THINGS ONE MUST KNOW ABOUT REGISTRATION OF THE PRIVATE LIMITED COMPANY

·  Time required for the complete process

·  How much cost one has to bare

·  What is the complete process

Time required for the complete process

The entire process is quite simple now-a-days as the whole process for formation of a private limited company is online and it generally takes near about twenty to thirty days for the entire process for its completion.

In several cities this process takes one week for its completion but in some it takes quite long for the completion of the process.

How much cost one has to bear?

For the registration, it generally takes near about 15000 rupees for its complete registration of the private limited company ( which is just  12900 rupees  at https://ca4you.in/Private-Limited )

What is the complete process? 

                                                                                              

There are three simple steps that that private limited company must follow in order to get registered.

~ Memorandum of understanding~ Article of association

STEP I

DIN NUMBER

The first step towards registration of  Private Limited Company is DIN NUMBER which stand for Director Identification Number for the formation of the private limited company which requires minimum two director to start a private limited company and each director has give their DIN NUMBER.

For the acquisition of a DIN number one must give the following document which is required by the director to get DIN number are:-

·  Copy of a PAN Card of each director

·  Address proof of each director (which could be a copy of a Adhar card , Voter ID, Driving License or pass port)

·  Pass port size photograph of each of the director.

After these thing will be submitted than each director will allotted there DIN number. Than we can say that the first step towards the registration of private limited company is completed.

STEP II

COMPANY NAME APPROVAL

For the name approval one must have to think about the name of the company before setting up of a company.

The Ministry of Corporate Affair has laid down the certain guidelines regarding the setting up of the company name and ever company has to follow these guidelines for getting approval of the name some of those guidelines are:-

The company name should be divided into two part i.e.

·  Unique Name:- Unique name is the special name which the company has to keen according to their preference

·  Nature of work:- Second name must be that which itself signify the nature of the work

For example:- Madam Matching Private Limited it one of the company first word “madam” is a unique name and “matching” signifies that in this company matching work of the cloths take place.

·  Tata Motor Private limited Company

·  Reliance Communication Private Limited Company.

STEP III

PROVE OF REGISTERED OFFICE ADDRESS

Before setting up of the company one is aware of the fact that where they want to set up there company i.e. area, locality etc. thus they identify the same. So it will have the address of it which needs to be submitted.

That address is that which is going to be printed on the copy of the certificate of incorporation which will serve as the company headquarters of the particular company.

This address could be yours Home address, any property that you own or any rented property.

In case of rented property one has to submit its rental agreement copy which would be signed at the time of acquiring that property and along with it No objection Letter from the owner of that property which clearly show that the owner has no problem with the trade you are carrying out.

If the property that you have purchase than too you have to give your electricity bill of the owner of the property and no objection letter of the owner. In certain cities they ask for the property document such sale deed etc.

Along with this registered address proof one has to submit two more things i.e. MoU and AoA. MoU stand for memorandum of understanding is a formal agreement between two or more parties. Companies can establish this formal relation between the directors of the company. AoA stand for a company’s articles of association is a document which, along with the memorandum of association defines the responsibilities of the directors, tells the kind of business they will continue, and the means by which the shareholders exert control over the board of directors. They basically tell the purpose for which the company has been established.

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What wiki cant tell you about the company ?

WHAT IS COMPANY?

A company is a kind of business structure or a business organization. The company has been evolved from sole proprietorship business structure to partnership type of business and after that the company type of business structure came up.

In case of companies money can be raised from many people all over the world in the form of capital to the company. In company the capital that we can raise is unlimited and in company each member liability is limited to the share invested.

A company is an artificial person, created by legal incorporation having separate legal entity, perpetual succession and common seal that represent the company as a whole as a person itself.

A company is the voluntary association of the person and must be incorporated under companies Act 1956 or companies Act 2013.

TYPES OF COMPANY

ON THE BASIS OF INCORPORATION

·  Charter Company

·  Statutory Company

·  Registered Company

ON THE BASIS OF LIABILITY

·  Limited Liability Companies

·  Unlimited Liability Companies

ON THE BASIS OF TRANSFERABLITY OF SHARE

·  Private Company

·  Public Company

PRIVATE COMPANY

Private company is owned by a private individual to run the company and in private company which has minimum membership of 2 people and maximum member of 200 people (Sec 68 sub clause (ii)). According to section 68 of Companies Act 2013 Minimum paid up capital is 1 lakh to start the company.

There is restriction on transfer of share which means if 20 people who have formed the private company these members can be the member only and cannot transfer their ownership without the consent of all the members. In private company word ltd (limited) is essential to be used.

How Online Accounting Services Can Help You Improve Your Small Business

Accounting can be quite dull, if one is not especially interested in it. We all would much rather focus our attention on things that we find more interesting. For everyone who is not managing their own business, this attitude towards accounting is completely OK. But in case you are a small business owner, you and your business would need to focus on small business accounting.

The best thing that you can do is that you could leave it to the experts. We understand that hiring online accounting service could be difficult, as you have already made tonnes of expenses which is why hiring an accounting services would not be on top of your list. Even when you do outsource, you need to understand the scope of your accounting. Simply because when you would understand your department and its working, you would be able to monitor it in a much better way. Whatever you do, you should have an eye on your books of accounts and you should know exactly what your firm is doing.

If you have basic knowledge of accounting, you would be able to determine your business financial health just by looking at the profit and loss account or the balance sheet. It would help you take proper business decisions. You can even work in order to maintain the financial concerns before they become critical.

There are many Online Accounting Services who would help you take informed decisions about your business, which will help you take financial as well as business decisions based on solid accounting fundamentals. For example, if you consider your cost of manufacturing the product, just add the profit that you expect and place it as an MRP, it could be a disaster. There are many liabilities and expenses that you need to take into consideration to come to a correct price. Various Accounting companies helps you keep a track of all your liabilities, expenses, incomes and assets in order to help you take the best business decisions. The constant research on the trends would also help you make adjustments in your business processes in order to increase the cash flow and improve the profitability.

Showcasing Your Business Potential With The Help Of Reliable Online Accounting Services If you ever need outside investment from Bank or Venture Capitalists, Accounting Services provider would help you in this regard. Your error free and up to date accounting would help you gain better access to funds.

Another important factor that online accounting services can help you with is your payroll processing, Payroll has much more nuances than just paying the employee a certain amount on a certain date. Payroll includes the taxes, benefits as well as the liability calculation. Proper accounting would also help you identify bottlenecks in your business and help you ensure a proficient management of your business without any wastages.

Due to all these reasons, a small scale firm would be much better off by hiring an outsourcing provider.

Confused about choosing online accounting services Firms for your business? I will help, with us you can save your expenses & time too, Real help is waiting for you at https://ca4you.in/Accounting-Service

Main Features Of GST ACT

• GST to be levied on supply of goods or services
•  All transactions and processes only through  electronic mode – Non-intrusive administration  
• PAN Based Registration
•   Registration only if turnover more than Rs. 20 lac
•   Option of Voluntary Registration
•  Deemed Registration in three days  Input Tax Credit available on taxes paid on all procurements (except few specified items)
•  Credit available to recipient only if invoice is matched – Helps fight huge evasion of taxes
•   Set of auto-populated Monthly returns and Annualq Return
•   Composition taxpayers to file Quarterly returns
•   Automatic generation of returns
•   GST Practitioners for assisting filing of returns
•   GSTN and GST Suvidha Providers (GSPs) to provideq technology based assistance
•  Separate electronic ledgers for cash and credit  
• Tax can be deposited by internet banking, NEFT / RTGS, Debit/ credit card and over the counter  
• Cross utilization of IGST Credit first as IGST and then as CGST or SGST /UTGST
•  Concept of TDS for Government Departments  Concept of TCS for E-Commerce Companies
•  Refund to be granted within 60 days
•   Provisional release of 90% refund to exporters with
•  Interest payable if refund not sanctioned in time
• Refund to be directly credited to bank accounts
•   Comprehensive transitional provisions for smooth transition of existing tax payers to GST regime  Special procedures for job work

New Company Registration in India

If New Company Registration is any indication, India growth story is far from over, as some of the naysayers would like to believe. BRICS nation comprising on India, China, Brazil, Russia and South Africa were seen as the future engines of world economy. Brazil, Russia and SA were derailed to an extent and now even China is seeing a slowdown in the economy. India, with all it’s problem notwithstanding, has been the only constant performer and is still seen as a country which has strong fundamentals and ample growth opportunity. If number of people who have done New Company Registration is any indication, India growth story will continue to boom. We discuss below 7 points which reinforces our belief in India Growth Story:

New Firm Registration number grew exponentially in last quarter and the number of SME as per some estimate is over 80 millions. This definitely is no sign of slowing down.

Indian economy has grown with 7.5%+ rate and is slated to grow so. Gurgaon, which is the story of India’s growth, has seen a sharp rise in New Company Registration in Gurgaon

Apart from New CompanyRegistration, India has seen over thousands of foreign fund houses setting up shop in India

All the big daddies of e-commerce are queuing up to set shop in India. Online Business Registration in India has seen a stupendous growth and is slated to grow over 10% YoY

Private Limited CompanyIncorporation and Company Formation in India has shown a high increase in the profits posted. This definitely shows that India is a land of opportunity.

Digital India, Make in India, Start Up India campaign has infused India Inc with a renewed vigor. Infact the Pvt Ltd Company Registration Online has broken all previous records.

Company Registration in Gurgaon, the IT and BPO hub of India is now the city (Delhi-NCR) which has highest GDP in India. The GDP of Delhi-NCR is more than many a countries!!!

Accounting consultant in Delhi-NCR

Accounting is a serious job. Anaccounting consultant can save lot of money for their clients through Tax Advisory, can help raise money through proper accounting and due diligence compliance and keep their client safe by proper regulatory compliance.

There are various accounting firms in Delhi and hundreds of accounting consultants in Delhi but it is important to know how to make best use of the immense knowledge an accounting consultant possess.

Tax Optimization: 

An accounting consultant helps a client to optimize their taxes properly and in the process saves a lot of money for their clients. There are various ways to optimize your tax like booking the expense, taking credit on GST etc. etc. In a survey, it has been found that a company can save up to 5% of their operations tax with correct advice from accounting consultants.

Fund Raising:

 Correct accounting practices and proper due diligence is a pre-requisite for raising any form of funds, be it equity or debt. One of the major way an accounting consultant can help you is to ensure that you are always covered on this front.

Regulatory Compliances: 

Accountancy firms helps a company to always ensure that they are compliant and there is no chance of any unwanted notice from any government department.

Hence it makes sense for owners/founders/managers to opt for best accountant firms and use their accounting consultant proactively to grow the business.

Accounting company in Delhi-NCR

Accounting is mainstay of any business. Apart from the mandatory government compliances, accounts helps the founders/owners/managers of the business to understand the direction in which company is going, issues with accounts receivable, financial health etc. etc.

Hence it is paramount to have the best accounting company looking after your finances. Next question which arise is how to select the right accounting company for your business. Choosing an accounting company is not an easy job and there hundreds of accounting companies in Delhi alone. ‘One size fits all’ principle does not apply with accounting company and every business has different requirement and should select the right accounting company for them.

For start-ups with less than 1 million of Revenue or less than 200 transactions a month::

Such start-ups should maintain their accounts on their own in excel, keep tab on all the bills received and try to spend maximum through Bank Accounts. It is also mandatory to get the Audit done by year end from an Accounting Company. Also, they should speak to CA once every month to understand if there has been any changes in the regulation.

For companies with 1 million-5 million of Revenue or doing 200-1000 transactions a month::

Such companies should have an accountant company visit their office once a month, and do all the accounting inappropriate software. They have to do various tax registrations as well as deposit taxes. Such company should opt for accounting company which is in their city (like for someone in NCR, they should go for accounting company in Delhior NCR).

For companies with 5 million-50 million of Revenue or doing 1000-10000 transactions a month::

Such companies should have an in house accountant (fresher or with less than 2 years of experience) and the accountant should be supervised by professional from accounting company. These companies should look/opt for accounting company whose CA can give personalized service as the business is growing and regulations would matter for such companies

For companies with over 50 million of Revenue or doing more than 10000 transactions a month::

Such companies should have at least a team of 2-3 people in accounts department (with a senior accountant heading the team) and a professional from accounting company having quarterly audit and directly reporting to the owner.

Accounting Services for Start-Ups and SME in Delhi

Accounting is one of the major challenges for any Small Business or Start-Ups. For any business, whether it is a a multi dollar MNC in Manhattan or a bootstrapped e-commerce venture in Gurgaon, the basic principle remains the same viz,

1- Increase Revenue

2- Optimize Cost

3- Focus on expansion (geographically or otherwise)

And the problem faced by founders, promoters and Top executives also remains the same, They lose the sight of above mentioned cardinal principle. It has been observed and ratified by various experts across globe is that founders/executives do not normally pay attention to planned budget and monitor them regularly leading to such issues.

Best habits are inculcated young and we very strongly advice to all entrepreneurs is to focus on their accounting and book-keeping right from Day 1 and keep an eye on the various parameters on monthly basis (if not weekly).

Some of the key parameters they should have an eye on are mentioned below:

Revenue: Revenue is the ‘actual’ amount which hits your accounts. (Even if you are bitten by GMV bug, an eye on ‘actual’ revenue is an absolute must)

Cost of Operations: This will include Salary, office Rent, Electricity, Admin cost etc etc.

Cost of Marketing: You can consider including salary of marketing employees of you have dedicated marketing employees

Accounts Receivable: A lot of ‘profitable’ businesses have gone bust just because their account receivable management was poor. Please remember that money which sits in your bank is ‘real’ money

Cash in the account: If your bank account shows cash of less than 10 months(bare minimum) amount of cash equivalents of the amount you need to run the operations at same level, it is time to panic. So increase your revenue, optimize your cost or start looking for funds (And Pray Hard!!!)

Regular Accounting and Book Keeping helps companies to ensure that all government compliances Like TDS Returns, GST Returns are complied with (Another advantage of regular accounting and Book-keeping services is that helps to manage Tax more efficiently. Just to enumerate few points:

1- TDS deducted by clients are accounted properly

2- GST Credit is utilized properly

3- All the expenses are properly accounted (Petrol Bills to Mobile Bills to Restaurant Bills could be booked as expense)

If your business is small in size (Revenue of less than 5 Lacs per month or Less than 300 Transactions per month), you can easily manage accounting and Book-keeping in-house. But beyond that it is strongly advisable to take a professional help. There are various professionals who provides accounting service in Gurgaon or in Delhi.

To choose accounting service consultants, following points should be kept in mind

1- Experience of service provider

2- Location (for eg. It is better to have a Delhi accountant for company in Delhi and Gurgaon accountant for company in Gurgaon)

3- Cost

Accounting Services in Delhi or Gurgaon starts from Rs. 1,200/- per month.

Accounting Service for Small Business

Lot of small business sees Accounting services as necessary evil, something which has been imposed on them by Government and they have to pay for it. Unfortunately nothing can be farther from truth and small businesses are the ones who suffers most if they do not keep their accounting properly.

Small Business runs with tight finance and seldom have room to manoeuvre during bad times. Some of the way small business could get help from online bookkeeping services are:

1- They can keep tab on account receivable and follow up for any delay on payment

2- They can book expenses like mobile bill, restaurant bill, petrol bill and get GST Credit

Coming to second part of accounting service which scares small business is the cost attached with it. This fear is also uncalled for as online bookkeeping services comes starts with Rs 1,200 per month (a small price for all the benefits it brings).

Thirdly account services helps a business to continue complying with all government regulations.

Last but by no mean the least, accounting services helps you to plan for future. If small business gets a month on month figure on growth and have all the compliances in place, the chances of raising funds goes up substantially.

The other facet of having online bookkeeping for small business is that all the cost are accounted for at all times.

If small business is having revenue less than Rs 5 Lacs per month (or less than 300 transactions per month), there are various online bookkeeping tools which are really cost effective. On the other hand if the business has revenue of over 5 lacs but less than 1 Crore, they business should hire a professional accounting service provider.

All the entrepreneurs of small business or start-ups, please do remember that even Dhiru Bhai had a small business once upon a time!!!

All you need to know about GST return filing

                                                               

All PrivateLimited Company, LLP, Firms, Individual having GST Registration must file GSTR-3B in the month of August and September by 20^th of the month.  We are trying to simply put the GST Return Filing process in this article. In this sense GSTR-3B is a temporary provision till October 2017.

Q: Who should file GSTR-3B return (GST Return)?

A: All companies and individuals having GST Registration must file GSTR-3B until the normal schedule for filing of GST return commences in the month of October 2017.

Q: Due date for filing GSTR-3B return?

A: GSTR-3B return is due on the 20th of August and 20th of September 2017. After that, from October onwards all GST Registered entities would be required to file GSTR-1, GSTR-2 and GSTR-3, as per normal schedule.

Q: Penalty for not filing GSTR-3B return?

A: There is no penalty for not filing GSTR-3B return. Though for not filing GSTR-1, GSTR-2 and GSTR-3 returns from the month of October, there is a provision of penalty of Rs.100 per day.

Q:  Details to be provided in GSTR-3B return?

GSTR-3B is a simplified GST return but it is advisable to use service of a professional to file the returns accurately to help fulfil your compliances.

Though for the companies with GST Registration, they would need the details of outward supplies/invoices and inward supplies/invoices.​

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Is your PAN Card Activated?

Government of India had asked for linking of Aadhar Card to PAN Card and after the exercise was done there were about 1.1 million PAN Card which were made unactive. The PAN Card were of Individuals or Firms (Not Private Limited Company or LLP).

If you are wondering whether your PAN Card is still active, you can find out yourself in 4 simple steps:

Step 1: Go to the Income Tax Department's e-filing website (http://incometaxindiaefiling.gov.in/)

Step 2: Once you reach Income Tax Website, Look into Left side panel under category ‘Service’ wherein you will get click on the 'Know Your Pan' option. This opens to a page where you need to fill in you details. For instance, name, status (Company, Individual, Hindu Undivided Family), gender, date of birth and phone number

Step 3: Confirm the details are correct and then click the submit button

Step 4: You will receive an OTP or one-time password on your mobile. Enter the number in the given space to 'Validate.'

If your PAN Card is OK, in next page you will see a message your PAN is 'Active' and you can also see the jurisdiction under which the PAN is active. For instance, WARD 5(1) Patna.

Hope this helps you to get the status of your peace of mind and know whether your PAN Card is active or not. Infact even if you have a Private Limited Company or Limited Liability Company (LLP), you can check the status of your PAN Card.