Every establishment which is a factory
engaged in any industry specified in schedule 1 and in which 20 or more people
are employed. Any other establishment employing 20 or more persons which
central government may by notification, specify in this behalf. Any
establishment employing even less than 20 persons can be covered voluntarily
under section 1(4) of the Employees Provident Fund and Miscellaneous
Provisions Act, 1952.
The purpose of the scheme is to establish
provident funds for the employees covered by the Employees' Provident Funds
Act, 1952. As such, the scheme is applicable to the employees of all factories
and other establishments covered by the said Act except those exempted under
section 17 thereof. All employers having 20 or more employees are
required to be registered with Employees Provident Fund (EPF) Corporation.
Those entities having EPF Registration must then file EPF returns. EPF returns
are due half-yearly. Preetham Shetty and Co. can help file EPF returns for your
business. Our EPF experts can also help you compute EPF payments and maintain
EPF regulation compliance for your business.
TDS Return Filling
TDS stands for tax deducted at source. This
concept was come to in existence for fulfilling the regular revenue inflow of
Govt. In TDS scenario, tax is deducted from some specific payments and this deducted
tax is deposited subsequently to Govt. on periodical basis. For deducting tax, a person has to obtain TAN
or Tax Deduction and Collection Number, a 10-digit alpha number. Individuals
who are salaried are not required to obtain TAN or deduct tax at source.
However, a proprietorship business (which are required to be tax audited) and
other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at
source while making certain payment like salary, payments to contractor or
sub-contractors, payment of rent etc. Those entities have TAN Registration must
then file TDS returns. TDS returns are due quarterly.
Preetham Shetty and Co. can help you file e
file your TDS returns online. Our TDS experts can help you compute your TDS
payments and e file the TDS return and keep you in compliance with TDS regulations.
FCRA Annual Return Filling
The organizations signed up under the Foreign
Contribution Regulation Act need to keep separate accounts incurred under the
FC head and send a return in the recommended format to the Ministry together
with the audited statement of accounts of the previous year. Every organization
which receives foreign contributions is required to furnish a certificate from
a chartered accountant. The certificate to be given by the chartered accountant
is provided in Form FC-6. Along with this certificate, audited Balance Sheet,
Income & Expenditure statement and the statement of receipt and payment
account should also be submitted along with Declaration and authentication
signed by Chief Functionary.
The return is to be
filed for every financial year (1st April to 31st March) within a period of
nine months from the closure of the year i.e. by 31st December each year.
Submission of a ‘Nil’ return, even if there is no receipt/utilization of
foreign contribution during the year, is mandatory. The return is to be
submitted, in prescribed Form FC – 6, duly accompanied with the balance sheet
and statement of receipt and payment, which is certified by a Chartered
Accountant. On the basis of the relevant books and vouchers, the chartered
accountant is required to certify the following:
·
the brought forward
balance of the foreign contribution at the beginning of the year.
·
the foreign
contribution received during the year
·
the unutilized
balance of foreign contribution at the end of the year
· certify that the
association has maintained the account of foreign contribution and records
relating thereto in the manner specified in the Foreign Contribution
(Regulation) Act, 2010.
· the information
furnished in the certificate and in the enclosed balance sheet, income &
expenditure statement and statement of receipt and payment are correct.
VAT Return Filling
Value Added Tax (VAT) Registration or TIN
Registration is a tax registration required for businesses trading or
manufacturing goods and even agency in India. VAT is a multi-stage tax and
based on “Value Added Concept”. VAT is collected and governed by the State
Government, so each State Government in India has distinct rules applicable for
their State based on the type of good manufactured or sold. VAT Registration is
mandatory in most states for traders or manufacturers having a turnover of more
than Rs.20 lakhs (Rs.10 lakhs earlier) either in current year or in previous
year.
Those entities have VAT or TIN Registration
must then file VAT returns on time to avoid penalty. VAT is implemented by the
State Governments. Hence, the VAT return due date and VAT payment due date
differs from state to state. VAT returns are mostly due monthly, quarterly or
annually.
Service Tax Return Filing
Service tax is an indirect tax levied on the
services provided by a service provider in India to the service receiver. This
tax is based on Value Added Concept and Service provider is liable to pay tax
only on the value-added amount. Service tax is paid by the end consumer of the
service and the service provider is responsible for collection of remittance
from the recipient of the taxable service. At present, Service Tax is levied at
14 % on the value of the taxable service.
Persons or entities liable to pay service tax
and having service tax registration must file service tax returns in Form ST-3
or Form ST-3A. Service tax returns are due half-yearly and which is compulsory
even NIL return must be e filed. Service tax payment must be paid by entity
electronically or manually on the respective due date.
Preetham Shetty & Co. can help you file e
file your service tax return online. Our service tax experts can help you
compute your service tax liability, e file the service tax return and keep you
in compliance with service tax regulations. Use Remind Due, an online cloud
compliance reminder service from Preetham Shetty & Co. to get reminders for
service tax return and service tax payment due dates.
E-Excise Return Filing
In India, an excise or excise duty or central
excise tax is described as an indirect tax levied and collected on the goods
manufactured in India. Producer or seller who pays the tax to the government is
expected to try to recover the tax by raising the price paid by the buyer. So,
producer or manufacturer has to file the excise duty return. As per new rules
and regulation, manufacturer can file his return of excise duty electronically.
This is called e-filing of excise return.
Central excise returns provide details of
production, excise duty applicable and paid to Government. It also captures
details of credit offset claimed and other related details. This ensures
accurate assessment of tax collections. NIL returns are mandatory to be filed
as per applicable schedule, even if there is no transaction.
Payment of Central Excise Duty: Central Excise Duty is payable on monthly
basis by 5th of following month. Duty can be paid through current account
(Personal Ledger Account) or CENVAT Credit. Small Scale units availing
exemption are required to pay duty on 15th of month following end of month.
Duty is payable electronically or by banking channels through TR-6 Challan. The
prescribed Challan form TR-6 should be filled in giving details like name and
fifteen digit ECC number of the manufacturer, code number of excise
commissioner ate/division/range etc.
Filing of Central Excise Return: The Central excise return shall be filed on
or before 10th of next month. In case of dealer, the excise return shall be
filed on quarterly basis. Following are the forms and description of returns
·
ER-1: Manufacturer
not eligible for SSI Concession
·
ER-2: EOU Unit;
·
ER-3: Quarterly
Return BY SSI
·
Weekly return
·
E-filling/e-payment
of central excise duty.
·
ER-4: Annual
Financial Information Statement
·
ER-5: Information
relating to Principal Inputs
·
ER-6: Monthly return
of receipt and consumption of each of principal inputs
·
Return in form ER-7
·
Revenue Statement
Frequency of filing Central Excise Returns: SSI units should file the returns quarterly
within 20 days of end of quarter and others should file it monthly within 10
days of end of month.
Tax Return Filling Services
The tax e-Filing services of Preetham Shetty
and Co are designed to address the diverse needs of various users. We help
customize solution for all the different kind of need of tax filling services. Preetham
Shetty and Co. are helping by offers the following packages of Tax return
filling services in India or Karnataka.
NRI Services
Preetham Shetty and Co. offers the quickest
and easiest Income Tax Return e-Filing solution for NRIs, Residents with foreign
income, Expatriates, Foreign citizen’s individuals. To file your ITR using Preetham
Shetty & Co., just send the required documents and our expert team of
chartered accountants takes care of the rest. Preetham Shetty and co. has expertise in the
following NRI services:
·
Determination of
your residential status in India.
·
Interpretation of
DTAA with a view to reduce tax liability in India.
·
Handling of issues
relating to inheritance, will, etc.
·
Compliances with
respect to the Income-tax Act, 1961, Wealth-tax Act, etc.
·
Application for
Permanent Account Number (PAN).
·
Filing of India tax
return.
·
Advising suitable
tax saving investments.
Business Return Filling
Preetham Shetty & Co. offers the quickest
and easiest Income Tax Return e-Filing solution for Indian business
individuals. To file your ITR using Preetham Shetty & Co., just send the
required documents of your business, investment and any other information as
ask by team and our expert team of chartered accountants takes care of the
rest.
Preetham Shetty & Co. offers the
following Three Income Tax Return filing packages for Business individuals:
There is no mechanism provided by the Government
of India for the registration or incorporation of a Proprietorship. Therefore,
the existence of a proprietorship is established only by tax registrations and
other business registrations that a Proprietorship is required to have as per
the rules and regulations. At Preetham Shetty & Co., we can help you
establish an identity for your Proprietorship by obtaining the relevant
registrations.
Corporate Filings Services
Preetham Shetty
and Co. serves quickest and easiest solution for corporate filings services.
Change in name of company
The name of the company is a symbol of its independent corporate
existence...
Registered office of company or LLP
The registered office of a company or LLP can be changed within the
local limits of any city, town or village...
Changing director or designated partner
Directors are appointed by the shareholders of a company for the
management of a company...
Company annual return filing
Companies in India must conduct an annual general meeting at the end of
each financial year...
Increase in authorize or paid up share capital
The authorized capital of a company determines the number of shares a
company can issue to its shareholders...
Fast Track Exit scheme
MCA has issued guidelines for “Fast Track Exit (FTE) mode” to give
opportunity to the defunct companies to get their names struck off from the
register.
To get
corporate filing services for your business by using Preetham Shetty & Co.,
just send us the required documents and our expert team of chartered
accountants take care of the rest.
Changing Director or Designated Partner
Directors are appointed by the shareholders of
a Company for the management of a Company. As per new company Act 2013, a
Private Limited Company is required to have a minimum of two Directors and a
Limited Company is required to have a minimum of three Directors. On the other
hand, a Limited Liability Partnership (LLP) has Designated Partners and Limited
Liability Partnership Act, 2008 requires each LLP to have a minimum of two
Designated Partners.
Appointment or removal of a Director or
Designated Partners maybe required due to various reasons. To add a Director or
Designated Partner, Digital Signature must first be obtained for the proposed
Director. Once, Digital Signature is obtained, the proposed Director can be
added into the Company with the consent of the shareholders. To remove a
Director from a Company or LLP, it is important to ensure the Company or a LLP
would have the minimum required number of Director or Designated Partner after removal
of the Director. If so, then the resignation letter along with the required
form must be filed to effect the resignation of the Director.
As per new company Act 2013- Board of
Directors can appoint Additional Directors by filing Form DIR-12.
Company Annual Return Filing of RoC Compliance
Companies in India must conduct an Annual
General Meeting at the end of each financial year and file an annual return
with the Ministry of Corporate Affair to maintain compliance.
Important Aspects to be considered at the
time of Annual Filing of a Company As a part of annual filing, each and every
company incorporated and registered under the Companies Act, 2013 are required
to file documents along with the relevant e-forms with the Registrar of
Companies, normally the financial year starts on April 1st and end on 31st
March. So a Company's annual return would be on September 30th.
Annual return consists of information and
documents that include the Balance Sheet of the Company, Profit & Loss
Account, Compliance Certificate, Registered Office Address, Register of Member,
Shares and Debentures details, Debt details and information about the
Management of the Company. The annual return would also disclose the
shareholding structure of the Company, changes in Directorship and details of
transfers of securities. Preetham Shetty & Co. can help file your Company's
annual return in India.
Our professional can help you with respect to
the Annual return filing of the Company.
Shift of Registered Office of Company Or LLP
All Companies and LLPs in India are required
to have a Registered Office in the State where the Company is registered in
India. The registered office of a Company or LLP is the principle place of
business for a private / public limited company and all official correspondence
from the Ministry of Corporate Affairs is sent to this location. The registered
office of a Company or LLP can be changed within the local limits of any city,
town or village where such office is situated by just giving a notice to the
concerned Registrar within 30 days after the date of the change.
A change to the registered business office
address can be required due to various reasons. Further, the formalities and
process for changing the Registered Office of the Company or LLP will depend on
if the Company or LLP is changing address within the same city/town/village or
if the Company is changing address between city/town/village of if the Company
is changing the Registered Office between States.
Documents Required
·
Extract of Board
Resolution approving the change in address.
·
Latest Electricity
Bill of proposed registered Office Address.
·
Rent Agreement or
NOC of proposed registered Office Address.
Change in Name of The Company
A company being a legal entity must have a
name of its own to establish its Separate identity. The name of the company is
a symbol of its independent corporate existence. A company’s name is considered
as identity of the company (Public or Private), which may be changed with the
approval of members in the general meeting. The first clause in the Memorandum of
Association of the company states the name by which a company is known.
The company may adopt any suitable name
provided it is not undesirable. According to section 13(1) of the Companies
Act, 2013, a special resolution is required to be passed at the general meeting
since change in name of the Company involves alteration in Memorandum of
Association.
Fast Track Exit Scheme for Closing of Defunct
Company
Ministry of Company Affairs (MCA). MCA has
issued Guidelines for “Fast Track Exit (FTE) Mode” to give opportunity to the
defunct companies to get their names struck off from the register under Section
560 of the Companies Act, 1956 in time bound manner. As per MCA circular No.
36/2011 dated 7 June 2011.
One Person Company in India must at the end of
each financial year file an annual return with the Ministry of Corporate Affair
and Income Tax Return with the Income Tax Department to maintain compliance.
For newly incorporated One Person Company, the Annual Return is due within 18
months from date of incorporation or 9 months from the date of closing of
financial year, whichever is earlier. In India, normally the financial year
starts on April 1st and end on 31st March. So, One Person Company's annual
return would be due on September 30th.
LLP Annual Filing
LLPs in India must file its Annual Return
within 60 days from the end of close of financial year and Statement of Account
& Solvency within 30 days from end of six months of close of financial
year. Unlike Companies, LLPs mandatory have to maintain their financial year,
as April 1st to March 31st., LLP annual return is due on May 30th and the
Statement of Account & Solvency is due on October 30th of each financial
year.
LLPs are
separate legal entities; therefore, it is the responsibility of the Designated
Partners to maintain proper book of accounts and file annual return with the
MCA each financial year. LLPs are not required to audit its accounts unless the
annual turnover exceeds Rs.40 lakhs or if the contribution exceeds Rs.25 lakhs.
Therefore, LLP who do not have to get the accounts audited if it satisfies the
above condition, making the annual filing process a simple and easy one. We
give you an opportunity to meet the mandatory annual compliance's of LLP, which
is often deferred by the emerging companies leading to detrimental impact on
the businesses, at a very affordable rate.
This offer would protect your start-up from unnecessary taxes, penalties
by keeping your business in perfect compliance as you grow.
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