Public limited companies have unique compliance requirements when it comes to ROC filing. This section covers the key steps involved in the ROC filing process for public limited companies. Steps for ROC Filing: Board Resolution: Before filing, ensure that a board resolution is passed authorizing the filing of documents with the ROC. Prepare Financial Statements: […]
A company with multiple shareholders enjoys the benefit of pooling resources, expertise, and capital to drive the growth of the business. It offers the advantage of shared ownership while maintaining the company’s structure and governance as per its Articles of Association (AoA) and Memorandum of Association (MoA). Steps to Register a Company with Multiple Shareholders […]
Agricultural income, while exempt from tax, still needs to be reported under the Income Tax Act. This reporting ensures that no discrepancies arise when calculating total income, and it may impact tax liabilities for individuals earning from both agriculture and other sources. What Constitutes Agricultural Income? Agricultural income is defined under the Income Tax Act […]
Non-compliance with GST laws can have serious consequences for businesses, leading to fines, penalties, and even cancellation of GST registration. Key Consequences of Non-Compliance a) Penalties Penalties for GST non-compliance can be steep. For example, a delay in filing GST returns can result in a late fee of ₹100 per day for CGST and SGST, […]
Who is a Casual Taxable Person? A Casual Taxable Person (CTP) is someone who occasionally supplies goods or services in a territory where GST registration is not mandatory. For instance, if you are a business from Delhi temporarily conducting business in another state, you must register as a Casual Taxable Person. Registration Process for CTP: […]
Changes in business circumstances or the partnership structure can necessitate amendments to the partnership deed. Whether it’s updating profit-sharing ratios, changing the business name, or adjusting the responsibilities of partners, knowing how to amend a partnership deed correctly is essential to avoid future conflicts and ensure compliance. Steps to Amend a Partnership Deed Consultation with […]
Registering a Limited Liability Partnership (LLP) is a popular choice for entrepreneurs and small business owners in India. It combines the benefits of both partnerships and corporations, offering limited liability protection while maintaining operational flexibility. Here’s a comprehensive guide on how to register an LLP in India. Step 1: Obtain Digital Signature Certificate (DSC) Before […]
Discrepancies can arise during statutory audits due to various reasons, including errors in financial statements, lack of adequate documentation, or miscommunication between departments. Here’s how to effectively address these discrepancies: 1. Identifying Discrepancies Early Regular Reviews: Conduct periodic internal reviews before the statutory audit to identify potential discrepancies. This proactive approach minimizes surprises during the […]
Filing your income tax returns early comes with a plethora of benefits. Here are some key advantages: Avoiding Last-Minute Rush: Filing early allows you to sidestep the chaos that often accompanies the tax season. You can gather your documents at your own pace, ensuring that you don’t miss any crucial information. Error Reduction: Early filing […]
The Goods and Services Tax (GST) is a vital aspect of India’s taxation system. Not registering for GST when required can have significant repercussions for businesses, both large and small. Here are some of the key consequences of failing to register: 1. Legal Penalties Failure to register for GST can lead to hefty penalties. The […]
