Your one-sop solution for all accounting needs

If you are a Delhi-based businessman, you need professional help in managing your accounts, income tax returns, etc. In addition, you would also need an expert to guide you on various GST-related matters. Non-Resident Indians would also need experienced accountants to help them in NRI return filing in India.

With business booming in the country, many people; are considering starting their own businesses. For this you need someone who knows trademark registration in Delhi in detail.

Let’s understand the concepts of trademark, GST, etc. in some detail.

GST

If you conduct any business and are registered with the GST, you need to file your tax return. This return has to be filed on GSTR 9. 

Filing your GST return is tricky because you need to record all transactions with suppliers and receivables. It is mandatory to file these returns quarterly or on a half-yearly basis. If you don’t follow this process, you are likely to pay a penalty or face some other punishment.

Traders and other businesses located in Janakpuri, Rajouri Garden, etc. can contact firms dealing in accounting services in west Delhi to manage their GST issues.

Please note that there are various forms of GSTR9. These are;

• GSTR 9A- This is applicable to businesses under the composition scheme.

• GSTR 9B- If you run e-commerce, you are liable to pay your tax return under GSTR 9B.

• GSTR 9C- This scheme is applicable to businesses who have turnover of more than 2 crores. These firms must be subject to reconciliation, and the required document has to be certified by a chartered accountant.

Some businesses are exempt from filing GST. To know whether you fall into this category, please contact an accounting professional.

Trademark Registration

If you want to register your trademark, you need to follow a few basic steps. These are;

•Finding whether your desired trademark is available or not at the time of its registration.

•You need to file the required documents and wait for any objections.

•If there are any objections, you need an expert to draft your replies.

•Getting your trademark certificate.

A good accountant also helps Non-Resident Indians file their tax returns. All NRIs whose annual income in India exceeds Rs. 2.5 lakhs in a financial year have to file their returns.

You can manage all tax related issues by calling Manish Anil Gupta Chartered Accountants &Co. today. Their website is http://manishanilgupta.com/income-tax-services.php. 

Also, Read more info about the Audit firm in delhi,GST consultant in delhi,Company registration in Delhi and NGO Registration in Delhi

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What is the difference between a section 8 company and a private limited company?

The basic difference between Private limited and Section 8 in terms of their basic definitions, minimum requirements of shareholders, directors and capital for each of these forms of entities are detailed below. 

Let us understand how private limited and section 8 companies differ in their basic definition: 

What is a Private Limited Company?

A private limited company is a small business entity which is privately held. This is a type of business entity which limits owner liability to their shares, limits the number of shareholders to 50, and also restricts the shareholders from trading of shares publicly. These are generally formed for trading and business purposes. These are profit making entities.

What is a Section 8 Company?

In India, a non – profit organization which are often known as NGO can be registered as a Company under Section 8 of the Companies Act, 2013 (worthwhile Section 25 of the Companies Act, 1956) and it can also be registered as a Trust and a Society. Section 8 Company format of an NGO is the most popular form of NGO in India. It is, however, easy to register, run or manage a Section 8 Company in comparison of a Trust and a Society. This, however, enables the government to register any association who have charitable objectives such as to promote sports, commerce, art and culture, education, research etc as a limited company, without adding of the words ‘pvt. Ltd.’

Minimum Shareholders and Directors Required

Companies Act 2013 has stipulated the minimum number of Directors and Shareholder for each of these types of companies. Required minimum number of Directors and Shareholders in Private limited and Section 8 Company are:

Private Limited Company – Minimum of 2 shareholders and 2 directors are required.

Section 8 Company- Minimum of 2 shareholders and 2 directors are required.

Minimum Capital Contribution

At the time of company registration, the capital contribution is made by each of the promoters. To ensure that a company has funds to carry on business activities basic minimum capital contribution amount is fixed by the government. Minimum capital contribution for Private limited and Section 8 Company are:

Private limited company: Minimum Authorized Share Capital shall be Rs. 1,00,000 (INR One Lac).

Section 8 company: No minimum requirement of capital has been specified

There is a huge difference between the Private limited and Section 8 Company. Every type of company is useful in its own aspects.

If you want best consultancy in such related matters you can reach at www.manishanilgupta.com

Your friendly tax consultant in Delhi

It is that time of the year to file your income tax returns.Income tax return filing in Delhi has never been so easy. There are two options for doing this;

Go to the income tax site directly and file your tax returns.

Find a Professional that specializes in filing tax returns and seek its help.

In our view, the first option is trickier because on the income tax site, you won’t find answers to many of your questions. If you are a new tax- payer, you will have trouble figuring out the right format.

However, a chartered accountant will help you in various ways. He will prepare all your tax documents, and also advise you about refunds if any. Some CAs are also experts in NRI Return filing in India, so if you have relocated to India recently, you will find tax filing a seamless exercise.

Filing of income tax returns on time is not just mandatory, but you can avoid many future headaches also.

If you fail to submit your returns on time, you will be penalized by the Income Tax department. As an employee or an entrepreneur, you can’t afford to spend too much time managing this problem. At this point, you would need an expert.

If you are living in West Delhi, you may like to contact experts in ITR filing in Janakpuri. Reaching these experts is very easy thanks to expert connectivity.

A competent ITR filing firm typically offers the following services;

Obtaining Permanent Account Number

Linking PAN with your Aadhar Number

Preparation of tax returns

Calculation of tax refunds, if any

Consulting on Tax savings investments to reduce tax burden

Your IT filing expert can also represent you in tax disputes, thereby saving your time.

Informs you beforehand of your income tax deadline.

Please note having PAN number is mandatory for all those who receive income in their bank accounts. You would need this number while communicating with the income tax department.

The government has also made it mandatory to link your PAN and Aadhar number. While this process is quite simple, we would still urge you to take help of a qualified ITR filing expert.

If you have ever filed a tax return on your own, and have received a notice from the authorities, your CA can assist you better in filing responses and related communications with the Income Tax Department.

Avoid all your tax hassles by contacting Manish Anil Gupta & Co. Chartered Accountants today.  You can also reach us on http://manishanilgupta.com/income-tax-services.php. Located in District Centre, Janakpuri, Delhi, this firm has helped several individuals, companies and businesses in income tax related matters.

Source: http://prsync.com/manishanil-gupta/your-friendly-tax-consultant-in-delhi-3266809/

Why a good CA firm is an asset to your business?

Accounting services in West Delhi do a lot more than mere filing of taxes. They can assess your financial health and keeps your business flourishing.

There are many entrepreneurs whose business fail within first two years. One of the common cause of these failures is bad financial decision. Yet, many business owners still don’t realise the important of hiring accountants. Most of the ones who hire an accountant, consider it to be an unwanted expense rather than an investment since they fail to realise the knowledge and experience that a professional accounting service in West Delhi can bring to your business. 

There are many accountants and CA in Janakpuri that do much more than tax filing. While it may feel a bit daunting to allow an outsider to access your intimate information, but bringing an accountant on board can help you to achieve your goals and offer you long term benefits. Hence, an accountant must be considered an asset to your company instead of an expense.

Still not convinced? Here are some more reasons that will convince you!

Get all your deductions

Taxes are a complicated matter for any business. While most businesses spend months thinking about how they can benefit from their deductions, they may still be rendered clueless with all the complexities involved.

This is where an accountant can support you by identifying deductions possible all-round the year and suggest you with strategic decisions. This becomes all the more important when you have NRI taxation to take care of. Thankfully, you can now hire accountants for NRI return filing in India to help you stay sorted.

Accounting services in West Delhi can help you in avoiding an audit

One very important reason to hire an accountant is to avoid audits. Many businesses think these issues can be fixed once they occur, hiring an accountant can help you avoid them in the first place.

They help you save time

Many business owners don’t hire an accountant due to a tight budget. But if you consider the amount of money, time and effort you will save by using the services of a ca firm in Janakpuri, the benefits are sure to outweigh the costs.

Make decisions in real-time

Most business owners want to calculate possible consequences and implications of making financial decisions like investing in a new office or hiring more employees. Accounting firms in West Delhi can also act as your financial advisor to help you in maintaining cash flow and making sound financial decisions.

It is true that life as a business owner can be isolated, especially if you have unending receipts and invoices to take care of at the end of every month or year. But, it does not have to be like that and things can change by the help of reputed accounting services in West Delhi. bringing on board an accountant as your financial partner can set you up for saving your sanity and last success of your business.

If you are on the lookout for an accounting firm or a financial advisor for your business, www.manishanilgupta.com may fit the bill for you. The team of experts offers tailor made solutions to your particular needs and are thorough professionals in their trade.

Source:http://prsync.com/manishanil-gupta/why-a-good-ca-firm-is-an-asset-to-your-business-3262496/

Much awaited Relief measures by government amid Coronavirus Pandemic

In these tough times where entire world is fighting against Covid-19 outbreak and where India has gone under complete lockdown from 24th March 2020 onwards for 21 days, the taxpayers and professionals were getting a lot of inconvenience due to such lockdown.

To provide some relief and as a precautionary measures our Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman announced several important relief measures in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. The measures are provided in the area of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC), Fisheries, Banking Sector and Commerce.

Here are major reliefs which are granted:

1. Relief under Income Tax

•Last date of filing of ITR for F.Y. 2018-19 which was due on 31st March, 2020 has been extended to 30th June, 2020. 

•Aadhaar-PAN linking date has been extended from 31 March, 2020 to 30 June, 2020. 

•Vivaad se Vishwas Scheme – Disputed tax can be paid by 30 June, 2020 without additional 10% of the amount. 

•Due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal,furnishing of return, statements, applications, reports, any other documents and time limit forcompletion of proceedings by the authority and any compliance by the taxpayer including investmentin saving instruments or investments for roll over benefit of capital gains under Income Tax Act,Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTTLaw, Equalization Levy law, Vivad Se Vishwas law where the time limit is expiring between 20March 2020 to 29 June 2020 shall be extended to 30th June 2020. 

•For delayed pay+6ments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy,STT, CTT made between 20th March 2020 and 30 June 2020, reduced interest rate at 9% insteadof 12 %/18 % per annum ( i.e. 0.75% per month instead of 1/1.5 percent per month) will be chargedfor this period. No late fee/penalty shall be charged fordelay relating to this period. 

2.Relief under GST/Indirect Taxes

•For suppliers having aggregate turnover less than 5 Crores, Due date of filing of GSTR-3B falling in the month of March, April and May, 2020 have been extended till last week of June, 2020. Levy of interest, late fee, and penalty has been waived off. 

•For suppliers having aggregate turnover more than 5 crores, all due dates falling in the month of March, April and May 2020 has been extended till last week of June 2020. However, late payment of taxes will attract interest at reduced rates @9 % per annum from 15 days after due date instead of current rate of 18 % per annum. However, late fees and penalty has been waived off, if complied before till 30th June 2020. 

•Date for opting for composition scheme is extended till the last week of June, 2020. Further, the lastdate for making payments for the quarter ending 31 March, 2020 and filing of return for 2019-20 bythe composition dealers has been extended till the last week of June, 2020. 

•Last date of filing of GST annual returns for FY 18-19 has been extended till 30th June 2020 from 31st March, 2020. 

•Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing ofreturn, statements, applications, reports, any other documents, time limit for any compliance under theGST laws where the time limit is expiring between 20 March 2020 to 29th June 2020 has beenextended to 30th June 2020. 

•Payment date under Sabka Vishwas Scheme shall be extended to30th June, 2020. No interest for this period shall be charged if paid by 30th June, 2020. 

3. Relief under Customs

•24 X 7 Custom clearance will be available till end of 30th June, 2020. 

•Due date falling or time limit expiring between 20th March 2020 to 29th June 2020 under the Customs Act and other allied law has been extended till 30th June 2020. Such Due date or time limit may be for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing applications, reports, any other documents etc. under the Customs Act and other allied Laws. 

4. Relief under Financial Services

•Following relaxations are provided for 3 months to cope up with the crisis being faced by people during this lockdown situation: 

a)Debit cardholders can withdraw cash for free from any other banks’ ATM for 3 months. 

b)Account holders can withdraw minimum balance as well without any minimum balance fee

c)Reduced bank charges for digital trade transactions for all trade finance consumers

5. Relief under Corporate Affairs

•One of major relief which is given is wavier of additional fee of any document, returns, statements etc. filed with MCA-21 registry during the moratorium period of 1st April, 2020 to 30th September, 2020 irrespective of its due date. This wavier will not only reduce the compliance burden, including financial burden of companies/ LLPs at large, but also give a chance to long-standing non-compliant companies/ LLPs to make a ‘fresh start’. This is a very good move by the government wherein non-compliant company/LLP can complete their filings without incurring such a huge additional fees. 

•As per Companies Act, 2013, every company is mandatorily required to hold meetings of the Board of the companies within interval of 120 days. Such interval shall be extended by a period of 60 days till next two quarters i.e., till 30th September; 

•Earlier reporting under Companies (Auditor’s Report) Order, 2020 was getting applicable from F.Y. 2019-20 onwards. However, now it shall be made applicable from the financial year 2020-2021 instead of from 2019-2020 notified earlier. 

•As per Schedule 4 to the Companies Act, 2013, Independent Directors are required to hold at least one meeting without the attendance of Non-independent directors and members of management. For the year 2019-20, if the IDs of a company have not been able to hold even one meeting, the same shall not be viewed as a violation. 

•Requirement to create a Deposit reserve of 20% of deposits maturing during the financial year 2020-21before 30th April 2020 shall be allowed to be complied with till 30th June 2020. 

•Requirement of investing 15% of debentures maturing during a particular year in specified instruments before 30th April 2020, may be done so before 30th June 2020. 

•Newly incorporated company is required to file a declaration with RoC for Commencement of Business within 6 months of incorporation. However, an additional time of 6 more months shall be allowed. 

•Non-compliance of minimum residency in India for a period of at least 182 days by at least one director of every company, under section 149 of companies act, shall not be treated as a violation 

•Due to the emerging financial distress faced by most companies on account of the large-scale economic distress caused by COVID 19, it has been decided to raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore (from the existing threshold of Rs 1 lakh). This will by and large prevent triggering of insolvency proceedings against MSMEs. If the current situation continues beyond 30th of April 2020, we may consider suspending section 7, 9 and 10 of the IBC 2016 for a period of 6 months so as to stop companies at large from being forced into insolvency proceedings in such force majeure causes of default. 

6. Relief under Department of Fisheries

•All Sanitary Permits (SIPs) for import of SPF Shrimp Broodstock and other Agriculture inputs expiring between 1st March, 2020 to 15th April, 2020 is extended by 3 months

•Delay upto 1 month in arrival of consignments to be condoned. 

•Rebooking of quarantine cubicles for cancelled consignments in Aquatic Quarantine Facility (AQF) Chennai without additional booking charges

•The verification of documents and grant of NOC for Quarantine would be relaxed from 7 days to 3 days

In these difficult times, we hope all of youwill stay at home, protect yourself, protect others, stay healthy and fight strongly with COVID-19.

Also, read more info about the Trademark Registration in Delhi, NRI Return filing in India and Audit firm in delhi 

Source:https://manishanilgupta.com/blog/much-awaited-relief-measures-by-government-amid-coronavirus-pandemic/

Important Aspects to be considered while filing ROC Forms

ROC is the short form for Registrar of Companies. It is an agency formed in 2013 under the aegis of the Ministry of Corporate Affairs which deals with the administration and implementation of the Companies Act, 1956 and Companies Act, 2013.

There are 22 ROCs across all major states in India, some states like Tamil Nadu and Maharashtra having more than one Registrar of Companies (ROC). The primary role of ROCs is registering companies and Limited Liability Partnerships present in the states under their respective jurisdictions. It also makes sure that the LLPs comply with the requirements under the Companies Act, 2013. 

All companies registered under the Companies Act, 2013 are bound to inform the ROC about any changes in the office such as a change in address, memorandum of association etc. and also file forms about things like the appointment of a new auditor, reports of the Annual General Meeting etc.

Here are the important guidelines to be followed while filing of these forms:

Copies of documents: Documents like board resolutions and financial statements should be properly signed with the company’s seal. These documents are to be scanned and uploaded along with the ROC forms.

Specific requirements of each form: There are form specific requirements for the filing of ROC forms, regarding particular data and documents to be uploaded. The company should keep these in mind while filing.

Uploading digital signature: All the forms are to be submitted online and should be digitally signed by the company’s directors. Some forms also require to be signed by a Chartered Accountant, Company Secretary, or Cost Accountant.

Filing of annual accounts: This requires the submission of the annual ROC form AOC-4 within 30 days of the Annual General Meeting. The company should also provide the auditors’ reports, reports of the board of directors, balance sheets and details of profit and loss.

Payment of fees: Payment of fees for filing the forms has to be done online. This completes the procedure of filing ROC forms. In case of delays in the filing, the company has to pay an additional fee along with the normal fees.

Penalties in case of failure: In case the company omits to file the forms, the director or any employee responsible for filing of the forms may be liable for penalty as stated in the Companies Act, 2013.

Although there are various ROC filing services in Delhi, you can contact Manish Anil Gupta & Co., one of the best CA in the West Delhi, for your company registration and related regulatory compliances in Delhi.

Crypto currency and tax challenges that come with it

Planning to invest in Crypto currency? Here is all you need to know about using them and how to proceed its income tax return filing in Delhi

Crypto currency, as we very well know as bitcoins, is the latest buzz word in the market today. These are popular means to save taxes. Now that it’s time for income tax return filing in Delhi, if you are using crypto currency, this article is for you.

Most tax regulating authorities consider bitcoins as an illegal way to launder money. Supreme Court too, has discouraged people from using the same time and again. Not only India, countries like USA and China too have banned the use of bitcoins.

But if you do not know what crypto currency is, fret not. Here is all that you need to know about Crypto currency and taxes! 

Crypto currency - What is it?

The currency goes by its name, and uses encrypted codes to make a transaction. These codes are well identified by certain user portals. In these recognized portals, people use crypto currency rather than using paper money. An online book keeping record is maintained where in the user account is debited or credited.

How do you do transactions on Crypto currency?

When a user begins a transaction, the computer sends out a single that allow the other person to receive a currency. If the transaction is accepted by the user, the transaction is completed.

Bitcoin is one of the most popular forms of crypto currency being used as of now. These can be used easily on mobiles too, making them largely popular. The receiver merely has to scan the QR code from smartphone and perform the transactions. Transacting through Bitcoins is simple and as quick as using a PayTM wallet or Google Pay. These are also accepted all across the globe and are secure, making them a favourite of users. Another reason for their popularity is the fact that they are not controlled by Central Bank. This ensures there is no inflationary pressure on crypto currency, unlike currency notes.

How Crypto currency makes money laundering possible?

Since it is not controlled by banks or tax authorities, the transactions are not directed to a person. Hence, there is no legal way to find out if the person has obtained the value legally.

Indian Law and its take on Crypto Currency?

Crypto Currency is considered as a software and hence, comes under the Sale of Goods Act 1930. Since it is considered to be a good, it is privy to indirect taxes. GST is also applicable on its sale.

Whether these currencies are valid in India or not is a matter of severe discussion. The authority of clearing the payments is under RBI regulations.

A crypto currency received by an Indian resident is subject to Foreign Exchange Management Act 1999. Bitcoin trading has been allowed in India only with special permissions for tax evasion. Some of these exchanges are Unocoin, Coinsecure and Zebpay. If you are planning to invest into these Bitcoins, you will need to pay taxes on dividends received. To understand how much taxes, you are liable to pay, you can get in touch with experts of ITR filing in Janakpuri.

If you are planning to put a large investment in crypto currency, itis a good idea to consult a professional? You can take guidance from experts in income tax return filing in Janakpuri.

Call to action:

Have you been confused about Crypto currency investment and its tax compliances? www.manishanilgupta.com can offer unbiased advice and guidance on the matter.

Read more info about the Audit firm in delhi, NRI Return filing in India and Trademark Registration in Delhi 

Source: http://prsync.com/manishanilgupta/crypto-currency-and-tax-challenges-that-come-with-it-3256691/