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Friday, August 18, 2017
You are here : Compliances

Compliances

compliance

3. Compliances

  • a. Private/Public Company
  • b. Limited Liability Partnership
  • c. Service Tax Return
  • d. Vat Return
  • e. Tds Return

a. Private Company

  • a. Overview
  • b. Filling

a.Overview

Companies in India must conduct an Annual General Meeting at the end of each financial year and file an annual return with the Ministry of Corporate Affair to maintain compliance. 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 Meeting should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company’s annual return would be on September 30th.

Annual return consists of information and documents that include the Balance Sheet of the Company, Profit & Loss Account, Compliance Certificate, Shares and Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities.

b. Filling

We can help you to file the mandatory annual return for your Company and maintain annual compliance with the Ministry of Corporate Affairs.

1. Annual Return Preparation

We will prepare the Annual Return for your Company based on the financials and performance during the previous financial year and file necessary forms which are required for all the compliance’s

b. Limited Liability Partnership

  • a. Overview
  • b. Filling

a. Overview

LLPs in India must file its Annual Return within 60 days from the end of close of financial year and Statement of Account & Solvency within 30 days from end of six months of close of financial year. LLPs mandatorily have to maintain their financial year, as April 1st to March 31st. Therefore, LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year. However, in case the LLP was incorporated on or after 1st of October of a financial year, then the LLP can close its first financial year either on the coming or next 31st March, thereby filing its annual return after 18 months.
LLPs are separate legal entities; therefore, it is the responsibility of the Designated Partners to maintain proper book of accounts and file annual return with the MCA each financial year. LLPs are not required to audit its accounts unless the annual turnover exceeds Rs.40 lakhs or if the contribution exceeds Rs.25 lakhs. Therefore, LLP who do not have to get the accounts audited if it satisfies the above condition, making the annual filing process a simple and easy one.

b. Filling

We can help you to file the mandatory annual return for your Company and maintain annual compliance with the Ministry of Corporate Affairs.

1. Annual Return Preparations

We will prepare the Annual Return for your Company based on the financials and performance during the previous financial year and file necessary forms which are required for all the compliance along with the requisite attachments.

c. Service Tax Return

a. Overview

Service tax is an indirect tax levied on the services provided by a service provider in India. Service tax is paid by the end consumer of the service and the service provider is responsible for collection of remittance from the recipient of the taxable service. At present, Service Tax is levied at 14.5 % on the value of the taxable service. Service tax registration is mandatory for every person or business in India that has provided a taxable service of value exceeding Rs.10 lakhs, in the previous financial year.

Persons or entities liable to pay service tax or having service tax registration must file service tax returns – Form ST-3 or Form ST-3A. Service tax returns are due half-yearly and the service tax return must be e filed. Service tax payment must be paid by entity electronically or manually on the respective due date. The service tax shall be paid to the credit of the Central Government,- 
(i) by the 6th day of the month, if the duty is deposited electronically through internet banking;and 
(ii) by the 5th day of the month, in any other case, immediately following the calendar month in which the payments are received, towards the value of taxable services.

b. Filling

We will prepare the service tax return on the basis of documents provided and prepare the service tax return in Form ST-3/ST-3A.

d. Vat Return

a.Overview

Value Added Tax (VAT) Registration or TIN Registration is a tax registration required for businesses trading or manufacturing goods in India. VAT Registration replaced Sales Tax in India and is synonymous with CST Registration and TIN Registration. VAT is a multi-stage tax with the provision to allow ‘Input tax credit (ITC)’ on tax at an earlier stage, which can be appropriated against the VAT liability on subsequent sale. Therefore, VAT is ultimately borne by the consumer. VAT is collected and governed by the State Government, so each State Government in India has distinct rules applicable for their State based on the type of good manufactured or sold. VAT Registration is mandatory in most states for traders or manufacturers having a turnover of more than Rs.5 lakhs per year (Rs.10 lakhs in some states). can help you obtain VAT or TIN Registration.

Those entities have VAT or TIN Registration must then file VAT returns on time to avoid penalty. VAT is implemented by the State Governments. Hence, the VAT return due date and VAT payment due date differs from state to state. VAT returns are mostly due monthly, quarterly or annually. We can help you file e file your VAT return online. Our VAT experts can help you compute your VAT payments and e file the VAT return and keep you in compliance with VAT regulations.

e. TDS RETURN

  • a. Overview
  • TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha numeric 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 preponed 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 payments like salary, payments to contractor or sub-contractors, payment of rent etc, exceeding certain specified limits on annual basis or individual payments basis. We can help obtain TAN Registration.

    Those entities having TAN Registration must file TDS returns. TDS returns are due on quarterly basis. We can help you e-file your TDS returns. Our TDS experts can help you compute your TDS payments and e-file the TDS return and keep you in compliant with TDS regulations.

  • b. Filling
  • We will prepare the tds return on the basis of data provided by you. Different forms have been prescribed on the purpose of deduction of TDS. The various TDS forms are as follows-:

    • Form No.
    • Particulars
    • Form 24Q
    • Statement for Tax deducted at source from salary
    • Form 26Q
    • Statement for Tax deducted at source on all payment except salary
    • Form 27Q
    • Statement for dedeuction at tax from interest, dividend, or any other sum payable to non-resident
    • Form 27EQ
    • Statement of collection of tax at source

    We will prepare the quarterly return and it should be accompanied by a signed verification in Form 27A.

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