Faq

Ans: Company registration is the formal process of incorporating a business as a legal entity, which requires filing documents with the government and obtaining necessary licenses and permits.

Ans: Company registration is important because it provides legal protection for business owners, enables access to funding and partnerships, and enhances credibility and trust with customers and stakeholders.

Ans: The types of companies in India include private limited, public limited, one person, and section 8 companies, each with different requirements, benefits, and restrictions under the Companies Act, 2013.

Ans: A private limited company is a type of business structure that is privately owned and limited by shares. It has a separate legal identity from its owners and offers limited liability protection.

Ans: A public limited company is a type of company in which the shares are publicly traded on a stock exchange, and the liability of the shareholders is limited to the amount of their investment.

Ans: One Person Company (OPC) is a type of company in India that allows a single entrepreneur to operate a corporate entity with limited liability protection, separate legal identity, and perpetual succession.

Ans: A Limited Liability Partnership (LLP) is a type of business structure in which the partners have limited liability for the company's debts and obligations, and the partnership has a separate legal identity.

Ans: Minimum requirements for company registration in India include at least two directors and shareholders for private limited companies, and one each for one person companies, a registered office address, and a unique company name.

Ans: To register a private limited company in India, a minimum of two directors are required. However, there can be a maximum of 15 directors as per the Companies Act, 2013.

Ans: Yes, it is mandatory for a company to have a registered office in India, where it can receive official communications, notices, and serve as a legal address for the company's operations and compliance.

Ans: The documents required for company registration in India include identity and address proof of the directors and shareholders, memorandum and articles of association, and address proof of the registered office.

Ans: Yes, a foreigner can register a company in India, subject to compliance with Foreign Direct Investment (FDI) regulations and company laws, and obtaining necessary approvals, licenses, and permits from the government.

Ans: The benefits of company registration in India include limited liability protection, separate legal entity status, access to funding, tax benefits, brand protection, and increased credibility and trust with customers and stakeholders.

Ans: Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India, which has replaced multiple indirect taxes and streamlined the taxation system.

Ans: GST was introduced in India to simplify and streamline the country's indirect tax system by replacing multiple indirect taxes with a single tax, making the tax regime more transparent, efficient and business-friendly.

Ans: Businesses engaged in the supply of goods and services with a turnover exceeding Rs. 40 lakhs (Rs. 20 lakhs for some states) are required to register for GST in India.

Ans: The threshold limit for GST registration in India is an annual turnover of Rs. 20 lakhs for most businesses. For businesses in special category states, the limit is Rs. 10 lakhs.

Ans: The benefits of GST registration in India include the ability to collect and claim input tax credit, compliance with tax laws, improved credibility with customers, and eligibility for government schemes and tenders.

Ans: Yes, a registered taxpayer can cancel their GST registration voluntarily if they are no longer liable to pay GST or if they want to close their business. The cancellation can also be initiated by the tax authorities for non-compliance or other reasons.

Ans: CGST stands for Central Goods and Services Tax, which is levied by the central government on intra-state supply of goods and services. SGST stands for State Goods and Services Tax, which is levied by the state government on intra-state supply of goods and services. IGST stands for Integrated Goods and Services Tax, which is levied by the central government on inter-state supply of goods and services.

Ans: Input Tax Credit (ITC) is the credit that a registered taxpayer can claim for the GST paid on inputs (raw materials, goods, or services) used in the business to offset their GST liability.

Ans: Taxable supplies under GST are goods and services that are subject to GST and are eligible for input tax credit, whereas non-taxable supplies are exempt from GST and do not qualify for input tax credit. Examples of non-taxable supplies include certain essential goods and services like healthcare and education.

Ans: A trademark is a unique symbol, word, phrase, design, or combination of these elements that identifies and distinguishes a business or product from others in the marketplace.

Ans: A trademark is important for a business because it helps distinguish its products or services from those of competitors, provides legal protection, enhances brand recognition and reputation, and increases consumer trust and loyalty.

Ans: Yes, a slogan or a tagline can be registered as a trademark if it is distinctive and not a common phrase or word in the relevant industry. However, the slogan must meet the requirements for trademark registration, such as being unique, non-descriptive, and not similar to existing registered trademarks.

Ans: A trademark is a symbol, word, or phrase that identifies and distinguishes a company's products or services, whereas a copyright is a legal right that protects original works of authorship, such as books, music, and art, from unauthorized use or distribution.

Ans: The documents required for trademark registration in India include a copy of the trademark, proof of use (if applicable), ID proof, and address proof of the trademark owner or applicant.

Ans: Yes, a foreigner or a foreign company can apply for trademark registration in India, either directly or through an authorized agent or attorney, subject to compliance with the Indian trademark laws and procedures.

Ans: The validity of a trademark registration certificate in India is 10 years from the date of application. It can be renewed indefinitely for successive periods of 10 years.

Ans: Yes, a registered trademark can be assigned or licensed to another individual or company, subject to compliance with the Indian trademark laws and regulations, and obtaining necessary approvals and registration from the government.

Ans: Yes, a registered trademark can be cancelled in India. It can be cancelled on various grounds such as non-use, invalidity, or if it is found to be similar to an existing trademark.

Ans: A trademark is used to identify and distinguish goods, while a service mark is used to identify and distinguish services. In other words, a trademark is for tangible goods, whereas a service mark is for intangible services.

Ans: A trademark registered in one country does not automatically provide protection in other countries. However, it is possible to seek trademark protection in multiple countries through various international agreements, such as the Madrid Protocol. The process for obtaining international trademark protection can be complex and requires navigating the trademark laws and procedures of each country.

Anyone wishing to establish a micro, small, or medium enterprise can apply for Udyam Registration. Partnership Firm One Person Company Proprietorships Private Limited Company Limited Company Producer Company Limited Liability Partnership Any association of persons Co-operative societies Any other undertaking Hindu Undivided Family (HUF) Note: As per the Revised Guidelines for MSME, retail and wholesale trades will be allowed to register on Udyam Registration Portal.

The registration is valid till the existence of enterprises and there is no need to renew the registration.

The user will have to provide their 12 digit Aadhaar number, PAN Card, and the bank account details of the business for the registration process.

Yes, Aadhar is mandatory for obtaining the Udyam registration.

In the case of a company, its authorised signatory should provide the PAN and Aadhaar number while filling in the MSME registration.

No. The MSME/Udyam Registration Certificate is for a single entity irrespective of multiple branches or plants. However, information about various departments or plants must be furnished.

No. The enterprises that come under the MSME category need not mandatorily apply for MSME registration. However, it is better to obtain MSME/Udyam registration as the government provides a lot of benefits in terms of loan facilities, easy access to credit, low-interest rates, eligibility to many schemes, etc., to the enterprises that have Udyam registration.

Yes, MSME / Udyog Aadhaar registration is replaced with Udyam Registration. As per the notification of MSME dated 26.06. 2020, Udyam Registration is the new process of Registration launched by the Ministry of Micro, Small, and Medium Enterprises, effective from July 1, 2020.

The application will be approved based on the information provided by the applicant. The documents and details should be up to date to avoid any chances of rejection.

The processing is dependent on the submission of the documents by the client.

The NIC code is a business code that is provided by the government to track the business proceedings for the organization under the micro, small and medium enterprises. One can add a maximum of 10 NIC codes for Udyam registration.

No, one cannot take more than one Udyam Registration on the same PAN.

Yes. For obtaining Udyam registration, an Aadhaar card is compulsory. In case an applicant is other than the proprietor, the Aadhaar card of the partner and the director will be required.

When the enterprises are different, i.e., established under other names and registered or incorporated separately, the enterprise proprietor can apply for MSME registration. However, an enterprise cannot file for more than one Udyam Registration. All the activities, including manufacturing or service, should be specified or added to one Udyam Registration. An entrepreneur can add additional actions to the Udyam Registration by clicking on the ‘Update Details’ option on the homepage.

Earlier, the MSME registration covered only manufacturing and service industries. The scheme does not cover trading companies. However, in July 2021, the government announced that the wholesale and retail trade would come under the MSME classification and thus can apply for their wholesale/retail business registration.

MSME registration can be obtained by the following entities that fulfill the revised MSME classification criteria of annual turnover and investment: Individuals, startups, business owners, and entrepreneurs Private and public limited companies Sole proprietorship Partnership firm Limited Liability Partnerships (LLPs) Self-Help Groups (SHGs) Co-operative societies Trusts These entities involved in the following activities are eligible for Udyam registration: Manufacturing Enterprises Service Enterprises Small retailers or wholesalers

Anyone intending to establish a micro, small, or medium enterprise may apply online. for Udyam registration.

Udyam registration is the latest Registration procedure for the Micro, Small, and Medium Enterprises (MSME), launched on July 1, 2020, by the government to ease the registration process.

One can add a maximum of 10 NIC codes for Udyam registration.

The NIC code is a business code that is provided by the government to track the business proceedings for the organization under the micro, small and medium enterprises.

Udyog Aadhar/ Udyam Registration will be an enterprise's permanent registration and primary identification number. MSME Registration is paperless and based on self-declaration. Udyam registration is permanent, and there will be no need for renewal. Any activities, including manufacturing, service, or both, may be specified in one Udayam Registration. Enterprises may register themselves on GeM (Government e Portal along with the Udyam Registration. MSMEs themselves can also be onboard on the TReDS Platform The Udyam Registration may also help MSMEs in availing the benefits of the following Schemes of the Ministry of MSMEs : Credit Guarantee Scheme Public Procurement Policy Additional edge in Government Tenders & Protection against delayed payments. Udyam registered entity becomes eligible for priority sector lending from Banks.

The Registration for MSMEs under Udyam Registration Portal is entirely online, and there is no fee for MSME registrations. It is free of cost. The registration process can be tedious and time-consuming, but IndiaFilings can help you make it easier. With our assistance, you can quickly get your Udyog Aadhar/Udyam Registration done with minimal effort and hassle.

To register with Startup India, an entity must meet specific criteria. Applicants must be Indian citizens aged 18 or older. It is recommended that the date of incorporation of the company be at least ten years old. The Company should have been incorporated as a Partnership Firm, Private Limited Company, or a Limited Liability Partnership (LLP) A company's annual turnover should not exceed Rs.100 crore in any financial year since incorporation. The Company or Entity should have been formed initially by the promoters and not by splitting up or reconstructing an existing business. The startup should have a plan for developing or improving a product, process, or service and have a scalable business model with a high potential for creating wealth & employment. Companies working towards developing a new product or service can avail of benefits under the Startup-is India policy.

The Department for Promotion of Industry and Internal Trade grants the startup recognition certificate based on certain conditions.

Private Limited Companies, Limited Liability Partnerships, Registered Partnership firms can obtain Startup recognition certificates.

The companies are eligible to get recognized as DPIIT Department of Industrial policy and Promotion which gives access to tax benefits, easier compliances, IPR fast tracking and more.

After registering under this scheme the entity will be eligible to avail certain tax benefits, but one has to apply separately on the portal to avail it.

Once the registration is done you can connect to the other startups, the investors or the incubators on the startup India portal.

For the period of 10 years from the date of incorporation up to the turnover the limit of Rs.100 crore in any financial year increases.

It requires around 7-10 working days , the government officers check all the information and the documents that are provided.

As One Person Company is a form of a company it can be recognized as a Startup.

The easy availability of financing is a critical issue for entrepreneurs looking to expand their Startups. Due to a lack of funding, many business concepts stay on the ground. To address this issue, the Indian government has established a few Schemes through which the government provides financial aid to entrepreneurs. Startups can use these funds for research and development, marketing, and other activities to help them grow their business.

Startup India is a vital government scheme launched on 16th January 2016 to provide financial assistance and mentorship to entrepreneurs. Additionally, it provides entrepreneurs with a platform for networking with industry experts, investors, and other stakeholders. The scheme also encourages research, development, and technology transfer in the country. This scheme helps create more jobs in the country and boost economic growth.

It is a type of not-for-profit company set up for the promotion of art, science, commerce, charity, sports, education, research, or any other useful activity. These companies are typically formed to benefit a specific community or purpose and are excluded from the provisions of the Companies Act, 2013 that generally apply to other companies.

An address in India where the registered office of the Company will be situated is required. The premises can be commercial/industrial/residential where communication from the MCA will be received.

The Director needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. Therefore, even foreign nationals can be Directors in an Indian Section 8 Company.

A minimum of two people is required to register a section 8 company in India.

Yes, a NRI or Foreign National can be a Director in a Section 8 Company after obtaining Director Identification Number. However, at least one Director on the Board of Directors must be a Resident India.

Director Identification Number is a unique identification number assigned to all existing and proposed Directors of a Company. It is mandatory for all present or proposed Directors to have a Director Identification Number. Director Identification Number never expires and a person can have only one Director Identification Number.

A Digital Signature establishes the identity of the sender or signee electronically while filing documents through the Internet. The Ministry of Corporate Affairs (MCA) mandates that the Directors sign some of the application documents using their Digital Signature. Hence, a Digital Signature is required for all Directors of a proposed Section 8 Company.

Once a Company is incorporated, it will be active and in existence as long as the annual compliances are met regularly. In case, annual compliances are not complied with, the Company will become a Dormant Company and may be struck off from the register after a period of time. A struck-off Company can be revived for a period of up to 20 years.

Varaniti.com can incorporate a Section 8 Company in 20-30 days. The time taken for registration will depend on the submission of relevant documents by the client and the speed of Government Approvals. To ensure speedy registration, please choose a unique name for your Company and ensure you have all the required documents prior to starting the registration process.

Identity proof and address proof are mandatory for all the proposed Directors of the Section 8 Company. PAN Card is mandatory for Indian Nationals. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises and must submit his/her identity proof and address proof.

No, you will not have to be present at our office or appear at any office for the registration of a Section 8 Company. All the documents can be scanned and sent through email to our office. Some documents will also have to be couriered to our office.

A Non-Governmental Organization (NGO) is an organisation that is independently established and operated, usually with a charitable, educational, religious, or social purpose. NGOs are usually non-profit and do not have a profit motive. A Section 8 Company is a non-profit organisation formed to promote commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any other such object. Section 8 companies are allowed to generate profit but they must use their profits for the purpose of achieving their goals and not for the benefit of its members.

Yes, Section 8 companies can make a profit. Section 8 companies are businesses that receive subsidies from the government to provide services to low-income people. They can also use different ways to gain incomes such as - Investment, Donations, Funding, etc.

A proprietorship firm is a type of business structure where a single individual owns and manages the entire business. The proprietor is personally liable for all the debts and obligations of the firm. Proprietorship firms are easy to set up and operate, making them a popular choice for small businesses and startups in India.

It takes around 8 to 10 days but is subject to government processing and document submission.

An Indian Citizen with a current account in the name of his/her business can get a sole proprietorship registration.

Proprietorships in India are a type of unregistered business entity that is owned, managed, and controlled by one person. The micro and the small businesses that are operating in the unorganized sector prefer getting registered as Sole proprietorships.

No, GST registration is not mandatory for proprietorship. However, it is recommended that all proprietorship be registered under GST and have UDYAM registration to undertake various business activities.

The licenses and registrations for a sole proprietorship will vary depending on the type of business activity.

Any official document that has the name of the proprietor, photo and address like driving license or passport can be used as address proof for proprietorship. In addition to the above, a utility or EB bill in the name of proprietor can also be submitted.

Yes, you can operate a proprietorship business from your house as long as it complies with other regulations that may be applicable for your business.

Yes, a proprietorship current account can be opened in the name of the business. However, for all legal and official purposes - the PAN card of the proprietor will be used. Hence, the ultimate owner and operator of the proprietorship bank account will be the proprietor.

No, a PAN card cannot be obtained for proprietorship. Proprietorship PAN card will be the same as proprietor PAN card. There is no separate PAN card for proprietorship business.

The proprietor owns, controls, and manages the sole proprietorships. He has a complete hold over the proprietorship.

It generally differs from state to state as in Maharashtra a Shop and Act license is required and for West Bengal, the trade license is required.

Yes, a sole proprietor is considered to be the same as the sole proprietor.

The sole proprietorships exist as long as the proprietor is alive and is desiring to run the business.

No, there is no minimum requirement to start a sole proprietorship in India.

As the sole proprietorship and the proprietor are the same the individual has to just file the Income-tax returns and GST returns filing for the proprietorship firm.

No, there is no certificate of Incorporation given.

Proprietorship and firm are often used interchangeably, but there is a subtle difference between the two. Proprietorship refers to a type of business structure where a single individual owns and manages the entire business, while a firm refers to a group of individuals who come together to carry out a business activity. In a firm, the ownership is shared among the partners, and the profits and losses are also shared among them. In contrast, in proprietorship, the proprietor has complete control over the business, and all the profits and losses belong to the proprietor alone.

In India, Professional Tax is calculated on Salary slabs. Under minimum salary, there is no tax. The maximum amount paid as Professional Tax is Rs.2500 per year. The tax slabs differ from state to state.

If the entity has enrolled before 31st May, the due date for payment is 30th June. In case of enrolments made after 31st May, the due date for payment is 30 days before the enrolment date.

Rs 2500 is the maximum amount of professional Tax that any state can levy.

No, if you are from a Union Territory of India, you do not need to pay any Professional Tax. This is because the income level in a Union Territory is lower than in any state.

Every employer liable to pay Profession Tax on behalf of his employees, for whom he pays salary/ wages within the taxable limit, is responsible for obtaining a Certificate of Registration.

The penalties for not registering for Professional Tax or not paying the same within the due date every month vary as per the State in the country again. However, generally, for non-registration, a penalty of Rs. 5 per day is levied. If you pay after the due date, you are charged 10% extra on the professional tax amount as a penalty.

The employer must pay the professional Tax assessed under the profession tax act.

Every person engaged actively or otherwise in any profession, trade, callings, or employment and falls fewer than one or the other class mentioned in the second column of the Schedule I appended to the profession tax act is liable to pay the professional Tax

In the case of self-employed individuals, the Tax has to be paid by the individual. In the case of individuals, the liability of deducting the Tax is on the employer

The professional Tax is a state-level tax imposed on the income earned through profession, trade, calling, or employment. The Tax is based on the slab dependent on the payment of the individual who may be self-employed or working as an employee of an entity.

The Professional Tax Rules vary from state to state. As the rules vary from state to state, each state can set limits and rates. But the maximum amount limit has been developed to Rs.2500 per year. The salary slab structures for levying Professional Tax differ from state to state.

Professional Tax is a mandatory tax paid by every individual, and there are penalties in case of non-compliance.

Professional Tax appears at the top of the salary slip as it is deducted before calculating income tax. The employer deducts the employee's salary and deposits it with the State Government.

The registration process of a company is done under the Ministry of Corporate Affairs (MCA) in accordance with the Companies Act 2013. Step 1: Apply For Director Identification Number (DIN) Step 2: Apply For Digital Signature Certificate (DSC) Step 3: Company Name Approval Step 4: Company Incorporation Application Submission Step 5: Get a Certificate of Incorporation

Once the company is incorporated, a current account needs to be opened in the name of the company for transactions. Your advisor will guide you through the process of choosing the bank that you want to open the account with and get the documents like certificate of incorporation, Memorandum and Articles of Association, board resolution, copy of PAN allotment letter, and utility bill.

Limited liability is the status of being legally responsible only for a limited amount of debts of a company. Unlike proprietorships and partnerships, the liability of the shareholders with respect to the company’s liabilities is limited.

Authorised capital is the maximum value of equity shares that can be issued by a company. On the other hand, paid up capital is the amount of shares issued by the company to shareholders. Authorised capital can be increased any time after incorporation to issue additional shares to the shareholders.

There are various ways of registering as a Private Limited Company like Limited Liability, Access to funding, borrowing capacity, greater capacity, easy exit, and scope of multiple opportunities.

The MCA and Companies Act,2013 controls the functioning of a Private Limited Company.

Private Limited Companies are taxed at 30% plus the surcharge and cess as applicable.

The ownership of a Private Limited Company can be transferred by the way of shares.

Minimum 2 members are required to start a Private Limited Company which can be extended to 200 members.

The companies registered in India are required to file the MCA annual return each year informing AOC 4 and MGT 7.

The Private Limited Companies that are registered in India have to file the ITR returns each year in Form ITR 6.

The Board of Directors is required to appoint a practising Chartered Accountant within 30 days of Incorporating a Private Limited Company.

A company is required to maintain certain compliances once it is incorporated. An auditor needs to be appointed within 30 days and income tax filing and annual return filing need to be done every year. Apart from these, mandatory compliances like ‘Commencement of Business’ forms, and DIN eKYC also need to be done.

GST registration is mandatory for certain businesses. Companies dealing with e-commerce operations or any other interstate activity and companies with turnover of more than Rs. 40 Lakhs are required to obtain the same. GST registration takes just 3-5 working days with IndiaFilings.

You can use the IndiaFilings company name availability search tab to search for available names in India. It is important to note that IndiaFilings would just provide available choices, based on identical names already registered.

Yes, NRIs, foreign nationals, and foreign entities can register a company and invest in India, subject to the Foreign Direct Investment norms set by the RBI. However, incorporation rules in India require for one Indian national to mandatorily be a part of the company on the Board of Directors.

Company registration is mandatory in India to start any business, so fixing the business structures is crucial. In India, there are seven different types of company registration: Sole Proprietorship Registration One-person Company Registration Partnerships Firm Registration Limited Liability Partnership (LLP) Company Registration Private Limited Company Registration Public Limited Company Registration Section 8 Company Registration

The cost of registering a company in India varies according to the number of stakeholders and size. The Cost of Incorporation of a private limited Company would vary from Rs.6, 000 - to Rs. 30,000/- depending upon the following: Number of Directors Number of Members Authorized share capital Professional fees

The Partnership firm and the partners are the same in the eyes of the law. In Partnership firms, the liability of the Partners is also unlimited and all the Partners are said to be jointly and severally liable for the liabilities of the firm. Hence, No Partnership firm doesn't have separate legal existence of its own.

It is very advisable to register a Partnership firm as a Registered Partnership Firm can file a suit in any court against any of the Partners or firm for the enforcement of any right arising from the contract referred by the Partnership Act. Also, only a Registered Partnership Firm can claim set-off or other proceedings in a dispute with a party.

Under the Indian Partnership Act, the following Individual/entities are eligible to become partners in a partnership firm: Individual: Any person who is of sound mind, not a minor, not an undercharged insolvent, and not disqualified from entering into a contract by law can become a partner in a partnership firm. Firm: A registered partnership firm can become a partner in another partnership firm. Hindu Undivided Family (HUF): The Karta of a HUF can become a partner in a partnership firm in his capacity if he has contributed his self-acquired or personal skill and labor to the partnership firm. Company: Companies are juristic persons and can become partners in a partnership firm if their objects permit it. Trustees: Trustees of private religious trusts, family trusts, and Hindu mutts can enter into partnerships unless their constitutions or objects forbid it.

Registration of a partner to a partnership firm is not compulsory in India. However, if a new partner joins the partnership firm, the partnership deed should be amended, and a supplementary agreement should be executed. While registration of partners is not required, the partnership firm must be registered with the Registrar of Firms under the Indian Partnership Act, 1932.

Registration of partnership in India is legally formalizing a partnership firm by filing an application with the Registrar of Firms under the Indian Partnership Act, 1932. The registration process involves providing details about the partnership firm, such as its name, location, partners' details, and the terms and conditions of the partnership agreement.

One Person Company in India is a new concept that has been introduced with the Company's Act 2013. An OPC is owned and managed by a single person, it combines the advantages of a sole proprietorship with those of a company.

OPCs are easy to set up and manage, require minimal maintenance, and can offer better operational control and taxation benefits. With the ease of registration and low cost of operation, OPCs are the ideal way for small businesses to get started.

One Person Company (OPC) is the perfect hybrid of a Private Limited Company and a Limited Liability Partnership (LLP). It offers the limited liability benefits of a Pvt Ltd as well as the flexibility of an LLP.

In a Person Company, a single person runs a company limited by shares whereas a Sole Proprietorship means an entity that is run by one individual, and the owner and business are considered as the same entity.

If the annual compliances are not met with the becomes a Dormant Company and can be struck off after some time. A Struck company can be revived for a period of up to 20 years.

A minimum of 3 directors and 7 shareholders are required to register a Nidhi company in India.

An address in India where the registered office of the Company will be situated is required. The premises can be commercial/industrial/residential where communication from the MCA will be received.

No, you don’t have to be present at our office or appear at any office for the registration of a Nidhi Company.

Identity proof and address proof are mandatory for all the proposed Directors of the Nidhi Company. PAN Card is mandatory for Indian Nationals. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises and must submit his/her identity proof and address proof.

Varanati can incorporate a Nidhi Company for 20-30 days. The time taken for registration will depend on the submission of relevant documents by the client and the speed of Government Approvals. To ensure speedy registration, please choose a unique name for your Company and ensure you have all the required documents prior to starting the registration process.

To form an LLP, at least two individuals (called Designated Partners) must be appointed. The individuals must be aged 18 or above and must possess a valid Indian address. Designated Partners can be individuals or bodies corporate (such as companies). Foreign nationals, foreign corporate bodies and limited liability partnerships can also be appointed as Designated Partners.

The cost of registering an LLP in India depends on the number of partners, the amount of the contribution made by each partner and any additional registration fees. There are additional costs associated with setting up an LLP in India, such as professional fees, stamp duty, and other registration requirements.

Yes, Goods and Services Tax (GST) is required for all Limited Liability Partnerships (LLPs) depending on the type of services or goods they offer. LLPs are required to obtain a GST registration and file GST returns on a regular basis.

The time taken for incorporation depends on the submission of relevant documents by the client as well as the Approvals from the Government authorities. IndiaFilings can help you Incorporate an LLP in 14-20 days.

An LLP is supposed to file 1. LLP Annual return by Filing Form 11. 2. Final Statement of Account and Solvency 3. Income Tax Return.

To incorporate a private limited company, a minimum of two people are required. A private limited company must have a minimum of two Directors and can have up to a maximum of fifteen Directors. A minimum of two shareholders and a maximum of up to 200 shareholders are allowed in a private limited company.

The Director needs to be over 18 years of age and must be a natural person. There are no limitations in terms of citizenship or residency. Therefore, even foreign nationals can be Directors in an Indian Private Limited Company.

You can start a Private Limited Company with any amount of capital. However, the fee must be paid to the Government for issuing a minimum of shares worth Rs.1 lakh [Authorized Capital Fee] during the incorporation of the Company. There is no requirement to show proof of capital invested during the incorporation process.

A Digital Signature establishes the identity of the sender or signee electronically while filing documents through the Internet. The Ministry of Corporate Affairs (MCA) mandates that the Directors sign some of the application documents using their Digital Signature. Hence, a Digital Signature is required for all Directors of a proposed Company.

Director Identification Number is a unique identification number assigned to all existing and proposed Directors of a Company. It is mandatory for all present or proposed Directors to have a Director Identification Number. Director Identification Number never expires and a person can have only one Director Identification Number.

License and Registration is required for any food business in India that manufactures, stores, transports, or distributes food. Depending on the size and nature of the company, FSSAI registration or License may be required.

Individual members manufacturing or conducting food business activities from home for a registered Cooperative Society or Mahila Udyog or Self Help Group or Gruh Udyog, or any similar government-registered society The Direct Selling entity is willing to take responsibility for its Direct Sellers and has given them written authorization to do so A milkman/vendor registers with a Cooperative Society and sells his whole milk production to that society. The delivery person, direct selling agent, or owner of food vending machines, water vending machines, food ATMs, or food carts.

No. To ensure safe and wholesome food for human consumption, FSSAI Act requires licenses from FSSAI for every food business set up. It’s important for all the Food Business Operators to obtain a 14-digit FSSAI License Number and print it on all the food products they own. To get more details on consequences of starting a business without an FSSAI license under Food Safety Norms.

The Business with the following type of products must have FSSAI License/Registration: Dairy products and analogs Fats and oils, and fat emulsions Edible ice, including sherbet and sorbe Fruits and vegetables include mushrooms, fungi, roots, tubers, fresh pulses and legumes, aloe vera, seaweed nuts, and seeds. Confectionery Fish and fish products, including crustaceans, mollusks, and echinoderms Bakery products and Sweeteners, including honey Cereals and cereal products derived from cereal grain, roots, tubers, legumes, and pith or soft core of palm tree, excluding the bakery wares of the food category Meat and meat products, Eggs and egg products Salts, spices, soups, sauces, salads, and protein products Foodstuffs intended for particular nutritional uses – Infant formulae, follow-up formulae, and formulae for certain medical purposes for infants Beverages, excluding dairy products (Non-alcoholic drinks) Food Additives- All Food Additives permitted and standardized under FSS (Food Products Standards and Food Additives) Regulations, 2011, and FSS Nutraceutical Regulations, 2016, and their preparations Nutrients and their preparations Micronutrients specified under FSSR and their preparations/premixes of nutrients, Fortified Rice Kernel Microorganisms and Microbial Preparations and Functional Ingredients Standardized Food Products, excluding those covered under categories 1-14 Indian Sweets and Indian Snacks & Savouries products Hemp Seeds and Seed Products

FSSAI registration or FSSAI license is valid for one year or five years, depending on the fee paid to the Government.

A Digital Signature is the signature in electronic format which is used to authenticate the identity of the sender or the signee of the document. DSCs are easily transportable and cannot be initiated and intimated easily by anyone.

DSC is required to send and receive the documents digitally and encrypt the emails/documents. It is also required for eTendering, eProcurement, eFiling, Income Tax filing, and also in many other applications.

The Office of Controller of Certifying Authorities (CCA) issues certificates only to Certifying Authorities under section 24 of the Indian Act 2000. The CAs, in turn, issue Digital Signature Certificates to the end-users.

No, as per the MCA rules, a Digital Signature Certificate is mandatory for eFiling.

The DSCs are typically issued with one-year validity and two-year validity. These are renewable on the expiry of the period of the initial issue.

Company filing refers to submitting various legal forms and documents to the Registrar of Companies (ROC) as required by the Companies Act 2013. Some of the common types of company filings that need to be filed with the MCA are as follows: Incorporation Documents Annual Returns Financial Statements Changes in Directors or Shareholders Registered Office Change Director Identification Number Company Filings for Approval Charge Management

In India, small businesses can be run without registering, but it is recommended to register the company to obtain certain benefits and to ensure legal compliance. There are several unregistered business structures that small enterprises commonly use: Sole Proprietorship A partnership Firm Hindu Undivided Family (HUF)

A company can appoint a statutory auditor either for five consecutive years or till the conclusion of the next Annual general meeting. Therefore, an appointment of the statutory auditor cannot be considered as a part of annual compliance.

A company is required to maintain the compliances once the company is incorporated. The auditor is to be appointed within 30 days. Additionally, there is income tax filing and annual return filing that is to be done every year.

The annual general meeting (AGM) is held for the management and the shareholders to interact with each other. The Companies Act,2013 makes it compulsory to hold meetings to discuss the yearly results and appoint auditors.

PF registration has to be done with EPFO. The PF registration can be done online on the website.

For a salaried employee if the Basic and Dearness allowance is less than Rs.15,000 per month then it is mandatory to get the EPF registration by the employer.

Employees that draw less than Rs.15,000 per month need to get EPF registration mandatorily, and the employee drawing the Pay above the prescribed limit needs to get permission from the assistant PF commissioner to become a member.

PF registration is mandatory for all establishments with 20 or more persons, if the establishment has fewer than20 employees still a PF registration would be required. The employee can become eligible for PF right from the commencement of the employment and onus of deduction and PF payment is with the employer.

The PF is directly related to the employee's pension. Apart from the employees contribution that is 12% towards the EPF, an equal amount is contributed by the employer, 8.33% from this goes towards the Employee Pension Scheme.

The ESI scheme is a comprehensive social security scheme that is designed to accomplish the task of socially protecting the employees in the organized sector against the event of sickness, maternity, disablement, and death due to employment injury.

The existing wage limit for coverage under the ESI Act is Rs. 21,000 per month w.e.f from 1.01.2017.

The ESI Scheme will be calculated on the gross salary of 21,000 if the salary is above 21,000 the ESI will still be constant.

The ESIC scheme does not cover the workers or the employees that earn more than Rs.21,000 per month and in the case of a person with disabilities, the maximum wage is Rs. 25,000

Yes, the statutory responsibility of the employer under section 2A of the Act read with the regulation 10-B to register their Factory/ Establishment under the ESI Act within 15 days from the date of applicability to them.

The authorized share capital of the Company is mentioned in Clause V of the MOA.

Form MGT 14 and SH 7 are required to be filed with the Registrar within 30 days from the date of passing the resolution for the increase in authorized share capital.

A company is required to increase the authorized share capital before issuing the new equity shares and increasing the paid-up capital. The Authorised share capital is the total value of the shares a company can issue.

Private Limited Companies are required to have a minimum authorized share capital of Rs.1 lakh and Rs.5 lakh for public limited companies

Verify the AOA Convene Board meeting Extraordinary general meeting File ROC forms Allotment of shares.

An LLP is supposed to file the LLP annual return in Form 11, the financial statement of the accounts and solvency, and the income tax return.

The LLP Form 8 or the statement of account and the solvency is to be filed every year by all the LLPs that are registered in India. It is filed with the MCA irrespective of the turnover.

The Partners need to comply with the annual return filing with the MCA, filing the statement of accounts.

There are many privileges for the LLPs as compared to other companies there are exemptions from maintaining the minutes' books, statutory register, annual general meeting as well as flexible rates.

The Board meeting is conducted by the Board of Directors, here no BOD is involved in the LLPs instead the designated partners run the whole business and are also responsible for the compliance

Partnership firms are not required to make an audited financial statement each year. The tax audit may be necessary based on the turnover and other criteria.

The compliance for partnership firms mainly includes the income tax return filing unlike the corporate entities like the LLP and the company as they have to make income tax return filings as well as the annual return filing.

For filing the returns of a Partnership firm Invoices of sales and the purchases during a year, expenses invoice, bank statements of the partners, TDS return filed copy, GST returns filing copy is required.

The partnership deed contains all the Terms and conditions of the Partnership. It regulates the rights and the duties of each partner making the partnership deed a very crucial document.

Irrespective of the turnover and the profit or losses made by the partners, the partnership is required to file income tax returns.

Payroll activities include attendance data for a particular month to capture the pays and the accurate attendance of the employees, details of new employees and employees left, the salary structure of new joiners and their bank account details, if there is any advance or incentive to be paid and if there are any special changes that are to be made to the salary structure.

Payroll comes under both the HR and the finance departments.

The Human resource office prepares the payroll since they hold the records of the attendance and the overtime that is rendered by the employees, the accounts department prepares the payment and is subjected to approval from the head of the Agency or the representative.

All the employers who have obtained PF registration are required to do PF return filing on monthly basis. The PF returns are to be filed by the 15th of each month on the unified portal.

The employer and the employee both have to both contribute 12% of the basic salary of the employee in the EPF account.

PF registration is mandatory for the employees who have a basic salary of dearness allowance is up to 15,000 and for those who are earning beyond Rs.15,000 it is not mandatory to get PF registration.

You cannot apply for withdrawing the EPF account balance immediately after the resignation from the company. In case if the applicant is choosing to withdraw money in the PF account before completing 5 years, you will liable to pay tax on the amount.

When the employee applies for EPF it takes 5-30 days to get the PF amount into the bank account. But the time depends on how fast the EPFO officer clears the claim. Some EPFO office clears the claim in 5 days while some take more days.

A sole proprietor is required to report all the business income, losses on the personal income tax returns, the business is not taxed separately under this.

Proprietorship annual return filing is done ITR 3 and ITR 4.

The proprietorships are required to file the annual tax returns with the Income Tax Department. However, the annual reports or the accounts are not necessary to be filed with the Ministry of Corporate affairs which is necessary in the case of the LLPs

The main tax advantage of a proprietorship is that it can deduct the cost of health insurance for self, spouse, and dependents.

In the case of proprietorships tax audit is not necessary, it is completely based on the turnover and other criteria.

The registered office is the principal place of business, the registered office will be used for all the official communication.

Yes, the registered office of a company can be shifted from one place to another in the same state or from one state to another. It is a legal procedure that can be completed online.

It usually takes 2-4 working days to process the application form.

Form INC 22 and MGT 14 need to be filed with the ROC for changing the address of the company.

No the companies that are relocating to another location in the same village, towns, or city limits d not need permission from their shareholders or any other authorities But it is necessary to notify the ROC of the changes that are made in Form INC 22.

A company can remove the authority to remove a Director by passing an ordinary resolution that is given to the Director. A board meeting will be conducted by giving notice 7 days before all the Directors.

The ordinary resolution that is passed is not to be filed with the registered.

Yes, a Director of a company can be removed without his consent under certain circumstances.

The Office of the Director may happen to be vacated by the statute, death, or under the provision of the AOA or the Shareholders agreement.

Even after the Director is removed by the company he is entitled to get the compensation damaged that are payable to him.

Transfer of shares is referred voluntary handing over the rights and possibly the duties of a company member.

People involved in share transfer are: A subscriber to the memorandum The legal representative in case of the deceased Transferor Transferee Company ( Whether listed/ unlisted)

The penalty for a company a minimum default of Rs.25,000 and a maximum of Rs.5,00,000.

What is the difference between a windup and strike-off of a company? Winding up is a more elaborate process that must be followed when the company has assets and liabilities. Striking off is preferred by companies with few or no outside liabilities because it is a much simpler process.

A liquidator is a person appointed by the court to oversee the process of winding up a company and manage its affairs.

Possible reasons for liquidation are: Insolvency. Bankruptcy. Unwilling to continue business operations.

What is the importance of liquidation? Once liquidation is complete, the directors bear no liability to any stakeholder. The company can avoid legal actions from court or tribunal if the directors pass a voluntary declaration. Liquidation costs lower than any other methods of closure.

A corporate person who intends to voluntarily liquidate themself and has not committed any default may initiate the voluntary winding up.

LLP Form 24 has been introduced by the MCA to wind up the LLP easily by just making an application to the Registrar for striking off the name of the LLP.

Winding up is the process of dissolving a company when a company ceases to do the business as usual. Here the company wants to sell off the stock, pay the creditors and distribute the remaining assets to the partners and the shareholders.

The whole process may take 3 to 6 months to complete, once the application is approved the details will be placed on the website of the MCA for the information of the general public for one month.

E-Form 24 is used for making applications to the Registrar of the companies for striking off the name of the LLP.

LLP needs to be closed on the following conditions: If the LLP is not operative for the date of incorporation or inactive for one year. LLP does not have any assets or liabilities as of the date of the application.

Every registered person before the movement of the goods of the consignment value of more than Rs.50,000/- shall generate an E-way Bill.

Yes, only on authorization from the registered person can the transporter furnish the details in Part A of Form GST-EWB-01.

When the goods to be transported are supplied through an e- commerce operator or a courier agency, on an authorization received from the consignor, the information in Part A of FORM GST EWB-01 may be furnished by such e-commerce operator or courier agency and a unique number will be generated on the said portal.

In this case, the E-way bill shall be generated by the principal or job-worker, if registered, irrespective of the consignment's value.

Yes, an e-way bill is required to be generated, irrespective of the value of the consignment and not being registered under GST.

No. GST registrations cannot be cancelled without filing returns. Taxpayers must first complete the filing of GST returns. Then, the taxpayer must submit form GSTR-10 (also known as Final Return) to apply for cancellation of GST registration. The time window for cancellation is around 1-2 weeks.

Yes. PAN is mandatory for normal taxpayers and casual taxable persons to be registered under GST. However, PAN is not mandatory for a non-resident taxable person for obtaining registration.

The time required to cancel GST registration depends on the GST authorities and on the accuracy of the documentation submitted. Generally, it takes around 10 to 15 working days for the cancellation to be processed.

In order to cancel your GST registration, you need to submit the following documents to the relevant GST authorities: PAN card Aadhar card Details of the last return filed Tax Particulars Company Authority details

Yes. Any entity wishing to claim input tax credit can be registered voluntarily, even if not liable to be registered. After registration, voluntarily registered entities will also have to comply with regulations as applicable to a normal taxable person.

According to the guidelines prescribed by the GSTN, registered persons with a yearly turnover exceeding Rs.10 crores in any prior financial year, starting with 2017–18, are required to use e-invoicing system for B2B and B2C communications.

Based on recent updates effective from October 1, 2022, companies having a turnover of more than 10 crores would be required to use e-invoicing.

An e-Invoice cannot be partially canceled, it has to be canceled fully. Once canceled, it will need to be reported to the IRN within 24 hours. Cancellation done after 24 hours cannot be done on the IRN and needs to be manually canceled on the GST portal before the returns are filed.

Yes, details of invoices can be entered in bulk in an excel based bulk converter tool, available on the e-invoice portal.

The QR code is mandatorily required from the 1st October 2020 for the taxpayers with their aggregate turnover exceeding Rs.500 crore in 2017-18 to 2019-20. By 1st January the E-invoicing is now mandatory for the businesses that exceed Rs.100 crore limit in 2017-18 to 2019-20. Further, it was extended for businesses that have a total turnover of more than Rs.50 crore from the 1st of April.

Yes. The definition of input tax includes the tax payable under the reverse charge.

No, a person cannot take input tax credit with respect to goods lost, stolen, destroyed, or written off. In addition, input tax credits with respect to goods given as gifts or free samples are also not allowed.

How to avail ITC on goods or services used partly for businesses?

In case of a mismatch, the supplier and recipient would be updated about the mismatch. If the mismatch is not rectified, then the amount will be added to the output liability of the recipient in the return for the month succeeding the month in which the discrepancy is communicated.

No, provisionally allowed input tax credit can be used only for the payment of self-assessed output tax in the return.

A Goods and Services Tax (GST) certificate is a document issued by the Indian government that certifies that a business is registered with the Goods and Services Tax (GST) system. It is a unique identification number that is used to identify a business for taxation purposes in India.

Any business that is registered for GST with the Indian government must have a GST certificate. This applies to both online and offline businesses.

Yes, in India, businesses must obtain a GST certificate in order to be registered for GST. Without a GST certificate, businesses will not be able to charge GST on the goods and services they sell.

Businesses with an annual turnover of more than Rs. 40 lakhs are required to register for GST. However, this limit is lower for businesses in certain special category states, such as Arunachal Pradesh, Manipur, and Nagaland. Also, there are different rules for businesses involved in e-commerce, which may have to register for GST regardless of their turnover.

An E-way bill is an electronic document which serves as an evidence to the movement of goods having a value of more than Rs. 50,000. It available to a supplier or an individual transporting goods. It has two components; Part A, with details such a GSTIN of the supplier and recipient, place of delivery, value of goods, HSN code, reason for transportation and part B, with details of the vehicle and transport documents.

Any registered business with a turnover of Rs 20 lakh or more must file GST returns. Businesses with a turnover of less than Rs 20 lakh can opt for voluntary GST registration and file returns as well.

Monthly return in GST is the GSTR-3B form. This form is used to declare the total sales and purchase during the month. The form must be filed by the 20th of the following month in order to avoid late fees.

GSTR-3 is a more comprehensive form that requires businesses to provide detailed information related to their sales and purchases, whereas GSTR-3B is a simplified form that requires only basic information.

There would be no procedure or revision of a GST Return. All unreported invoices of the previous tax period must be included in the return for the current month and interest if any would be applicable.

Under GST, all taxpayers, other than an input service distributor, a non-resident taxable person, a casual taxable person, and a person paying tax under the GST composition scheme are required to file a GSTR1 return. Know more about GSTR1 return filing.

There are four sub-categories under GSTR-9. Namely,GSTR-9, GSTR-9A, GSTR-9B, GSTR-9C.

As per Section 47(2) of the Central Goods and Service Tax Act (2017), a person will be fined a penalty of INR 100 per day (CGST) + INR 100 per day (SGST), amounting to a total of INR 200 per day if he/she fails to file GSTR-9 before the due date. However, the maximum amount of penalty a person can be fined is 0.25% of the total turnover.

According to the latest update, the due date is further extended by CBIC via GST Notification 04/2021 | CBIC extends the due date of GSTR 9 & 9C for FY 2019-20 to 31st March 2021

Every taxpayer who has opted out of the composition scheme during the financial year is required to furnish GSTR 9 for the period for which he has been a regular taxpayer

No, as of now, annual returns in form GSTR 9 can only be filed online. However, the government will soon release the offline method to file form GSTR 9.

ITR-5 form is filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.

ITR-3 form must be filed by professionals or people who are operating a proprietorship business in India.

Yes, 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. The penalty for late filing has been increased recently.

ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income as salary or pension and have one house property only.

Individuals, NRIs, partnership firms, LLPs, companies and Trusts are supposed to file Income Tax Returns every year.

A copyright registration does not protect the titles or names, short words, slogans, or any phrases. Only original literary work can get copyright registration.

Trademark registration protects the brand name, logo the slogan whereas copyright protection is provided to literary works, music, videos, slogans, and artistic contents.

Once obtained copyright registration has a validity of 60 years. In case it is literary, drama, music work the 60-year validity is considered from the death of the author. But in the case of the films, sound recording, photographs the 60 year validity period is considered from the date of publication.

The holder can translate, reproduce, adapt, create the work, and also to the right to be credited for his contribution, a right for who can adapt the work to other forms.

Both Published as well as unpublished work can be registered, in case work is already published the details of the publishing are to be furnished with the application.

A design is referred to shape, ornament, pattern, composition of line or colors, or any other visible aspect. A design can be two or three-dimensional.

Design registration is not mandatory, having a design registration protects the design's uniqueness and authenticity.

A design registration bestows copyright on the design that is registered for 10 years which can be further extended by 5 years. The owner of the design has exclusive rights to use the design in the class in which it has been registered.

An application for design registration should be made as soon as possible after the design is finalized and before it is shown to others.

Application for obtaining design registration can be made by the proprietor of any design, an Assignee ( jointly or separately ), if the applicant is a non-resident Indian then his agent or representative should apply.

An individual or firm obtains the intellectual property right of an invention, the patent right grants full rights over making, using, selling, or importing the products and services and also restricts others from doing so.

Following steps need to be followed to obtain patent registration. Patentability/ Novelty research Drafting the patent application Patent application filing Patent application publication Examination Examination report issuance Granting the patent.

The following can obtain patent registration: Art, process, method, or manner of the manufacture Machine, apparatus Any products produced by manufacturing Computer software with technical application And even product paten for food, chemicals, medicines or drugs.

Patent registration is valid for 20 years.

Patent registration application should include the details of the invention in the form of a CD or a pen drive that has mentioned the name, the uses, and the data of the invention.

The examiner should be satisfied with the trademark it should comply with all the rules and regulations, if the examiner is unsatisfied with the trademark he may object to the trademark. An intimation will be sent to the applicant and the applicant is required to respond within thirty days.

The trademark examination report of the objection over trademark on the website of IPI India.

The trademark experts draft and file a reply within 3 days of raising an objection that is received subject to the available documents.

The trademark objection is raised by the examiner by raising questions over the criteria that are followed during registration whereas the opposition is done by a third party over the credibility of the trademark.

A trademark is objected to due to many reasons like the documents filed or the fulfillment of the criteria that is mandated by the rules.

An individual who thinks that his or her brand name or the reputation of the company will be damaged by the registration of a mark can raise a trademark opposition.

The Opposition notice can be filed within three months and can be extended by one month from the date which the trademark was published in the trademark journal.

In case the trademark opposition is filed after three months but before four months expiry period the notice of opposition should be accompanied by a request for extension by providing a sufficient reason for the delay in the same.

Anyone can file for trademark opposition, but usually, an opposition is raised by a person who is the owner of the trademark or a mark that deals with similar goods and services.

The opposition notice should be filed at the trademark registry where conflicting mark application has been filed.

In India, registering a trademark is done through the Indian Trade Marks Registry (TMR), you must first conduct a trademark search then file an application for registration, one submitted, the TMR will review it and issue a trademark registration certificate if the application is accepted. Register your Trademark with IndiaFilings to access our expertise.

The cost of registering a trademark in India varies depending on the class of goods or services associated with the trademark.

A normal registered trademark is valid for ten years, the owner must renew their registration.

No, any trademark registered in India will be valid only in India. However, some countries use the trademark filing in India as a basis for registering the trademark in their country.

The TM mark can be used along with the trademark once the trademark application is filed with the Controller General of Patents Designs and Trademarks.

The application for trademark renewal needs to have these documents attached a copy of the registration certificate, power of attorney, ID and address proof of the applicant, and a copy of the TM 1 form.

The trademark registration is an asset for the company under this a word or visual symbol is used by a business to help them distinguish the goods and services from that other similar goods and services. Thus, renewing a trademark is always beneficial.

A trademark renewal application should be made six months before the expiry of the registration. An application is to be made with the payment of fees.

A trademark can be restored after the expiry within 6 months to keep using it. An application is to be made for the same.

The trademark registration helps an individual obtain exclusive rights for the use of words or symbols. Whereas the Trade renewal helps in continuing the ownership and use of the trademark.

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GSTIN and Name (Legal Name) of the Taxpayer will be prefilled based on login. The Taxpayer needs to select the financial year for which LUT is being filed, enter the name, address, and occupation details of two independent and reliable witnesses.

It is not mandatory, but if the Taxpayer wants to record the manually approved LUT to be available in online records, he can furnish it with the online application.

Primary authorized signatory/Any other Authorized Signatory needs to sign and file the verification with DSC/EVC. The authorized signatory can be the working partner, the managing director, or the proprietor or by a person duly authorized by such operating partner or Board of Directors of such company or proprietor to execute the form.

After successful filing, the system will generate ARN and acknowledgment. You will be informed about successful filing via SMS and Email, and you can also download the acknowledgment as a PDF.

It is mandatory to furnish the Letter of undertaking (LUT) to export the goods, services, or both without paying the IGST.

Name (as mentioned in the PAN database), Father's Name (as mentioned in the PAN database),

The two signatories in form DIR-3 KYC are the DIN holder and a professional (CA/CS/CMA) certifying the form. Please keep in mind that for Indian citizens, the PAN on the DSC is verified against the PAN on the form. In the case of foreign nationals, the name on the DSC should match the name on the form. DSCs attached to the form must be properly registered on the MCA portal.

Yes. In the form DIR-3 KYC, you must enter your personal mobile number and email address, which must be verified via an OTP process. Furthermore, the mobile number and email ID must be unique and not already associated with another person in the DIN holders' database.

Any DIN holder filing his KYC details for the first time with MCA must submit all KYC details via eForm DIR-3 KYC. Such a person has no way of accessing the web-service for his KYC. Furthermore, any DIN holder who wishes to update any of his KYC details must do so solely through the submission of eForm DIR-3 KYC.

Every Director who was assigned a DIN on or before the end of the fiscal year and whose DIN status is 'Approved' would be required to file form DIR-3 KYC by the 30th of September of the following fiscal year.

No there is no requirement as such that the director needs to be amongst the shareholders. A person who has no shares can also be appointed as a Director in the Company.

For appointing a new director e-Form DIR 22 is to be filed.

Yes, there are certain protocols which are as follows: The proposed individual has to be a major He or she has to qualify under the law mentioned under the Companies Act,2013 The members of the board should agree to the appointment of the new director

A company can have a maximum of fifteen directors and if the company wants to increase the number of directors it can be further done by passing a special resolution.

An individual or a living person can be appointed as a Director in a company, an entity or a body corporate cannot be appointed as the director of a company.

No. IEC forms a primary document for recognition by Government of India as an Exporter/ Importer.

08 December 2021 Any person who proposes to import or export goods and services from or to India must obtain IE Code.

No. IE Code is not a tax registration. So no tax is levied based on IE Code during import or export of goods or services. However, customs duty may be levied.

All importers must mention their IE Code while clearing customs when their goods arrive in India. All exporters must mention their IE Code while exporting their goods from India. Additionally, RBI now requests persons importing or exporting services mention IE Code in foreign remittances in a bank account. Therefore, IE Code is required for anyone involved in import or export in India.

An Importer -Exporter Code (IEC) is crucial business identification number which mandatory for export from India or Import to India. Unless specifically exempted, any person shall make no export or import without obtaining an IEC.