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GST Filing Process Online in Bangalore Goods and Services Tax (GST) is a single indirect tax that replaced multiple taxes such as excise, service tax and value added tax. The new GST regime has simplified the process of filing returns and making payments and has improved transparency of transactions. Every business registered under the new system is required to file return on a monthly, quarterly and annual basis. Depending on the nature of your business, you might need to submit various types of GST returns. Earlier, taxpayers had to fill different forms to submit their returns which were complex in nature and required manual data entry. But now, the process has been made simpler and efficient with the help of the GST filing process online in Bangalore . The new GST regime is based on the principle of self-declaration and requires businesses to provide details of all outward supplies, inwards supplies, credits, debits, interest and refunds to the authorities. G...

Who Are Eligible For GST Registration Every taxable person or business entity having annual turnover above a certain threshold is required to register for GST. However, this threshold varies by country. In India, a person or company must register for GST if their annual turnover exceeds Rs 40 lakh. However, a business can also choose to register for GST voluntarily even if it does not meet the turnover requirement. This will allow them to avail of the input tax credit and establish their credibility as a registered business. To apply for GST registration, a taxpayer must visit the official Good and Services Tax portal and select the 'Register' option under the 'Services' tab. Next, the 'Taxpayer' field must be selected and the application Form GST REG-01 must be filled out. The taxpayer must provide the required information and documents in order to complete the form. Once the information and documents have been provided, the taxpayer will receiv...

What Are the Compliance Required for OPC Private Limited Company Unlike Pvt Ltd Company, One Person Company registration has lesser compliances. However, the same should be followed in a proper way for maintaining its legal standing and not to face any issues later on. Non-compliances can also result in hefty penalties and fines, therefore it's better to have a proper compliance plan while setting up an OPC. While registering an One Person Company , the subscriber must appoint a Nominee to be the member of the Company in the event of his death or incapability to contract at the time of incorporation of the Company. The nominee appointed must be a citizen of India and Resident of India and must not have been disqualified under the Act. Once the OPC is incorporated, it can open bank accounts by filing Form 20A within 180 days of its incorporation. It is a mandatory requirement as it demonstrates that the Company has started its business activities within the requir...

What Are the Procedures for Formation of LLP in India LLP stands for Limited Liability Partnership and is a business entity that has some benefits of a corporation while keeping the flexibility of traditional partnership firms. It has separate legal identity, tax structure, and limited liability of partners. The main purpose of forming an LLP is to provide a legal framework for carrying business activities in the form of a partnership firm, wherein the liabilities of each partner are restricted to their contribution only. To initiate the LLP registration process , first, Designated Partners need to obtain DPIN and DSC. DPIN is an unique identification number for each proposed Designated Partner and DSC is a Digital Signature Certificate. DSC is mandatory for all LLP documents to be filed online and also for all transactions carried out by an LLP. Once DPIN and DSC are obtained, the next step is to file the LLP incorporation document in e-form FiLLiP online on MCA...

Why is IT Filing Mandatory in India For the first time, e-filing is not only mandatory but also convenient for taxpayers with income below Rs 3 lakh (for individuals), Rs 5 lakh (for senior citizens) and Rs 1.5 crore for businesses and professionals. The new process is based on simplified returns and provides several benefits. While e-filing is a simple process and requires basic information such as name, address, PAN, income and deductions claimed, the most important factor is to choose a trustworthy tax preparation software. The software will guide the taxpayer through the entire process, including selecting the correct form to file, calculating taxes payable and refunds, and providing the necessary documents. Moreover, the software will also check for errors in data entry. This will help the taxpayer avoid mistakes and errors in filing, which may lead to penalties and interest payments. Once the taxpayer has filed his or her return, he or she must verify it...

How to Incorporate a New Limited Liability Partnership Registration India Incorporating a new Limited Liability Partnership (LLP) is a popular business structure in India. An LLP offers several benefits such as tax efficiency and limited liability of the partners. It is relatively easy to set up compared to setting up a Private Limited Company and the registration process can be completed online from the comfort of one's home or office. The key steps involved in the process are reserving the name, filing Form 2, and paying the requisite fee and stamp duty.  The first step involved in registering a Limited Liability Partnership is obtaining the Digital Signature Certificate of the designated partners. This is because all the documents filed for LLP online require DSC to be authenticated. A DSC can be obtained from government recognized certifying agencies. The cost of acquiring a DSC varies depending on the certifying agency. Once the DSC is obtained, a self-attested c...

What are the Documents Required for Company Registration in India A business can be started as a sole proprietorship, partnership or a private limited company. The business structure chosen depends upon the type of business, area of operations and taxation requirements. While the ownership structure, laws and financial responsibilities differ among these structures, they can all be registered with the Registrar of Companies (ROC). The registration of the company gives it a distinct personality that can own property and incur obligations. This is done through a process called incorporation. After the successful completion of all the processes, an approval is given by the  Registrar of Companies ( ROC) to start the company. Then, the ROC will upload all the documents and forms to its website for online verification. Some of the important documents to be submitted include proof of registered office, PAN card, DPIN, DSC, ID proof and address proof of directors and sha...

How to Register a Private Limited Company Online While there are innumerable business start-ups that operate without a company registration, having one provides a lot of benefits and is easy to do online. This article discusses what a private limited company is, why it's important and how to register it online in India. Private limited company is a legal entity that separates itself from its founders, directors and stakeholders (shareholders). This means that the assets of the company are completely independent of any personal assets of the shareholders and the liability of shareholders is only limited to the amount invested. This type of company is very popular in India and has many tax and regulatory advantages. Upon registration, the Registrar ofCompanies will allot a unique Corporate Identity Number (CIN). Once you receive this, you can open a current bank account under your company name. You can also use this CIN to check your company's registration...

How to ROC Annual Filing of Company in India ROC Annual Filing of Company in India is the process by which companies submit their financial and non-financial details to the Government authority, i.e, the Registrar of Companies. This is an annual requirement, and companies that fail to file their return on time can face fines and penalties. The Registrar of Companies (ROC) is responsible for keeping a record of all registered companies in the country, and filing with the ROC is a mandatory process for all businesses. The ROC records include information on the company's shareholders, directors, financial status, and other important details. Annual filing is a requirement for all businesses, including private limited companies, one-person companies, and section 8 companies. It requires conducting an annual general meeting and filing the company's audited financial statements with the ROC. The company also must file its board report with the ROC. For mo...