
Taxpayers applying for a new GST registration will now need to get Aadhaar authentication done, complete with providing both biometrics and a photograph. If Aadhaar authentication is not done at the time of registration, then KYC data along with a photograph and biometric information will need to be provided
Is partnership firm liable for tax audit?
Partnership firms involved in a profession with gross receipts of more than fifty lakh rupees must complete a tax audit. Partnership firm involved in doing business must complete a tax audit if the sales turnover exceeds one crore
Are there any requirements for minimum paid up capital to set up Public Company Registration?
Rs 5,00,000.
Is ESI half yearly return mandatory?
It is mandatory for employer has to submit half-yearly Return of Contributions (RC) by 11th May/11th November every year with all columns properly filled. An employer will apply in Form-01 for coverage under the ESI Act, within 15 days after the Act becomes applicable to a factory or establishment
Who is required to file ESI return?
ESI registration is mandatory once a company or any other entity employs 10 or more low-earning employees. According to the Act, any employee earning less than Rs. 15,000 per month needs to contribute 1.75% of his/her pay towards the ESI, while 4.75% will be contributed towards his/her ESI by the company
Is PF taxable?
yes,in excess of 250000.
Do LLPs allow Foreign Direct Investment (FDI)
NO
What is the copyright symbol?
©
Copyright: ©.
How do you appoint new director in existing company?
Most commonly, directors are appointed by the shareholders at the Annual General Meeting (AGM), or in
extreme circumstances, at an Extraordinary General Meeting (EGM).
Is FSSAI annual return mandatory?
Every Food Business Operator that is issued a State or Central FSSAI License and engaged in the Manufacturing or Importing of Food Products (Other than Milk Products) is required to furnish FSSAI Annual Return.
What is the GST rate for RCMC certificate?
The RCMC can be obtained either as a 'Merchant Exporter', 'Manufacturer Exporter' or 'Merchant-cum-Manufacturer Exporters' as per documents submitted. Annual Subscription amount is Rs. 5000/-+ 18% GST
Who can become the member of an OPC?
A natural person who is an Indian citizen whether resident in India or otherwise shall be eligible to incorporate a One Person Company.
What are the benefits of RCMC registration?
RCMC certificate from the export promotion council helps exporters to avail growth-driven schemes mentioned under Foreign Trade Policy. Once registered, the RCMC holders can avail the benefits like low-shipping cost, zero import duty on input material used in exportable goods, and seamless transit of goods.
Can copyright be renewed?
Yes, copyright can be renewed. However, in most cases copyright exists at least for the lifetime of the author.
Can a registered trademark be removed from the register ?
Yes
As per Indian law, How many maximum directors can a Private Limited Company have?
As per Indian law, The Indian companies Act, 2013 states that A Private Limited Company in India can have a minimum of 2 directors and a maximum of 15 directors.
However, The Company may appoint more than 15 directors, only after passing a special resolution
Can LLP issue debentures?
?
A LLP can issue debentures and charge assets if it has no assets
. Is it necessary to conduct AGM?
yes,it is necessary to conduct AGM.
Which form is to be attached to the Companies Director Report?
MGT-9
How many days does it take to register a public limited company?
it takes almost 15 days
What is the meaning of tin number and how it is different from GST number?
As of now, the TIN has no legal existence since it has been subsumed in GST
How can the tds be paid to central government?.
While paying TDS, e - payment is the compulsory process.
Which is better LLP or Private Limited Company?
Though each one one has its own advantages,but compliances are less in LLP as compared to Private limited company.
Can we convert a Partnership Firm into an LLP?
yes,Existing partnership firm can be converted in LLP
Are foreign nationals or NRAs allowed to become a member of society?
Yes, NRAs and foreign nationals are allowed to become a part of society or even hold an important position.
What is the accounting year for Provident fund account?
Accounting year is from March to February.
What resolution is required to appoint Directors?
Any person willing to be appointed by a director, and permitted by law to do so can be appointed by ordinary
resolution of a general meeting or by resolution of the directors.
What are penalties for late submission of Annual Return in Fssai?
Any delay in filing Annual return beyond 31st May each year shall attract a penalty of Rs.100 per day for delay till the date of filing of the return. The maximum penalty that can be levied shall not exceed 5 times the annual license fees
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Can we export without Rcmc?
IEC and RCMC Go Hand in Hand:
Can we have copyright for a logo?
No, logos are generally trademarked unless the logo contains some artistic or design elements.
how to select a good trademark ?
It is advisable to conduct a market survey to ascertain if same/similar mark is used in market
Still, have confusion?
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Can a registered trademark be amended at later date ?
Yes.
Is there any relaxation in stamp duty payment on transfer of shares of section 8 Company ?
Stamp duty on issue of share certificates is governed by Indian Stamp Act,1899 and no relaxation of special rate of stamp duty has been provided stamp duty payment on transfer of shares. However,as in case of other Companies,no stamp duty is payable on transfer of shares of section 8 company also,if made in demat mode .
Is Ca mandatory for LLP
LLP Audit under Income Tax Act 1961 is mandatory if turnover exceeds ₹1 crore in case of business while ₹50 lakhs in case of profession. This tax audit need to be conducted by CA Firm
Is physical verification mandatory for gst registration?
GST registration process normally does not require physical verification of premises for grant of GST registration if e-Aadhaar otp is done,However an officer could request physical verification.
Can I claim an amount in ESI if I take treatment in private?
ESI has their own Dispensaries and Hospitals to cater the Insured Persons. Therefore, ESIC Policy do not encourage outside treatment and reimbursement. In selected cases and conditions which cannot be treated under ESIC Infrastructure they allow for cashless treatment at outside Private Hospitals
What is not protected by copyright?
copyright does not protect individual words, short phrases, and slogans; familiar symbols or designs; or mere variations of typographic ornamentation, lettering, or coloring; mere listings of ingredients or contents.
What is late fee for FSSAI renewal?
If the Renewal of a license is not filed 30 days before the expiry date, a late fee of Rs. 100 per day is to be paid by FBO, along with the renewal fee. Note: This late fee is not applicable in the case of Registration.
Since Incorporation, Company has not done any business, do we need to file ROC Return?
Yes. ROC return gives details of changes taken place in the company during the year and need to be filed with the ROC even though the company has not done any business during the year.
Does a One Person Company have perpetual succession?
yes
. Is there any fixed amount of Capital required to start a Limited Liability Partnership?
No,LLP can be started with any amount of capital.
Is it compulsory to take GST registration in multiple states?
If you have your business in other states then you need to apply for GST registration for that particular state
What is due date of FSSAI annual return?
on or before 31 May of every financial year
What is Penalty for late filing of Company ROC return?
Penalty for delay of up to 30 days -2 times of normal fees
More than 30 days and up to 60 days - 4 times of normal fees
More than 60 days and up to 90 days - 6 times of normal fees
More than 90 days and up to 180 days - 10 times of normal fees
More than 180 days - 12 times of normal fees
Can NRIs/foreign nationals become directors in a private limited company?
Yes, a NRI or a foreign national can become a director and a shareholder of a private limited company.
Can a person act as a member of more than one OPC at the same time ?
1)No,a person cannot act as a member of more than one OPC at any point
of time
2)Further ,a person can also not act as a nominee of more than one OPC
What is a copyright act?
Copyright act is a backbone or law under which a protection of copyright is given. It lists all rules and regulations under which copyright is governed in India.
What is Annual Filing due date?
A) First Annual Filing of the Company is due on the 30th December of the next year from the date of Incorporation and
B) Subsequent Annual Filing is due on the 30th September of the same year in which the Financial Year of the Company ends
Can a minor become a member or nominee of an OPC ?
. A minor cannot become the member or nominee of an OPC or can hold share of a OPC with beneficial interest.
Is any time limit to file annual documents?
Yes, within 60 days of close of the financial year and Statement of Accounts & Solvency shall be filed within 30 days from the end of six months of the financial year to which it relates
What is ROC Return Filing fees and charges?
Company having Authorized Capital of Rs. 1 lac is Rs. 300 for each Form AOC-4 and MGT-7 and Company having Authorized Capital of Rs 5 Lac or more is Rs. 400 for each Form.
Can we change Company Registered office address after Incorporation ?
Yes,Company Registered office address can be changed anytime after incorporation
Can one register a private limited company on their home address?
. Yes,the company can be registered at the owner's home address. A copy of the utility bills requied to be submitted
Can the director of a private limited company charge salary from the private limited company?
Yes,the director of a private limited company can take salary from the private limited company
Is any amount of minimum capital fixed to form a private limited company?
There is no minimum amount of capital fixed to form a private limited company
Does one have to be present in person for the incorporation of a private limited company?
No, as the entire procedure is done online and one does not have to be present at our office or any other place for the incorporation.A scanned copy of the documents has to be sent via mail.They get the company incorporation certificate from the MCA via courier at the business address
