Private Limited Company India

Who Are Eligible For GST Registration As a business owner, it is vital to understand the eligibility criteria for GST registration as it allows you to ensure that your business complies with the tax laws. This article takes a look at the threshold limit, required documents, and more to help you understand how GST works. Any person who makes supplies of goods or services within the country is eligible for Goods and Services Tax registration. This includes taxable persons as well as non-taxable persons. However, if your aggregate turnover is more than Rs 40 lakh (or 20 lakh in case of special category states) you must register for GST as a regular taxable person. In case of a one-person company, it is not mandatory to register for GST but it can be done if you want to avail the benefits such as filing of returns online and getting input tax credit. A casual/non-resident taxable person can get temporary registration , which is valid for 90 days and can be extended...

What Are the Compliance Required for OPC Private Limited Company OPC (One Person Company) is a new concept introduced in the Companies Act, 2013. It allows a single person to register a company with just himself as the member of the company. The main benefit of One Person Company is that it accelerates the decision making and managing of the business. It eliminates the need to take suggestions and permission from other members, which in turn saves time and money. It also gives a sense of ownership to the owner and motivates him to work hard and make his business grow faster. Apart from this, an OPC can open bank accounts and has a separate TAN and PAN number for taxation purposes. Similarly, it can maintain mandatory registers like Directors' report, Auditors' report and related party transaction register. The company can also hire more employees as it is not restricted to the maximum of 15 employees unlike a Pvt Ltd Company. However, a key point to...

What are the Procedures for Formation of LLP in India LLP is one of the most efficient and cheapest modes of carrying business in India. However, it comes with certain statutory compliances that need to be followed. It's crucial for any business aspirant to understand the whole procedure of LLP formation so that they can avoid any mistakes at the time of incorporation. The first step is to get a DSC for all the proposed Designated Partners of the Limited Liability Partnership . This is mandatory to digitally sign all forms filed electronically on the MCA portal. A DSC is also necessary to file LLPIN (Limited Liability Partnership Identification Number) with the Registrar of Companies. After getting a DSC, the next step is to file for name approval through RUN-LLP on MCA's website. The process of reserving a name can take up to 20 days. A maximum of 2 names can be reserved through this form. All the proposed names should be unique to avoid rejection of y...

Why is IT Filing Mandatory in India The government uses the income tax collected to fund various projects including paying salaries for state and central government employees, meet infrastructural expenses, etc. Therefore, individuals and entities earning above a certain limit are required to file an IT return every year. Those who do not file an ITR are considered as non-filers and can face penalties such as a Rs. 50,000 fine or even a prison sentence under Section 139(1) of the Indian Tax Act. Anyone with a valid PAN number is eligible to file an Income Tax Return but the filing process can be daunting for those who are not tech-savvy. A good way to get started is to make sure you have your Form 16 and any proof of investments ready and then download the appropriate IT preparation software. This will allow you to easily compute your taxes and any refunds, if applicable. Once you've filed your return, it's important to verify it online, which is known ...

How to Incorporate a New Limited Liability Partnership Registration India Running your own business is a great feeling, but it also requires a lot of hard work. Making informed decisions is vital to ensuring the success of your business, and choosing the right structure is one of those crucial choices. There are many different options when it comes to the structure of your company, and a Limited Liability Partnership (LLP) is an increasingly popular option. LLPs are a hybrid form of company that provides the benefits of partnership with the protection of a corporation. The process of forming an  Limited Liability Partnership     is simpler and faster than that of registering a private limited or a public limited company. Moreover, an LLP has the flexibility to raise funds from outside investors. Also, it does not require any minimum capital requirement before incorporating. To register a new LLP, you need at least two designated partners who are residents of In...

What Are the Documents Required for Company Registration in India The process of registering a company gives it legal recognition and makes it eligible to enter into contracts, open bank accounts, acquire assets, hire employees, etc. It also allows the company to borrow money and create a level of trust amongst customers. The government's initiatives like the Insolvency and Bankruptcy Code, GST, and Direct Taxes Code Bill have made it easier for businesses to register their companies in India. To register a company , it is mandatory to provide proof of identity and address of all the directors and shareholders. The name and address must match the ones mentioned on the PAN Card to avoid any confusion during the company registration process. The proof of identity can be in the form of Aadhar card, Voter ID card, passport or Driving License. The proof of address can be in the form of utility bills (Telephone / Broadband / Electricity), or a notarized copy of the lease agre...

How to Register a Private Limited Company Online in India Choosing to register your company as a private limited company will give you many benefits. It will make it easier to raise funds from investors, and it will also give you a separate legal entity that will protect your personal assets from any debts the business incurs. However, there are a lot of things to consider before you start the process of registering your company. This article will discuss how to register a Private Limited Company Online in India, as well as the benefits of doing so. Getting your private limited company registered online is easier than you might think. In fact, the whole process can be done in less than a week if you have all of your documents ready to go. To begin, you'll need to reserve your business name and prepare the Memorandum of Association and the Articles of Association.  Once you've completed these documents, you'll need to submit them along with a registration...

How to ROC Annual Filing of Company in India Every Company incorporated under the Indian Company Act is required to e-file certain documents with the Registrar of Companies (ROC) at regular intervals as per the applicable statutes. This is a mandatory requirement to maintain compliance for the business and prevent legal complications in case of any issues or violations. Annual ROC filing includes the compilation of financial and non-financial information for a particular fiscal year. It helps the Government to keep a record of all the activities and operations of a Company. Regular ROC filing also helps the companies to easily analyse their financial position. It also helps them to determine whether they are making profit or loss and saves their time and effort in preparing the audited financial statements for each of their financial years. All the Companies, including Section 8 Companies, are required to file a complete annual return. This is done in order to ...