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Frequently Asked Questions
Frequently Asked Questions
ITR-7: Persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). This includes trusts, political parties, institutions, colleges, etc.
ITR-6: Companies other than companies claiming exemption under section 11 (income from property held for charitable or religious purposes).
ITR-5: This form is for persons other than individuals, HUFs, companies, and persons filing ITR-7. It includes firms, LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), and artificial juridical persons.
A. Annual filing or the ROC filing is the submission of companies' financial and non-financial information to the Companies Regulatory Authority, i.e., the ROC (Registrar of Companies) of the concerned state where the Company's registered office is situated within the stipulated time period.
A. You must submit financial and non-financial information about your Company to the company registrar of companies (ROC) via annual return filing. Any private limited or public limited Company falls within the Company's eligibility criteria for annual return filing.
A. Following is the list of compliances your LLP has to file per the MCA regulations: Under the Companies Act, there are only two forms, namely, AOC-4 and MGT-7, which are prescribed for annual filing. Both documents are filed online to ROC.
A. Form GSTR-11 is a statement of the inward supply of goods and services received by UIN (Unique Identity Number) holders required to be filed by them quarterly.
A. GSTR-8 is a GST return to be filed by the E-commerce required to deduct TCS, i.e., Tax collected at source under the GST regime. GSTR-8 contains the details of supplies affected through the e-commerce platform and the amount of TCS collected on such supplies.
A. The GSTR-10 is a one-time document filed by registered taxpayers whenever they cancel their GST registration. It can also be when closing down a business voluntarily or due to a government order.
If you are a service provider such as a Doctor, Advocate, etc., with a turnover of more than 15 lacs per year If you own a Private Limited Company Other businesses with a turnover of greater than 1 Crore
A. The audit of a Business is defined as a thorough analysis of the financial health of an organization. It is mentioned in the annual report by someone independent of the respective organization. In other words, it refers to more organized and independent scrutiny of an organization's books, accounts, business documents, and vouchers to determine the organization's financial statement's authenticity and validity.
A. Auditing is necessary for every registered Company in India. You can connect with any of the reputed Financial Audit Companies in the country to complete the auditing procedure smoothly. To know more about Auditing a Company in India, connect with the Incorporation experts at GLOBAL TAXMAN INDIA Pvt Ltd. Our seasoned professionals can detail every aspect of the business auditing procedure. All you have to do is register your basic details with us, and our operatives will connect with you in no time.
A. The audit of a Business is defined as a thorough analysis of the financial health of an organization. It is mentioned in the annual report by someone independent of the respective organization. In other words, it refers to more organized and independent scrutiny of an organization's books, accounts, business documents, and vouchers to determine the organization's financial statement's authenticity and validity.
A. The Memorandum of Association (MoA) is a legal document which is required for the formation or incorporation of a company. Article of Association (AoA), is a declaration by the company based on the nature, and purpose.
Primary Producers are those persons who engage in primary agriculture activities such as: Animal Husbandry: breeding or caring for animals on the farm. Horticulture: Producing and growing plants, fruits, or vegetables. Floriculture: Growing Flowers. Pisciculture: Fish farming. Viticulture: Producing grapes Forestry: Preserving forest. Re-vegetation: Rebuilding or replanting disturbed land. Bee raising: keep bees to collect honey. Handlooms and handicrafts,etc.
Producer companies are the preferred choice of business model amongst farmers because producer company areas of operations are not restricted to a particular state as in the case of a Cooperative society. Moreover, it has lesser government intervention in a running company and can also access financial institutions for raising money for day-to-day expenses requirements.
A. You can visit the official MCA website and file the incorporation application using the e-form.
A. A Public Ltd Company in India can offer its shares to the general public, while a Private Ltd Company cannot transfer its share outside the Company.
A. You can visit the official MCA portal to access the Public Ltd Company lists in India.
A. There must be at least two directors in a section 8 company.
A. It all depends on your purpose. However, in most instances, a section 8 company is a much better choice.
A. A section 8 company only exists to conduct not for profit activities. Thus, a company can’t do business.
A. A Sole Proprietorship is registered by opening a bank account in the firm's name. It can be done at any bank.
A. The compliances of proprietorship are filing income tax, GST return, and TDS return. All this must be filed through the ITR-3 or ITR-4.
A. Businesses related to retail trading activities such as household goods, electric goods, grocery selling, bakery, etc can come under the category of business.
A. The validity of the recognition is for 10 years from the Date of Incorporation.
A. Ministry of Commerce and Industry does not charge any fee for the DPIIT Certificate of Recognition for Startups.
A. Any entity that has at least one registered office in India can register the business under the Startup India scheme. The scheme is created for only Indian states but soon the government will enable international registration.
