Income tax Return

PRIVATE LIMITED COMPANY REGISTRATION Every month, thousands of companies are incorporated in India. There are 2 types of entity registration in India i.e. traditional types where company registration takes place in the form of sole proprietorship and partnership firms and nontraditional types like Private Limited Company Registration , Public Limited Company Registration, Limited Liability Partnership etc. Whenever any entrepreneur approaches a consultant for new business set up in India , majority of them opts for traditional types of registration and later wants to convert the same into nontraditional types. There are many popular myths or beliefs in the mind of new entrepreneur which stops them to opt for non traditional types of entity registration in India. Let’s discuss about some of the popular myths or beliefs about private limited company registration in India. Popular myths or beliefs about Private Limited Company Registration 1)       Company registration is a

  Private Limited Company Registration There are many forms of company registration in India like sole proprietorship firms, partnership firms, public limited companies, private limited companies, One Person companies and limited liability partnership firm. However, private limited company registration is one of the most popular forms of entity registration in India. Some characteristics of private limited company in India are as under: a)       It has minimum 2 members and can have maximum 200 members   b)       It shall have minimum 2 directors and shareholders, out of which at least  one director must be an Indian Resident and Citizen.   c)       It has limited liability i.e the liability of the shareholders are limited to maximum number of shares held by them   d)      It has separate legal identity from its members and shareholders; therefore, it can sue and can also be sued by outside parties.   e)       It restricts the right to transfer the shares; it m

  Private Limited Company Registration   In order to encourage more and more new private limited company registration in manufacturing sector, previously, the government of India, in the year 2019 has introduced a concessional rate of 15% instead of 25%.   As per the new scheme introduced by the government in September 2019, in case of new private limited company registration with an intention to make fresh investment in the manufacturing sector, tax rate will be applicable at 15% in case such new companies starts the commercial production on or before 31 st March 2023. This concessional scheme was applicable only for domestic companies. Also, no further income tax exemption or incentives were allowed to such companies. This concessional tax regime was optional. Now, the government wants the setting up of manufacturing units on a very fast pace, accordingly, the government has extended the concessional rate of tax of 15% by one more year i.e till 31st March 2024.   Aft

Foreign Company Registration in India   In recent years, India has become one of the most sought after destination for doing business as well as investment. India has witnessed tremendous growth in FDI investment across the sectors. Further, India has witnessed growth in foreign company registration in India owing to huge middle class consumer base, vibrant economy, democratic set up and government’s initiative of ease of doing business and attracting foreign direct investment.   India has jumped to 63 rd position in year 2020 in ease of doing business report as compared to 142 nd position in the year 2015. However, still business set up in India is a challenging task and requires expert guidance and handholding in the entire process.   To begin with, there are many options for foreign company registration in India depending upon the long term vision and nature of business of foreign company.   Any foreign company or foreign investor may enter India in form of incor

  Private Limited Company Registration Congrats for your new private limited company registration in India . However, are you aware of the fact that the taxation and regulatory compliance in India are quite cumbersome and any noncompliance of rules and regulations may lead to unnecessary interest and penalty and in some cases, even lead to imprisonment? 1) Therefore, it is very important for every Directors and officers of the company to keep note of various compliances to be done post company registration in India. 2)  In this writeup, we are providing an overview of various things to be done immediately by every private limited company in India.  3)        Hold Board meeting within 30 days of private limited company registration in India and appoint auditors of the company.   4)       Open the bank account and bring the share subscription money in the proportion of shareholding of the shareholders.   5)    Obtain certificate of commencement of business within 180 days of c