As per the Companies Act, 2013, all registered companies in India are required to file certain documents on an annual basis. These include the annual financial statements, annual return, and the list of directors. Failing to file these documents on time can lead to penalties and legal consequences.
A private limited company is a type of business entity in which the liability of the shareholders is limited to the capital they have invested. One Person Company (OPC) is a variation of a private limited company, where the company can be formed and run by a single person. The process of registering a private limited or OPC involves obtaining a Digital Signature Certificate, obtaining a Director Identification Number and registering the company with the Registrar of Companies (ROC).
LLP is a hybrid between a partnership firm and a company, where the partners have limited liability, similar to the shareholders of a company. An LLP can be formed by two or more partners. The process of registering an LLP involves obtaining a Digital Signature Certificate, obtaining a Director Identification Number, and registering the LLP with the Registrar of Companies (ROC).
Once a private limited company is registered, certain changes can be made to the company over time. These include:
We hope this information was helpful in understanding the various aspects of company registration and compliance in India. If you need any further assistance, please do not hesitate to contact us. Our team of experts will be happy to assist you
Goods and Services Tax (GST) is a comprehensive indirect tax that is levied on the supply of goods and services in India. It is a single tax that subsumes multiple taxes, such as Value Added Tax (VAT), Central Excise Duty, Service Tax, and others. GST registration is mandatory for businesses whose turnover exceeds the threshold limit set by the government. In addition, businesses that are engaged in inter-state supply of goods and services, or those that are supplying goods through an e-commerce platform, are also required to register for GST.
Once a business is registered for GST, it is required to file GST returns on a regular basis. GST returns are forms that are used to report the details of a business's sales, purchases, and tax liability to the government. Businesses are required to file GST returns on a monthly or quarterly basis, depending on their turnover and category. GST returns can be filed online through the GST portal.
GST is a complex tax system that requires businesses to comply with multiple rules and regulations. GST advisory services can help businesses navigate the GST system and ensure compliance with all the relevant rules and regulations. Our team of experts can assist businesses with GST registration, GST returns filing, GST compliance, and GST audits.
Accounting and bookkeeping are essential functions for any business. They help businesses keep track of their financial transactions, prepare financial statements, and make informed decisions. Our team of professionals can assist businesses with accounting and bookkeeping services, including the preparation of financial statements, budgeting, forecasting, and more.
Payroll maintenance is an important function that ensures that employees are paid accurately and on time. It involves maintaining records of employee salary, deductions, and benefits. Our team can assist businesses with payroll maintenance services, including the preparation of salary slips, filing of TDS returns, and maintaining records of employee benefits and deductions.
Tax Deducted at Source (TDS) is a system of tax collection in India. It requires businesses to deduct tax from certain payments made to individuals or entities, and deposit the same with the government. TDS returns are forms that are used to report the details of TDS deductions and depositions to the government. Our team can assist businesses with TDS return filing, including the preparation of TDS returns and ensuring compliance with all the relevant rules and regulations.
Income tax return is a form that is used to report the details of a business's income and taxes paid to the government. It is mandatory for businesses to file income tax returns on an annual basis. Our team can assist businesses with income tax return filing, including the preparation of income tax returns and ensuring compliance with all the relevant rules and regulations.
Labour laws in India are designed to protect the rights of employees and ensure that they receive fair treatment and compensation. As a business owner, it is important to stay compliant with these laws to avoid penalties and legal disputes. Labour compliance includes compliance with laws such as the Minimum Wages Act, the Payment of Gratuity Act, the Workmen's Compensation Act, and the Industrial Disputes Act, among others.
One of the key elements of labour compliance is maintaining accurate and up-to-date records of employee information, including their names, addresses, and employment details. Businesses are also required to provide certain benefits to their employees, such as overtime pay and leave entitlements.
The Provident Fund (PF) is a retirement benefit scheme that is mandatory for businesses with more than 20 employees. Under this scheme, both the employer and the employee contribute a certain percentage of the employee's salary towards a retirement fund. The employer's contribution is 12% of the employee's salary, while the employee's contribution is 12% of their salary, or a minimum of Rs. 500 per month.
The Employee's State Insurance (ESI) is a social security scheme that is mandatory for businesses with more than 10 employees. Under this scheme, both the employer and the employee contribute a certain percentage of the employee's salary towards a fund that provides medical and financial assistance to employees in case of illness or injury. The employer's contribution is 4.75% of the employee's salary, while the employee's contribution is 1.75% of their salary.
Professional Tax is a tax imposed by state governments in India on individuals who are engaged in certain professions or carry out certain trades. The tax is usually based on the individual's income and is collected by the state government. Businesses are required to register for professional tax and file returns on a regular basis.
A Limited Liability Partnership (LLP) is a type of business structure in India that provides the benefits of a partnership while limiting the liability of the partners. As the business evolves, it may be necessary to make changes to the LLP such as adding or removing partners, changing the LLP agreement, or closing the LLP. These changes require compliance with certain legal procedures and filing of necessary forms with the Registrar of Companies.
In an LLP, partners are responsible for the management and control of the business. One or more partners can be designated as designated partners, who are responsible for compliance with laws and regulations. Adding a designated partner requires filing of forms with the Registrar of Companies and obtaining the necessary approvals.
The LLP agreement is a document that sets out the rights and responsibilities of the partners and the management of the LLP. As the business evolves, it may be necessary to make changes to the LLP agreement. These changes require compliance with certain legal procedures and filing of necessary forms with the Registrar of Companies.
An LLP can be closed either voluntarily or compulsorily. Voluntary closure can be done by filing for dissolution with the Registrar of Companies and obtaining the necessary approvals. Compulsory closure can happen if the LLP fails to comply with laws and regulations or if the partners decide to dissolve the LLP. In either case, proper procedures and forms must be filed with the Registrar of Companies to close the LLP.
In order to ensure compliance with labour laws, provident fund registration, ESI registration, professional tax registration, changes in LLP, addition of designated partner, changes to LLP agreement, and closing of LLP, it is advisable to seek professional help
As a business, it is important to ensure that you are adhering to all the laws and regulations set by the government. A compliance check is a process of reviewing all your business practices and procedures to ensure that they are in line with the current laws and regulations. This includes checking for compliance with labor laws, tax laws, and other regulations that may apply to your business.
By conducting a compliance check, you can identify and address any issues before they become major problems. This can help you avoid penalties and fines, and ensure that your business is operating in a legal and ethical manner.
Company conversion is the process of changing the legal structure of a business. This can be done for various reasons such as expanding the business, changing the ownership structure, or to take advantage of certain tax benefits.
There are various types of company conversions such as converting a private limited company to a public limited company, converting a sole proprietorship to a partnership firm, or converting a partnership firm to a private limited company. Each type of conversion has its own set of legal and procedural requirements that must be met.
Due diligence is a process of investigating a potential investment or product to confirm all facts, such as reviewing all financial records and contracts. Due diligence is important for a company to make an informed decision about a potential investment or business opportunity.
RBI compliance refers to compliance with the regulations set by the Reserve Bank of India. This includes compliance with laws related to foreign exchange, anti-money laundering, and other regulations set by the central bank.
Mergers and acquisitions refer to the consolidation of two or more companies. A merger is the combination of two companies to form a new company, while an acquisition is the purchase of one company by another.
Foreign Direct Investment (FDI) refers to investment made by a foreign entity into a domestic company. In India, the government has set regulations for FDI in various sectors to attract foreign investment while protecting domestic industries.
Corporate restructuring refers to the process of reorganizing a company's structure, operations, or ownership. This can be done for various reasons such as improving efficiency, reducing costs, or to help the company adapt to changing market conditions. Corporate restructuring can involve changes to the company's management, operations, or ownership structure. It can also include mergers, acquisitions, or divestitures of certain business units. It is important to consult with legal and financial experts before undertaking any corporate restructuring to ensure that it is done in a legal and financially sound manner.