annualfiling

Who Are Eligible For GST Registration in India Any person whose aggregate turnover during a financial year exceeds Rs 40 lakh (Rs 20 lakh for special category states) is required to register under GST. In addition to this, every entity which was already registered under earlier tax laws like Excise, VAT and Service Tax must get them registered under GST as well. A business can apply for GSTregistration online by providing their PAN, email ID and mobile number (that must be active as OTPs will be sent on these details) along with a captcha displayed on the screen. After submission of this information, an applicant will receive a Temporary Reference Number (TRN) on the screen. This TRN will be used to open PART-B of the GST application. One of the most important things to know about GST is that it applies to all types of transactions, even those that are not normally taxable. This includes transferring money to children and trusts for them, as well as transfers of...

What Are the Compliance Required for OPC Private Limited Company A One Person Company (OPC) is a legal entity that is registered with the Ministry of Corporate Affairs (MCA). OPCs enjoy certain tax benefits as they are not required to pay taxes on the profits it makes. However, like any other company, OPCs need to comply with the terms and conditions laid down by the Companies Act of 2013 in order to maintain its active status. Failure to do so can result in hefty penalties and fines. To fulfil annual compliances, an One Person Company must regularly file returns with the MCA, prepare and circulate financial statements for approval, keep statutory registers updated and maintain secretarial records. Directors of an OPC need to complete DIR-3 KYC in order to verify their identity and update their personal details with the MCA . Similarly, OPCs are required to maintain a director shareholding register, and related party transaction register. OPCs are required to submit thei...

How to Register a Trading Company in India Trading companies are global B2B traders highly specialized in a specific segment of goods. They have strong relationships with factories and can offer lower minimum order quantities, which makes them more attractive to small-sized businesses. In addition, they can also help to ease out export and invoicing procedures. In India, registering a trading company involves completing various steps, as discussed below. Investors can register a trading company as a private limited or a public limited entity. Moreover, they can also select either a foreign or an Indian business name for the company. In addition, the business owners will have to register their trading company with the local tax authorities and take appropriate steps for GST registration in India. Investors wishing to start a trading company should first submit an online document, the eForm 1 with the Registrar Of Companies (ROC). In case of a public limited entit...

What are the procedures for formation of LLP in India A LLP has the benefit of being a hybrid form of business structure. It has the tax benefits of a partnership firm and the liability of a company. This makes it a very popular choice for new businesses. However, to reap the benefits of LLP it is important that its formation procedures are followed. Firstly, the partners of the Limited Liability Partnership   have to draft the LLP Agreement. This is a legally binding document which clearly outlines the rights and duties of each partner. It also provides the statutory compliances to be met by the LLP. It is very important that the LLP Agreement is carefully drafted and signed by all the partners and attested by an advocate in practice. Once the LLP Agreement is drafted, it has to be filed with the Ministry of Corporate Affairs (MCA). This process can either be done online or offline through an authorised agent. The Registrar of Companies will then register the L...

Why is IT Filing Mandatory in India In India, it is mandatory for all taxpayers to file an income tax return (ITR) if their total income exceeds a certain limit. However, not filing the IT return may also have some consequences such as preventing you from claiming rebates and carrying forward losses in future. In addition, non-filing of returns could also affect your eligibility for visas to some countries and even prevent you from getting loans or credit cards. However, if you are a salaried individual, you can get away with not filing your ITR if your salary does not exceed the basic exemption limit of Rs 2.5 lakh for individuals. But, if you have other sources of income such as interest on bank deposits or royalty income or have investments in property, you are required to file an IT return . NRIs are also required to file an IT return if their income from such sources exceeds the basic exemption limit, even if they are not residents of India. The requirement to f...

What Are the Documents Required for Company Registration in India Choosing the right business structure for your firm is crucial to help you achieve your revenue goals and reach success. There are a number of different business structures you can register under, including Partnership Firm, Limited Liability Partnership (LLP), Private Limited Company, One Person Company (OPC) and Public Limited Company. Each of these structures offers different benefits and requires different documentation to be filed. Once you've chosen a business structure, it's time to begin collecting the necessary documents for company incorporation . The most important documents required include a PAN Card of all shareholders and directors, an ID proof, Digital Signature Certificate (DSC), DIN, and address proof for both the company and its shareholders. Other documents required may include the Articles of Association, the No Objection Certificate from the landlord, and utility bills. ...

How to Register Private Limited Company Online in India How to register Private Limited Company Online in India is a very important question when you are planning to start a new business. The right structure allows you to streamline your business operations and grow more. Also, picking the correct type of entity will help you to get tax benefits. A private limited company is a popular form of business entity in India as it provides the benefit of limiting your liability to your investment amount. It is also a good choice for entrepreneurs looking to raise funds from venture capitalists and angel investors. In addition, a Private Limited Company offers several other benefits like tax advantages, accounting fees are lower and there is no minimum capital requirement. The first step in a Private Limited Company registration process is to reserve your company name with MCA. Then prepare your Memorandum of Association (MOA) and Articles of Association (AOA). These...

How to Register Annual Filing in India ROC Annual Filing is an important process that companies need to comply with in order to keep their registration active. This involves filing various forms and documents with the Registrar of Companies (ROC), which provides important information about the company to the government and the public. In this article, we will look at what documents are required for ROC Annual Filing, what forms need to be filed, and the important deadlines that you should keep in mind. A Section 8 company is a non-profit organization founded to promote trade, art, science, sports, education, research, social welfare, and environmental protection. These organizations are allowed to conduct business and make a profit, but any profits they earn must be used towards the charitable objectives of the company. The directors of a Section 8 company are responsible for compliance with both the MCA and income tax authorities. Non-filing of MCA annual return...

How to Register a Company in India Incorporating a business as a company is a more complex business structure that comes with higher set-up and administrative costs. It also has extra reporting requirements and higher-level legal obligations. However, it offers entrepreneurs a way to limit their personal liability and provide for future growth. Once incorporated, the company will need to file annual returns with the Ministry ofCorporate Affairs (MCA). These filings consist of Form MGT-7 and Form AOC-4. Once filed, the MCA will issue a company incorporation certificate to the company. Before you register your company , it's important to have a clear understanding of the different types of companies available in India. You'll need to choose a business type that fits your company's goals and objectives. Additionally, you'll need to consider the statutory regulations and compliances associated with each type of company. The first step in the regi...