Consultants

Who Are Eligible For GST Registration Anyone who is involved in the supply of goods or services in any manner must register for GST, regardless of their turnover. This includes individuals and firms, including both companies and non-registered entities such as trusts, societies, etc. Similarly, any service provider with an annual turnover of over 20 lakhs must also register. Further, those who supply goods or services online must be registered under Goods and Services Tax even if they have a turnover below the threshold. This is because they are liable to pay IGST on the value of supply of goods or services which is collected by them from customers, irrespective of their state of origin. Moreover, if a business is part of a group then the aggregate turnover of all members must be taken into consideration while applying for GST registration. However, if the businesses  are distinct from each other then each of them should apply separately for GST registration. ...

What Are the Compliance Required for OPC Private Limited Company Incorporating a One Person Company can be a great way for an Entrepreneur to start a business. However, it is crucial to ensure that the Company follows all the required compliances for maintaining its active status and to avoid hefty penalties and fines. Annual Compliance refers to the filing of various forms and returns with the authority for every financial year. Some of the most common annual filings that OPC Companies need to make include income tax returns, financial statements, Form DIR-3 KYC for directors' verification, and TDS, GST, PF, and ESI based regulations among others. In addition, One Person Company must also conduct a minimum of 4 board meetings and disclose their interest in other entities in Form MBP-1. In order to make sure that all the aforementioned filings are completed properly, it is important that you partner with an expert who can provide you with a complete compliance s...

What are the Procedures for Formation of LLP in India In India, businesses are generally operated as companies, sole proprietorships and partnership firms. Each of these structures is governed by different laws and has their own advantages and disadvantages. But now a new structure, LLP (Limited Liability Partnership) has been introduced which is in between a company and a partnership firm in terms of ownership, flexibility of operations and compliance requirements. The Limited Liability Partnership law in India requires that a person or group of people must register their business as an LLP. This can be done online through the MCA portal after passing certain eligibility criteria. It has a number of benefits, like tax benefits, ease of operations and transparency in financials. One can also avail credit facilities from banks based on the financials of an LLP. To form an LLP, a person or group of persons needs to first file Form RUN-LLP (Reserve Unique Name – Li...

Why is IT Filing Mandatory in India E-filing or electronic filing is the process of submitting tax returns over the internet using a pre-approved software program. This system has become increasingly popular due to its many benefits. Some of these include: the ability to file tax returns from anywhere, a simple filing process and the ability to file multiple returns at one time. This is especially useful for self-employed individuals who do not receive a Form 16 from their employers. The Income Tax Department makes e-filing mandatory for companies with turnovers of more than Rs 1 crore and for professionals whose income is more than Rs 25 lakh. It is also compulsory for individuals whose gross receipts exceed Rs 50 lakh in savings bank accounts, individuals who have deposited more than Rs 2 lakh in foreign currency in their banks, and those who have incurred expenses exceeding Rs two lakh for overseas travel. However, for NRIs, it is not mandatory to file tax retur...

How to Incorporate a New Limited Liability Partnership Registration India Setting up a business as an LLP allows you to benefit from the advantages of both partnerships and corporations. Its separate legal entity status makes it distinct from traditional brick and mortar businesses and its members are not liable for each other's misconduct or negligence. It also provides tax benefits. You can start an LLP with as little as two partners, and there are no minimum capital requirements. However, you may be required to pay franchise taxes or federal payroll taxes if your business employs workers. Before starting the process ofregistering an LLP , you must first register for a Director Identification Number (DIN) for all designated partners. This can be done through a government-recognized agency.  Once the DIN is approved, you can file the LLP's incorporation documents with the  Ministry of Corporate Affairs  (MCA). You must provide a valid PAN card and address pr...

What Are the Documents Required for Company Registration in India There are different business structures that one can choose from to do business. Each of these structures has its own advantages and disadvantages.  The most popular structure is the Private Limited Company which has a distinct legal identity. This structure makes it easy for the founders to secure funds from banks and financial institutes.  It also helps to separate personal and professional acts of the founders from the business. The documents required for this structure include DIN, PAN Card, address proof, utility bill, NOC from the landlord, and Memorandum of Association and Articles of Association. The next structure is the Partnership which has 2 or more owners and profits are shared based on the partnership deed. The liabilities of the partners are also limited to the amount of shares they hold in the firm. The documents for this structure include PAN Cards and address proof, DIN and ID Proo...

How to Register Private Limited Company Online in India If you're planning to launch your own business, one of the first things you need to do is decide what type of legal structure to use. There are different options available, but many entrepreneurs choose to register their business as a private limited company. This article will explain why this is a good option and discuss the process for doing so. The main advantage of a Private Limited Company Registration is that it creates a separate entity under the law. This means that it has its own assets and liabilities, which are distinct from the personal assets of its owners. This can provide a level of protection from debtors if the company faces financial difficulties, as the owners' personal assets are not at risk. Another benefit of a Private Limited Company Registration in India is that it allows for multiple owners. This can be useful if you want to bring in a group of people to help your business ...

How to Register Annual Filing in India How to ROC Annual Filing of Company in India: In India, it's mandatory for every establishment to get approval from the Registrar of Companies before starting its business. Once the business gets approved by ROC, it needs to file its statutory compliances on time. The ROC Annual Filing of the Company is one of the most important statutory compliances. In case of any delay, it will lead to penalties and other legal issues that can affect the business operations. As per the Companies Act, every company must file its audited financial statements and annual returns with the Registrar of Company each year. This includes private limited, one Person Company and Section 8 companies. The filing of these documents is a compulsion and must be done within 30 days and 60 days respectively after the annual general meeting date. The statutory forms that must be filed with the ROC are: Form AOC 4 and Form MGT 7. The former contains details and a...