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The GST would replace the following taxes: a. State VAT b. Central Sales Tax c. Luxury Tax d. Entry Tax (all forms) e. Entertainment and Amusement Tax (except when levied by the local bodies) f. Taxes on advertisements g. Purchase Tax h. Taxes on lotteries, betting and gambling i. State Surcharges and Cesses so far as they relate to supply of goods and services. j. Excise duty k. Excise duty levied under the Medicinal & Toiletries Preparation Act l. Countervailing duty in lieu of excise duty m. Special additional duty of customs n. Service Tax o. Surcharge and Cesses (relating to supply of goods and services). The GST Council shall make recommendations to the Union and States on the taxes, cesses and surcharges levied by the Centre, the States and the local bodies which may be subsumed in the GST.
WHAT IS A LIMITED LIABILTY PARTNERSHIP? A Limited Liability Partnership is a newer form of business partnership where all of the owners have limited personal liability for the financial obligations of the business. There are no general partners in a limited liability partnership, but an LLP is similar to a general partnership. Each limited liability partner contributes to the everyday business operations. However, each partner enjoys limited personal liability for the other partners' acts. All states allow some form of LLP, though state laws vary. Note that some states only allow LLP status for professional partnerships, like accountants, lawyers or architects. In all states, limited liability partnerships can only be formed by registering with the appropriate state office. BENEFITS OF FORMING LIMITED LIABILITY PARTNERSHIP 1. The Liability of each partner is limited to his share as written in the Agreement filed at the time of creation of LLP as compared to Partnership Firms which have unlimited liability. 2. It has a Low Cost of Formation and is Easy to Form. 3. The Partners are not liable for the acts of each other and can be held liable only for their own acts as compared to Partnerships wherein they can be held liable for the acts of their partners as well. 4. Less Restrictions and Compliance are enforced on a LLP by the Govt as compared to the restrictions enforced on a Company. 5. As a Juristic Legal Person, a LLP can sue in its name and be sued by others. The partners are not liable to be sued for dues against the LLP. Start your LLP with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
LLP Annual Filing Process for the year 2016-17 Every LLP which is already registered with the Ministry of Corporate Affairs have to file the Annual Returns and Statement of Accounts for the Financial Year 2016-17. There are 3 Main Compliance which is mandatory things for the LLP's of the Year 2016-17 a) Annual Return b) Statement of the Accounts or you can say Financial Statements of the LLP c) Income Tax Returns Filings.
What Is a Sole Proprietorship A sole proprietorship is a simple type of business structure that is owned and operated by the same person. It does not involve many of the complex filing requirements associated with other types of business. Sole proprietorship allow persons to report business income and expenses on their individual tax returns. Sole proprietorships are attractive to small investors because they are relatively easy to start up. Also, the owner is entitled to all the profit. On the other hand, sole proprietorships can be risky because there is no separation between the owner and the business. In other words, the owner remains personally liable for any losses or debts that the sole proprietorship incurs. They can also be held legally responsible for violations committed by the business or its employees. Advantages Ease of Formation Starting a sole proprietorship is much less complicated and also much cheaper. Tax benefits The owner of a sole proprietorship is not required to file a separate business tax report. Employment Sole proprietorship can hire employees. Decision making Control over all business decisions remains in the hands of the owner. Disadvantages Liability The business owner will be held directly responsible for any losses, debts, or violations coming from the business. Taxes While there are many tax benefits to sole proprietorship, a main drawback is that the owner must pay self-employment taxes. Also, some tax benefits may not be deductible, such as health insurance premiums for employees. Business Continuity The business does not continue if the owner becomes deceased or incapacitated, since they are treated as one and the same. Upon the owner’s death, the business is liquidated and becomes part of the owner’s personal estate, to be distributed to beneficiaries. This can result in heavy tax consequences on beneficiaries due to inheritance taxes and estate taxes. Raising capital Since the initial funds are usually provided by the owner, it can be difficult to generate capital. Start your proprietorship Firm with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
Benefits and Advantages of Proprietorship Firm for Startups What Is a Sole Proprietorship? A sole proprietorship is a simple type of business structure that is owned and operated by the same person. It does not involve many of the complex filing requirements associated with other types of business. Sole proprietorship allow persons to report business income and expenses on their individual tax returns. Sole proprietorships are attractive to small investors because they are relatively easy to start up. Also, the owner is entitled to all the profit. On the other hand, sole proprietorships can be risky because there is no separation between the owner and the business. In other words, the owner remains personally liable for any losses or debts that the sole proprietorship incurs. They can also be held legally responsible for violations committed by the business or its employees. Advantages Ease of Formation: Starting a sole proprietorship is much less complicated and also much cheaper. Tax benefits: The owner of a sole proprietorship is not required to file a separate business tax report. Employment: Sole proprietorship can hire employees. Decision making: Control over all business decisions remains in the hands of the owner. Disadvantages Liability: The business owner will be held directly responsible for any losses, debts, or violations coming from the business. Taxes: While there are many tax benefits to sole proprietorship, a main drawback is that the owner must pay self-employment taxes. Also, some tax benefits may not be deductible, such as health insurance premiums for employees. Business Continuity: The business does not continue if the owner becomes deceased or incapacitated, since they are treated as one and the same. Upon the owner’s death, the business is liquidated and becomes part of the owner’s personal estate, to be distributed to beneficiaries. This can result in heavy tax consequences on beneficiaries due to inheritance taxes and estate taxes. Raising capital: Since the initial funds are usually provided by the owner, it can be difficult to generate capital. Start your proprietorship Firm with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
1. Get detailed working for #Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date. 2. Allocate your closing stock into quantative mode. 3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compare them with your books. 4. Rectify #Mismatch Reports of Purchases, if it exists. 5. #Revise your #VAT Returns if point no.4 applies to you. 6. Make strict follow-up to collect all the C forms/H Form/ I form. 7. Get your #Books Finalise for FY 2016-17 at the earliest. 8. Make a separate file of those items which are shown in your unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc. 9. Stock ageing be made to ascertain if any stock is more than 1year old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally. 10. Classify stock – tax rate wise, purchased locally to get ITC into SGST. 11. Classify stock purchased on invoices bearing – Duty Payment & non duty payments to get ITC transferred to CGST. 12. Inform your GSTIN / ARN to all your suppliers of Goods & Services. 13. Obtain GSTIN of all Suppliers & Buyers. 14. Apply for migration in all states if you have centralised registration under Service Tax. 15. Train your accountants for GST accounting and returns formats. 16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold. 17. Check whether any stock of one year old is lying with you. 18. Analyse P & L and see which expenses are liable to RCM. 19. Make sure your GST migration from VAT/Service Tax is complete 20. Engage GST Consultant on professional basis. 21. Train staff to prepare tax invoice, advance receipts, self invoice etc etc from June 2017 itself 22. If you are in ERP which is compatible with GST, realign your General Ledger for easy reconciliation for Tax Return and GST annual return 23. Make sure that all documents especially credit and debit note is serially numbered. Get it done through FirstMan Corporate Services LLP because we serve you beyond your satisfaction.
Private Limited Company Registration In Chennai A Company limited by is called as Private Limited Company. These kinds of companies are suitable for closely held businesses usually by family, friends and relatives. With minimum 2 persons private limited company can be formed. Private limited company's disclosures are lighter. A shareholder's personal assets are protected in case of company's insolvency. MINIMUM REQUIREMENT Minimum 2 Director. Minimum 2 Shareholders. The Director and Shareholders can be same. Minimum share capital should be Rs 1, 00, 000 /- [INR One Lac]. DSC [DIGITAL SIGNATURE CERTIFICATE]. DIN [DIRECTOR IDENTIFICATION NUMBER] Require Documents Address & ID proof of all Directors, Mandatory – PAN Card ID Proof – Voters Identity Card / Driving License / Passport / Aadhar Card Address Proof – Bank Statement / Electricity Bill / Telephone Bill / Mobile Bill Address Proof of registered office – Address proof of proposed registered office for registration of company. REGISTRATION PROCESS Initial level discussion between the Promoters and FirstMan team. Ascertaining documents required and availability. Preparation and signing of documents. Getting DSC [DIGITAL SIGNATURE CERTIFICATE] for all Directors. Getting DIN [DIRECTOR IDENTIFICATION NUMBER] for all Directors. Name availability and draft Object Clause. Online search of availability of names as desired by the directors. Prepare the draft Object Clause. Get approval from client for company name and objective. Application for Name Availability i.e. Filing INC1 with the concern ROC. Getting Objective Confirmation and Preparing MOA and AOA. Incorporation of a company. After ROC’s approval of name of the company, filing all the incorporation documents with the ROC. Online uploading of e-forms and payment of registration fees. Receiving Company Incorporation Certificate from the ROC. Commencement of Business. Upon bringing capital into company, provide proof of subscribed capital paid by the company. Online uploading of e-form. Receiving Commencement Certificate from ROC.
Why We have to do the Annual Filing ? Every LLP have to maintain the compliance even if they are doing the business or not. The reason is, you know that you are not doing the business but government of India do'nt know that. Through the annual statements or filings you are giving information to the government about your organisation.
FSSAI MANAGEMENT SYSTEMS: Food Saftey And Standards Authority Of India ... The Pink Book: Your Guide for Safe and Nutritious Food at Home’. FSSAI is pleased to bring you ‘The Orange Book Detect Adulteration with Rapid Test (DART) booklet Fssai act, Fssai License registration, fssai actState Fssai, Central fssai, FLRS (food licensing & registration Systems) fssai registration form
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