Business Tax Return Filing

All businesses operating in India are required to file income tax return each year. In addition to filing income tax return, a business may also be required to file TDS return and pay advance tax to stay compliant under the Income Tax Act. We can help file income tax return for your business and ensure it remains compliant under the Income Tax Act and Rules. The average time taken to file an income tax return for your business is 3 to 5 working days. Get a free consultation on business tax return filing by scheduling an appointment with an New Company Registration Advisor.

If you’ve always worked as an employee and had a relatively uncomplicated income tax return, you may wonder how much that will change now that you have a small business. It’s true you’ll have more record-keeping and responsibilities than you did when your employer sent you a Form W-2 at the end of the year.

However, being a business owner has its perks, too. You control how much time and effort you want to put into the business, and you alone reap the rewards. You can also plan for taxes and take business deductions to lower your tax bill.

• Business Tax Filing Service Includes
• GST Return Filing
• Income Tax Return Filing
• TDS Return Filing

If you have any query regarding this CLICK HERE

Incorporating a private limited company with Indian directors

Incorporating a company in India has become much easier now. On the 69th republic day, the government has brought various changes making it easier to set up a private limited company in India. Now a company can be incorporated using just 1 E-Form, SPICe (INC-32).

A single window form: SPICe (INC-32)

It is a single application for

reservation of name,
incorporation of a new company and/or
application for allotment of DIN and/or
application for PAN and TAN
It is accompanied by supporting forms SPICe_AoA and SPICe_MoA.

Once the e-Form is processed and found complete, company would be registered and CIN would be allocated. DINs get issued to the proposed Directors who do not have a valid DIN and PAN and TAN would also get issued to the Company.

Important points:

Maximum three Directors are allowed for using this integrated form for filing application of allotment of DIN while incorporating a company.
No minimum paid-up capital requirements apply for incorporating a company
Maximum number of members excluding proposed employee(s) should not be greater than 200 in case of a private company.
Number of members excluding proposed employee(s) should be greater than or equal to two in case of Private Company (other than Part I company) and seven in case of Part I company/ public company.
The company can establish its place of registered office on or from the fifteenth day of its incorporation. Till then the correspondence address shall be the mailing address for company.
The correspondence address should be in the same state where company is willing to have its registered office.
Total number of first subscribers are restricted to seven, considering possibility of affixing maximum DSCs in form SPICe MOA (INC-33) and form SPICe AOA (INC-34).
Directors not having DIN cannot be more than 3 in number.
Name approval

There are 2 ways to register a company’s name

Directly getting the name approved through SPICe (INC-32)
Reserve Unique Name (RUN)
A unique name should be chosen for the company considering Section 4(4) of the Companies Act, 2013 and Rule 8 & 9 of Companies (Incorporation) Rules, 2014

The illustrative list of names based on the type of company is as follows:

In case of an one person company – ABC (OPC) Private Limited

In case of a private limited company (other than producer company) – ABC Private Limited

In case of a private limited company (Producer company) – ABC Producer Company Limited

In case of a public limited company – ABC Limited

In case of an unlimited liability private company – ABC Private Unlimited


In case of an unlimited liability pubic company – ABC Unlimited

If the proposed name is based on a registered trademark or is subject matter of an application pending for registration under the Trade Marks Act, then approval shall be attached of such owner of the registered trademark or the applicant of such trade mark for which application for registration is pending.

A name reserved by RUN remains reserved for 20 days from the date of approval.

TAN Number:

Under the new SPICe form, TAN would be allocated along with the PAN. Allocating TAN with PAN would reduce another compliance related registration a company has to obtain at a later date and ensure that all companies are ready to deduct & remit tax collected at source from day one.

Conclusion:

SPICe Form INC-32 is surely an improvised version of e-Form-29 wherein a lot of changes have been made to accommodate the interest of the stakeholders. By introducing a single window form, there has been a drastic reduction in the timelines. However, due to some limitations, it might not be feasible like limited number of subscribers, affixing of DSC of subscribers.

With the hope that the regulators might address the inherent limitations that are being observed in the current procedure and make the necessary changes, we can conclude that stakeholders will be more benefited in all perspective.

AJSH has an expertise company registration and incorporation and has been assisting clients for 10 years.

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Things you should Know before registering a Company in India

Starting your own limited company is both exciting and daunting. You need to consider many things before you even think about company formation. Below is the hings you ought to consider.

Before registering as a company
Find out more about setting up and running a company, before you decide to register as a company. A company has different legal, financial and record keeping responsibilities compared to other business structures.
As setting up a business is an uphill task, one should follow the required process of company formation carefully. Most of the businessman starts doing business casually without giving importance to the company’s formal name and structure. It seems normal but surely it is a serious offense and cause hovac to your business idea and its future. Therefore, registering your company must be first and foremost thing to do. Whether it is partnership or a proprietorship firm, all the things should be mentioned carefully while going for the company registration in India. You should take help of tax consultant firm in Delhi to complete all the formalities efficiently. Companies should be started as per the laws as incorporated under the companies law.Other important things related to company formation are:

Director’s Identification Number (DIN)– It has same priority along with the company formation in India. When a company registered, director get DIN.
Second important thing is the company name. When the applications for the company name has been filed and submitted, Registrar of Company is responsible for the name and registration of the company. These are company registration services. The company then has to get the certificate of incorporation from them again.

You can only choose a company name not already registered to a company or business. Special approval is also required to use certain words in your company name.
It is necessary to note that all the registration process is done before the start of a company. It is mandatory for good health of company and it’s employees.
In order to complete all registration process, one should consult one of the company registration consultants in India that are well verse of all registration process and can lend you right assistance and help in this area.

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New Initiatives for making company incorporation process easier

Incorporation means to get file your esteem company under the registry of the govern bodies. It is not only necessary but mandatory for all types of companies ranging from small enterprises to big entrepreneur to compile their companies under the respective company act. Different acts have been confined and stated for varied companies in India including LLP or LLC, private or public companies have varied concepts of business incorporation. Here we bring you with company incorporation services for all available types of firms.

Business incorporation enables the company to boost its reputation and goodwill in the target market. One can easily apply for any of the legal benefits under the specific act. Besides these; business incorporation firms can easily find the varied alternatives for company funds or outside finance assistance. The same process will also support the company to get the level of authorative where the business can easily explore its potential ways.

Key takeaways from the initiatives taken by the MCA towards ease of doing business in India on the occasion of 69thRepublic Day.

1. No incorporation fee: Companies with authorized share capital up to Rs. 10 lakh can be incorporated in India with Zero registration Fee.
2. Introduction of ‘RUN’: New web service for reservation of name has been launched for name reservation called “Reserve Unique Name”. It is a one pager e-form into which one name of proposed company can be reserved without obtaining DIN and Digital Signature
3. Reduction of time limit for reservation of Name: MCA has reduced the time period from 60 days to 20 days for reservation of name
4. No resubmission for reservation of Name: It can be either rejected or approved in one go.
5. Simplified process for incorporation of company: by removing the requirement of affidavit with declaration from the proposed directors and promotors.
6. New process for obtaining DIN: The process of allotment of DIN has been re-designed by allotting it through the combined SPICe form only at the time of an individual’s appointment as Director.

E-commerce firms may get 6-month tax breather
The provision of tax collected at source (TCS) imposed on suppliers selling products on e-commerce websites like Flipkart and Amazon in the goods and services tax (GST) regime is likely to be deferred by six months. The recommendation by the law review committee may come as a breather for e-commerce players, which have been strongly opposing the additional levy. The TCS of 1 per cent to be charged collectively by the Centre and states was kept in abeyance till April 1, 2018, by the GST Council in October along with the reverse charge mechanism and the e-way bill. However, in light of revenue leakage concerns, the e-way bill to track the movement of inter-state supply of goods will be implemented from February 1, while reverse charge mechanism on composition dealers may be implemented any time now. “The provision pertaining to TDS and TCS can be kept in abeyance for at least six more months, is the view taken by the law committee,” said an official. A final decision on deferring the TCS further will be taken by the GST Council in its next meeting.

Single GST Registration for Airlines, Banks on the Anvil
The government is considering a nationwide single GST registration process for the aviation, banking and insurance sectors, people in the know of the matter said.
A single registration will potentially solve a majority of the compliance problems that services companies have been complaining about. They now have to register themselves and file GST returns in every state or union territory (UT) they operate in.
But the change will require the approval of the GST Council, the top decision-making body under the new tax system, where states are expected to oppose it fearing revenue loss as they have done when the proposal had come up before, tax experts said.
While goods-producing industries were used to making multiple state-wise returns for value-added tax under the previous regime, this is a new requirement for services companies, which complain it as a cumbersome process involving lot of paperwork and manpower.

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Export Without Payment Of IGST

Entities involved in export of goods or services having GST Registration are allowed to export goods without payment of IGST by furnishing an export bond or Letter of Undertaking (LUT) in Form GST RFD-11.

PROCEDURE FOR APPLICATION OF LETTER OF UNDERTAKING NUMBER:
According to the Central Goods and Services Tax Rules, 2017 any registered person exporting goods without payment of integrated tax is required to furnish a bond or a Letter of Undertaking (LUT) in FORM GST RFD-11. The following types of persons registered under GST will be allowed to submit a letter of undertaking and undertake export transactions.

• Status holder as specified in the Foreign Trade Policy; or
• Entities that have received the due foreign inward remittances amounting to a minimum of 10% of the export turnover, which should not be less than one crore rupees, in the preceding financial year, and he has not been prosecuted for any offence under the Central Goods and Services Tax Act, 2017 (12 of 2017) or under any of the existing laws in case where the amount of tax evaded exceeds two hundred and fifty lakh rupees.

Letter of Undertaking will be valid for a period of twelve months from the date of submission. If the exporter fails to comply with the conditions of the Letter of Undertaking, the privileges could be revoked and the exporter would be required to furnish a bond.
We are noting below the list of documents that the officials are usually asking at the time of submission ofLetter of Undertaking for export without payment of IGST.

• Letter of Undertaking (on a stamp paper of Rs 100-Signed and stamped by directors/partners/proprietor)
• GST RFD-11 (on letter head-Signed and stamped by directors/partners/proprietor)
• Declaration of no offences under CGST Act, 2017 or any of the existing laws(on letter head-Signed and stamped by directors/partners/proprietor)
• Foreign Inward Remittance Certificate/ Bank Realization Certificate/ Remittance Advices and EEFC Statement for preceding Financial Year
• Bank Certificate stating that inward remittance is more than 1 crore
• CA Certificate confirming the figures of preceding year Export Turnover and Inward Remittance
• Copy of PAN of company/firm (Signed and stamped by directors/partners)
• Memorandum and Articles of Association/ Partnership Deed(Signed and stamped by directors/partners)
• Copy of Importer Exporter Code Certificate(Signed and stamped by directors/partners/proprietor)
• Copy of Certificate of Provisional Registration in FORM GST REG – 25(Signed and stamped by directors/partners/ proprietor)
• ID Proofs of directors/partners/proprietor (PAN and Aadhar- Self Attested)
• Photo ID Proof of Witnesses(Self Attested)
• Rent Agreement and NOC from owner for using the premises. (If rented)
• Conveyance deed-If owned (Self Attested)
• Proof of address of the premises- Utility Bill/ House Tax Receipt(Self Attested)
• Copy of Export Invoice(Signed and stamped by directors/partners/proprietor)
• Affidavit regarding fulfillment of conditions of Notification No. 16/2017-CT dated 07/07/2017 (on a stamp paper of Rs 100- Signed and stamped by directors/partners/proprietor)

We can help you in getting the Letter of Undertaking Number issued at the earliest. Please contact AJSH & Co LLP for further assistance.

Source: http://companyformationsservices.com/blog/export-without-payment-of-igst.php

GST For Goods Transport Agency

Transport of goods by road is the most commonly used mode of transportation for businesses which supply goods. This transportation by road is facilitated either by a Goods Transport Agency (GTA) or common carriers such as autorickshaw or courier agencies. In this blog, we will understand what is meant by a Goods Transport Agency (GTA) and the GST rates for transportation service provided by a Goods Transport Agency. This is the first blog in the series wherein, we will understand the various tax provisions with respect to services provided by Goods Transport Agencies and the tax impact on persons taking their services.

GST Registration
GST registration is mandatory in India for entities having more than Rs. 20 lakhs of aggregate turnover in a year (Rs. 10 lakhs in Special Category states). However, some of the supplies provided by a goods transport agency would be liable for GST under reverse charge basis. In a reverse charge transaction, the recipient of the goods is made liable for payment of GST. Hence, while providing services, goods transport agency must be aware of the reverse charge mechanism and raise invoice accordingly.

What is a GTA?
As per Notification No. 11/2017-Central Tax (Rate) dated 28th June, 2017, “goods transport agency” or GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called.
This means, while others might also hire out vehicles for goods transportation, only those issuing a consignment note are considered as a GTA. Thus, a consignment note is an essential condition to be considered as a GTA.

What are the services provided by a GTA?
The service includes not only the actual transportation of goods, but other intermediate/ancillary service provided such as-

• Loading/unloading
• Packing/ unpacking
• Trans-shipment
• Temporary warehousing etc.
• If these services are included and not provided as independent activities, then they are also covered under GTA.

What will be the rate of Tax in Case of the Goods Transport Agency (GTA Services) under GST Per se?
Looking at the entry no. 3, Services of goods transport agency (GTA) in relation to transportation of goods [other than used household goods for personal use]. The rate mentioned in the rate schedule is 5% (without ITC)
Entry no. 4 of the rate schedule prescribed says that Services of goods transport agency in relation to transportation of used household goods for personal use. The rate prescribed is 5% even in this case.
Important point to highlight here is that the transporter providing any other services like “Right to use” or “Leasing” of the vehicles, he will have to review the rates separately and not take the 5% as his rate.
This means that generally the rate is 5% for the GTA under GST. The point to be highlighted is that NO ITC is available to the transporter in this case.

Persons Required to Pay GST on Reverse Charge
When taking the services of a goods transport agency, the following types and class of entities would be required to pay GST on reverse charge basis.

• Factories registered under the Factory Act.
• Societies registered under the Society Act.
• Any co-operative society.
• Any person who is registered under GST.
• Any Body Corporate (Company or LLP)
• Any partnership, if registered or not as well as AOP.

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Step By Step Guide To File GST Return-3B

GSTR-3B filling is under progress and the last date for GSTR-3B filling is 20 August 2017. Please find below the step by step guide on how to file GST Return-3B.

Step by step guide on how to file GST Return-3B
1. After login, select Return Dashboard
2. Select Financial Year 2017-18 and Month July. Click Search and Select GSTR-3B
3. Declare your liabilities and ITC claims in Section 3.1 and 4 respectively by clicking on the tiles and furnishing the required information. Transitional ITC cannot be claimed in GSTR 3B. It can be claimed only through TRANS 1 and TRANS 2.
4. Enter details of interest, if payable, in Section 5.1. Late fee will be computed by the system
5. Click on Save GSTR-3B After you save the data, Submit button will get enabled. Please note that after submit, no modification is possible. Hence ensure that details are filled correctly before clicking on Submit button.
6. On clicking Submit GSTR-3B button, System will post (debit) the self-assessed liabilities including system generated late fee in Liability Register and credit the claimed ITC into ITC ledger.
7. After this the Payment of Tax tile will be enabled, please click it and declare your payment details to pay the taxes and offset the liability.
8. Click CHECK BALANCE button to view the balance available for credit under Integrated Tax, Central Tax, State Tax and Cess. (This includes transitional credit also, if TRAN-1 and 2 are submitted). This will enable you to check the balance before making the payment for the respective minor heads. The balance is also displayed when the mouse is hovered on the applicable data entry field in payment section.
9. Please fill out the section that specifies how you wants to set-off your liabilities using a combination of Cash and ITC.
System checks if you have sufficient Cash/ITC balance.
It also checks if the Reverse charge liabilities are set-off only through CASH.
System also checks if all liabilities are set-off. Part payment is not allowed in GSTR-3B.        Hence, ensure sufficient balance in Cash and ITC Ledger to Offset liability
In case of ITC utilisations, the system checks the prioritization rules viz. IGST Credit has to be first utilised for paying IGST liability and remaining for CGST liability and thereafter SGST liability; SGST credit has to be first used for paying SGST liability and then IGST liability; CGST Credit has to be first used for CGST liability and the remaining for IGST Liability; SGST credit cannot be used for paying CGST liability and CGST credit cannot be used for paying SGST liability
Transition ITC, if available in ITC ledger, can be used for payment of liabilities of GSTR 3B
10. Click the OFFSET LIABILITY button to pay off the liabilities
11. Click on declaration statement
12. Select Authorized Signatory filing the Form
13. Click on File GSTR-3B button with DSC or EVC
14. Message for successful filing will appear and Acknowledgement will get generated

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