A partnership firm is where two or more persons come together to form a business and divide the profits/losses in an agreed ratio. The partnership business includes any kind of trade, occupation and profession. A partnership firm is easy to setup with less compliances as compared to companies & LLP.
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence.
A Private Company is owned and managed by a small group of persons, primarliy by their private funds. Private companies may issue stock and have shareholders, but the shares do not trade on public exchanges and are not issued through an IPO. The act requires that a Private company mentions the word Private limited ( PVT LTD ) in their name for identification as a Private company.
A One person company (OPC) means a company formed with only one (single) person as a member. It helps business by expanding their opportunities through corporate identity. The introduction of One Person Private Limited Company or OPC was a refined version of sole propreitorship. Liability is Limited.
A Public Limited Company does not have the restrictions of a private company. It is a company that has limited liability and offers shares to the general public. The act requires that a Public company mentions the word limited ( LTD ) in their name for identification as a Public company.
Section 8 Company generally promotes non-profit objectives such as trade, commerce, arts, charity, education, religion, etc. A Section 8 Company is the same as the Section 25 Company ( the old Companies Act, 1956) the Section 25 has now become Section 8 ( the new Companies Act, 2013). These are limited in nature without adding the word "LIMITED" in their name.
The main purpose of a trust is to transfer assets from one person to another. Trusts can hold different kinds of assets. Investment accounts, houses and cars are examples. One advantage of a trust is that it usually avoids having your assets (and your heirs) go through probate when you die.
A Society is formed when group of individual comes together for a mutual interest. These societies are mostly formed for the promotion of charitable causes. Minimum seven people are required to form a society and these societies are governed by the ‘Societies Regulation Act'.
A Nidhi Company only deals with deposits and loans among its members/shareholders. It includes certain exemptions in taxation and other compliances. Nidhi Companies is recognized under Section 406 of the Companies Act of 2013, the Companies (Nidhi Companies) Rules of 2014, and the Chapter XXVI of the Companies Rules, 2014.
A Non-Banking Financial Company ( NBFC ) provides financial and non-financial services. It is incorporated under the Companies Act, 2013. NBFCs acts as a bridge, it forms link between the investors/depositors with the borrowers.
Under Goods And Services Tax (GST), businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may be, must register as a normal taxable person. It is called GST registration.
For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it is an offence under GST and heavy penalties will apply.
GST registration usually takes between 2-6 working days. Team Advise Bazaar can help you obtain GST registration Faster & Will Consult You Best.
An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted.
FSSAI registration is mandatory compliance that ensures the safety of food products supplied or manufactured by various establishments in India. It is a food safety certificate issued by the respective food authority of India. This governing body responsible for food security is known as the Food Safety and Standards Authority of India (FSSAI) that are regulated under the Food Safety and Standards Act, 2006. Obtaining an FSSAI license is mandatory before starting any food business operation in India. All the traders, manufacturers, restaurants who are involved in the food business must obtain a 14-digit license number which is printed on their food products.
When an entity starts to employ people may be as casual workers, full-time employees, contract-based etc to regulate the work conditions and ensure the workers’ rights are protected then there is a need to get Shop Establishment Certificate. It is also called Shop License informally.
Letter of Undertaking is commonly known as LUT. The Letter of Undertaking (LUT) is prescribed to be furnished in form GST RFD 11 under rule 96A, whereby the exporter declares that he/she would fulfill all the requirements prescribed under GST while exporting without making IGST payment. Know more about exports under GST.
Trademark is a unique symbol, logo, or brand name which differentiates one company from another. Trademarks helps in the identification process for its customers. To protect your Trademark from copying by others you should register your Trademark.
Trademark Renewal helps keeping it perpetual by filing an application and submission of fee. The application for Trademark Renewal must file application six months prior to its expiry date.
GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government).
Goods and Services Tax - Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.
Notices under GST are communications by the GST Authorities. These are sent to the taxpayers specifically to remind or caution them of any defaults being noticed, specifically for not following the GST laws. In other cases, notices can be sent out just to collect more information from the taxpayer
The term ‘audit’ refers to a check, review, verification or inspection of a record, transaction, account etc. A tax audit is the process of verification and inspection of the accounts of a taxpayer to confirm their adherence to the provisions of the Income Tax law.
Section 44AB of the Income Tax Act, 1961 deals with the Audit of the Accounts of a certain category of persons carrying on a business or engaged in a profession. The class of taxpayers listed under this section compulsorily have to get their accounts audited by a Chartered Accountant. The CA will check and verify that these accounts comply with the various provisions of the Income Tax law. Simply put, this audit required as per Section 44AB of the Income Tax Act, 1961 is called a tax audit.
Salary income refers to the compensation received by an employee from a current or former employer for the execution of services in connection with employment. Thus, income is taxable as salary under Section 15 only if an employer-employee relationship exists between the payer and payee. Salary income could be in any form such as gift, pension, gratuity, usual remuneration and so on. Our Expert Team will Guide you & Advise you best Tax Planning.
Business Income is the profit that is earned from the business. It is nothing but Total Revenue/Total turnover minus Total Expense. The profit from the business is the taxable income/business income.
A notice from the Income Tax office is not something that anyone likes to find in their mailbox. You might have filed your return in due time but still received a notice. The reasons can be many., Let’s understand why we end up receiving notices and how the same can be dodged to some extent (if not completely).
Tax deducted at source (TDS) is required to be deducted by every person who’s books gets audited u/s 44AB or a person registered as a company. TDS is deducted on various transactions of booking or payment whichever is earlier on various types of transactions like payment/booking of salary, professional fees, interest, loan repayment, works contract etc.
Every assesse whosoever deducted the TDS is required to deposit it to Government upto the 7th of following month (30th April in case of March month). Otherwise an interest of 1.5% per month will be charged.
The terms bookkeeping and accounting are often used interchangeably, however, accounting is the overall practice of managing finances of a business or individual, while bookkeeping refers more specifically to the tasks and practices involved in recording the financial activities.
The GST compliance rating is a score given by the government to a business so that other businesses can see how compliant they are with the tax department. This score will be calculated based on parameters such as timely filing of monthly and annual returns, furnishing details of input credits used, taxes paid, etc.
The company is required to inform the Registrar of Company about every change that is happening in the company. Such as change in name of the company, change in object of the company, change in Article of Association etc. Apart from all the change, the company is required to file various forms with ROC.
Company Annual Filings refers to the filing of Audited Annual Financial Accounts of the Company along with Directors Report and Annual Return of Company with Registrar of Companies. These yearly filings are mandatory for every registered Company whether the Company carries on business or not.
An LLP is a form of separate legal business entity that gives the benefits of limited liability but allows its members the flexibility of organizing their internal structure as a traditional partnership. It is governed by the Limited Liability Partnership Act, 2008. In LLP, unlike a company, the designated partner have a direct relationship between owner and management. Every year an LLP needs to comply with LLP Annual filing.
A Digital signature Certificate is a secure digital key that is issued by the certifying authorities for the purpose of validating and certifying the identity of the person holding this certificate. Digital Signatures make use of the public key encryptions to create the signatures.
Individual DSCs are Required for various purposes Such as ROC Filing, TDS, Tax audit, Trademark & GST Etc
The Class 3 Combo DSC (Signature + Encryption) is the highest level of certificate in India. Combo provides higher security to online authorization. A signing can be used to sign a document while encryption provides security to the encrypted document on the online transmission of the document.
The standard deduction rate for PF requires that the employer and employee each contribute 12% as part of the employee's retirement chest. However, the Government allows employers to limit their contribution to a fixed amount of ₹15,000 of the basic pay for employees drawing a higher paycheck.
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