Why Virtual Office is an essential address for small Indian firms.

Why Virtual Office Address is essential to Indian small businesses.

Business prospects have plenty of needs and requirements and most company owners look forward to some of the new technologies that are available ahead to assist them in the company of scale. There are tons of ways in which new business owners are trying to implement to make sure they are ready to develop their business quickly. The saddest reality is, the idea of a virtual office address is not known to a lot of businesses, especially to small companies.

Virtual Office Address for Business Registration

Most are not aware that having a virtual office address can have an immense effect on their business and can help them hit a speed not connected to the conventional environment of their offices.

What is the address of the virtual office

The aim is to get a legislator answer in a room when you are not running an efficient office when you take up a virtual job. To make it simpler, without running an office there, you will have the place’s address.

Tons of confusions emerge in the mind when the idea of virtual offices is stated. The idea is basic, all you have to learn is that virtual offices almost seem to have an address. The only difference is that you would actually just have an address and not an actual physical location. This means that you actually don’t have to have a real office, you ‘re just going to have a main place address and buy a website. It’ll help you save tons of the investment in the capital you simply allocated for equivalent with this virtual office idea.

 

Today, if you’re a small company, you have to consider a lot of things, like the use of virtual offices. Several benefits, particularly for small businesses, relate to having a virtual office. The following advantages will confirm that while running the company at its best, you will expand your business in a very fast phase in the short term.

Values for small businesses in India Virtual Office address

The benefits that you can actually reap as a small business will be a significant factor in the overall success of your business model, which also demonstrates that methods of your company scaling can be much quicker than traditional routes. The main advantage you ‘re going to have is that the savings you receive from a virtual office address in India.

Economical Virtual Office Address Services for GST Registration

 

Savings of the capital

There are countless things you just have to confirm before you start a business and one of the first goals is to have enough money to spend when your company has a dry spell. This suggests that each process you do with your company must be cost-effective, and often it’s important especially for a replacement company.

You will save 70% of your investment with a virtual office, because the bulk of your money is not invested in operating an actual office. This rise in savings in your investments will help you broaden your business strategies and also help you do a lot of complex work on other investments.

 

Huge presence to Small Business

We all know how important the presence of your business is as a little business owner. More and more scope you have the business, the more ready you are to build a client database. You are ready to develop your products on the path in no time by increasing the customer base and, in no time, your products will have huge market demand, so long as the product or the service you provide is of good quality.

 

Adding a knowledgeable outlook

Hundreds of factors contribute to the professional identity of a small company, but the bulk of the effort comes from a place of company. This gives your company enormous credibility. A key position specifically means that all leading specialist businesses are situated in prime locations and that you have a high level of services. You have met the need to create an expert face for your company with a virtual office address at a prime location.

Prime Virtual Office Address at Cheapest Prices


Attracting more business opportunities

When you have been figured out that your company will improve drastically and in no time, if your services are equally successful, you will face tremendous demand. Your enterprise will draw more business opportunities than ever, as an organization with an honest reputation in an excellent location.

Access to items from the virtual office services at the workplace.

Different facilities like email, training rooms, conference rooms, etc. can also be accessed at extra cost with a virtual office in India. This means that you are going to do business efficiently within a short time and that massive business investment will also take place within a short period.

You simply have to try and locate a virtual office provider such as www.carajput.com and make a reservation right away. By contacting us on to www.carajput.com you will always book a virtual office and ensure a reservation now!

If you’ve got any questions please visit the website and contact our skilled support team for a detailed look.

Important Updates on the reduction compliance obligation under Atmanirbhar Scheme:

Important Relevant updates on the reduction of compliance obligation under Atmanirbhar Scheme:

Covid-19 related debts shall be excluded from 'default' under IBC ...

TODAY ‘S FIFTH AND LAST TRANCH OF ANNOUNCEMENTS FOCUS ON 8 SECTORS:

1. MGNREGA Scheme 

Total budget was Rs 61,000 crores

• The extra Rs 40,000 crores allotted

2. HEALTH’s

• Setting up the public system

• Block all districts to avoid infectious diseases

• Public health laboratories to be set up at block level in all districts;

3. EDUCATION-driven technology

• PM e-Vidya multi-mode control system

• One-nation interactive school under DIKSHA for school education

• One-year Television channel for each class;

• Extensive use of radios

• Special e-content for children of Divyang

 Top 100 universities must ultimately be allowed to start online courses by 30 May 2020.

 4.  Significant support to distressed firms: Fresh IBC has been suspended for one year. As per the declaration of FM.

A.    IBC related – debts related to COVID 19 are out of IBC default

B.    No further insolvency lawsuits can be launched for up to a year. i.e No fresh insolvency case will be initiated for up to a year

C.   Minimum limit of IBC would be Rs. 1 Cr. i.e Total insolvency requirement lifted from Rs 1 lakh to Rs 1 crore

D.   Decriminalised all the sections. Few Non Compoundable offenses would become compoundable offenses.

E.    Compounding by ROC

F.    Direct listing in foreign destinations

G.   NCD listing would not be treated as listed companies for the purpose of Companiesct

H.   Covid-related loans should be exempt from default under IBC

I.      For MSMEs, a special insolvency framework will be notified

Fresh IBC proceedings suspended for a year; debts related to Covid ...

 5. State seeks to decriminalize losses under the Companies Act

• Bulk of compound crimes parts to be transferred to the Internal Adjudication System (IAM) and improved RD forces for compounding.

• 7 compounding crimes dropped entirely and 5 to be dealt with in an alternate system.

 6. Simplify of doing business for companies

• Clear listing of shares by Indian listed corporations within international jurisdiction. Pvt firms that issue non-convertible bonds (NCDs) on stock exchanges not to be considered as public entities.

All industries are now open to private parties

7. Fresh Public Sector Business Strategy

• The Pvt sector will be able to invest in all markets, while public sector companies will continue to play a significant role.

• a new policy that will categorize strategic sectors and others.

• The list of strategic sectors requiring the presence of PSEs in the public interest shall be notified.

A list of strategic sectors needing the participation of PSEs in the public interest will be identified.

• There will be at least one PSE in these strategic sectors, but the pvt sector will also be authorized.

• The PSEs should be privatized in other industries.

• To reduce unnecessary operating expenses, the number of firms in key markets will usually be just three or four, while others will be privatized / mixed / brought under holding companies.

 8. Policy management and services

• The Center has agreed to raise the State Borowing Limit from 3% to 5% for FY21. This will provide extra Rs 4.28 lakh crore capital to states.

A.   Part of the loan would be related to specific reforms. The relation between the reforms will be in four areas:

1. One Nation One Ration Card,

2. Ease of Doing Business,

3. Power distribution,

4. Urban local body revenues.

 B.   The Department of Spending should be told of a particular scheme

• Unconditional 0.50 percent rise

• 1% in 4 tranches of 0.25% for each tranche linked to specifically specified, tangible and feasible policy actions;

• 0.5 per cent of targets was reached in at least three of the four improvement regions.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

 

Key ideas & prospects for CA’s practice to develop in 2020.

Top ideas & opportunities for the practice of New CA to be established in 2020.

Upon completion of the Chartered Accountant exam, candidates may either be working in a corporation as employees or may start their own professional practice. If you want to start your own company, you need to know first about the essential terms and conditions of the company. Many of the eligible CAs have this problem.

  • When I start working as a ca practice or join a job, which one is better for me.
  • How can I expand my CA practice?
  • What I need to do to offer professional services to my customers.
  • How do I keep my staff at my CA firm / LLP

Once you get going, the first thing you can hold in mind is Hard Working and Patience. These are two significant market drivers that will carry you to a new height of success. There are various market opportunities in the country that the Chartered Accountant can launch without spending a large amount of capital.

Working for oneself often seems to be more appealing than working for someone else. In addition to building a work-life harmony, you live and follow your own desires.

Before beginning your practice, it ‘s important to do your homework and ask yourself questions so that you can get a sense of direction and intent. Some of the things you should think about include:

  • Should I have the experience of working for a company and employees?
  • Do I have the capital to start a business?
  • Do I have a good view of my accounting business?
  • Do I have the strength to succeed?
  • Do I have the love of family members?
  • How am I going to set my work apart from that of other businessmen like me?

When you’ve answered these questions and know that you’re starting an accounting firm for all the right reasons,

The Chartered Accountant has played a significant role in the numerous branches of the business, such as auditing, taxation, tax planning, accounting, accounting, administrative management, and financial reporting. Here, we are explaining the right company start-up strategy:

  • Understand why you want to launch a Chartered Accountant profession
  • Create an in-depth strategic strategy
  • Choose the best type of finance;
  • You can obtain a franchise from the Taxation Technology Agency
  • Tax Advisory Services
  • Products with verification competence
  • Outsourcing of services
  • Open the Educational Course for Chartered Accounting
  • The GST market is a driver of funding for Chartered Accountant start-up
  • Subjects one can specialize in your Chartered Accountant practice area

Areas of Expertise in Your CA Practices: There are a variety of topics that you may specialize in, which are listed here:

  • DIRECT TAXES
  • INDIRECT TAXES
  • FEMA
  • FOREIGN TRADE POLICIES
  • CORPORATE FINANCING
  • LABOUR LAW REGULATIONS AND COMPLIANCES THEREOF
  • TURN OUT STRATEGIES
  • INTERNAL CONTROLS, SOX, AND OTHER ALLIED AUDIT SERVICES
  • ESOP AND PAYROLL RELATED SERVICES
  • ASSISTING IN ARBITRATION
  • MERGERS AND ACQUISITIONS M&
  • FORENSIC ACCOUNTING
  • PREPARATION FOR A FINANCIAL DUE DILIGENCE
  • SYSTEMS AUDIT IN A COMPUTERISED ENVIRONMENT
  • SUPPORT SERVICES FOR SOFTWARE DEVELOPMENT, TESTING, AND IMPLEMENTATION
  • MANAGEMENT OF FAMILY RUN BUSINESSES
  • PREPARATION FOR IPO

Note: Combine any of these possibilities together initially to acquire information. While you may have limited knowledge of conducting your Articleship, you may use the aid of qualified Chartered Accountants in different fields of expertise.

How to establish a Specialty in CA Practices:

After the practicalities of financial accounting are well known, the next step is to define the field of specialty that will require the following steps:

  • Identifying the content of the analysis in order to achieve an in-depth under-statement of the topic of specialization.
  • Identifying every particular course like crash courses in a given area.
  • Search for ways to teach the desired area of specialty and continue teaching.
  • Being affiliated with a big firm/organization where the preferred subject is still being practiced.
  • Going to attend lectures and sessions on the topic.
  • A person makes your influence known in a number of conferences, conferences on a specific subject by expressing your point of view and challenging conventional thought.
  • Full price Models and interviews with professionals and advisors.
  • Participation of posts to CA journals.
  • Subscribing to specialist journals in the field — domestic and worldwide.
  • Identify and follow best practices constantly

If you’d like to expand your practice to have a high type of expertise, you need to introduce more and more professionals with strong experience. Never add working or working partners. Since they will not be able to contribute to work, but will still have some hope, so you will always have to work harder to satisfy their demands.

Allow a strong difference between trained workers and collaborators, because they will operate on the same activities. Their duty and responsibilities should be explicitly outlined in order to bring an end to any future conflict.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Complete Guidance on Udyog Aadhar registration in India

Complete Guidance on Udyog Aadhar registration in India – Registration procedure, Benefits and Documents required

Udyog Aadhaar Registration – Process, Documents Required, Benefits ...

In recent times, the Government of India has launched the Udyog Aadhaar registration process in order to improve the small-scale businesses in the region. Previously, if a person wants to start a company, he/she must be registered with both the small-scale industry and the MSME.

This step has now been facilitated by the incorporation of only 2 types under the Udyog Aadhaar Registration which are Entrepreneur Memorandum I and Entrepreneur Memorandum II, whereas the former one was used to fill out 11 various types of forms which were required earlier.

The major characteristics of Udyog Aadhaar

  • Enrolment is online instead of personal registration. It’s just a button of a task.
  • UAM can be registered by self-declaration of the company’s data.
  • Details required for registration: Personal Aadhaar number, name of the industry, address, bank details and some common information.
  • You can file more than one Udyog Aadhaar with the same Aadhaar number.
  • No filing fee.
  • After the registration number has been filled in and submitted, it is obtained in the mail-id issued.

Udyog Aadhaar Registration is a fully online process. Companies listed under the Udyog Aadhaar are eligible to obtain incentives from a range of government schemes, such as discounts, simple loan approvals, etc.

What kind of Benefits of registration of Udyog Aadhaar :

The main advantages of registration under Udyog Aadhaar are listed below:

  1. The MSME registered enterprises get the financial support from the Government to participate in foreign expo. i.e MSME registered companies receive financial support from the Government to participate in the foreign exhibition
  2. Quick Accessibility of Collateral Free Bank loans : Once registered with MSME, the micro, small or the medium enterprise would be eligible for all government scheme benefits like without guarantee loan, easy loan, loan with low rate of interest.
  3. 50 per cent grant for patent registration
  4. Simplification of obtaining licenses, approvals and other registrations
  5. ISO Certification Reimbursement
  6. NSIC Performance and Credit Rating Subsidy:
  7. Concession of electricity bills and more
  8. The enterprise is also entitled for the Government subsidies:

Potentially Details Required of Udyog Aadhaar Registration:

The information needed at the time of registration of Udyog Aadhaar are as follows:

  1. 12 Aadhaar number given to the client. In the case of a company, corporation or any other entity, the Aadhaar number of Managing Director, Approved Partner, etc. shall be given.
  2. Name of the organization under which it carries out its business.
  3. Type of business entity such as individual, firm, company, etc.
  4. Postal Business address for communication purposes, including contact numbers and e-mail address.
  5. Date of beginning of the business.
  6. Details of the previous validation of the MSME.
  7. Banking details of the client, including the bank account number and the IFSC code.
  8. Main business areas – service or manufacturing.
  9. The number of staff in the company.
  10. Complete amount of investment by the company in terms of machinery and equipment.
  11. Social Category – The applicant may pick the Social Category (General, Scheduled Caste, Scheduled Tribe or Other Backward Castes). Evidence of belonging to SC, ST or OBC can be sought by the proper authority, if and when necessary.
  12. Physically Disabled-The Applicant may choose a Physically Disabled Entrepreneur status.

13. Plant Location-Applicant can attach multiple plant locations to one registration by clicking the    Attach Plant button.

  1. Major Activity-The main activity, i.e. “Manufacturing” or “Service,” may be chosen by the company for Udyog Aadhaar. If your business involves both type of activity and if major work involves Manufacturing and a small portion of activity involves the Service sector, then select your main activity type as “Manufacturing” and if major work involves Services and a small portion of activity involves Manufacturing, then select your main activity type as “Services”
  2. National Industrial Classification Code (NIC Code)-The individual may choose various National Industrial Classification-2008 (NIC) Codes to protect all their activities. Which means that users can select multiple NICs from the Manufacturing and Service sector by clicking the “Add More” button. If you want to add Manufacturing then select the “Manufacturing” radio button and click the “Add More” button otherwise if you want to add Service then select the “Services” radio button and click the “Add More” button. The NIC codes are drawn up by the Central Statistical Organisation (CSO) under the Ministry of Statistics and System Implementation, Government of India. The applicant can use the National Industrial Classification-2008 (NIC) Scanning facility codes to escape a 3-step selection process.

Step by step procedure of Udyog Aadhaar Registration

Registration system and Process of Udyog Aadhar along with the requirement of information for Registration: Below is the legal process for the registration of Udyog Aadhaar:

1. Online visit the link of https://udyogaadhaar.gov.in/UA/UAM_Registration.aspx

2. Enter the Aadhaar number and the name of the individual who is the agent of the organization and confirm the Aadhaar number:

3. Enable the OTP

4. Upon validation, it will be redirected to Udyog Aadhaar form, which will be as follows: and Verify further Enter the following information in the field:

• Social group (e.g. SC / ST / OBC / General)

• Sex and categories

• Whether is He not physically handicapped

• Name of Enterprise

• Type of Organisation

• PAN no of the relevant person

• Address of the business entity

• The contact address of the organization and the telephone or email number of the designated person;

• Date of start of business

• Past registration details of MSME, if any

• Corporate bank info like IFSC code and bank account number

• Main activity of the unit (whether engaged in production or service)

• National Industrial Classification (NIC) Operation Code (One or more activities can be added)

• Overall number of individuals working by the company

• Overall financial investment of the company

• The district where the entity is placed

• Click on the checkbox for the declaration and submit

5. After acceptance, you will obtain an OTP for submission of the form-enter OTP and click on the final submission button.

6. After submission, it will be forwarded to the Udyog Aadhaar Memorandum page.

7. Below the Udyog Aadhaar Memorandum, you can find the Udyog Aadhaar Certificate button. Click on it to generate the Udyog Aadhaar Certificate:

8. After clicking the Create Certificate button, the Udyog Aadhaar Card will be issued.

9. If you need qualified assistance for Udyog Aadhaar, please write to us at info@carajput.com or click Here to Subscribe to Online Service.

May you register Udyog Aadhaar Registration Online without an Aadhaar Number?

No Applicant or authorized signatory who is not registered for Aadhaar shall be required to apply for Aadhaar enrolment and, if he or she is entitled to receive Aadhaar in compliance with section 3 of the Aadhaar Act, he or she may visit any Aadhaar enrolment center for Aadhaar enrolment.

  •  A.   Provided that by the time Aadhaar is allocated to the person, the registration of the UAM shall be registered by the DIC or MSME-DI concerned on behalf of that undertaking, subject to the creation of the supporting following information as an alternate and feasible form of identifying.
  • If he’s registered, his Aadhaar Enrolment ID slips; Ok
  •  copy of his application for enrolment by Aadhaar
  • B.  Any of the below papers, namely: – bank photo passbook; or voter ID card; or passport; or driving license; or PAN card; or employee photo ID card issued by the Government.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Key points to the new formation of a company in India in ‘SPICE+’

New company Regulations Under Form SPICe Plus for the company incorporation in India

Ministry of Finance 🇮🇳 #StayHome #StaySafe on Twitter: "MCA ...

SPICe+ Simplification Company Formation process in India

Spice+ is a modern web-based form instead of the Spice form. MCA also introduced a new web-based form spice+ and extra authentication along with the form to make the company’s incorporation process simpler. The business will also apply for EPFO / ESI, GST numbers as well as this single window form. It is compulsory for all businesses in compliance with the Guidelines of the Ministry of Corporate Affairs on the issue of PAN, TAN, EPFO, ESIC, Qualified Tax (Maharashtra) and the opening of the bank account.

 Key Points to be recognized with respect to the company’s formation in India i.e ‘SPICE+’

  1. Both forms (Incorporation, AOA, MOA, AGILE-PRO) have to be filled out in a web-based facility and then copied, digitally signed and posted as before.
  2. “Check Form,” “Pre-Scrutiny” to be performed on a web-based database, so no modifications can be made to the downloaded files.
  3. “INC-9” (declaration by first subscriber) must always be submitted by a web-based facility only.
  4. “AGILE-PRO” is to be digitally signed only by a person who has signed the “Spice+” form and no other director will sign the same form.
  5. If you continue to apply for “Name Reservation” first, you should opt for 2 Proposed Names otherwise you might also proceed to the “Name with Incorporation” facility and then you can only propose One Name
  6. The GSTIN status applied through AGILE-PRO can be checked at the GST Portal from the MCA Forms SRN.
  7. Companies that enroll ESI and PF inside the SPICE+ package do not require compliance with the ESI and PF laws until the deadline for application is set.

Available features of “SPICe Plus Form” at MCA

Recently, the government has published the full significant features of the SPICe Plus form (SPICe+) in order to make clear the value of the form as well as the campaign for good visibility. SPICe Plus form (MCA Form SPICe+) is said to devote 10 services across 3 central government ministries and departments (Ministry of Labor & Department of Revenue in the Ministry of Finance, Ministry of Corporate Affairs). The new SPICe form is said to save precious time and procedure for the management of the individuals concerned and has been introduced with all existing companies since 23 February.

Emergence to the web-based SPICe + MCA Filing Form

SPICe+ Online form is a post-login system and current registered users will need to sign in to their account using their credentials. New users must first build a login account before using the service.

Apart from being an improved variant of the current SPICe, the form is capable of fulfilling multiple requirements such as name reservation, inclusion, DIN distribution, compulsory issue of PAN, TAN, EPFO, ESIC, qualified tax (Maharashtra) and bank account opening. You can also buy the GSTIN through the SPICe+ form.

Now the Reserve Special Name of RUN is only significant if the corporation wishes to replace its existing name with a new one.

MCA SPICe INC 32 V / S SPICe Plus

SPICe INC 32 – Single Code Helps:

  • Name reservation

  • Incorporation of a new company
  • Applying for Director Identity Number (DIN) designation

Form SPICe+ (SPICe Plus) – A Single Application Helps in:

  1. Name reservation
  2. Incorporation of a new company
  3. Applying for DIN allotment]
  4. Profession Tax (Maharashtra)
  5. Bank Account Opening
  6. TAN
  7. EPFO
  8. ESIC
  9. GSTIN

Features of SPICe+ make Simplification New Company Formation process in India

  • SPICe+ would be an integrated Web Form.
  • SPICe+ would have two parts viz.: Part A-for Name reservation for new companies and Part B offering a bouquet of services viz.
    (i) Incorporation
    (ii) DIN allotment
    (iii) Mandatory issue of PAN
    (iv) Mandatory issue of TAN
    (v) Mandatory issue of EPFO registration
    (vi) Mandatory issue of ESIC registration
    (vii) Mandatory issue of Profession Tax registration(Maharashtra)
    (viii) Mandatory Opening of Bank Account for the Company and
    (ix) Allotment of GSTIN (if so applied for).
  • Readers may choose whether to submit Part-A for reserve of a name first and then submit Part B for incorporation & other services or file Parts A and B together in one go for the incorporation of a new company and the use of a range of services as defined above.
  • A modern and user-friendly front-office interface for client integration applications (SPICe+ and related forms as applicable) is being developed.
  • Applications for incorporation (Part B) after name reservation (Part A) can be submitted as a streamlined phase in the continuation of Section A of SPICe+. Stakeholders will not be required to enter the approved name SRN as the approved name will be prominently displayed on the Dashboard and a click on it will take the user to continue the application via a hyperlink that will be available on the SRN / application number in the new dashboard.
  • Resubmission of applications for business name reservation and/or registration shall now be done by means of the form number / Name applied for on the new dashboard.
  • From 15 February 2020 onwards, the RUN service will only refer to the ‘change of name’ of an established company. 8. The new web form will allow on-screen file and validation of real-time data for the transparent incorporation of corporations.
  • The approved name and related incorporation information as set out in Part A will be immediately pre-filled in all linked forms, including AGILE-PRO, eMoA, eAoA, URC1, INC-9 (as applicable)
  • In order to ensure ease of processing, SPICe+ will be divided into various parts.
  • Information once entered can be saved and modified.
  • All Check Form and Pre-Scrutiny Validations (except DSC Validation) must take place on the web page itself.
  • After the SPICe+ has been filled in with all the necessary information, the same will have to be translated to a PDF file, with only a click of the mouse button, to show the DSCs.
  • All digitally signed documents will then be submitted along with the related forms as part of the current procedure.
  • Changes/modifications to SPICe+ (even after creating pdf and affixing DSCs) can also be rendered by modifying the same web form code that has been saved, producing and uploading modified PDFs to DSCs.
  • DSC authentication and other validations must take place at Upload Stage.
  • Enrollment for EPFO and ESIC shall be compulsory for all new companies established as of 15 February 2020 and no EPFO & ESIC registry numbers shall be issued separately by the respective agencies.
  • register for professional tax is also compulsory for all startup companies incorporated in the State of Maharashtra as of 15 February 2020.
  • All startups incorporated through SPICe+ (we.e.f. 15 February 2020) would also be required to obey for the establishment of the bank account of the company through the secure website linked to AGILE-PRO.
  • The declaration of all subscribers and first directors in INC-9 shall be self-generated in PDF format and shall only be submitted in electronic form in all cases, except where:
    • The overall number of subscribers and/or directors is more than 20 and/or more than 20.
    • Any such subscriber and/or director shall have neither DIN nor PAN.

Note: New companies formed by SPICe+ and thus acquired EPFO / ESI number would only have to file legal returns if they exceed the thresholds set by the applicable Laws.

Thus, we can state that New company Laws regulation under the SPICe Plus form easy for the company to be registered in India. 8. Concluding The EODB steps taken by the Government over the last few years have substantially accelerated the process of business incorporation. Their aim of a smooth and simple process is gradually becoming a reality. That, in the past, was a tiring process requiring months of work and labor. However, by making the best possible use of technology, a company can now be incorporated in a couple of days, making millions of dreams a truth in an hour’s time.

On Rajput Jain & Associates :

Rajput Jain & Associates is an inspired and democratic organization owned by like-minded individuals. It helps a wide range of small, medium, and large enterprises to comply with all the requirements of the Indian Laws.

Get in touch for a consultation at info@carajput.com or call 9555555480.

CORPORATE AND PROFESSIONAL UPDATE MARCH 21, 2017

Professional Update For the Day:

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Direct Tax:

Bombay court held that TDS cannot be Adjusted against Tax payable under VDIS, 1997Earnest Business Services Pvt.  Ltd., Vs The Commissioner  of Income  Tax (Bombay High Court)

ITAT Delhi held that Capital gains on transfer by a foreign company of shares in another foreign company holding assets in India is taxable in India Cairn U K Holdings Limited V DCIT (International Taxation) (ITAT Delhi)

CBDT has asked its field formations to concentrate on recoveries of arrears and pending tax demands in the remaining two weeks of the fiscal.

W.e.f. 01.04.2017, Cash transactions above Rs 3 lakhs to be done through banking channels only. Budget 2017.

Income tax department released a list of 29 entities owing Rs 448.02 crore in *taxes as part of its strategy to name and shame large defaulters.

CBDT has notified The Income Tax (2nd Amendment) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette. The Amendment has been made to provide new procedure and common application form for allotment of PAN and TAN.

The Income Tax Department has issued refunds amounting to Rs.1.42 lakh crore in the current fiscal so far, 41.5% higher than last year.

Indirect Tax:

HC finds no merit in writ petition, upholds confirmation of service tax demand against assessee thereby rejecting contention that show cause notice was issued without application of mind and in violation of law; Since the said notice had not been set aside by Court in earlier writ petition, being issued on the basis of cogent material and evidence, it was no longer open to assessee to complain about legality and validity thereof [TS-48-HC-2017(CAL)-ST]

CBEC clarified that the ‘Saree’ which has undergone further processing will be classifiable as ‘Saree’ under Chapter 50, 52 and 54 of the Central Excise Tariff Act, 1985 depending upon the material of the fabrics, and not as made-ups under Chapter 63 of the said Act Vide Circular No. 1054/03/2017-CX dated 15.03.2017. (Click here to view)

GST Update :

Cabinet approves CGST, IGST, UTGST & Compensation bills. Lok Sabha to pass them as Money Bills in Budget Session. No need for Rajya Sabha approval.

GST council is considering setting up a centralized assessment interface for service-oriented industries such as banking, telecom, insurance and information technology.

TDS to be deducted on basic amount & not on GST. Issue TDS certificate in 5 days of deposit of TDS. Late fee of 100 per day (Max 5000) (Sec 46).

DVAT Filing of online return for 3rd quarter of 2016-17 extension of period thereof up to 28-02-2017.

FAQ on GST: 

Query: Are there different valuation provisions for Goods and Services and CGST, SGST and IGST?

Answer:  No, section 15 is common for goods and services and all three taxes.

Query: Can composition scheme be availed if the taxable person effects inter state supplies?

Answer: No, composition scheme is applicable only if taxable person doesnot effects any inter state supplies.

 SEBI UPDATE :

The SEBI Board in its last meeting has taken various decisions to improve the facilities being offered to the stakeholders.

Other update :

ICAI membership last date for retrospective restoration of membership and COP removed during the year 2016-17 is 31st march, 2017.

ICAI new Fee: Annual Membership, COP and Restoration Fee. (Entrance Fee – ACA Rs.2000, FCA Rs.2500. Annual Membership Fee – ACA Rs.1500, FCA Rs.3000, COP Fee – ACA – Rs.3000, FCA Rs.4000. with effect from 1st April, 2017.).

Key Due Dates:

Important dates for March 2017:

6   March  : Service tax monthly deposit other than Ind, HUF & P.Firm

7   March  : TDS/ TCS deposit

15 March : Deposit of PF

15 March : Payment of Advance Tax

20 March : Monthly UP VAT return & tax

21 March : Deposit of ESI

31 March : E-payment of service Tax by all assesses Monthly/ Quarterly

31 March : Filing of Belated Income Tax returns for the A/Y 15-16 & A/Y 16-17

Return of TDS for dec quarter in DVAT 48 : 17:03:2017

E payment of DVAT & CST tax for Feb : 21:03:2017

Date of filing of DVAT Return in Form 16,17, and 48 for Q-3 , 2016-17 has been extended upto 31.03.2017 vide circular 28 dated 17.03.2017.

You must not lose faith in humanity. Humanity is like an ocean; if a few drops of the ocean are dirty, the ocean does not become dirty.

Failure is a great learning experience. Perhaps, a nature’s way to teach us something profound. Remember, failure is the fertilizer for success.

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