A fresh concept of the One Person Company was introduced by the Company's Act of 2013. (OPC). A public corporation requires a minimum of three directors and seven members, but a private company just needs two directors and two members. A firm could only be incorporated by a group of persons until recently.

One-person corporations (OPCs) are companies with just one proprietor. Before the Companies Act of 2013 took effect, corporations could only be formed by two people. A person could only establish a sole proprietorship if they wanted to open a business because a company could only be established with a minimum of two directors and two members.

According to Section 2(62) of the Company's Act 2013, a company can be incorporated with just 1 Director and 1 Member. Compared to a private business, this sort of corporation has fewer compliance requirements.

A person may form a business with just one member and one director in accordance with the Companies Act of 2013. The director and a member can both be the same individual. As a result, a one-person company is a company that can be founded by a single person, who may be a resident or an NRI, and that combines the advantages of a sole proprietorship with the qualities of a corporation.

Get more info: Click on: One Person Company Registration

A private limited company is one of the most well-recommended ways to start a business in India. Limited liability and some ownership restrictions are provided by this type of business to its stakeholders. Partners of an LLP are the owners and managers of the business. However, shareholders and directors may not be the same in a private limited company.

Taxshooter, your trustworthy lawyer, provides affordable company registration services in India. Information on business registration is available here. Every legal requirement is handled by us, and we abide by the Ministry of Corporate Affairs' guidelines. Following the approval of the company registration process, you are given a Certificate of Incorporation (CoI), a PAN, and a TAN. Now that you have opened a checking account, you can operate your business.

Creating a private limited company (PLC) is a frequent way to start a business in India. Improved reputation, autonomous legal existence, founders' limited liability protection, and ease of raising outside finance are all advantages. A company structure is therefore preferred by startups and forward-thinking businesses because of their higher risk and growth aspirations. It is recorded with the Ministry of Corporate Affairs in accordance with the 2013 Companies Act.

Get more info: Click on: Private Limited Company Registration

An LLP Registration in India is a different type of business structure that combines the advantages of a corporation with the adaptability of a partnership firm. The LLP concept entered India thanks to the Limited Liability Partnership Act of 2008. Small and medium-sized businesses can be established using this unusual combination.

It is quite easy to create and manage a Limited Liability Partnership Registration in India. An LLP must have at least two partners in order to be registered; there is no maximum. The LLP agreement specifies the responsibilities and privileges of the Partners. In an LLP, one partner is not responsible for the negligence and wrongdoing of the other partner. The partners are responsible for complying with all of the requirements of the LLP agreement.

Before a company may be incorporated in India, the Ministry of Corporate Affairs must first approve the company name (MCA). This procedure takes between 24 and 48 hours. In India, a company name must include the phrase "private limited." The last name is One Person Company (OPC) private limited. While LLPs end with LLP, Section 8 businesses may use the words "foundation," "association," or "institution."

A proposed company name cannot be identical to or confusingly similar to an already registered company name. Every company name must also include a word describing the activity it performs. For instance, VERVE Financial Services Private Limited classifies the activity as Financial Services.

One of the most significant types of company organization is a partnership. In a partnership firm, two or more people join forces to start a business and distribute the earnings equitably. Any type of business, trade, or profession falls under the umbrella of a partnership. Compared to corporations, a partnership firm is simpler to establish and requires less compliances.
In India, partnership firms are governed and regulated under the Indian Partnership Act, 1932. Partners are the people who join forces to form a partnership firm. A partnership agreement between the partners creates the partnership firm.
The agreement between the partners, known as a partnership deed, governs their interactions with one another as well as with the partnership firm. Partnership Firm Registration Cost
Compared to other business organization types, a partnership firm can be incorporated quickly. By creating the partnership deed and signing the partnership agreement, the partnership firm may be formed. There are no more documents necessary outside the partnership deed.
Not even registration with the Registrar of Firms is required. As registration is optional and not required, a partnership firm may subsequently become incorporated and registered.

Your mind is filled with a lot of ideas. Intellectual property refers to the creations that these ideas inspire. Intellectual property comes in many forms, including copyright, trademarks, and patents. We'll examine the distinction between a trademark and a patent in this post.

What is Trademark?
A trademark is a symbol, phrase, or design that businesses employ in the sale of their goods or services. It sets one of the competing companies' products apart from other, comparable ones. Under the Trade Mark Act of 1999, it is defined. It is primarily a mark that can distinguish between the products or services of one person and those of another.

The brand name or slogans of the company are protected by trademark rights. It serves as a deterrent against the company utilising a mark or symbol that is similar. Registration of trademarks is not required.
The trademark should not contain a description, but it should be brief and meet the registration standards. It develops a brand for the company's goods.

Anyone who wants to register a trademark with the authority is welcome to do so.

Professionals can submit the trademark application online at on govt website.

You can also get help by visiting: Trademark And Patent Registration.

A tax demand notice will be delivered to the taxpayer by the income tax department if there is a disparity between the income tax amount calculated and paid by the taxpayer while submitting an income tax return (ITR) and that computed by the department. After the tax department has processed the ITR, the taxpayer will receive the tax demand notice.

In accordance with section 143(1) of the Income-tax Act of 1961, a notification will be sent via email and SMS on the same. The tax demand notice can be found in your account on the government's electronic filing website.

"The time frame for responding to this is 30 days, in accordance with the most recent income tax laws. If you don't react to the notification within the allotted time frame, the department will move through with the recommended adjustment to your total income as stated in the notice given in accordance with Section 143(1) of the Income-tax Act. If a tax demand is made in accordance with the notification provided under Section 143(1), the notification is treated as a Notice of Demand under Section 156. Therefore, you must pay the total sum within the time frame specified in the notice."

The assessee is responsible for the following penalties if the person to whom the section 156 tax notice for demand has been issued fails to pay the amount required within the deadline:
Interest under Section 220: After the 30 days allotted under Section 156 of the tax notice have passed, interest at the rate of 1% per month, or a portion thereof, is due.
Penalty under Section 221: The assessing officer may impose a penalty under Section 221 on the assessee.

Read more at: How to Response Income Tax Notice

In addition to depositing the tax, the deductor must file TDS returns. A quarterly statement known as a TDS return filing is required to be sent to the Income Tax division. The TDS returns must be submitted on time. You can file your TDS return entirely online. Details from the TDS returns will appear on Form 26 AS after they are submitted. The following details should be included when filing TDS returns:

The tax that is gathered by the Government of India at the time a transaction occurs is known as tax deducted at source, or TDS. In this instance, the tax must be subtracted at the moment the funds are credited to the payee's account or, if earlier, at the time of payment.

Tax is subtracted at the time of payment in this event of wage payment or the life insurance policy. This sum must be deposited with the Income Tax Department by the deductor. A portion of the tax is paid to the Income Tax Department immediately through TDS. The tax is typically subtracted between 10% and 15%.

All those in charge of withholding tax at source or collecting tax at source on behalf of the government must get a TAN, or Tax Deduction and Collection Number, which is a required 10 digit alpha number. Individuals who are paid a salary are not required to obtain a TAN or deduct taxes at the source.

When dealing with sole proprietorships, enterprises and other entities must withhold tax at the source when making certain payments, such as salaries, contractor payments, and rent payments over Rs. 2,40,000 annually. Getting the TAN registrations is possible with the aid of IndiaFilings.

Quarterly TDS returns must be filed by entities with active TAN registrations. Our TDS specialists can assist with calculating TDS payments and filing TDS returns while adhering to TDS requirements. For TDS Return Filing visit our website click on: TDS Return Filing Software Features

In essence, a business tax return is an income tax return. The return is a statement of the business's revenue and expenses. Additionally, any tax that must be paid on the earnings that you produced is disclosed in this return. Information on the business's assets and liabilities is also included in the return. Here are declared items such as fixed assets, business debtors and creditors, loans taken, and loans given.

Who has to file a business tax return?
The type of business structure largely determines the filing of a return. For instance:

If you are a sole owner, you must include both your business income and additional personal income, such as salary, rental property income, and interest income, on the same return.
Regardless of whether your business made a profit or a loss, you must compulsorily file your income tax return if your total income before deductions exceeds the basic taxable limit.
The baseline threshold for taxation is Rs. 2.5 lakh. For this reason, you must file your business tax return if your income before deductions is greater than Rs 2.5 lakh.
A business tax return must be filed by corporations, firms, and limited liability partnerships (LLP) regardless of profit or loss. A return must be filed even if no transactions are performed.
Companies, companies, and LLPs must pay 30% in taxes.

Every taxpayer is expected to undergo a tax audit if their annual revenue exceeds Rs. 1 crore for enterprises and Rs. 50 lakh for professionals. A chartered accountant must be chosen by the taxpayer to audit their financial records.

Additionally, if your business has suffered a loss and you want to carry the loss forward, a tax audit is necessary. Even if your claimed profits represent less than 8% (6% for digital transactions) of your business's overall revenue or 50% of your professional clients' receipts, a tax audit is still required.

Individuals, HUFs, and companies that operate enterprises or perform services may ostensibly remit their revenue to the IRS. Presumptive taxes is permitted on corporate income up to Rs 2 Crore and on professional income up to Rs 50 Lakh.

Under the presumed basis for businesses, an income offering of no less than 8% of the turnover is required. Professionals are required to declare 50% of their professional receipts on the business tax return. For best info Click on, Business Income Tax Return Filing

Filing Individual Income Tax Returns Online in India- An Overview

All law-abiding Indian citizens are required to file income taxes with the government. You may quickly file your income tax online thanks to modern technologies. There are no time restrictions and this technique is quick and precise.

ITR forms must be submitted in order to electronically file income tax returns in India via the official website. For individuals and salaried individuals, there are different ITR forms. Given that the income tax division has a variety of forms with designations ranging from ITR 1 to ITR 7, this is a crucial responsibility. Each form has a distinct purpose and fits into a specific category.

Your income tax will not be filed on time even if you only forget to fill out one field on the form or make any other mistakes. Here is where you require professional advice. Taxshooter regularly files income tax returns for both people and organizations. Because of this, you can rely on us to file your income tax returns. You must give us the following documents in order to do it.

The advantages of filing IT returns are:

Loans: Bank loans, such as those for school, cars, and personal use, are simple to obtain because they only require the latest three years' worth of tax records.

Visa: Proofs are a required document for visa applicants since immigration centers carefully review numerous paperwork and IT reports.

Avoid penalties: It is always preferable to file income tax returns in order to avoid legal implications, since substantial amounts would be levied for failing to do so.

Last Date for Filing Income Tax Returns

Therefore, if you have taxable income, be sure to file it before the deadline.

Every year, by July 31st, people and businesses who are not subject to audit should file their income tax filings.

An organization or business that is subject to an audit must submit its IT returns by September 30 of each year.

Individuals and businesses should submit their late tax returns no later than March 31 each year.

Get Complete info, click on: Individual Income Tax Returns Filing Online

GST Notices come in a variety of forms, including show cause, demand, and scrutiny notices, to name a few. This article provides a summary of all GST notification kinds as well as the taxpayer's alternatives.

What is Notice under GST

Notices are communications from the GST Authorities under the GST. These are sent to taxpayers in order to notify or warn them of any defaults that have been discovered, specifically for failing to comply with GST requirements. Other times, notices may be issued solely for the purpose of obtaining additional information from the taxpayer. Rarely do tax authorities issue notices when products are moved or services are rendered without being subject to tax scrutiny or when taxpayers behave in an unusual manner. The actions taken by the GST authorities are based on any information gathered during the verification of the taxpayer's GST Returns or obtained from another government agency or from any third parties.

A notice may go by different names, such as a show cause notice (SCN), scrutiny notice, or demand notice, depending on the circumstances of each case and the nature and seriousness of the taxpayer's deficiency. The most frequent reasons for receiving notices under GST include mistakes made by the taxpayers, such as failing to register under GST as required by law, failing to file GST returns on time or at all, paying GST late or insufficiently, claiming too many input tax credit claims, etc.

A taxpayer is required to respond to notices within the timeframe stated in the notice with prompt action. If this isn't done, the taxpayer risk getting into legal trouble. The authorities may pursue criminal charges in such a case or may view it as a deliberate breach and impose punishment.

Get Solution here, Click on: How to Deal with GST Notice or Call at +91-7428-333-939