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Company Secretaries in Selaiyur
Company Secretaries in Selaiyur
Form16- Issuance To Employees
Any person responsible for paying salary is required to deduct tax at source on the amount payable and issue Form 16 to the employees at the end of each financial year. TDS deposit and issue Form 16 to your employees.
Filing Of TDS Return By Employers
Employers are required to file quarterly TDS returns with the Government providing details of tax deducted from salary. Information about tax deduction from salary under Section 192 is filed in Form 24Q. The employer at the time of filing TDS return would file the following information to the Government.
- TAN of the employer
- PAN of the employer
- PAN of the employee
- Details of tax deposited with Government with challan identification number
- Amount if any paid to employees without TDS
Due Date For Filing TDS Returns By Employers
The due date for issuance of Form 16 is on or before June 15th of the financial year immediately following the financial year in which the tax is deducted. In case of Form 16A, the same should be issued every quarter.
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Secretaries In Selaiyur
Secretaries In Selaiyur
Private Limited Company Annual Filing & Compliances
All companies registered in India like private limited company, one person company, limited company, and section 8 company must file MCA annual return and income tax return each year. Before filing annual return, the company must conduct an Annual General Meeting at the end of each financial year. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year.
In addition to MCA annual return, companies must also file income tax return irrespective of income, profit or loss. Hence, even dormant companies with no transactions are required to file income tax return each year. Private limited companies, limited companies and one person companies would be required to file Form ITR -6. The due date for filing income tax return for a company is on or before the 30th of September.
Private Limited Company Compliance Due Dates In 2020
The compliance requirement for private limited company has drastically changed over the years 2019 and 2020. The following is a summary of private limited compliance due dates in 2020.
Commencement Of Business (Within 180 Days)
Companies registered in India after November 2019 and having a share capital are required to obtain commencement of business certificate must be obtained within 180 days of incorporation of the company.
All companies registered in India must appoint a statutory Auditor within 30 days of incorporation.
Due Date For Filling
- Private limited companies registered in India must file Income Tax Return on or before 30th September 2020 for the FY2019-20.
- Private limited companies registered in India must file MCA Form AOC-4 on or before 30th November 2020 for FY2019-20.
- Private limited companies registered in India must file MCA Form MGT-7 on or before 31st December 2020 for FY2019-20.
DIN eKYC or DIR-3 eKYC form must be filed for all the Directors of the company. In DIR-3 eKYC filing, the Director must provide and verify a unique personal mobile number and personal email address.
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Auditors And Secretaries In Selaiyur
Auditors And Secretaries In Selaiyur
Adhar Services
Udyog Aadhar Registration
The Udyog Aadhar Registration is a completely online process which is totally free of cost. It is a great boost for SMEs in the country and below we detail the entire process of registration for the same.
Udyog Aadhaar Registration Process
- The SME (Small and Medium Scale Enterprises) owner needs to fill a one-page form that he can do either online or offline. For online registration, the applicant should visit the official website: www.msme.gov.in
- If someone wishes to register for more than one industry then they should opt for individual registration
- In this form, the MSME has to self-certify its existence, details of the business activity, bank account, ownership and employment details and other information
- Here, during this registration process, the individual needs to provide his self-certified certificates
- As mentioned above, no registration fees are required to be paid for this process
- After filling the details and uploading the same, the registration number would be generated and the same would be mailed to the email address given in the UAM which should contain unique UAN (Udyog Aadhaar Number)
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Company Secretaries in Selaiyur
Company Secretaries in Selaiyur
Benefits Of Udyog Aadhar Registration
- After registering their MSME, the applicant will receive the benefits of all the government schemes such as an easy loan, loan without guarantee, loans with subsidized rates of interest etc.
- The applicant will receive financial support for participating in foreign expos to showcase their products.
- The applicant will also be eligible for government subsidies.
- Registration would facilitate hassle-free opening of current bank accounts in the name of the business.
- It would also allow businesses to apply for government micro business loans and other such related beneficial schemes.
With two lakhs registered businesses in the MSME category, the industry is moving towards becoming organized and systematized with maximum benefits for the entrepreneurs.
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Company Secretary In Selaiyur
Company Secretary In Selaiyur
Company Secretary In Selaiyur GST is the biggest tax reform in India which has tremendously improved business and increasing the taxpayer base in India by including millions of small businesses.GST has been implemented in India from 1st July, 2017. Under the new GST regime, over 1.3 crore business in India have been registered and issued GST registration Tax complexities would be reduced due to the abolishing and subsuming of multiple taxes into a single, simple system.
The new GST regime mandates that all organization involved in buying or selling goods or providing services or both are required to register and obtain GSTIN. Registration is mandatory once the organization crosses a minimum threshold turnover or when an individual starts a new business that is expected to cross the prescribed turnover.GST annual return filing is mandatory for all organization having GST registration, irrespective of business activity or sales or profitability during the return filing period.
Hence, even a dormant business that obtained GST registration must file Nil GST return.Before filing GST annual return the taxpayer must have filed all GSTR-1 or GSTR-3B or GSTR-4 return for the period of April to March. In case there are overdue GST returns for the above-mentioned period, the GST registration holder will not be allowed to file GST annual return. GSTR-9: All GST registered organization are required to file GST annual return in form GSTR-9.
GSTR-9A:GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A. GSTR 9C is applicable who obtain an annual GST audit of their accounts. GSTR-9C must be prepared and certified by a Chartered Accountant or Cost Accountant. GST audit is applicable for person having GST registration with an annual aggregate turnover of above Rs. 2 crores in a particular financial year. Registered organization are required to file 2 monthly returns and 1 annual return, in a year.
Organization have to file the GSTR-3B return every month providing details of sales and purchases made in a month. GSTR-1 return must be filed every month by businesses having an annual revenue of over Rs.1.5 crores/Having less than 1.5 crores of turnover required to file on a quarterly basis.Before the cancellation of registration, the Officer would issue a notice to such person whose GST registration is liable to be cancelled, requiring show cause within seven working days from the date of service of such notice.
Company Secretary In Selaiyur The registered person can reply to the show cause notice within the prescribed time, or the GST registration can stand cancelled.Before applying for GST registration cancellation, the taxpayer must file all the GST returns up to date. In case there is non-compliance with respect to GSTR-3B return or GSTR-1 return or GST annual return. Shopkeeper are trader or wholesaler or any other type of business but all needs the trust from the customer.
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Company Secretary In Selaiyur
Company Secretary In Selaiyur
REGISTRATION OF GST, FILING GST RETURNS ETC WILL BE HANDLED Our firm has made unbelievable breakthrough in the providing Goods and Services Tax In India. Attributed for its flexibility and reliability, these services are broadly demanded. Clients can acquire these services at most affordable rates. Very good prompt professional service at reasonable fees. Timely advise and guidance provided by the Auditor was very useful to save lot of money and also to take right decisions. Being a start up unit guidance in financial matters including project report preparation, loans from banks and financial institutions was very useful. My personal experience is that if you are employed person or a business firm / establishment this is the right source and guide for all your financial needs under one roof.
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Company Secretary In Selaiyur
Company Secretary In Selaiyur
Form ITR-6
Every Indian Resident with any source of income is required to pay tax to the government in the form of Income Tax. The government imposes tax on every entity such as individuals, HUFs, Companies, LLPs, Association of Person, Body of Individuals, and any artificial judicial person. Income Tax Return is the form filed to furnish the information to the government about Income incurred along with tax liability. The form filed would vary depending upon the type of entity filing the return.
Applicability to file ITR-6
Every Company irrespective of its structure registered under the Companies Act 2013 or earlier under the Companies Act, 1956, shall file Income Tax Return through form ITR-6. However, those companies whose income is from the charitable or religious organization are not required to file Form ITR-6 (exempt under Section 11).
The taxpayer liable to file Form ITR-6 must obtain an audit report under Section 44-AB. As per section 44-AB, an entity whose sales, turnover, or gross receipt exceed INR 1 Crore in the preceding financial year must compulsorily get its accounts audited from a Chartered Accountant.
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Company Secretary In Selaiyur
Company Secretary In Selaiyur
Form ITR-6
Every Indian Resident with any source of income is required to pay tax to the government in the form of Income Tax. The government imposes tax on every entity such as individuals, HUFs, Companies, LLPs, Association of Person, Body of Individuals, and any artificial judicial person. Income Tax Return is the form filed to furnish the information to the government about Income incurred along with tax liability. The form filed would vary depending upon the type of entity filing the return.
Applicability to file ITR-6
Every Company irrespective of its structure registered under the Companies Act 2013 or earlier under the Companies Act, 1956, shall file Income Tax Return through form ITR-6. However, those companies whose income is from the charitable or religious organization are not required to file Form ITR-6 (exempt under Section 11).
The taxpayer liable to file Form ITR-6 must obtain an audit report under Section 44-AB. As per section 44-AB, an entity whose sales, turnover, or gross receipt exceed INR 1 Crore in the preceding financial year must compulsorily get its accounts audited from a Chartered Accountant.
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Company Secretary In Selaiyur
Company Secretary In Selaiyur
Proprietorship Tax Return Filing
Proprietorship firms are required to file income tax return like LLPs and Companies registered in India. Under Income Tax Act, all proprietors below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of proprietors over the age of 60 years but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Proprietors over the age of 80 years and above are required to file income tax return if the total income exceeds Rs.5 lakhs.
Tax Audit For Proprietorship Firm
An audit would be required for a proprietorship firm if the total sales turnover is over Rs.5 crore (95% payments & receipts on banking) during the financial year. In the case of a professional, audit would be required if total gross receipts is more than Rs.50 lakhs during the financial year under assessment.
Due Date For Proprietorship Firm Tax Return
The income tax return of a proprietorship that doesn’t require audit is due on 31st July. In case the income tax return of a proprietorship needs to be audited as per Income Tax Act, then the return would be due on 30th September.
Income Tax Return For Proprietorship Firms
For the assessment Year 2020-21 only, which relates to income earned in Financial Year 2017-18, proprietorship firms would be required to file Form ITR-3 or Form ITR-4-Sugam.
Form ITR-3 can be filed by a proprietor or a Hindu Undivided Family who is carrying out a proprietary business or profession.
Form ITR-4-Sugam can be filed by a proprietor who would like to pay income tax under the presumptive taxation scheme.
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Company Secretary In Tambaram
Company Secretary In Tambaram
Company Secretary In Tambaram GST is the biggest tax reform in India which has tremendously improved business and increasing the taxpayer base in India by including millions of small businesses.GST has been implemented in India from 1st July, 2017. Under the new GST regime, over 1.3 crore business in India have been registered and issued GST registration Tax complexities would be reduced due to the abolishing and subsuming of multiple taxes into a single, simple system.
The new GST regime mandates that all organization involved in buying or selling goods or providing services or both are required to register and obtain GSTIN. Registration is mandatory once the organization crosses a minimum threshold turnover or when an individual starts a new business that is expected to cross the prescribed turnover.GST annual return filing is mandatory for all organization having GST registration, irrespective of business activity or sales or profitability during the return filing period.
Hence, even a dormant business that obtained GST registration must file Nil GST return.Before filing GST annual return the taxpayer must have filed all GSTR-1 or GSTR-3B or GSTR-4 return for the period of April to March. In case there are overdue GST returns for the above-mentioned period, the GST registration holder will not be allowed to file GST annual return. GSTR-9: All GST registered organization are required to file GST annual return in form GSTR-9.
GSTR-9A:GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A. GSTR 9C is applicable who obtain an annual GST audit of their accounts. GSTR-9C must be prepared and certified by a Chartered Accountant or Cost Accountant. GST audit is applicable for person having GST registration with an annual aggregate turnover of above Rs. 2 crores in a particular financial year. Registered organization are required to file 2 monthly returns and 1 annual return, in a year.
Organization have to file the GSTR-3B return every month providing details of sales and purchases made in a month. GSTR-1 return must be filed every month by businesses having an annual revenue of over Rs.1.5 crores/Having less than 1.5 crores of turnover required to file on a quarterly basis.Before the cancellation of registration, the Officer would issue a notice to such person whose GST registration is liable to be cancelled, requiring show cause within seven working days from the date of service of such notice.
Company Secretary In Tambaram The registered person can reply to the show cause notice within the prescribed time, or the GST registration can stand cancelled.Before applying for GST registration cancellation, the taxpayer must file all the GST returns up to date. In case there is non-compliance with respect to GSTR-3B return or GSTR-1 return or GST annual return. Shopkeeper are trader or wholesaler or any other type of business but all needs the trust from the customer.
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Company Secretary In Tambaram
Company Secretary In Tambaram
INCOME TAX RETURNS FOR INDIVIDUALS, BUSINESS CLASS, CORPORATES ETC For the purpose of filing tax returns for a partnership firm, one must use the Form ITR-5. The form ITR-5 is used to file tax returns for the partnership firm itself and not for the partners of the firm. One must not confuse form ITR-5 and ITR-3. REGISTRATION OF GST, FILING GST RETURNS ETC WILL BE HANDLED Our firm has made unbelievable breakthrough in the providing Goods and Services Tax In India. Attributed for its flexibility and reliability, these services are broadly demanded. Clients can acquire these services at most affordable rates.
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Company Secretary In Tambaram
Company Secretary In Tambaram
TDS Return Filing And TDS Due Date
However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent exceeding Rs.1,80,000 per year, etc. Those entities have TAN Registration must then file TDS returns. TDS returns are due quarterly
Due Date For TDS Filing
Quarter
Period
The due date for Filing Form 27Q
Q1
1st April – 30th June
On or before 31st July
Q2
1st July – 30th September
On or before 31st October
Q3
1st October – 31st December
On or before 31st January
Q4
1st January – 31st March
On or before 31st May
Failure To Furnish PAN
In case of non-furnishing of PAN or furnishing of incorrect PAN would result in the deductor incurring higher TDS at 20% rate and levy of penalty of ten thousand rupees.
TDS Certificate
On deducting TDS, the deductor would furnish to the deductee a TDS certificate. The deductee can cross check the tax credit by viewing Valid TDS certificate is the TDS certificate downloaded from TRACES .
S.No.
Form
Periodicity
Particulars
1
Form 24Q
Quarterly
Quarterly statement for TDS from “Salaries”
2
Form 26Q
Quarterly
Quarterly statement of TDS in respect of all payments other than “Salaries”
3
Form 27Q
Quarterly
Quarterly statement of TDS from interest, dividend or any other sum payments to non-residents
4
Form 27EQ
Quarterly
Quarterly statement of collection of tax at source
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Company Secretary In Tambaram
Company Secretary In Tambaram
Form ITR-6
Every Indian Resident with any source of income is required to pay tax to the government in the form of Income Tax. The government imposes tax on every entity such as individuals, HUFs, Companies, LLPs, Association of Person, Body of Individuals, and any artificial judicial person. Income Tax Return is the form filed to furnish the information to the government about Income incurred along with tax liability. The form filed would vary depending upon the type of entity filing the return.
Applicability to file ITR-6
Every Company irrespective of its structure registered under the Companies Act 2013 or earlier under the Companies Act, 1956, shall file Income Tax Return through form ITR-6. However, those companies whose income is from the charitable or religious organization are not required to file Form ITR-6 (exempt under Section 11).
The taxpayer liable to file Form ITR-6 must obtain an audit report under Section 44-AB. As per section 44-AB, an entity whose sales, turnover, or gross receipt exceed INR 1 Crore in the preceding financial year must compulsorily get its accounts audited from a Chartered Accountant.
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Company Secretary In Tambaram
Company Secretary In Tambaram
Partnership Firm Tax Return Filing
Partnership firms in India can be divided into two categories namely, registered partnership or unregistered partnership.
Partnership Tax Rate
Partnership firms are liable to pay income tax at the rate of 30% of total income and education cess 4%.. In addition to the income tax and surcharge, a partnership firm must pay education cess and secondary higher education cess.
Partnership Firm Tax Return Filing
Partnership firms are required to file income tax return in form ITR 5
Partnership Firm Tax Return Due Date
The income tax return due date for most partnership firms is July 31 of the assessment year. Partnership firms required to get its accounts audited under the income tax Act must file the income tax return before the September 30th deadline.
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Company Secretary In Tambaram
Company Secretary In Tambaram
Company Secretary In Tambaram GST is the biggest tax reform in India which has tremendously improved business and increasing the taxpayer base in India by including millions of small businesses.GST has been implemented in India from 1st July, 2017. Under the new GST regime, over 1.3 crore business in India have been registered and issued GST registration Tax complexities would be reduced due to the abolishing and subsuming of multiple taxes into a single, simple system.
The new GST regime mandates that all organization involved in buying or selling goods or providing services or both are required to register and obtain GSTIN. Registration is mandatory once the organization crosses a minimum threshold turnover or when an individual starts a new business that is expected to cross the prescribed turnover.GST annual return filing is mandatory for all organization having GST registration, irrespective of business activity or sales or profitability during the return filing period.
Hence, even a dormant business that obtained GST registration must file Nil GST return.Before filing GST annual return the taxpayer must have filed all GSTR-1 or GSTR-3B or GSTR-4 return for the period of April to March. In case there are overdue GST returns for the above-mentioned period, the GST registration holder will not be allowed to file GST annual return. GSTR-9: All GST registered organization are required to file GST annual return in form GSTR-9.
GSTR-9A:GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A. GSTR 9C is applicable who obtain an annual GST audit of their accounts. GSTR-9C must be prepared and certified by a Chartered Accountant or Cost Accountant. GST audit is applicable for person having GST registration with an annual aggregate turnover of above Rs. 2 crores in a particular financial year. Registered organization are required to file 2 monthly returns and 1 annual return, in a year.
Organization have to file the GSTR-3B return every month providing details of sales and purchases made in a month. GSTR-1 return must be filed every month by businesses having an annual revenue of over Rs.1.5 crores/Having less than 1.5 crores of turnover required to file on a quarterly basis.Before the cancellation of registration, the Officer would issue a notice to such person whose GST registration is liable to be cancelled, requiring show cause within seven working days from the date of service of such notice.
Company Secretary In Tambaram The registered person can reply to the show cause notice within the prescribed time, or the GST registration can stand cancelled.Before applying for GST registration cancellation, the taxpayer must file all the GST returns up to date. In case there is non-compliance with respect to GSTR-3B return or GSTR-1 return or GST annual return. Shopkeeper are trader or wholesaler or any other type of business but all needs the trust from the customer.
Read the full article
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Company Secretary In Tambaram
Company Secretary In Tambaram
INCOME TAX RETURNS FOR INDIVIDUALS, BUSINESS CLASS, CORPORATES ETC For the purpose of filing tax returns for a partnership firm, one must use the Form ITR-5. The form ITR-5 is used to file tax returns for the partnership firm itself and not for the partners of the firm. One must not confuse form ITR-5 and ITR-3. REGISTRATION OF GST, FILING GST RETURNS ETC WILL BE HANDLED Our firm has made unbelievable breakthrough in the providing Goods and Services Tax In India. Attributed for its flexibility and reliability, these services are broadly demanded. Clients can acquire these services at most affordable rates.
Read the full article
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Text
Company Secretary In Tambaram
Company Secretary In Tambaram
TDS Return Filing And TDS Due Date
However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent exceeding Rs.1,80,000 per year, etc. Those entities have TAN Registration must then file TDS returns. TDS returns are due quarterly
Due Date For TDS Filing
Quarter
Period
The due date for Filing Form 27Q
Q1
1st April – 30th June
On or before 31st July
Q2
1st July – 30th September
On or before 31st October
Q3
1st October – 31st December
On or before 31st January
Q4
1st January – 31st March
On or before 31st May
Failure To Furnish PAN
In case of non-furnishing of PAN or furnishing of incorrect PAN would result in the deductor incurring higher TDS at 20% rate and levy of penalty of ten thousand rupees.
TDS Certificate
On deducting TDS, the deductor would furnish to the deductee a TDS certificate. The deductee can cross check the tax credit by viewing Valid TDS certificate is the TDS certificate downloaded from TRACES .
S.No.
Form
Periodicity
Particulars
1
Form 24Q
Quarterly
Quarterly statement for TDS from “Salaries”
2
Form 26Q
Quarterly
Quarterly statement of TDS in respect of all payments other than “Salaries”
3
Form 27Q
Quarterly
Quarterly statement of TDS from interest, dividend or any other sum payments to non-residents
4
Form 27EQ
Quarterly
Quarterly statement of collection of tax at source
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