Income Tax Due Date Extension

INCOME TAX DUE DATE EXTENSION

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I hope you are safe, well-prepared and taking adequate measures against the Coronavirus pandemic. At CAonWEB, we have all transitioned to “Work from Home” mode and available 24 x 7 to help our clients. 

The shutdown in India due to Coronavirus, the Government has extended various compliance due dates. The announcement for the extension was made by the Hon’ble Finance Minister Smt. Nirmala Sitharaman today as under:

Income Tax Due Date Extension

FY18-19 last date for filing income tax return has been extended to 30th June 2020. For delayed income tax payment made till 30th June 2020, delayed payment on income tax will be reduced to 9% from 12%. 

No due date extension for TDS deposit, but delayed deposit of TDS – will attract only a reduced interest of 9% till 30th June 2020. The current rate for delayed deposit of TDS is 18%.

Various other income tax due date extensions have been extended to 30th June 2020.

  • Aadhaar PAN Linking Due Date will be 30th June 2020.
  • Vivad se Vishwas Scheme has been extended till 30th June 2020. From now till 30th June, there will be no additional 10% charge as well after 31st March 2020.
  • Due date for issue of notice, intimation, appeal, furnishing of returns, reports and any other documents/compliance by the taxpayer including investment in savings investment or roll-over capital gains benefit or Wealth Tax Act or Benami Act or Black Money Act or STT Law or CTT Law or Equalisation Levy where the time limit expired on 20th March 2020 will be 30th June 2020.

GST Due Date Extensions

Last date for filing March, April and May 2020 GST returns and composition returns have been extended to 30th June 2020 – as per staggered return filing due dates for states.

Related Blog: Coronavirus –Due Dates Extension

For companies with a turnover of less than Rs.5 crore turnover, no interest, no late fee or no penalty will be charged.

For larger companies, no late fee and penalty will be charged. Interest on late payment will be charged at a reduced rate of 9%. 

The date for opting for composition scheme is extended to 30th June 2020. 

Sabka Vishwas scheme extended till 30th June 2020 with no interest payable for late payment. 

MCA Due Date Extensions

There is a from 1st April 2020 to 30th June 2020. There will not be any fees for late filing.

There will be no requirement for holding board meeting for 60 days and no physical requirement is now required for conducting board meetings. 

Applicability of Companies Auditors Report Order (CARO) 2020 will be applicable from 2020-21 instead of 2019-20. 

For the year 2019-20, if the independent Director of the company has not been able to conduct even one meeting – it will not be held as a violation. 

For newly incorporated companies, there is a requirement to file Commencement of Business within 6 months. This compliance deadline has now been extended to 12 months. 

If there no Director in a company who does not comply with minimum residence requirement (182 days or more), this was earlier treated as a violation. This violation is now removed.

There is an requirement to invest 15% of debenture before 30th April 2020. This can now be done till 30th June 2020. 

Insolvency & Bankruptcy

The threshold for default classification under Insolvency and Bankruptcy is Rs.1 lakh currently. This has been immediately increased to Rs. 1 crore to prevent usage of the IBC Act against MSMEs. If COVID-19 situation continues after 30 April, 2020, various provisions of IBC would be suspended by the Government to protect businesses.

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Advance Tax और Advance Tax पेमेंट के लिए Due Dates क्या है?

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एडवांस टैक्स(Advance Tax) क्या है?

आयकर अधिनियम, 1961 की धारा (208) ” Advance Tax ” को परिभाषित करती है, जिसका अर्थ है कि कोई भी Tax जो वित्तीय वर्ष(financial year) की समाप्ति से पहले भुगतान किया जाता है। एक निर्धारिती रुपये से अधिक की आय अर्जित करता है। एक वित्तीय वर्ष(financial year) में 10,000 और उससे अधिक अग्रिम आयकर(advance income tax) का भुगतान करने के लिए उत्तरदायी है। वर्ष के अंत में सभी प्रत्यक्ष(direct ) कर(tax ) राजस्व प्राप्त करने के बजाय, अग्रिम कर भुगतान(advance tax payment) सरकार को समय पर अपने दायित्व को पूरा करने में मदद करता है।

Related Blog – INCOME TAX EXEMPTIONS/DEDUCTIONS

अग्रिम कर(advance tax paymen) भुगतान के लिए तारीखें

F.Y. व्यक्तिगत / कॉर्पोरेट करदाताओं(Individual/corporate taxpayers) दोनों के लिए 2019-20

करदाताओं के लिए किसी भी स्रोत(source ) से आय अर्जित(earning ) करना (वेतन, किराया, व्यवसाय पेशा, पूंजीगत लाभ आदि)

अंतिम तिथि (DUE DATE)  अग्रिम टैक्स का भुगतान(PERCENTAGE OF ADVANCE TAX)
15 जून को या उससे पहले   15%
15 सितंबर को या उससे पहले 45%
15 दिसंबर को या उससे पहले 75%
15 मार्च को या उससे पहले 100%

करदाताओं के लिए निर्धारित योजना (यू / एस 44 ए डी या 44 ए डी ए) के तहत  filing ITR  करना

अंतिम तिथि (DUE DATE)    अग्रिम टैक्स का भुगतान(PERCENTAGE OF ADVANCE TAX)
15 मार्च को या उससे पहले 100%

अग्रिम टैक्स की प्रयोज्यता (APPLICABILITY OF ADVANCE TAX)

Advance Tax सभी कर दाताओं पर लागू होता है चाहे आप वेतनभोगी पेशेवर हों या  freelancer या व्यवसायी।

अपवाद(Exception):

  • यदि आपके नियोक्ता ने पहले ही आपके वेतन से TDS  काट लिया है, तो आपको advance tax paymen के लिए परेशान नहीं होना पड़ेगा।
  • हालांकि, अगर इस तरह के निर्धारिती के पास आय का कोई अन्य स्रोत है। पूंजीगत लाभ, घर की संपत्ति और निवेश पर ब्याज, तो उसे  advance tax  देयता शर्त को पूरा करना होगा।

Now Register Your Company in Dubai

पूछे जाने वाले प्रश्न

क्या होगा अगर अग्रिम कर(advance tax) का भुगतान वास्तविक कर दायित्व से अधिक या कम है?

  • यदि भुगतान किया गया अग्रिम कर(advance tax) वास्तविक दायित्व से अधिक है तो आयकर विभाग द्वारा निर्धारित समय के भीतर आपके पंजीकृत बैंक को अतिरिक्त राशि वापस कर दी जाएगी।
  • यदि भुगतान किया गया अग्रिम कर( advance tax) वास्तविक कर से कम है तो निर्धारिती को शेष राशि का भुगतान करना होगा और प्रति माह @ 1% जुर्माना भी बकाया राशि पर लागू हो सकता है।

Read other blogs: TAX AUDIT LIMIT FOR BUSINESS/PROFESSION IN INDIA

अगर मुझे अग्रिम(advance tax) कर भुगतान की समय सीमा याद आती है तो क्या होगा?

  • यदि आप अपने अग्रिम कर(advance tax) का भुगतान करने में विफल रहते हैं या आपके द्वारा भुगतान की गई राशि पहली समय सीमा (25 सितंबर) तक कुल देयता के 30% से कम है, तो आप राशि पर ब्याज का भुगतान करने के लिए उत्तरदायी होंगे। तीन महीने के लिए बकाया राशि पर प्रति माह 1% साधारण ब्याज।
  • यदि आप दूसरी समय सीमा (15 दिसंबर) तक राशि का भुगतान करने में विफल रहते हैं तो यह लागू होगा। तीसरी और अंतिम किस्त(instalment ) (25 मार्च) का भुगतान करने में विफल रहने पर हर महीने के लिए defaulted राशि पर 1% साधारण ब्याज का जुर्माना लगेगा जब तक कि कर पूरी तरह से भुगतान नहीं किया जाता है।

मुझे चालू वित्त वर्ष के लिए अग्रिम कर (file advance tax) कैसे दाखिल करना चाहिए?

  • Advance Tax का भुगतान किसी भी अन्य कर भुगतान की तरह ही किया जाता है। 280 चालान दाखिल करके। अग्रिम कर(Advance tax) जमा करने के तरीके के बारे में अधिक जानने के लिए कृपया निम्नलिखित चरणों का पालन करें:
    • NSDL में लॉगिन करें – “सेवाओं” पर क्लिक करें
    • फिर “ई-भुगतान(“e-payment)” पर जाएं
    • प्रासंगिक चालान( relevant challan) का चयन करें [अग्रिम कर के मामले में चालान 280 का चयन करें]
    • अन्य अनिवार्य विवरण जैसे पैन / टैन( PAN/TAN), करदाता का पता और बैंक जिसके माध्यम से भुगतान किया जाना है आदि दर्ज करें।
    • दर्ज की गई जानकारी की पुष्टि करने पर, आपको भुगतान पृष्ठ पर निर्देशित किया जाएगा।
    • सफल भुगतान पर चालान, एक बॉक्स प्रदर्शित किया जाएगा जिसमें CIN, भुगतान विवरण और बैंक का नाम होगा, जिसके माध्यम से ऑनलाइन भुगतान किया गया था।

Read other blog: What is Advance Tax and Due Dates for Advance Tax Payment

सरकार के पास Advance Tax कैसे जमा करें?

इस संबंध में निर्धारित चालान का उपयोग करके भारत सरकार के साथ अग्रिम कर(Advance Tax) जमा किया जाना है। चालान को www.incometaxindia.gov.in से download किया जा सकता है और Tax का भुगतान नामित बैंकों में 2 मोड में किया जा सकता है। भौतिक मोड(physical mode ) (नकद / चेक) या online mode,   debit card या net banking का उपयोग करके । यदि कोई भुगतान के बाद भी challan download  नहीं कर पाता है, तो कुछ दिनों के बाद चालान विवरण उनके फॉर्म 26AS में अपडेट किया जाएगा।

Company incorporation

भारत में व्यवसाय शुरू करने के लिए कदम?

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भारत में व्यवसाय शुरू (starting a business in India) करने से पहले पहला कदम सही व्यवसाय संरचना का चयन करना है। एक सही व्यवसाय संरचना वह है जो व्यवसायी के व्यवसाय की प्रशंसा करती है। भारत में उपलब्ध व्यावसायिक संरचनाएं(business structures) इस प्रकार हैं:

  • व्यक्तिगत स्वामित्व(Sole Proprietorship)
  • साझेदारी पंजीकरण(Partnership Registration)
  • कंपनी पंजीकरण(Company Registration)
  • सीमित दायित्व भागीदारी(Limited Liability Partnership)

सबसे महत्वपूर्ण कदम होने के नाते सही व्यावसायिक संरचना का चयन करने के लिए एक पेशेवर से परामर्श करना आवश्यक है। एक प्राइवेट लिमिटेड कंपनी भारत में व्यवसाय शुरू करने के लिए सबसे अच्छी और अत्यधिक अनुशंसित व्यवसाय संरचना है। कंपनी पंजीकरण के लाभ इस प्रकार हैं:

  • अपने शेयरधारकों(shareholders) को सीमित दायित्व प्रदान करता है
  • निदेशक अलग-अलग रूप में हो सकते हैं, शेयरधारक(shareholders) यानी मालिक
  • कर लाभ(Tax benefits)
  • बैंक ऋण(loans) प्राप्त करने में आसानी
  • कानूनी मान्यता
  • शाश्वत(Perpetual) उत्तराधिकार(succession)
  • निवेशकों द्वारा पसंद किया गया

एक बार व्यवसाय संरचना(business structure) तय हो जाने के बाद अगला कदम वही पंजीकृत होना है। कंपनी का समावेश( Company incorporation) व्यवसाय का लोकप्रिय रूप है जो निम्नलिखित कंपनी पंजीकरण प्रक्रिया(Company registration process) का उल्लेख कर सकता है:

  1. अनोखा नाम(UNIQUE NAME): प्रस्तावित कंपनी(proposed Company) के लिए एक अनोखा नाम खोजने के लिए नाम पंजीकरण(registration) / अनुमोदन की आवश्यकता है। जिसके लिए कॉर्पोरेट मामलों के मंत्रालय के साथ नाम लागू करने से पहले संबंधित वर्ग में एमसीए डेटाबेस(MCA DataBase) और ट्रेडमार्क (trademark) की गहन जाँच की जानी चाहिए।
  2. डिजिटल हस्ताक्षर प्रमाण पत्र(DIGITAL SIGNATURE CERTIFICATE): डिजिटल हस्ताक्षर( digital signatures) के लिए आवेदन को सरकारी अधिकृत एजेंसियों(government authorised agencies ) के साथ दर्ज करना होगा जो प्रमाणन एजेंसियों के नियंत्रक द्वारा सत्यापित हैं। DSC कंपनी पंजीकरण प्रक्रिया(Company registration process) में प्रयुक्त पासवर्ड(password ) संरक्षित टोकन है।
  3. अगला संबंधित दस्तावेजों और रूपों को तैयार करना है जिसके लिए कोई पेशेवरों से सहायता ले सकता है या ऐसी सीए सेवाओं(Ca services) के लिए उन्हें किराए पर ले सकता है। निगमन(incorporation) प्रत्र (forms) जुड़े हुए रूप हैं जिनमें निम्नलिखित शामिल हैं:
    • फार्म नं. INC-32 (कंपनी को इलेक्ट्रॉनिक रूप से शामिल करने के लिए सरलीकृत प्रोफार्मा): जैसा कि नाम से पता चलता है कि यह एक एकीकृत रूप है जो आवेदक को निम्नलिखित फाइल करने में सक्षम करेगा:
    • कंपनी का नाम
    • निदेशक पहचान(Identification ) संख्या
    • निगमन(Incorporation ) प्रमाण पत्र
    • पैन(PAN)
    • टैन(TAN)

Related Blog : ALL ABOUT COMPANY REGISTRATION IN INDIA

फार्म नं. INC-33 (e-Memorandum of Association): इस फॉर्म में कंपनी की मुख्य व्यावसायिक गतिविधि के साथ-साथ ग्राहकों के विवरण के साथ ज्ञापन यानी कंपनी के शेयरधारकों(shareholders) और अधिकृत पूंजी की राशि शामिल है।

फार्म नं. INC-34 (e-Articles of Association): बैठक आयोजित करने, शेयरों के हस्तांतरण, मतदान के अधिकार आदि के लिए सभी नियमों और विनियमों को कंपनी के लेखों में सूचीबद्ध किया गया है। इसमें कंपनी अधिनियम, 2013 के अनुसार कंपनी चलाने के लिए आवश्यक नियम शामिल हैं।

फार्म नं. INC-35 (माल और सेवा कर पहचान संख्या के लिए आवेदन, कर्मचारी का राज्य बीमा निगम पंजीकरण और कर्मचारी भविष्य निधि संगठन पंजीकरण): एक ही फॉर्म के माध्यम से GSTIN / EPFO / ESIC के लिए आवेदन कर सकते हैं।

एक बार फॉर्म दाखिल करने के बाद कंपनी की पंजीकरण प्रक्रिया(company registration process) पूरी हो जाती है।

व्यवसाय पंजीकरण(business registration) के बाद पैन(PAN ) यानी स्थायी खाता संख्या(Permanent Account Number) और टैन(TAN) यानी कर खाता संख्या(Tax Account number) प्राप्त करने की आवश्यकता होती है। दोनों को NSDL वेबसाइट के माध्यम से क्रमशः 49A और 49B फॉर्म भरकर आवेदन किया जा सकता है।

सभी व्यवसाय जहां कारोबार 20 लाख से अधिक है, उन्हें जीएसटी पंजीकरण(GST registration) लेने की आवश्यकता है। यह ई-कॉमर्स व्यवसायों के लिए भी अनिवार्य है।

पंजीकरण प्रक्रिया में लगभग 7-12 कार्य दिवस लगते हैं। व्यवसाय पंजीकरण(Business registration) एक आसान काम नहीं है इसके लिए हर कदम पर पेशेवर इंटरफ़ेस की आवश्यकता होती है।

ब्रांड पंजीकरण(Brand registration) लोगो और Brand नाम के लिए आवश्यक है। जिसके लिए ट्रेडमार्क पंजीकरण(trademark registration) के लिए आवेदन किया जा सकता है। एक बार आवेदन दायर करने के बाद TM शब्द का उपयोग लोगो के साथ किया जा सकता है और अनुमोदन के बाद R मार्क का उपयोग किया जाता है।

कंपनी पंजीकरण(Company Registration) के लिए आवश्यक दस्तावेज क्या हैं?

आवश्यक दस्तावेज़:

  • Promoters का पैन कार्ड
  • दोनों promoters के पासपोर्ट साइज फोटो
  • Promoters के आधार कार्ड / वोटर I.D.
  • दोनों प्रमोटरों का बैंक स्टेटमेंट / यूटिलिटी बिल
  • किराया समझौता(Rent agreement), यदि व्यवसाय का पंजीकृत स्थान किराए पर लिया गया आवास है
  • बिजली बिल / पानी का बिल (व्यवसाय का पंजीकृत स्थान)

Related Blog: What entities are eligible for MSME Registration & Document for MSME?

मैं भारत में घर पर एक छोटा व्यवसाय कैसे शुरू करूं? प्रारंभिक चरण में एक udyog adhaar registration or GST registration. प्राप्त करके घर पर परिचालन शुरू कर सकते हैं।

Original Source: Steps for starting a business in India?

Foreign Direct Investment

WHAT IS Foreign Direct Investment (FDI)?

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Foreign Direct Investment (FDI) is an investment from a party in one country into the business/corporations of another country with the intention of having a “lasting interest”. Here the “lasting interest” is determined when the investing party acquires a share of at least 10% voting right in other organisation. Therefore, the element of control is the key differentiator between Foreign Direct Investment & Foreign portfolio investment (FPI).

According to the organisation of economic co-operation & development (OECD), an investment of 10% or above in the foreign country can be termed as a Foreign Direct Investment. FDI in India is regulated by the apex bank viz. Reserve bank of India (RBI) under the Foreign exchange management act, 2000 (FEMA).   

Since the liberalisation of the Indian economy in 1991, the climate of Investment has improved exponentially. This is more or else because of ease in FDI reforms across sectors. To attract a huge chunk of investors from outside, Government of India (GOI) has made policy of FDI in India in such a way that it is more transparent & easy to understand for any investors.

 Business Setup In Dubai

Company Registration In Dubai

FDI in India is not just restricted to the movement of capital across borders but it also includes movement of other elements such as skills, technology, process & management etc.

WHAT ARE THE TYPES OF FDI?

On the basis of Investment-

  1. Horizontal FDI: When a business expands its operational activities in the same product/service to a foreign country then it is termed as Horizontal FDI. For example: If a local manufacturer in USA opens up their manufacturing branch in India, then this is a classic case of Horizontal FDI.
  2. Vertical FDI: When the style of your business activities is changed while investing in host country as compared to your home country. This could be to provide support service to their actual business or does not relate to it at all. For example: MacDonald’s opens up a meat production house in Australia to support their actual business of food restaurants in India.
  3. Conglomerate FDI: Acquiring an unrelated business in a foreign country. This is not commonly opted for because of certain barriers which are associated with this such as i) entering in a foreign country ii) unrelated industry & market iii) leaving comfort zone.

On the basis of entry routes-

These policies are different from region to region. Considering FDI in India, these are the two routes through which one can enter into Indian market.

Company Registration In China

Company Registration in China

1.Automatic route

Under this investment type of FDI in India, an entity does not need to take prior approval of the Government of India or the Reserve Bank of India, in all activities which are specified in the FEMA regulation number 16. This brings in convenience to the investors who are planning to invest in Indian market.

2. Government route

  • Activities which are not covered under the automatic route of Foreign Direct Investment require prior approval of the Government of India/Reserve bank of India.
  • A single point of contact for all government approval is being initiated by the government through a Foreign Investment facilitation portal (FIFP) under Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry.
  • Click on the link mentioned to understand the standard operating procedure (SOP) and the approval of various ministerial departments for different categories of business {http://fifp.gov.in/Forms/SOP.pdf}
Corporate Secretarial Services

Top Reasons for Outsourcing Corporate Secretarial Services

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Corporate secretarial services contribute to being one of the most important services an organization needs. Corporate secretarial services are required as a specialist team of highly qualified Company Secretaries offers support and advice to clients and also make sure that obligations of clients relating company law compliance services are met timely in a cost-effective manner. Nowadays you can easily find online company formation services, company secretarial services or company law compliance Services through our online platform of CAONWEB.

Outsourcing Corporate Secretarial services were not considered as an equally feasible activity as other functions of business, because organizations always had a fear of sharing their business information with outsiders and believed that it can be managed with the in-house team.

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However, the majority of companies these days prefer outsourcing company secretarial services because of the reasons/ benefits it offers.

Read other blog : Online Income Tax Return Filing

Here are the top reasons for outsourcing corporate secretarial services:

  • Knowledge and Experience: The outsourced team of Company Secretaries has in-depth knowledge and experience in handling all corporate law compliances applicable to a company. Therefore, all the processes are done more easily and efficiently with expert knowledge. They also execute work within the stipulated timeframe and help to reduce the penalties and other monetary loss and enhances the goodwill of an organization.
  • Reliability: Having knowledgeable, well-trained and experienced team of Company Secretaries lets you have expert advice and feedback on how you can improve your business operations. You can rely on them to meet all your requirements without any worry as they will always have a solution to your problems.
  • Accurate and Consistent Handling: There is timely and consistent handling of administrative requirements of an organization when these services are outsourced. It enables an organization to have a team of experts who keep a track of records and save the organization from being charged for non-compliance, late document submission or inaccurate reports.
  • Time-Saving: The Companies Act 2013 prescribes various compliances for Companies and managing the day to day operations of your business along with complying the corporate laws can be difficult for any entrepreneur. Therefore, it is essential to take the help of a professional for company law compliance services so that you can focus on your main business activities. 
  • Cost Effective: Outsourcing company secretarial services save you the cost of hiring and training of in-house team without any compromise on quality. The cost spent on infrastructure, employment taxes and other overhead costs are saved by outsourcing services to third-party. And, the money saved can be used to expand the business.

Also Read this blog: Are you looking for a Chartered Accountant online in India?

In order to help our clients in all the corporate secretarial services, we at CAONWEB provide you option of hiring the best Company Secretaries having expertise in the company formation services, company secretarial services or company law compliance services. 

You can contact professionals through CAONWEB for company secretarial services, company formation services, company law compliance services and other legal & regulatory compliance in India.

Trademark

ADVANTAGES OF TRADEMARK

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Trademark Registration is way of giving legal protection, unique identification & to differentiate your product in the market from your competitors. This unique identification is given in the form of certain word, logo, symbol, character, numerals or a combination of these.

Trademark registration is a time consuming process and one should take due care before finalising trademark of their product because it will ultimately create the long term memory for the product in market.

There are various qualities which a trademark must possess viz. easy to speak, pronounce & remember, without losing its uniqueness & distinctive character.

Trademark of a product/service helps them in creating its brand value which ultimately makes it unique and adds to the growth of product/service.

GST Registration
  • Brand Protection: Creating & managing brand of your business is necessity but providing it due protection is something one should also focus at while creating a brand. This can be provided by registering it with Intellectual Property Rights Registrar.
  • Goodwill: It is something which requires continuous hard work, a sense of trustworthiness with a brand, a reputation which a particular brand possesses in the market. This is a quantifiable asset which can be redeemed while it is being sold.
  • Product Differentiation: It is a marketing process of communicating the uniqueness & distinctiveness of a product to potential customers. This can be done easily by Trademark registration. It helps to highlight & differentiate your product in the market.
  • Recognition to product/service: Trademark registration of product provides it due recognition amongst the category; product is falling under.
  • Quality Assurance: While developing the product/service one must give priority for its quality and this can be done if the product has a due certificate for it.
  • Prevent unfair trade practices: once you have registered under trademark registration act, no other company/competitor can use your logo, symbol which you have registered under your name.
  • Legal proceedings: If any person tries to use the trademark of product without the permission of the registered owner, then legal proceedings can be started in the court of law against the individual doing so.
  • Ownership rights: Primary & exclusive right over the trademark lies with the owner itself. It gives owner the right to sue someone who is using its trademark without permission and can stop others from unauthorised access to that trademark.
  • Use of “R” symbol: one can use “R” symbol under your logo when you have registered it under the trademarks registration act. This symbol use it. If anyone try to jump this clause, legal proceeding can be started against states that this logo is registered and no one else has the primary right to the said person.
  • Edge over competitors in market: Getting your product/service registered under trademark registration act, will certainly give you an edge over your competitors in the market
  • Additional brand presence in the market
  • Less volatility in business
  • Easy market penetration
  • Competent brand value

How to register a company online in Delhi?

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A Private Limited Company is the best and highly recommended business structure to start a business in India. Online company registration in Delhi is easy to form and operate therefore being the most acceptable form of business.  Let’s have a look at the benefits of Company Incorporation:

  • Provides limited liability to its shareholders
  • The directors may be different form the shareholders i.e. owners
  • Tax benefits
  • Ease of getting bank loans
  • Legal Recognition
  • Perpetual succession
  • Preferred by investors

The private limited companies incorporated are governed by the Ministry of Corporate Affairs and to speed-up the incorporation the registration application is processed by the Central Registration Center. The steps for Private Limited Company registration in Delhi is as follows:

Important Points to be kept in mind while doing Online Company Registration In Delhi:

  • ONE PERSON COMPANY: One person company registration in Delhi, An OPC as the name suggests is a combination of benefits derived from sole proprietorship and Company form of business, it is suitable for those who want complete control over the ownership, management and operations of the company. At the initial stage one needs to decide whether they will go for a One Person Company or private limited with 2 directors and shareholders.

Related Blog – All you need to know about Company Registration as a startup

  • UNIQUE NAME: Once decided on the form of private limited company the next step is to find a unique name for the proposed Company. The name of the proposed company should not be similar with any existing company name. So a thorough check of MCA database and trademarks in the related class needs to be done before applying the name with the ministry of corporate affairs.
  • DOCUMENTS REQUIRED:
  1. PAN Card of the promoters
  2. Passport size photograph of both the promoters
  3. Aadhaar Card/ voter id of the promoters
  4. Bank Statement/Utility bill of both the promoters
  5. Rent agreement, if the registered place of business is a rented accommodation
  6. Electricity bill/ Water bill (registered place of business)
  7. No Objection Certificate
  • TIME TAKEN: Online Company registration in Delhi takes around 7-10 working days rest depends on the approval by the ministry.
  • PROFESSIONAL GUIDANCE: The incorporation process is not an easy task it requires a professional interface. From selecting the appropriate name in accordance with the Company (Incorporation) Rules, 2014 to the drafting of Memorandum of association and the incorporation documents, along with certification the forms professional guidance is required at every step of Company Incorporation.

To know more read: Private Limited Company

Frequently Asked Questions:

Q1. Can the Directors and shareholders be the same person?

Yes, the Shareholder can be the proposed directors of the Company.

Q2.  What is the minimum capital requirement?

There is no such requirement of minimum capital but it is always advisable for private limited companies to have at least Rs.1 lakh as authorised capital.

Q3. Is there a need for professional certification?

Yes the Incorporation forms need to be certified by Chartered Accountant/ Company Secretary/ Cost Accountant or Advocate.

Q4. What is COB?

Every company incorporated after 01.11.2018 needs to file a form for Commencement of business.

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Move To Accelerate “Make In India” & Boost Economy

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Total Revenue Foregone: INR 1, 45,000 cr. per year.

All these announcements will be applicable from 01.04.2019 (Current FY) any advance tax paid will be adjusted.

Income tax act has been amended to promote growth & investment wef F.Y. 2019-20 which allows any domestic co. to pay income tax @ 22%

Condition: They will not avail any exemption or incentives
Effective tax rate is 25.17% {incl. of all surcharges}
Minimum Alternate Tax {MAT} Not applicable

To attract fresh investment and boost to make in India another provision is added to Income Tax act: New co. incorporated on or after 01/10/2019 getting fresh investment in manufacturing pay income tax @15%.

Condition: They will not avail any exemption or incentives
Effective tax rate 17.01% {incl. of all surcharges}.
Minimum Alternate Tax {MAT} Not applicable

A co. which doesn’t opt for concessional tax regime and avails tax exemption shall continue to pay at pre amended rate.
However, these co. can opt for concessional tax regime after expiry of tax period.

Related Blog – All you need to know about Company Registration as a startup


Minimum Alternate Tax (MAT): Reduced from existing 18.5% to 15%.

Stabilise flow of funds in capital market: Enhanced surcharges introduced in finance act (II) 2019 shall not apply on capital gains arising on sale of equity share in a co./business/trust liable for Securities Transaction Tax {STT}.

Expand scope of CSR: 2% spending can be spent on incubators funded by centre/state government/PSU/contribution to IIT, National labs, all under ICAR, DRDO etc. engaged in research science/research comes under CSR

ANALYSIS

Current corporate tax rate is 30% (incl. surcharge/cess 34%) brought down to 22% (incl. surcharge/cess 25.17%) i.e. around 9 basis point effective relief in tax for current corporations.

New manufacturing: 25% (incl. surcharge/cess 29.12%) brought to 15% (incl. surcharge/cess 17.01%) 12 basis point effective relief in tax for new manufacturers. This will certainly give a boost to new manufacturers to establish their manufacturing units in India and achieve the goal of “Make in India” a reality.

Q. What impact this decision would have on the corporate sector?

  • Promote “Make in India
  • Making India an Investment hub
  • Boost Indian economy
  • Employment generation
  • More Transparent structure
  • Wealth creation
  • Export led manufacturing
  • Multiplier affect
  • Long term transition period
  • Companies cash flows will improve

Q. How to get the complete benefit of this corporate tax restructuring?

If you have an existing company or you want to establish a new company, we provide “One Stop Solution” to all your problems.

To grab this opportunity and bring the benefits of this tax restructuring in your business, feel free to reach out. Get your Company Registration in a hassle free way with our financial expert in your area who will guide you in all your finance related matters.