Bussiness Registration

Company Regiustration, Limited Liability Partnesrhip Registration (LLP), Partnership Formation, Trust, Society & Non Profit Organisations. Company registration is governed by the Ministry of Corporate Affairs, Companies Act, 2013 and the Companies Incorporation Rules, 2014. To register a private limited company, a minimum of two shareholders and two directors are required. A natural person can be both a director and shareholder, while a corporate legal entity can only be a shareholder. Further, foreign nationals, foreign corporate entities or NRIs are allowed to be Directors and/or Shareholders of a Company with Foreign Direct Investment, making it the preferred choice of entity for foreign promoters. Unique features of a private limited company like limited liability protection to shareholders, ability to raise equity funds, separate legal entity status and perpetual existence make it the most recommended type of business entity for millions of small and medium sized businesses that are family owned or professionally managed.

In case of One Person Company, only an individual who is an Indian citizen and resident in India can become the shareholder. In case of Private Limited Company and Public Limited Company, shareholders could be Individuals, Companies or LLPs, but only individuals can become directors of the company. Limited Liability Partnership (LLP) is a corporate structure that combines the flexibility of a partnership and the advantages of limited liability of a company at a low compliance cost. In other words, it is an alternative corporate business vehicle that provides the benefits of limited liability of a company, but allows its members the flexibility of organising their internal management on the basis of a mutually arrived agreement, as is the case in a partnership firm.

GST Registration & Return Filing

GST has been implemented successfully by the Central Government to streamline all types of indirect taxation to a “Single Taxation” system on July 1st of 2017 with a great public support. Such “One Tax for One Nation” is the culmination of three taxes such as Central Goods and Service Tax (CGST), State Goods and Service Tax (SGST) and Integrated / Interstate Goods and Service Tax (IGST). GST is a friendly taxation for export oriented businesses because GST is not applied to goods and services which are exported out of the country. The lowered tax burden could convert into lower prices on goods for the customers in the long run. To widen the tax base, more business entities come under the GST Tax system which leads to more tax revenue collections.

Companies which are not working as organized sectors come under a Tax. GST incurred on input costs can be recovered by the manufacturers, suppliers, retailers, and wholesalers. This system eliminates the cost of doing business, thus brings fairer prices for consumers. The entire Indian market becomes a unified market, which converts into lower business costs. This facilitates flawless goods movement across the states and reduces the business transaction cost. GST registration holder are required to file GSTR-1 (details of outward supplies) on the 11th of each month and GSTR 3B (monthly return) on the 20th of each month. Dealers registered under the GST composition scheme are required to file GSTR-4 every quarter, on 22nd of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December. The due dates for the GST return due in July, August and September are different from the normal schedule to help the taxpayers and GSTN network ensure a smooth GST rollout.

Advisory Services

Our Corporate Advisory Services enhance value through the delivery of strategic advice and execution services to organizations who seek value-enhancing solutions that complement their growth strategies. With an experience of delivering success to global organizations in developing marketing entry strategies, we provide a range of advisory services to assist clients in achieving their business objectives, managing their risk and improving their business performance.

With increased cross-border investment in India and progressive integration with international reporting standards such as IFRS and US GAAP, the RAS function has become progressively more complex. Investors expect a high level of transparency along with fair & accurate reporting. Our Risk Advisory team assures to be an objective source of independent findings on key aspects of operations, i.e. efficiency, effectiveness and integrity of information while ensuring compliance with regulations and protocols. We offer advisory services for:

• Market Advisory
• Regulations and Clearance Procedures
• Financial and Secretarial Due Diligence
• Project Validation
• FDI Advisory
• Inbound and Outbound Investments
• Implications of FDI Policy
• Implications under Foreign Exchange Management Act
• International Taxation Advisory
• Cross Border Transaction Advisory
• Multi-National Structure Advisory
• Advisory on Double Tax Avoidance Agreement
• Offshore Tax Withholding Services

Income Tax & TDS Return Filings

An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing the actuals, the total amount that should go to the government as income tax is calculated. If you’ve paid more tax than needed for the financial year, you’ll be refunded by the income tax department. Sometimes, you may also see that you have underpaid taxes for the year. In such cases, you must pay the remainder of the tax, and file your income tax returns. Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some income tax return forms are longer than the others, and they may need additional disclosures such balance sheet and a profit and loss statement information.

Irrespective of whether you live in India currently or not, filing an income tax return is compulsory, if your total Indian income exceeds Rs.2,50,000. Even if you don’t meet the Rs.2,50,000 threshold, it’s a good practice to file or e-file your income tax return. An income tax return is an important document that you must produce at the time of availing a home loan, as it reflects your financial prosperity. An income tax return, as a proof of income shows your capacity to repay a loan. If you are planning to go abroad for higher studies, or are about to take up a job outside of India, you’ll need at least three years’ filed income tax returns to show as proof of income. People processing your visa application may request for this financial information to evaluate your financial health, which in return shows that you can support yourself on your own in their country. Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently.

The penalty for late filing income tax return is now as follows: TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. Tax deducted at source (TDS) ensures that the Government’s collection of tax is proponed and the responsibility for paying tax is diversified. The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government – quoting the TAN number. Individuals who are salaried are not required to obtain TAN or deduct tax at source. 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. EaseOn Filings can help obtain TAN Registration.

Those entities have TAN Registration must then file TDS returns. TDS returns are due quarterly. EaseOn Filings can help you file e file your TDS returns online. Our TDS experts can help you compute your TDS payments and e file the TDS return and keep you in compliance with TDS regulations. To know more about your due dates for TDS return filing due date and TDS payment due date call us at EaseOn Filings. Tax Deducted at Source must be paid into authorized bank, quoting the TAN and using Challan 281. TDS during the preceding month must be paid before the 7th day of the following month.

Bookkeeping & Auditing

Our Audit Services:

• Statutory Audit
• Internal Audit
• Bank Audit
• Process Audit
• Revenue Assurance Audit
• Stock Audit
• Institutional Audit
• Information System Audit
• Management and Performance Audits

Whether you are launching a start-up in need of small business bookkeeping services or already run an established business, EaseOn Filings can offer you a convenient bookkeeping solution. We provide you with easy access to qualified, seasoned bookkeepers and accounting professionals – without you ever having to hire them. Even if you own an established business and your in-house bookkeeper is not sufficiently qualified or is unable to keep pace with the work flow, we can provide the most efficient bookkeeping solutions at cost-effective rates. Our online bookkeeping services will help you reduce costs and manage your books efficiently. In addition, EaseOn Filings has an in house team of accounting professionals who can work on every well known software programs like Tally, QuickBooks, Soho and other popular accounting applications.

Trade Mark, Copy Right, FSSAI & Digital Signature

A trademark is a visual symbol, which may be a word, name, device, label or numerals used by a business to distinguish it goods or services from other similar goods or services originating from a different business. A registered trademark is an intangible asset or intellectual property for a business and is used to protect the company’s investment in the brand or symbol. A trademark is registrable if it is distinctive for the goods and services you provide. Proposed trademarks that are similar or identical to an existing registered trademark cannot be registered. Also, trademarks are not registrable if it is offensive, generic, deceptive, not distinctive, contains specially protected emblems, etc., Trademarks in India are registered by the Controller General of Patents Designs and Trademarks, Ministry of Commerce and Industry, Government of India. Trademarks are registered under the Trademark Act, 1999 and provide the trademark owner with a right to sue for damages when infringements of trademarks occur. Once a trademark is registered, R symbol can be used and the registration will be valid for 10 years. Registered trademarks nearing expiry can be easily renewed by filing a trademark renewal application for a period of another 10 years.

The Food Safety & Standards Act, 2006 introduced to improve the hygiene and quality of food has brought about tremendous changes in the food industry. As per the Act, no person shall commence or carry on any food business except under a FSSAI license or FSSAI registration. Therefore, any food manufacturing or processing or packaging or distributing entity is now required to obtain a FSSAI License or Registration. FSSAI License is issued by the Food Safety and Standards Authority of India (FSSAI), Ministry of Family Health & Welfare, Government of India. Application to commence a food business must be made to the FSSAI in the prescribed format. Based on the application and supporting documents, FSSAI will accord approval. IndiaFilings can help your business obtain FSSAI Registration or License quickly and hassle-fee. Talk to our Business Advisors and we will help you get the necessary FSSAI approvals and registrations. A Digital Signature Certificate (DSC) is a secure digital key that certifies the identity of the holder, issued by a Certifying Authority (CA). It typically contains your identity (name, email, country, APNIC account name and your public key). Digital Certificates use Public Key Infrastructure meaning data that has been digitally signed or encrypted by a private key can only be decrypted by its corresponding public key. A digital certificate is an electronic “credit card” that establishes your credentials when doing business or other transactions on the Web.

ESI, PF, MSME, Import Export Code

Employee’s State Insurance(ESI) is a self-financing social security and health insurance scheme for Indian workers. For all employees earning INR 21000 or less per month as wages, the employer contributes 4.75 percentage and employee contributes 1.75 percentage, total share 6.5 percentage. This fund is managed by the ESI Corporation (ESI) according to rules and regulations stipulated therein the ESI Act 1948, which oversees the provision of medical and cash benefits to the employees and their family through its large network of branch offices, dispensaries and hospitals throughout India. ESI is an autonomous corporation under Ministry of Labour and Employment, Government of India. But most of the dispensaries and hospitals are run by concerned state governments. Employees registered under the ESI enjoy a range of benefits under the scheme. Employee enjoy medical attendance and treatment for the person insured and their families including full range of medical, surgical and obstetric treatment, supply of all drugs, ambulance services, super-specialty consultation, etc., In addition, to the medical care, insured persons also enjoy sick pay benefits. Registration with ESI provides the employee with tremendous benefits and improves worker morale and retention. EaseOn Filings can help your Company obtain and manage ESI Registration. Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the umbrella of Employees’ Provident Fund Organisation (EPFO). PF registration is applicable for all establishment which employs 20 or more persons. PF registration can also be obtained voluntarily by establishments having less than 20 employee.

The PF contribution paid by the employer is 6% of (basic salary + dearness allowance + retaining allowance). An equal contribution is payable by the employee. In case of establishments which engage less than 20 employees or meet certain other conditions, as per the EPFO rules, the contribution rate for both employee and the employer is restricted to 10%. For most employees working in the private sector, it’s the basic salary on which the contribution is calculated. It is obligatory that employees’ drawing less than Rs 15,000 per month, to become members of the EPF. As per the guidelines in EPF, employee, whose ‘basic pay’ is more than Rs. 15,000 per month, at the time of joining, is not required to make PF contributions. Nevertheless, an employee who is drawing a pay of more than Rs 15,000 can still become a member and make PF contributions, with the consent of the Employer. MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories. MSME enterprises are the backbone of any economy and are an engine of economic growth, promoting equitable development for all. Therefore, to support and promote MSMEs, the Government of India through various subsidies, schemes and incentives promote MSMEs through the MSMED Act. To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required. Micro, Small and Medium sized enterprises in both the manufacturing and service sector can obtain MSME Registration under the MSMED Act. Though the MSME registration is not statutory, it is beneficial for business at it provides a range of benefits such as eligibility for lower rates of interest, excise exemption scheme, tax subsidies, power tariff subsidies, capital investment subsidies and other support. EaseOn Filings can help your business obtain MSME Registration to avail a host of benefits.

Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Codes when issued can be used by the entity throughout its existence and doesn’t require any renewal or filing. Therefore, it is recommended for most organizations to obtain IE Code, irrespective of if they need it at the moment. IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 3-5 working days or less.

Internal Audit

Globally, organisations are facing increased competition, not only to sell their own products a reasonable price but also, for example, procurement of raw input materials, employees, capital, etc. Organisations continuously have to redesign themselves to ensure that their core business processes become more effective and efficient, including taking cost reduction opportunities and improving the delivery of quality goods and services. A strategically orientated and structured internal audit function can play a vital role in assisting the Board of Directors, Audit Committees and management in achieving these business challenges. Internal audit can add value by

Focusing on risk areas through the participation in corporate governance and risk management processes. Evaluating and recommending process improvement opportunities. Researching best practices and making recommendations for change. Monitoring the implementation of management strategic actions. Organizing itself as a cost effective business unit. When designing an internal audit function, strategy must drive tactics, not the reverse.
Too often, the internal audit functions respond to immediate tactical needs. In a rush to implement responses, key strategic issues can be overlooked. The result can be a tactical internal audit function in search of a strategy. We have dedicated internal audit groups in all major business centres. Our internal audit teams have extensive internal audit experience and have worked with or within major internal audit functions.