Learn the Necessities of ITR Filing with the help of Professionals

The basic financial norms imposed by the authority states that if you have annual earnings beyond the exemption mark, i.e., Rs.2.5 lakh, then you need to file an ITR mandatorily. Even if there is no liability, Income Tax becomes mandatory. ITR is a representation of all the income, exemptions, deductions, taxes, and other details on the overall income. The new businesses that are starting to boom might have less knowledge about this aspect. For which the professional ITR filing in Janakpuri professionals are taking in the charge to help you manage these aspects to take hassles off your head.

In this article, you will know about some of the important necessities of filing an ITR for which a professional can assist you better.

Get Rid of the Penalties

Delaying or omitting ITR filing can result in adding penalties to you on a personal level. The penalty starts ranging from Rs.10000 for the individuals who fail to submit their ITR. The professionals can help you keep track of the due dates for the filing needs and will help you keep aside the unwanted penalties.

The penalty is less for the individuals who have to earn less than Rs.5 lakh. But to abide by the laws, you still need to submit the tax return details. It is evident that managing all the aspects, especially if you are running a business, becomes quite difficult. Therefore, professionals come into the scene and offer you the accounting Services in West Delhi to help keep your record clean.

Bank Loan processing

When you seek for bank loans, the ITR receipts are one essential document that will come in handy to help the lender process the amount in no time. You need to prove your income status to help the lender believe that you will be able to repay the loan that you are taking for either home, car, or other goods. Most of the lenders consider ITR receipts as one of the authentic and genuine documents for the process. So, let the professionals handle ITR aspects, and you can enjoy the perks of it seamlessly without any hassles.

These are the two major necessities of ITR filing that you make it quite essential for you to file them. Manish Anil Gupta & Co. is one of Delhi's top names that can offer you professional assistance for handling your ITR filing, accounting needs, and even trademark registration in Delhi. So, get in touch with them today to know more about their services.

45TH GST Council Meeting Discussion & Recommendations

A press release was issued concerning the 45th GST Council held on 17th September 2021 in Lucknow, chaired by the Honorable Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The recommendations made in the council covered some reliefs in view of the COVID Pandemic situation, compensation cess utilization, changes in GST laws and procedures, interest on ineligible ITC and many more.

These recommendations would be given effect through issuing circulars and notifications as and when deemed fit.

 Here, in this text, we have tried to briefly cover all the highlights of the said press release and other significant recommendations made by the council.

 1: Relief measures, given the COVID Pandemic situation-

• Concessional rates were being charged on some Covid treatment drugs up to 30th September 2021. The period now has been extended till 31st December 2021.

• Rates on some other Covid treatment drugs would also be reduced to 5%.

 2: A recommendation was also made to change the rates of some goods.

• A list of goods was released mentioning the change in tax rates on goods like cancer medicines, Cartons, boxes, bags, packing containers of paper, Specified Renewable Energy Devices and parts, and some other items

• Mentha oil being supplied by an unregistered person would be covered under reverse charge mechanism, and in case of its export, refund of ITC should only be allowed against LUT. 

• The composition scheme would also cover brick kilns (threshold limit-Rs 20 Lakhs). Bricks without ITC would attract the rate of 6%, and with ITC would attract a 12% rate of tax.

 3: A problem of accumulated ITC was faced by the dealers of footwear and textiles due to the wrong inverted duty structure on them. This incorrect inverted duty structure is now being rectified by changing the applicable rates of GST. This change would be brought w.e.f. 1st January 2022.

 4: The council also had a discussion over the matter of petroleum products to be included or not under the purview of the GST Act. It was decided that it is not appropriate to take this step at this point.

 5: Exemptions and change in rates of tax in case of a supply of services were also taken into account, and among them, some of the worth noting exemptions and changes were-

•  The exemption on the transport of goods by vessel or air from India to a place outside India has now been extended up to 30th September 2022

• Electronic Commerce Operators (ECOs) are being made liable to pay tax on the following services-

 1:  Transport of passengers by a motor vehicle

 2:  Restaurant services (with some exceptions)

  6: Clarifications in relation to rates on goods and services. Some important points to be considered are-

• Coaching services to students provided by coaching institutes and NGOs under '‘Scholarships for students with Disabilities” are exempt from GST. 

• Supply of already manufactured ice-creams by ice-cream parlours would attract the rate of 18%.

•  ''Carbonated Fruit Beverages of Fruit Drink" and "Carbonated Beverages with Fruit Juice" would attract 28% of GST and 12% of Cess.

•  A uniform rate of 18% would be charged on all paper and paper board containers.

•  Overloading charges at toll plazas are exempt.

•  Entry tickets in amusement parks would now attract 18% GST, and if casino facilities are being provided, then the rate will be 28%.

•  Alcoholic liquor is not to be considered as food, and the job workers providing the services related to alcoholic liquor is liable to pay the tax at the rate of 18% instead of 5%.

 A presentation was made on the issue of usage and exhausting of the compensation cess collection from June 2022 to April 2026. It was decided that the amount should be used in respect of the repayment of borrowings and debt servicing made to bridge the arising gap in 2020-21 and 2021-22. Council also thought it through to set up a group of ministers to look into the matter of inverted duty, rationalizing rates and exemptions under the GST Act.

ADVICE ON GST LAW AND PROCEDURE

•  Relaxation in filing FORM GST ITC-04 (Details of goods/capital goods sent to job worker and received back)-

 1: The report is to be furnished once in six months, in case the annual aggregate turnover in preceding financial exceeds Rs 5 crores.

 2: The report is to be furnished annually, in case the annual aggregate turnover in preceding financial is up to Rs 5 Crores.

•  Retrospective change in the law that the interest to be paid by a taxpayer will be on Ineligible ITC availed and utilized instead of ineligible ITC availed. The rate of interest will be 18% with effect from 01.07.2017A change may also be introduced in the provisions of transfer of unutilized ITC balance in cash ledger between distinct persons without going through the whole process of refund.

• It was also discussed and decided to issue clarifications for removing ambiguousness through circulars for the taxpayers to benefit from. The issues and disputes are related to-

•  Scope of intermediary services

•  Interpretation of “merely establishment of distinct person” in case of export of services.

•  Some other clarifications related to debit note issuance date need of carrying a physical copy of tax invoices under Rule 48(4).

•  Provisions regarding procedure and time limit for filing refund of tax paid wrongfully.

 FACILITATING AND STREAMLINING OF GST COMPLIANCES

  1: Aadhar authentication has now been made mandatory for taxpayers wanting to take the refund and applying for revocation or cancellation of registration.

 2:  A refund of GST will be made in the same bank account to which the PAN is linked.

  3: The late fee for Form GSTR-1 will now be auto-populated in the next return in Form GSTR-3B.

  4: A registered person shall not be allowed to furnish FORM GSTR-1 if he has not furnished the return in FORM GSTR-3B for the preceding month. (w.e.f. 01.01.2022)

 These recommendations were made after thorough deliberations and discussions. Many issues were brought up in view of the current COVID situation, problems related to GST structure, ambiguity and hardships that a taxpayer goes through. Many steps are to be taken which will prove to be beneficial and welcoming for the taxpayers.

 The above-mentioned points were made only in the form of recommendations and are yet to be enforced through issuing notifications and circulars. 

Disclaimer-The information given above by the author is to provide a general guidance to the readers. This information should not be sought as a substitute for legal opinion.

Authored by CA Manish Gupta & assisted by Khushi Khandelwal

For any queries or suggestions, reach at info@manishanilgupta.com

 Source:https://www.manishanilgupta.com/blog-details/45th-gst-council-meeting-discussion-recommendations

Hiring Professionals for Trademark Registration

Registering a Trademark means taking ownership of a brand to showcase the products as their own. More than 7 million trademark filing was recorded back in the year 2016, which is gradually increasing over time. The scale of growing entrepreneurs is increasing, and that is a progressive sign for the world. It is a complex process that needs expert guidance. For this, the professional companies are offering services for Trademark Registration in Delhi. You can hire the consultants to get the required guidance and assistance to help you with the entire process.

In this article, you will know about some of the perks or benefits that you will get on hiring a professional instead of handling it on your own.

IP Related Guidance

IP matters are also termed to be the trademark licensing aspects. On hiring a professional consultant, you will get a clear vision about the licensing needs, property transfers, trademark rights, and others. During the legal proceedings, the consultants or professionals will also present the impactful decisions to the opposition boards to help you get your trademark's rights.

Timely execution of the process

The Trademark registration often takes time when you decide on handling it on your turf. Consider hiring a CA in Vishnu Garden, who will also act as your Trademark registration consultant who will help commence all the procedures to speed up the registration. The consultant will handle the work until the registration is completed, after which he/she can return to the CA's role for your company.

Prevention of Application mistakes

If you are starting up a new company, then filling up the application with adequate details might be confusing for a start. On hiring the professionals, you can get pass this hassle of filling the application. They will take care of it with your consent by filling the forms with verified details to help speed up the process without the risk of rejection. Taking self-approach might become expensive and complex.

These are the three major perks of hiring professionals for Trademark registration in Delhi. Manish Anil Gupta & Co. is one of the top names in Delhi that offers CA consultants, Trademark registration consultants, and even offers services for Trust Registration in Delhi. They offer quality service at a reasonable fee. Get in touch with them today to know more about their services and get a free price quote for the same.

Positive Attributes of Professional CA Firms that Contribute to Healthy Business Operations

The professional CA firms are meant to handle financial assistance to the businesses in most of the aspects. Not only that, but they also handle GST consultancy services for you. A professional Chartered Accountant will not only manage your accounts but will also look after your essential requirements such as Auditing, Taxation, GST filing, and others. More than one lakh student pursue CA every year in India, which means that the demand for the accountants in businesses is growing. 

Here are some of the attributes of professional Chartered Accountant firms that make it effective for the organizations.

Better rapport with clients

The best thing about professional CA firms is that they look after most of the odd jobs of the clients, such as society registration, company registration, GST filing, and many other such works. Moreover, the accountants have immense knowledge about the latest regulations to help them convey the rightful updates to the clients, maintaining a healthy rapport. Moreover, the accountants also remain in touch with the clients through blogs and social media rather than only the phones. It is the duty of the accountant to explain all the economic policies that are feasible for the respective businesses. 

Convey Timely Updates

The professional CA firms also act as an audit firm in Delhi to handle all the tax auditing needs of the business. In addition to that, the CA firms will also take note of the latest income tax regulations and will assist your business in income tax return filing in Delhi. Moreover, professional accountants will also help you protect your organization's sensitive data by implementing all the cyber solutions. With timely updates and business process executions, the CA firms will ensure healthy business for you, along with a better financial outcome. 

The long array of services

The CA firms are widely known for their wide availability of all-round services to help a business organization thrive. Some of the services that are offered by professional CA firms are Auditing, GST consultation, Accounting, Transaction Advisory Services, and Business Acquisition. If the firm does not offer any of the above-mentioned services will immediately inform the client about the same to help them make a decision. But the top firms do offer all of the above-mentioned services to ensure client satisfaction. 

These are a few of the positive attributes of a professional CA firm that make them quite feasible for handling financial and other business operations to make it streamlined. If you are looking for an audit firm or GST consultant in Delhi, then refer to Manish Anil Gupta & Co. that is one of the best companies in Delhi with an expert team of consultants.  

How to know if a CA Firm is the Best for your Business?

 In the year 2018, around 1.5 lakh members were working as chartered accountants in different companies, and 1.32 lakhs were practicing that year. There is a huge competition in this market, and the firms implement new strategies to stay ahead in the competition. The CA firms are destined to offer quality services to the businesses to manage their several aspects. It will help businesses handle their taxes, accounting, and other financial needs. To know whether you are investing in the right CA firm, you need to first understand their services apart from being just an accountant such as Society Registration or Company registration in Delhi.

Along with that in this article, you will know about some of the best possessions of a CA firm that makes them stand out amongst the big crowd.

Putting Stress on the emerging areas

There are basically two types of areas where the CA of your company needs to put their efforts. There are traditional areas where the CA firm will take charge of handling your audit taxations, annual returns, ROC compliance, and others. For better progress, some of the top CA firms make sure to take considerations for emerging areas as well, such as Society registration in Delhi, Companies bill, Valuation, Direct Tax, International Taxation, GST practices, Entry strategies for the abroad companies and other such effective services.

Better Technical Expertise

Along with the knowledge of the core job of CA, the experts are now taking consideration for learning modern technologies such as audit technology, cloud computing, analytics, and much more. This wide knowledge helps the CA firms reach out to a healthier client base. The professional accountants make sure that they implement these modern technologies onto the accounting and taxation aspects to make it more streamlined.

The CA of the professional firms make sure that they are aware of the substantial procedures implemented along with the control tests. Data analytics knowledge can help a CA attain all of these. It will help the accountants understand the financial performance of the business and improve it.

These are the two important factors or possessions of professional CA firms that intend to stand out amongst the several competitors. Manish Anil Gupta & Co. is a renowned CA firm in Janakpuri with a great team of highly knowledgeable accountants to handle all the respective operations of your business.

What is the Role of a Chartered Accountant in Setting up a New Business?

A Chartered Accountant are not helping only to plan their taxes and other compliances, but also to assist at various stages of setting up business. Their expertise in major fields related to business like laws, finance and taxes, agreements, can be an integral part while formulating the strategies, applying for business loan, maintaining accounts, the software to be installed, the grants/subsidies it can receive, etc.

Therefore, consulting with a CA while planning a startup can really be beneficial as one can get clarity on major aspects early rather than getting trapped later. CA experts in India can help in preparing the perfect accounting structure of your company.

Let us discuss in brief a CA’s role in setting up a business:

• Business plan

Because of his expertise, a CA is able to estimate the financial predictions based on studying the market for the related product and the taxation policy of the government. CA’s can make use of the best talent and in-depth knowledge to help their clients in boosting their profit margins from the very beginning.

• Company registration and legal structure

There are different types of registration ie. Limited companies, limited liability partnerships or corporations, others could be sole traders or proprietors. Each has different laws attached to it. Company registration in Delhi has different governing laws, compliances and tax laws applicable to it, which a CA can easily elaborate and hence let you decide as to what will be the best practice for your business.

•  Assist you in applying the business loan or overdraft

Knowing that a CA is responsible behind your documents and loan application, your chances of getting the credit enhances. They’ll also be able to answer any questions your bank might have ask regarding revenue projections and expenses. Also he can guide you on the type of loan and the interest rate attached to it.

Conclusion:

Professional CA firms can also help you deal with the complicated tax compliances, which may lead to huge penalties if ignored. Also, they represent your case in front of the tax officers and tribunals on your behalf. They can also inform you about anything that you need to know about such paperwork and documentation. Moreover, they assist you in various other business aspects like getting Digital signature, guide you while external audit of your company, raising a red flag before any discrepancy caught by the auditor or tax officer, Subsidies and penalties issued by the Government, etc.

In nutshell, a CA can lead to the growth of your business, consulting him should be inevitable for the long term benefit of you company

Source:https://www.manishanilgupta.com/blog-details/what-is-the-role-of-a-chartered-accountant-in-setting-up-a-new-business

Learn the Necessities of ITR Filing with the Help of Professionals

 The basic financial norms imposed by the authority states that if you have annual earnings beyond the exemption mark, i.e., Rs.2.5 lakh, then you need to file an ITR mandatorily. Even if there is no liability, Income Tax becomes mandatory. ITR is a representation of all the income, exemptions, deductions, taxes, and other details on the overall income. The new businesses that are starting to boom might have less knowledge about this aspect. For which the professional ITR filing in Janakpuri professionals are taking in the charge to help you manage these aspects to take hassles off your head.

In this article, you will know about some of the important necessities of filing an ITR for which a professional can assist you better.

Get Rid of the Penalties

Delaying or omitting ITR filing can result in adding penalties to you on a personal level. The penalty starts ranging from Rs.10000 for the individuals who fail to submit their ITR. The professionals can help you keep track of the due dates for the filing needs and will help you keep aside the unwanted penalties.

The penalty is less for the individuals who have to earn less than Rs.5 lakh. But to abide by the laws, you still need to submit the tax return details. It is evident that managing all the aspects, especially if you are running a business, becomes quite difficult. Therefore, professionals come into the scene and offer you the accounting Services in West Delhi to help keep your record clean.

Bank Loan processing

When you seek for bank loans, the ITR receipts are one essential document that will come in handy to help the lender process the amount in no time. You need to prove your income status to help the lender believe that you will be able to repay the loan that you are taking for either home, car, or other goods. Most of the lenders consider ITR receipts as one of the authentic and genuine documents for the process. So, let the professionals handle ITR aspects, and you can enjoy the perks of it seamlessly without any hassles.

These are the two major necessities of ITR filing that you make it quite essential for you to file them. Manish Anil Gupta & Co. is one of Delhi's top names that can offer you professional assistance for handling your ITR filing, accounting needs, and even trademark registration in Delhi. So, get in touch with them today to know more about their services.

Establishment Of Foreign Company in India and Its Related Compliances

 India has cheap human labour, land, water, electricity in abundance, which lures many foreign companies to establish their place of business in India also. Like other companies operating their businesses in India, foreign companies must comply with some rules and regulations. In this text, we have tried to cover almost every requirement to be complied with by a foreign entity according to the Companies Act, 2013.

First, let's go through the definition of a Foreign company to understand which company falls under its ambit-

What is a Foreign Company?

Foreign company means a company or a body corporate incorporated outside India which—

• -is having a place of business in India whether by itself or through an agent, physically or through electronic mode; and

• - is conducting any business activity in India in any other manner.

So, it can be concluded that the mere visual presence of a foreign company doing business in India falls under the ambit of this definition.

It is to be noted here that as per the Companies (Registration Offices and Fees) Rules, 2014, any document which a foreign company is required to deliver to the Registrar is to be delivered to the Registrar of New Delhi irrespective of where it operates its business in India.

How Registration of Foreign Company in India is taken?

After establishing a place of business in India, for the purpose of its registration, a foreign company is required to file a form (FC-1) with the registrar (within 30 days) and deliver to the registrar certain documents-

a) its charter documents (in English);

b) address of the registered/principal office of the company;

c) a list of all the directors and secretaries;

d) the name(s) and address(es) of the person(s) resident in India and authorised to receive all notices or other documents on behalf of the company;

e) address of the place of business in India;

f) details of opening and closing of a place of business in India on an earlier occasion(s);

g) declaration that no director of the company or the authorised representative in India has ever been or is convicted or debarred from forming the companies and management in India or abroad; and

h) any other details

On the successful filing of this form, a Foreign Company Registration Number will be generated, and a certificate of registration will also be given to the company.

The list of directors and secretaries shall contain the following information about the directors-

• - full name

• -any former name or surname

• -father's / mother's name

• -spouse's name

• -date of birth

• -residential address

• -nationality (current and of origin if any)

• -income tax PAN (if any)

• -occupation

• -directorship details in other companies

• -Membership Number (for Secretary only)

• -passport number, date of issue and country of issue

• -email id

How alteration in the documents of Foreign Company's place of business is made?

If any alteration is being made in the documents mentioned above, the company must intimate about the changes to the Registrar within 30 days of such changes being made. This intimation is to be made by filing Form FC-2. The attachments (in English) required are-

1) Certified copy of the Board resolution, if any

2) Copy of the resolution passed in General Meeting

3) Copy of approval letter (if any approval is required for such alteration).

4) Particulars of alterations in the place of business in India of the company

5) Particulars of alteration in details of the directors or secretaries

6) Particulars of alterations in details of the company authorised representative

7) Any other information can be provided as an optional attachment(s).

How Financial Statements are prepared?

Financial statements of Indian business carried on by a foreign company shall be prepared in accordance with Schedule III, and other documents shall be attached as prescribed under the rules applicable and delivered within six months from the end of the financial year. The registrar may extend this period of six months for a period not exceeding three months. These statements are filed in Form FC-3.

How Audit of Accounts is dealt?

The company's accounts relating to the Indian business shall be audited by a practising chartered accountant or a firm/LLP of practising chartered accountants.

Is it required to give details of all the places where business is conducted?

Along with the financial statements, the company is also required to provide details about all its places where it is conducting business in India as on the date of the balance sheet in Form FC-3

Attachments (in English)-

1) Consolidated financial statement of the company (Mandatory).

2) Copy of balance sheet and profit and loss account (Mandatory).

3) Details of related party transactions

4) Details of repatriation of profits

5) Details of transfer of funds

6) Approval letter obtained for every establishment in India

7)Any other information (optional attachment).

Whether Annual Return is to be filed? What are the attachments required?

The annual return shall be filed within sixty days from the last day of the financial year to the registrar in Form FC-4.

Attachments-

1) Details of Promoters, Directors and Key managerial personnel and changes related to the previous financial year.

2) Details of Directors and key managerial personnel and their remuneration.

3) Details of the meeting of the members or class thereof, board and its various committees along with attendance details. (Mandatory)

4) Details of members and debenture holders and changes therein since the close of the previous financial year. (Mandatory)

5) Details of holding, subsidiary and associate companies and firms.

6) Details about Penalties / Punishment/ Compounding of offences if any. (optional)

7) Any other information can be provided as an optional attachment(s).

What is FCRN?

Corporate Identity Number (CIN) work as a unique identifier of an Indian company. Foreign Company Registration Number (FCRN) is a unique identifier in the case of a Foreign Company. It is a Six-digit number. Foreign Company Registration Number (FCRN) is generated consequently upon approval of eForm FC-1.

What is the relevance of DIN?

DIN is not mandatory for directors of foreign companies having branch offices in India.

Many foreign companies have already registered themselves in India and are setting up their businesses on a large scale. The process to be followed is less cumbersome than establishing an Indian company in India.

Hope this article helps you with the process of establishing a business in India by a foreign company.

Authored by CA Manish Gupta & assisted by Khushi Khandelwal

For any queries or suggestions, reach at info@manishanilgupta.com

Disclaimer!

This article is meant purely for knowledge and educational purposes. It contains only general information and references to legal content. It is not legal advice, and should not be treated as such.

Source:https://www.manishanilgupta.com/blog-details/establishment-of-foreign-company-in-india-and-its-related-compliances