Tax Services Chennai

Who Are Eligible For GST Registration in India The Central Government has made provisions in the CGST Act, 2023 to permit businesses whose previous registration was cancelled due to non-filing of returns to apply for revocation of cancellation by 30 June. They can do so, but only after paying the taxes, interest and penalty that are due. A person who supplies goods or services or both in a State or Union territory, is liable to register under GST if his aggregate turnover exceeds the prescribed limit. This limit is Rs.20 lakh in case of suppliers who supply goods to consumers and Rs.10 lakh in case of suppliers who make supplies to taxable persons. In the case of a new business, the person should file an application for registration within five days of commencement of business. The form can be filed online on the GSTN portal or at any Facilitation Centre notified by the Board. The applicant should submit the required details, including PAN, mobile number and em...

What Are the Compliance Required for OPC Private Limited Company The concept of One Person Company (OPC) was introduced by the Companies Act, 2013. Earlier it was mandatory to have a minimum of two directors and shareholders for incorporation of a company. But now, with the introduction of OPC, a single person can incorporate a private company. This is a boon for start-ups as they can now register themselves as a company with only one director and sharer. But the fact is that One Person Company has to comply with the laws and regulations as per the Companies Act of 2013 like any other private limited company. Failure to comply with these rules can lead to penalties and fines which can be a big blow for any business. Thus, it is very important for every OPC to make sure that they abide by all the terms and conditions of the Companies Act. This can be done by timely filing all the mandatory annual compliances. These compliances include Auditor appointment, statu...

What Are the Procedures for Formation of LLP in India Limited liability partnership is a legal entity separate from its partners, it can hold assets, own properties and sue or be sued in its own name. An LLP can have multiple partners, however, a minimum of 2 members need to be designated (DIN). Unlike partnerships, LLPs are required to file accounts and compliance documents with the Registrar of Companies. Besides, they need to file self-assessment tax returns annually and pay taxes on the profits made by the LLP. Incorporation of Limited Liability Partnership is an ideal option for those aspirants who are looking to enter the corporate world with the lowest risk. An LLP has no maximum limit of partners and the cost is significantly lower than that of a Private Limited Company. It has a distinct legal entity and each partner's liability is limited to their contribution only. Through the recent amendment in the LLP Act, the Ministry of Corporate Affairs (MCA) has reva...

Why is IT Filing Mandatory in India In order to avail certain tax benefits and rebates, you need to file your income tax return. These deductions and exemptions help you reduce the amount of taxes you have to pay and also allow you to save money. However, to file your ITR, you need to have all the necessary documents like Form 16 provided by your employer, proof of investments and other relevant information. The new Income tax filing portal has made it easy and convenient for you to file your returns online. It has many advantages and offers a hassle-free experience for individuals as well as corporations. The portal is also backed by the latest technology which makes it more secure and fast. If you are a salaried individual, you will receive your Form 16 from your company and it will include details of the tax deducted at sourc e (TDS) as well as self-assessed taxes that you have paid. This will help you calculate the total income you have earned and the refunds that...

What Are the Documents Required for Company Registration in India The process of establishing a business as a legal entity has been streamlined and made simple in India. The government has introduced a Simplified Proforma for Incorporating a Company Electronically (SPICe) portal that can be used by stakeholders to complete the formalities. All the relevant documents must be scanned and self-attested for submission. The list of documents varies according to the type of company that is being registered. The process of registering a company includes obtaining the necessary documents and following the correct steps to ensure that all legal requirements are met. The most important documents include the articles of incorporation, a certificate of incorporation , bylaws, and proof of address. Other documents that may be required depend on the type of company you are registering and the jurisdiction in which you are incorporating. Documents Required for Company Incorporation ...

How to Register a Private Limited Company Online in India Choosing the right business structure is a crucial step for any company. The structure defines how the business will be run and how it will be legally structured. The structure of a business is different for each type of business, so it's important to choose the right one. This article will discuss how to register a private limited company online in India. Private Limited companies are separate legal entities from their owners. This means that the owner's liability is limited to their investment in the company. However, this also means that the company must comply with a set of rules and regulations. This includes filing documents with the Registrar of Companies on time. Failure to file these documents can result in fines and penalties. When registering a private limited company , the first step is to prepare the Memorandum of Association and the Articles of Association. These are the governing docum...