Our Services

GROW TAX SOLUTIONS LLP (GTSL) services in the fields of finance, accounting and taxation. Our range of services are meant to be a one stop solution for all your needs. Whether you need an internal audit for your company or accounting services, we have got you covered. We even cater to clients in need of reliable trademark advices, GST services, income tax services, audit and assurance services, company’s law related services, Our core aim is to win customer’s trust and make long term relationships with them by providing dedicated and high quality services.

Global Service Provider

One stop solution to all your financial and tax requirements:

Legal Entity Registration

Company & LLP Compliances

Taxation & Compliances

Accounting & Auditing

Goods & Service Tax

International Taxation

Business Licenses

Other Corporate Services

Legal Entity Registration

To start up any business in India, we help you in getting all the valid business registrations.

Starting a company or starting a business is not as facile as it looks.If you are looking to start a new venture that can compete with the industry giants, or expand your business through a new wing, you may be considering registering your business or setting up a company in India. Limitedor Private Limited Company Registration is the easiest and most authentic way of Company Incorporation.Most people choose this form of business registration because of its beneficial features like limited liability and separate legal entity for its shareholders and directors. More than 90% of registered companies in India are Private Limited Companies. It is the most popular form of company registration as it provides reputation and credibility to the business in the market.

Below are the forms of establishing a company in India:

  • Public Limited Company
  • Private Limited Company
  • One Person Company (OPC)
  • Section 8 Company
  • Nidhi Company
  • Producer Company
  • Microfinance Company

Manyforeign companies 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 how foreign companies start a business in India and almost every requirement to be complied with by a foreign entity according to the Companies Act, 2013.

Indian subsidiary of foreign company is any company where 50% or more of its equity shares are owned by a company that is incorporated in another foreign nation. The said foreign company in such a case is called the holding company or the parent company.

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

Limited Liability Partnership (LLP) is an upgraded form of Partnership, which has limited liability features of aPrivate Limited Company and the flexibility of a Partnership Firm. The maintenance cost of an LLP and simplicity in formation is one of the prime reasons why it has become a preferred choice for entity incorporation. You can easily commence your business by incorporating an LLP and get the combined benefit of a limited company as well as a partnership firm.

LLP is a form of partnership that is registered under the Limited Liability Partnership Act, 2008 where liabilities of all the partners are limited to the extent of contribution bought by them. It helps owners to limit their liabilities while enjoying the advantages of a limited company which is an edge over a traditional partnership firm.

No partner is liable on account of unauthorized actions of other partners, thus individual partners can safeguard them from joint liability arising from misconduct of other partners. LLP as an organization is mostly preferred by professionals, micro and small businesses.

A non-governmental organization (NGO) is a non-profit organization established by a group of natural persons for charitable and social purposes. The NGO’s objective is to promote non-profit objectives such as commerce, art, science, sports, education, research, social welfare, religion, charity, protection of the environment and other charitable purposes. An NGO intends to apply all its profits in promoting such objectives.

There are three types of NGO registration, and each of them are governed by different laws:

  • Section 8 Company Registration under the Companies Act, 2013
  • Trust Registration under the Trust Act, 1882
  • Society Registration under the Societies Registration Act, 1860

In effect from April 1, 2021, all NGOs need to file Form CSR-1 to register with Central Government to get CSR funding.

Partnership firm is one of the most popular forms of entity incorporation where two or more people form a business together and share the profits and losses. Partnership firm is owned, managed and controlled by partners constituting the firm. As compared to other forms of businesses, partnership firms are comparatively convenient to incorporate. Such form of doing business is prevalent amongst small as well as medium sized businesses in the unorganized sector. Quantum of resources in the form of investments is higher as compared to a sole proprietorship because association is between two or more persons. Partners in their individual capacity can contribute more effort, time and capital for the business.

The registration of partnership is not mandatory but it is highly risky and not recommended by the department and professional experts. This kind of business registration is most suitable for small and medium size businesses as it is easy and economical to manage.

Types of partnership firms:-

As per the provisions of Indian Partnership Act, a firm is allowed to be formed and executed by entering into partnership agreement. A partnership firm can be of the following types:

  • Unregistered partnership firm: This form of business organization is formed and executed by entering into agreement by the partners of the proposed firm. It has legal existence in the eyes of law and allows the partners to carry on their business activities as per the terms of agreement. An unregistered partnership firm can be registered at any point of time.
  • Registered partnership firm: Such firm is to be registered with the Registrar of Firm (ROF) having requisite jurisdiction over the place of business of the firm. Certain government fee is paid to ROF for registering the partnership firm. Such fee is fixed as per State Law and varies from state to state.

Sole Proprietorship firm is the simplest form of business entity in India which is owned and managed by a single person. It is the easiest way of registering and starting a business.A proprietorship is known by various other names like sole proprietorship, individual proprietorship or sole trader. It is not governed by any law and hence it is the easiest form of business in India. All the decisions and management of the business is in the hands of one person. Sole proprietor has unlimited liability and will be accountable for all the profits earned as well as losses incurred by the business.

Unlike other forms of business, this business setup does not offer the owner a host of benefits like separate legal entity, independent status, corporate existence, limited liability, free transferability or perpetual existence. Registering as proprietorship firm is suitable for small businesses having limited presence.

The Hindu Undivided Family or HUF is a business form recognized only in India. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members. A Hindu family can come together and form a HUF. Buddhists, Jains, and Sikhs can also form a HUF.

At the outset, it is important to note that a HUF as the name indicates is limited to only Hindus, Buddhists, Jains, and Sikhs. Other communities i.e. Christians, Muslims, Parsis, Jews may live in a joint family but this is not recognised under Indian law and hence not entitled to any of the benefits available to a HUF.

The head of a HUF is called the Karta, he is the senior-most male member of the family. HUF has its own PAN and files tax returns independent of its members.

Company & LLP Compliances

We are experienced in providing secretarial compliance services to organisations of all sizes.

Running of Private Limited or a Public Limited Company was used to be a simple procedure under Companies Act, 1956 as enlistment registrar of companies (“ROC”) didn’t use to make any severe move against defaulters, But under new companies Act, 2013 there are stringent reformatory arrangements for resistance and if there is any occurrence of default; organization, administrative faculty, are obligated to substantial punishment in money related terms and other non-fiscal correctional results too. It is very crucial to meet the compliances on time to avoid penal consequences. To maintain a strategic distance from these risks, we at GTS LLPcan help you by providing valuable services to ensure accomplishment of all ROC legal and other related company annual compliances.

The statutory compliances for private limited company are less stringent as compared to Public company. Following are the mandatory Compliances for a Private limited company:

  • First Meeting of Board
  • Subsequent Board Meetings
  • Disclosure of interest by Directors
  • Appointment of First Auditor
  • Holding of Annual General Meeting
  • Filing of Return of Deposits (Form DPT-3)
  • Filing of Financial Statements (Form AOC-4)
  • Filing of Annual Return (Form MGT-7)
  • Statutory Audit of Accounts
  • Filing of DIN KYC of Directors (Form DIR-3)

For a Limited Liability Partnership (LLP), the returns shall be filed regularly for securing compliance and avoid the hefty penalties provided under the law for its non-compliances. An LLP has limited compliances to be ensured every year, which are immensely less as compared to the compliance obligations placed on the private limited companies. However, the fines and penalties are quite high. While non-compliance might only cost a private company rupees 1 lakh in terms of penalties and fines, it might cost an LLP up to 5 lakh

An LLP is a separate legal entity; so, it is the responsibility of the designated partners to keep and maintain proper books of accounts and file an annual return with the Ministry of Corporate Affairs (MCA) annually. LLPs are not obliged to audit their accounts except where their annual turnover is more than forty lakh or if the contribution is more than twenty-five lakh. Therefore, an LLP is exempted from getting the books of accounts audited if the said conditions are fulfilled, making the process of the annual filings simpler.

Following are the mandatory Compliances for a LLP:

  • Filing Statements of Accounts and Solvency (Form – 8)
  • Filing Annual Return (Form – 11)
  • Filing and Audit requirement under the Income Tax Act
  • Filing of DIN KYC of Partners (Form DIR-3)

It is well said that Directors are the brain of the company. They are the managerial staff who control and administer the company’s services. The revolution of directors takes place in one or another way – either by the selection of new director or withdrawal of existing. Endeavor to carry out the change of directors is always to guarantee an optimum blend of experts on board for the interest of the company.

The authorization to approve the resignation of the director lies with the parts of BoD, whereas the appointment must be made through the consent of shareholders. Whether it is an appointment, removal, or resignation, the change does not take effect continuously; the intimation is made to ‘Ministry of corporate affairs.’

There are no designated qualifications, but an individual should comply with the following mentors be a director:

However, according to the law, a specific natural person only can be a director of any company

Eligibility Criteria:

  • Age Demarcation
  • Determination Of Nationality
  • DIN Needed
  • Limit Of Valid Directorship

Ineligibility Criteria:

  • Unsound Mind Or Bankrupt Person
  • Criminal Background
  • Pending Overdue Returns

Choosing an acceptable name as per Companies Act, 2013 or Limited Liability Partnership Act, 2008 is one of the most important steps in the incorporation process.

The name must be unique and acceptable, as defined by the Companies Act, 2013 or LLP Act, 2008. The name cannot be the same or similar to an existing company or LLP or trademark in the same industry or field. Therefore, in case there exists a Company by the name XYZInfotechPrivate Limited, then the name XYZInfotechLLP would not be allowed. Also, similar names like XYZInfotekPrivate Limited will not be allowed as it is in the same industry and is similar to an existing company. However, XYZRealtors Private Limited will be allowed as it is in a different industry/field.

Therefore, while choosing a company name, ensure there are no other names registered with the MCA in the same industry or field as that of the proposed name.

The object must clearly state the purpose of the Company or LLP. The proposed name contains a relevant object part that is not too vague. Names without object part or names with object part that is vague will not be allowed.

Change in Name Clause

Name of the Company is its identity throughout its span of life should be thought well before and shall be constructed in such a manner that can stay sustainable with the future growth in Company. Companies Act regulates the naming process for the Company right from selecting it to any changes made thereafter.

Certain do’s and don’ts while selecting the along with the procedure to change the name is briefly elaborated in this article.

Change in Registered Office

The registered office of a company is counted as a place where all the official connections related to the company is sent. Apart from registered office, a company owns many different offices such as corporate office, administrative office, branch office, and factory. Though, it is necessary for the registered office to register itself with the Ministry of Corporate Affairs. Promoters of the company decide the location and place of the registered office. Once registered office is declared via filling INC 22, any changes in the registered office of the company is intimated to the ROC.

The domicile of the company is determined by the registered office of the company. Registrar of Company (ROC) is also decided by the location in which the registered office of the company is situated. Any change in relation to the address of registered office must be informed to the Registrar of Company (ROC) within 15 days.

Change in Object Clause

Objects are the part of Memorandum that defines the objectives of the Company for which it is being formed. The Company cannot operate beyond its object clause. In any scenario, no company can act against the provisions of its Memorandum, and if it does so, such transaction will be ultra vires and hence void. In case the Company enters into a contract, any arrangement or agreement with any third party, such Memorandum is used as a public document.

Object Clause of Memorandum of Association. Activities to be performed by the Company included in the object clause consist of two parts:

  • Main Activity, and
  • Activities ancillary to main business

The Company is prohibited from carrying on the business outside the scope of its objects. In this article, we are going to discuss the object clause and the procedure for its amendment to conduct the business other than the mentioned objects in its MOA.

As per Companies Act, 2013 “share” means a share in the share capital of a company and includes stock. A share is an indivisible unit of capital, expressing the ownership relationship between the company and the shareholder. The denominated value of a share is its face value, and the total of the face value of issued shares represent the capital of a company, which may not reflect the market valueof those shares.

A share transfer is the process of transferring existing shares, its related rights and liabilities from one person to another. A transfer of share can only be transferred for only existing shares and from existing shareholders. Though the transferee can be existing shareholder or not of company.

There exist multiple modes through which a company can end its existence. One out of them is striking off of its name from the register of company’s names. A company that is not working and wants to remove its name from the registrar’s records may opt for this method.

When a company is in the process of getting struck off, the term we use for it is striking off. In comparison, liquidation or dissolution is the stage where the process gets completed. The company stands liquidated when the name is removed from the records.

The procedure to close an LLP is quite similar to the company’s strike off process. There are only a few documents required for LLP closure. By simply filing LLP Form-24, one can close its LLP. Like in the case of a company, LLP can also be shut in two ways: suomoto by the ROC, and the second mode is by applying to the Registrar.

The mode through which ROC itself removes the LLP’s name from the register is precisely the same as in the company’s case.

When an enterprise obtains FDI (Foreign Direct Investment) through capital investment, the entity allots shares to a foreign investor. This transaction must be reported, which needs to be done in the FC-GPR Form issued by the RBI. FC-GPR is applied when aentity receives foreign investment, and against such investment, the entity allots shares to the foreign investors. If the same happens, then the entity should file details of such allotment of shares with the Reserve Bank of India within 30 days under the RBI compliances for FDI.

Recently, the Reserve Bank has rolled out an online application, i.e., FIRMS (Foreign Investment Reporting and Management System). It provides the reporting of the form FC-GPR. FC-GPR stands for Foreign Currency- Gross Provisional Return. To understand and learn more about this form, let’s dive into the filing procedure, the basic provisions, the FC-GPR checklist and the FAQs relating to FC-GPR.

Here, the entity means the following:

  • A company within the meaning of section 1(4) of the Companies Act, 2013.
  • A Limited Liability Partnership (LLP) registered under the Limited Liability Partnership Act, 2008.

A startup which complies with the conditions laid down in Notification No. G.S.R 180(E) dated February 17, 2016 issued by the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, Government of India.

Taxation & Compliances

We understand the importance of taxation & compliances and therefore, we provide a complete range of service in taxation.

In India, our tax structure is divided into two parts Direct Tax and Indirect Tax. It is very crucial to understand the overview of Direct and Indirect Tax. While direct taxes are levied on incomes earned by individuals and corporate entities, the burden to pay taxes is on the taxpayers themselves. On the other hand, indirect taxes are imposed on the sale of goods and provision of services where the burden to collect and deposit taxes is on the sellers instead of the taxpayer directly. However, indirect taxes are borne by the ultimate consumers of goods or services.

  1. Direct Tax: With tax laws progressing each day, it is crucial for businesses to be cognizant with timely compliance challenges that may pose a threat and lead to penalties and prosecution. A tax efficient structure for the businesses will release burden from entity’s shoulders and thereby ensure pertinent compliances. Our service portfolio includes advisory and compliance services w.r.t. income tax, advance tax, tax deducted at source and wealth tax.
  • Corporate Tax: Corporate tax is a tax levied on profits earned by various entities. Companies registered under Companies Act or any other act for the time being in force are obligated to pay such tax at a rate specified by Income Tax Act, subject to amendments in rates and related provisions from time-to-time. We serve corporates in the filing of tax returns, assisting in corporate tax planning, regular tax compliance services, legal opinions and representations and we are the best Income Tax advisors in Delhi.
  • Personal Tax: Apart from tax paid on business earnings, tax paid on one’s personal income is termed as personal tax. We manage tax computation for tax withholding, advance tax and tax filings. Our team is experienced in representations before revenue authorities. In our NRI desk, we also provide assistance in obtaining various registrations for non-residents such as registration with foreign regional registration office (FRRO), permanent account number (PAN) etc.
  1. Indirect Tax:To curtail indirect taxation incidence and risk of assessments, significant tax and compliance strategy is essential to be designed, which in turn needs apt professional guidance and assistance. We provide support in obtaining Goods and Services Tax (GST) registrations, returns, refunds, representations, opinions, annual and transitional compliances. We also render services relating to service tax, customs, value added tax (VAT), luxury tax, excise duties, etc.

Our taxation team stays constantly abreast with changes in tax policies, administration & regulations. We have the requisite skills and experience to Cater to Corporate Houses, Firms, trusts and individuals to be compliant with the Domestic Tax Laws and to effectively manage their functions with the most efficient tax structure.

Income tax Return is a form in which a person files information on his income earned during a financial year and its tax thereon to the Income Tax Department. Under Income Tax, a person can be an Individual, HUF, Firm, LLP, Company, NGO, Trust, Society etc. The government has made it mandatory for individuals and others who earn a specified amount of annual income to file their ITRs within the due dates prescribed under the act. Those who earn less than the amount chargeable to tax can also submit their returns voluntarily.

A lot of individuals think filing of income tax return an unnecessary and voluntary task and thereby wholly ignores the benefits associated with filing of tax returns. Filing of returns is not at all burdensome process; instead, it is effortless and beneficial. As a responsible citizen of the country, it is your social and moral duty as well to file income tax returns annually.

We at GTS LLP help you in calculating your correct income tax payable or refundable; provide the best consultancy in reducing your tax liabilities and significant tax reliefs which may get ignored by individuals if a professional is not hired. Our team of experts can assist inincome tax return filing in Pan Indiaso that returns can be filed on time.

Income Tax Law provides special rebates under sections 12A and 80G for NGO. The Income of an NGO is exempted from Income Tax if an NGO has 12A registration. If an organization has obtained certification under section 80G of Income Tax Act, then donors of that NGO can claim exemption from Income Tax. Application for registration under section 12A and 80G can be applied just after the registration of NGO.

Application for registration under 80G and 12A can be applied together or it can be applied separately. If an organization wants to apply for both registrations separately, then application for registration u/s 12A would be applied first. Getting 12A registration is mandatory for application of registration u/s 80G of Income Tax Act, 1961.

The Indian Government has brought profound changes in its tax arrangements to promote ease of doing business in India. Significant reforms may be used in e-assessments of cases and appeals before income tax authorities in tax litigation. E-assessments aims to deliver better accountability and transparency in the area of tax litigations. Ease in tax compliance and digitisation by the Government is the continuous positive efforts that help various businesses perform efficiently. We have been in Tax Litigation Services in India for many years and are known as the best Tax consultant firm for providing the most exemplary support to achieve a possible result.

However, in India, litigation has been a compassionate issue for both new and existing businesses. It is multi-layer in nature and requires a lot of money and time consumption. Due to various pending lawsuits, income tax cases may involve many years to reach a concluding decision at the Tribunal level end.

Tax litigation usually arises in the following areas:

  • Matters relating to Sole proprietor and partnership
  • Private Individual matters
  • Charitable and non-profit organisations matters
  • Tax issues on cross-border deals
  • Transfer pricing matters
  • Issues associated with the allowance and disallowance of exemptions/deductions
  • Corporate Tax compliance matters
  • Taxation of royalty, interest, and fees for technical services for non-residents
  • Re-assessments/Income escaping assessment
  • Black money, i.e. undisclosed foreign income and assets
  • Penalty and prosecution
  • Reviews related to search and seizure
  • Tax Dispute resolution in India

Examination of tax returns by a tax department, if it has any reason to believe that the information furnished by the assessee is incomplete or incorrect is considered for scrutiny assessment. A notice is issued in this respect in the name of assessee and is expected to take action as per the directions by the tax department.

India has a self-reporting tax system, and taxpayers must file tax returns each year. The Income Tax Act, 1961 outlines the comprehensive Income Tax assessment procedure and also governs the:Solving conflicts emerging from assessments.

  • Levy of penalties
  • Initiation of prosecution procedures
  • Summary assessments (section 143(1), Income Tax Act)
  • Regular/Scrutiny assessments (section 143(3), Income Tax Act)
  • Best judgment assessments (section 144, Income Tax Act)
  • Re-assessment/Income escaping assessment for income that has not been assessed (section 147, Income Tax Act)
  • Assessment under a search (section 153A and 153C, Income Tax Act)

One of the most meticulous & vital services of professional is the issuance of certificates to their clients needed for several purposes under different laws, rules & regulations. Broadly, businesses require certificates based upon nature of the entity, the events being pleased by them under the law, any financial arrangement with banks or the financial institutions, getting benefit & various deductions to under different statues and periodical compliances of applicable rules & regulations. We GTS LLP, provide certification and attestation services for all those purposes as required by the clients.

Generally, the following types of certificates are required to take on business activities in India:

  • Certificates on the support of accounts and annual financial statements
  • Certificates for maintaining statutory records under Companies Act, 2013 and other laws as applicable
  • Certification for statutory liabilities
  • Certification of Fare Valuation of Shares of Companies for the purpose of mergers and acquisitions or demergers, Buy-back of shares, Allotment and transfer of shares
  • Certification for remittances abroad by an Indian resident to foreign entities outside India u/s 195 of the Income Tax Act, 1961
  • Net worth Certificates required for Bank finances, furnishing of Bank guarantees and issuance of Visa by Embassies
  • Tax Residency Certificate (TRC) required toclaim relief under the applicable DTAAs
  • Certification of arm’s length price u/ 92 of the Income Tax Act, 1961
  • Utilization certificates of various grants being discharge by Govt. of India to NGO’s, Statutory Bodies, Autonomous Bodies, and charitable organizations
  • Certificates for claiming various deductions & exemption under various rules & regulation
  • Certificates under the Income-Tax laws for various registrations, exemptions, deductions, etc
  • Certificates related to Transfer Pricing
  • Certification for various matters under GST Law
  • Certification under other Indirect Tax Laws
  • Certification under Exchange Control legislation for imports, remittances, ECB, DGFT, EOU, etc
  • Certification for claiming GST refunds
  • Certification for investment in plant and machinery by MSMEs
Accounting & Auditing

We are experienced in providing audit and accounts outsourcing services to organisations of all sizes.

If you are a taxpayer and turnover of your business or total receipts from any profession exceeds limits as prescribed by The Income Tax Act, in any previous year then, you are obligated to get your books of accounts audited by an Independent Chartered Accountant. The Tax Audit report shall be prepared as per Section 44AB of the Income Tax Act, 1961. The due date for the submission of the Tax Audit report is 30th September of Assessment Year.

A tax audit endeavours to verify the books of accounts of the assessee to ensure that the compliances mandated by the Income Tax Law are adequately obeyed.

Section 44AB of Income Tax Act, 1961 states that certain persons are carrying on the business or profession, have to get their books of accounts audited by a practising Chartered Accountant (CA).

Business

In case of any business, if the total amount of sales, turnover or the gross receipts exceed(s) Rs. 1 crore in any previous year.

The Finance Act 2020 had increased the tax audit limit for a person carrying on business from ₹1 crore to ₹5 crore, subject to a condition that cash receipts and cash payments during the year do not exceed 5 per cent of the total receipts/payments. The Finance Act 2021 further increased this limit to ₹10 crore. Accordingly, any person carrying on business shall not be required to get his account audited by an accountant (and file tax audit report) if his total sales/turnover/gross receipts do not exceed ₹10 crore and cash payments during the year do not exceed 5 per cent of total receipts/payments.

Profession

In the case of the profession, if the gross receipts in business exceed Rs. 50 lakhs in any previous year;

Aforesaid are imperatively and compulsorily required to get their books of accounts audited by a Chartered Accountant.

Apart from this, under particular circumstances, even if the turnover is less than the above-specified limits, the books of accounts have to get audited by a practising CA.

The applicable entities have to get their books of accounts audited by a CA before the date specified and furnish the report of such audit.

Statutory audit is required to assess whether the company complies with the applicable laws, rules and regulations and standards and whether the financial statements reflect a true and fair view of the financial position of the company. It applies to all the companies registered in India under the erstwhile Companies Act, 1956 and Companies Act, 2013 and Limited Liability Partnerships (LLPs) having turnover exceeding Rs. 40 Lakhs or contribution Rs. 25 Lakhs.

Section 139(1) of the Companies Act,2013 read with Rule 3 of Companies (Audit & Auditors) Rules, 2014, mentions that every company shall appoint an individual/firm as an auditor.

Section 139(6) of the Act states that the first auditor of the company shall be appointed within 30 days of its date of registration.

Some important areas of consideration in a Statutory Audit

  • Testing of Internal Controls
  • Verifying Balance Sheet Items
  • Verifying Profit & Loss Account Items
  • Testing TDS related compliances
  • Checking Provident Fund, ESIC, Gratuity, Bonus and Leave encashment payments with the applicable provisions of the respective acts.
  • Checking whether the loan/advances of the company are permitted by the Companies Act, 2013 and Income Tax Act, 1961.

In general, a Stock audit means physical verification of the inventory/stock. It can involve the valuation of the stock as well, but it usually depends on the scope and terms of the term of the engagement letter of the assignment. When heading forward, it is very crucial to keep in consideration the sole purpose for which the audit is being conducted because the different audits may have a different approach which would ultimately depend on the ultimate objective of the organisation.

In other words, a stock audit is a statutory process that every company/business should get performed at least once in a particular financial year. As far as the stock audit procedure is concerned, the stock audit process in India involves physical counting of different inventories and presenting the premises and verifying the same with computed inventory maintained by the company. The reason and purpose behind executing this are to correct the discrepancies present in the book stock when compared to physical stock bypassing necessary adjustment entries. Manish Anil Gupta & Co. is among the best stock auditors in India, providing independent audit services.

Reasons to Perform Stock Audit:

  • To update the opening stock details in Shopper.
  • To identify the discrepancy between the book stocks, also called computed stock and physical stock.
  • To update the actual physical stock as book stock.
  • To ensure the adequate preservation and handling of stocks.

Secretarial Audit is the audit of non-financial aspects of the company. Secretarial Audit covers non-financial aspects of the business impact on the performance of the company and verifies compliances of applicable laws, regulations and guidelines.

Basically, Secretarial Audit is an independent verification of the records, books, papers and documents by a Company Secretary to check the compliance status of the company and also to ensure the compliance of legal and procedural requirements and processes followed by the company.

The Key features of Secretarial Audit are given below, those are as follows:-

  • It helps in recognizing the event of non-compliance and facilitates taking corrective measures.
  • It audits the compliance of good corporate practices by the company.
  • It is an independent process intended to add value and improve the operations of the Company.
  • It helps in accomplishing the company’s objectives by bringing a systematic, productive approach to examine and potential effectiveness of risk management, control, and governance processes.
  • It provides necessary comfort to the management, regulators, and stakeholders, as to statutory compliance, good governance, and the existence of proper and adequate systems and processes.

The terms Bookkeeping and Accounting can be used interchangeably. However, in actual sense, Bookkeeping and Accounting perform different functions. Bookkeeping is a part of the accounting procedure that records all the financial transactions. Bookkeeping has disparities with accounting. Bookkeeping helps in organizing the financial records that help the management to analyze the business performance. It helps the organization in providing a reliable measure of its performance.

Bookkeeping is the primary step in the accounting process. Bookkeeping is a procedure that deals with the undertaking related to the categorization and recording of financial data in an organized way. Bookkeeping is a record-keeping that helps in the accounting process. Additionally, Bookkeeping helps in providing the financial statement of business at the end of every financial year.

Further, Bookkeeping helps inidentifying the monetary transactions and events which ultimately helps in maintaining proper financial accounts.The Bookkeeping process includes the preparation of reference documents for financial transactions and other business activities.

Bookkeeping deals with variousmethods. The most common ones are the Double-entry bookkeeping and single-entry bookkeeping. Bookkeeping is the process where the bookkeeper records all day-to-day monetary transaction of a business.

Any merger or acquisition transaction has to be meticulously designed, planned and executed; therefore, before closing a deal, the buyer conducts specific agreed-upon procedures to evaluate the agreement from commercial, financial, tax and legal standpoints.

Due diligence is an inspection and risk assessment of an upcoming business transaction basically; it is a background check to make sure that the parties to the transaction have the required information they need, to proceed with the transaction. A proper due diligence is required to reveal misrepresentation and fraudulent dealings in a major business transaction.

Due Diligence is the process by which confidential, legal, or financial and other material information are exchanges, reviewed and appraised by the interest parties who are going to enter into a Business transaction. Due diligence often refers to the in-depth research and study being done before signing an agreement or a business with a partyIt aims to acquire, and assists manage associated risks.

Goods & Service Tax

We provide complete advisory and consultancy services in all the areas of GST to all the businesses.

GST registration is mandatory for certain businesses. According to GST rules, businesses with turnover above ₹40 lakhs must register as a normal taxable entity. This process of registering a business under Goods & Services Tax (GST) is called GST registration. If the organization carries on business without registering under GST, it will be an offense under GST, and heavy penalties apply

With effect from 1st July 2017, GST was launched all over India, except in the state of Jammu & Kashmir. Subsequently, on 8th July 2017, Jammu & Kashmir also came under the purview of GST, and the entire nation was brought under a unified indirect tax system.

GST applies to all traders, manufacturers and service providers. Various taxes like Service Tax, Central Excise, State Excise, Entertainment tax and different central and states taxes are subsumed under one tax, i.e., GST. It is a tax leviable on the supply of goods or services or both, except alcoholic liquor for human consumption.

There are five products that are not presently leviable to GST. These products are petroleum crude, diesel, petrol, aviation turbine fuel and natural gas. GST will be charged on these products from such date as may be notified by the government on the recommendations of the GST Council.

In any tax system, registration is the elementary requirement for identifying taxpayers and ensuring tax compliance in the economy. Registration of any business entity under GST law implies obtaining a GSTIN (Goods and Services Tax Identification Number) from concerned authorities. Once the GSTIN is allotted to a taxpayer, he becomes eligible to collect tax on outward supplies and avail ITC for taxes on inward supplies.

The Registration of GST is an entirely online process, except in cases where Aadhaar authentication has not been opted by the applicant or where authentication has failed or where the officer considers it necessary to carry out the physical verification. In such cases, the proper officer initiates the physical verification of premises.

GST is all about bringing a smooth flow of funds and compliances for ease of doing business in India. To facilitate such a steady stream, the Government must provide for a hassle-free refund processing system. The prevailing tax structure is cumbersome, and it takes months and seldom years to get refunds from the Government.

GST provides for an efficient and dynamic invoice based tracking system, validating every transaction, ensuring systematic checking of the same. It comes out to be a massive relief for the manufacturers and exporters, especially those in a 100% Export Oriented Units or Special Economic Zones, whose working capital gets blocked in dealing with the time-consuming process of refunds.

We can assist you in following:-

  • Filing application of refunds
  • Preparation of complete documentation for refund process
  • Preparation of declaration of non-passing of incidence of tax to any other person
  • All required certifications by a Chartered Accountant
  • Representation before the department on behalf of clients
  • Regular follow-ups with the department for getting refunds at the earliest
  • Any consultancy related to refunds

If you are looking for a GST refund service provider in India, GTS LLP is a best option for your business.

Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns. Before filing the return, payment of tax due is compulsory otherwise such return will be invalid.

The tenure of filing GST return is depending on the type of registration and transactions, different periods have been specified. Monthly return has to be filed by regular taxpayers, foreign non-residents, input service distributor, tax deductors and e-commerce operators whereas composition taxpayers will have to file a quarterly return.

The main components of a GST Return filed by a registered dealer are

  • Outward Supplies
  • Inwards Supplies
  • Output GST (On sales)
  • Input Tax Credit (On Purchases)

If you are looking for a GST return filing service provider in India, GTS LLP is a best option for your business.

Whether your business needs tax registration help, return filing services or a custom-built GST compliance powerhouse that suits your company, Professional Services places the best expertise in your controls. Our team consists of GST domain experts, chartered accountants and lawyers who are dedicated to serving you in every sphere from tax analysis to specific projects and GST Compliance solutions in India. Collectively, our team is here to lead you through the tangle of GST arrangements and support you getting excellent results in framing any transaction.

The GST Council has laid down rules and regulations for regular compliances by a GST registered person. These generally cover the following areas for compliance needs:

  • Maintaining Books of accounts and keeping of other relevant documents
  • Issue of invoices
  • Reporting of Sales and Purchases
  • Payment of Tax Liability
  • Filing of GST returns

Technically, adherence to rules and regulations in the above areas is what constitutes the compliance under GST. Being non-compliant, for a business can cost heavily. However, some entities are yet to adopt the right process to become GST compliant. If you are looking for a GST compliance service provider in India, GTS LLP is a best option for your business.

GST audit means an examination of statements, records, returns and related documents furnished by the registered persons. GST Audit is conducted to verify whether the sales, output tax paid, input tax refund claimed, and ITC availed stated in his annual report are true and fair or not. GST audit is a reconciliation statement of audited financial statements with the annual return furnished. Further, a GST audit also assists in assessing whether the taxpayer is obedient with provisions of GST.

Section 35(5) of CGST Act, 2017 provides that every registered person whose turnover in a financial year exceeds the amount of Rs. 2 crores, is required to get his accounts audited by a CA or CMA. He shall submit following with the GST Annual Return filed by him:

  • Copy of audited financial statement;
  • Reconciliation statement (Form GSTR-9C); and
  • Other prescribed documents

The term ‘turnover’ is not defined under the GST Act. However, aggregate turnover is defined under section 2(6) of CGST Act. Accordingly, aggregate turnover refers to the value of all outward supplies (taxable + exempt + exports + inter-state) of a person with the same PAN. It excludes any taxes levied under the GST Act itself. Also, inward supplies on which RCM is applicable is not taken into account for calculating aggregate turnover.

All tax laws beget uncertainties and the chances of different interpretations. Even GST would not be unfettered from such varied interpretations. These differences may ultimately result in a battle between the taxpayers and the department, driving to a surge in the legal proceedings. Goods and service tax is just a beginning. There are many grey areas in the provisions and procedures of GST. The new regime will undoubtedly take years to evolve. In this evolving process, there shall be several issues and intricacies where a taxpayer may face the authorities in the form of show-cause notices, assessments, legal disputes, litigations, etc. There can be essential matters like filing of application and follow-up for “letter of undertaking (LUT)/Bond” for making exports without the payment of tax. Even technical issues like refund claims may invite for professional guidance and consistent follow-ups with the department on the matter.

Handling discrepancies in GST demand proficiency in the field and expertise in dealing with authorities at different levels. We have been able to build our credibility in managing litigation support services in India by ethical practice over the years. Our vast experience in handling disputes in the laws of the old regime such as VAT, CST, Central Excise, Service Tax and Customs would benefit us in practicing GST as well.

GTS LLP is one of the best tax litigation firm and VAT consultants in India providing range of services enlisted below:

  • Preparing and drafting replies to various notices, communications from the department
  • Preparing and filing appeals
  • Giving response and appearing before authorities against GST summons
  • Represent clients for all GST litigation matters
  • Assistance in disputed refund claims
  • Replies against various audit objections by departments
  • GSTIN restoration from department
  • Revocation of cancellation of registration under GST

Handling litigation under old indirect tax regime such as VAT assessments, Service tax assessments, all litigation services under erstwhile indirect tax laws.

Under GST, the term “assessment” means a determination of tax liability under this Act and includes self-assessment, re-assessment, provisional assessment, summary assessment, and best judgment assessment. Normally, persons having GST registration file GST returns and pay GST every month based on self-assessment of GST liability. However, the Government at all times has the right to re-assess or perform an assessment by itself and determine if there is a short payment of GST.

The different types of assessment under GST are as under:

  • Section 59 – Self-assessment of taxes payable
  • Section 60 – Provisional assessment
  • Section 61 – Scrutiny of tax returns filed by registered taxable persons
  • Section 62 – Assessment of registered taxable person who has failed to file the tax returns
  • Section 63 – Assessment of unregistered persons
  • Section 64 – Summary assessment in certain special cases.
International Taxation

Our team has perfect blend of local country technical knowledge with the appropriate global tax insight.

Non-Resident Indian (NRI) is an Indian citizen, migrated to a foreign country. In India, the tax is liable to be paid based on Residential Status and not on the nationality or domicile of the taxpayer. NRI taxation under the Indian Income Tax Act, 1961 applies to those earning income outside the home country. The income tax rules and perks allowed to them are drastically different from those applicable to resident Indians.

Due to globalisation, more and more people are relocating to different countries of the world. With the rapid and active growth of the Indian economy over several years, there has been a steady influx of expatriates into India.

“Transfer pricing” refers to the prices of transactions between related parties like the parent and subsidiary, which may take place under the conditions differing from those taking place between independent enterprises. The transfer price between relevant parties may not be at par when compared to the transfer price on transactions with unrelated parties.

Suppose, a company A purchased the good for Rs. 100/- and sells it to its associated company B in another country amounted for Rs. 200/-, who in turn sells in the open market for Rs. 400/-. If company A had sold it directly in the latter country, it would have made a profit of Rs. 300/-. But by routing it through company B, it restricted the profit to Rs. 100/-, permitting company B to appropriate the balance. The transactions between A and B is arranged and are not governed by market forces. The profit amounting to Rs. 200/- is, thereby, shifted to country of B. The goods are transferred on a price (transfer price) which is arbitrary or dictated (Rs. 200/-), but not on the market price (Rs. 400/-).

To protect interests of the revenue, the Income Tax Act, 1961 (“the Act”) has vide its chapter X framed specific provisions. The basic principle enunciated through such provisions is to be considered “arm’s length price” for the international transactions. Almost every entity associated with an international entity faces the issue of transfer price regulation in India. We help those entities in determining the correct transfer pricing in India in the form of providing transfer pricing reports for indian companies within the timeframe adopting complete legal framework.

To protect interests of the revenue, the Income Tax Act, 1961 (“the Act”) has vide its chapter X framed specific provisions. The basic principle enunciated through such provisions is to be considered “arm’s length price” for the international transactions. Almost every entity associated with an international entity faces the issue of transfer price regulation in India. We help those entities in determining the correct transfer pricing in India in the form of providing transfer pricing reports for Indian companies within the timeframe adopting complete legal framework.

The Double Tax Avoidance Agreement (DTAA) is fundamentally a bilateral agreement entered into by two countries. The primary motive is to encourage and foster economic trade and investment between two countries by avoidance of double taxation.

It has adverse consequences on the trade and services and movement of capital and people. The taxation of the same income by two or more countries would constitute a restrictive weight on the innocent taxpayer. The domestic laws of most of the countries lessen the complexity by affording unilateral remedy in respect of such double-taxed income. However, as this is not a satisfactory and pleasing solution, given the divergence in the rules for determining the sources of income in different countries, the tax treaties try to remove tax obstacles that hinder trade movement and services and movement of capital and persons between the countries concerned.

The need for an agreement for Double Tax Avoidance arises because of different rules in two distinct countries about the chargeability of income on the receipt and accrual basis or the residential status. As there is no precise definition of the income and taxability thereof, which is approved internationally, a salary may become liable to tax in two countries. It occurs when an individual is bound to pay two or more taxes for the same income, asset, or financial transaction in the different countries of the world.

The double taxation occurs mainly due to the overlapping tax laws and the rules and regulations of countries where an individual operates his business. The income is taxable only in one country. The income is exempt in both countries. The income is taxable in both of the countries, but the credit for the tax paid in one country is given against the tax payable in other country.

If you are a law-abiding tax paying citizen, you may want to know what form 15CA and CB is. Form 15CA, in relation to tax remittances, is a declaration of remittance and is a tool for collecting information concerning payments in respect of incomes chargeable to tax in the hands of non-resident recipients. The declaration of form 15CA is an effective Information Processing System that is utilized by the Income Tax Department to track foreign remittances and determine the nature of tax liability.

Form 15CB is a type of certification where a CA certifies the details of the payment, TDS rate, TDS deduction and other details of nature and purpose of remittance.

Further, while filing form 15CA, the details of form 15CB are also required. However, there are few exemptions as per rule 37BB of income tax rules where the submission of form 15CB is not required.

Form 15CA is applicable for remittances made:

  • To a foreign company or a non-resident.
  • By a remitter who can be a foreign company/ domestic company/ resident/non-resident.
  • If the amount of remittance is chargeable to tax

Form 15CB is required to be filed by a CA when:

  • Remittance is made to a foreign company or a non-resident and is taxable
  • The payment exceeds 5 lakhs.
  • A certificate for No deduction or any such order has not been received from the Assessing Officer.
Business Licenses

We help you in getting all the valid business licenses.

Import Export Code is a ten-digit unique code assigned to an individual/company and is required for every import/export operation. The first step in expanding a business abroad is to export and import products & services. Trading not only helps the business personnel individually but also provide benefits to the Country as well. The government has prioritized trade facilitation in order to reduce transaction costs and time.

The various provisions of the Foreign Trade Policy and measures taken by the government in the direction of trade facilitation have been consolidated for the purpose of import and export trade. The most important aspect of a company’s success is growth. Expansion of business globally could be the very first step towards this. Import Export Code Renewal every year is mandatory now for IEC License holders.

IEC is required for:

  • The clearance of the consignments by an importer from the customs
  • Exporting the shipments by the exporters through the customs port
  • Inward remittances in foreign exchange directly into the bank accounts
  • Getting benefits on imports and exports from Customs, foreign trade policies (FTP) as regulated by DGFT, etc.

The Micro, Small and Medium Enterprises (MSME) sector has popped-up as a high-yielding, vibrant, productive and the most dynamic sector of the Indian economy. These enterprises play a crucial role in providing ample employment opportunities, helping in industrialization of rural & backward areas, reducing the regional imbalances and assuring that there is an equitable distribution of the national income and wealth. They are complementary to the large industries as an ancillary unit and they contribute an enormous amount to the socio-economic development of the Indian economy. Though at times, they do need assistance and aid from the Government’s side as they are not well-equipped with the technology and resources. Therefore, the Government divises schemes, incentives, plans and rebates to this sector of the economy.

Centre and the State government both are offerings various incentives and support packages to units who are registered with the MSME Act. Direct Taxes Law, Excise Law and Banking Laws, have incorporated the word “MSME” in their exemption notifications. Hence, the certificate of registration is issued by the MSME can be considered as a proof to avail the various benefits which are sanctioned for MSMEs. The registration is not yet made mandatory by the government but it is always beneficial to get your business registered under this Act. as it offers plenty of benefits in terms of setting up of business, credit facilities, taxation benefits, loans, etc. In Developing country like India, MSME industry helps in the economic growth of the country and considered as the backbone of the country.

FSSAI stands for Food Safety Standards Authority of India. It is an autonomous body established under the Ministry of Health & Family Welfare, Government of India that governs food business in India. The FSSAI is governed by the Food Safety and Standards Act, 2006 (FSS Act).

FSSAI Registration is mandatory for all entrepreneurs involved in the food business. Every Food Business Operators (FBOs) must obtain a 14-digit FSSAI registration or license number if they are involved in manufacturing, processing, storage, distribution, marketing and sale of food products in India.

The registration or license number must be printed on all food packages as it provides details about the assembling state and producer’s permit.

There are three types of FSSAI registration which depends on the nature and size of the food business:

  • FSSAI Basic Registration for FBOs expecting annual turnover of uptoRs. 12 Lakhs
  • FSSAI State License for FBOs with annual turnover between Rs. 12 Lakhs and Rs. 20 Crores
  • FSSAI Central License for FBOs with annual turnover of more than Rs. 20 Crores

ISO stands for International organization for Standardization. It is a non-governmental organization that promotes global standardization for specifications and requirements for material, products, procedures, formats, information and quality management. ISO is recognized globally, hence it create a sense of trust among customers. It is mainly to focus on the quality of the products, therefore it satisfies the customers. They provide standard values for particular objects which the companies are bounded to follow to protect themselves from violation.

Start your business with high end ISO certification in India. We provide the all the ISO certifications created by the ISO organization. There are various types of ISO. Most popular ISO certificates are:-

  • Quality Management System (ISO 9001 :2015)
  • Environmental Management System (ISO 14001:2015)
  • Occupational Health & Safety Management System (OHSAS 18001:2007)
  • Food Safety Management System (ISO 22000: 2018)

Trademark is a sign, logo, name or mark, used to distinguish the goods or services of one person from those of others. Trademarks related to goods and services are administered by the Trade Marks Act, 1999. Trademark registration is valid for 10 years and the registration can be renewed every 10 years thereafter upon payment of renewal fee.

For a flourishing business in this competing market, trademarks are no less than a necessity these days. It serves as a distinguishing feature for a brand that has established its name in the run. It requires ages to earn the goodwill and recognition for a product or service, and this prestige must be preserved so that no one can take the credit for your efforts.

We can assist you with the following:

  • Preliminary searching of existing trademark by conducting trademark searches so that applications are not rejected on grounds of repetition of already existing name.
  • An application for the filing or registration of trademark so as to enable exclusive legal rights to the owner of the trademark. Simultaneously, examination of application by the Trade Mark Registry (TMR).
  • Filing as well as responding to oppositions raised on the registration of trademark by trademarks office (TO) or any other party. Preparing responses for TO actions and attending opposition hearings whenever required.
  • Publication of the mark in the Trademarks Journal. Rendering monitoring services so that marks published in the Journal can be monitored and protected from being copied or infringed.
  • Handling trademark registration issues and suggesting corrections or amendments in the application, if any.
  • Preparation of renewal instruction letter for trademark renewal and forwarding the same to TMR for updating docket records.

NGO Darpan is an e-platform maintained by NITI Aayog, which was started to enhance the collaboration between voluntary organisations (VOs) and non-governmental organisations (NGOs) with our government. To boost the participation of more and more organisations, the government has made the NITI Aayog NGO registration process online and very convenient to apply.

 VOs/ NGOs from all over the country sign up on this platform, creating a repository of information for the government. When an organisation successfully signs up, the system generates a unique ID. This ID is a must when applying for grants and schemes given by the government. Even when getting registration under the Foreign Contribution Regulation Act, one needs this ID.

This registration is beneficial to both the organisation as well as the government.

  • If an NGO is registered on this platform, it can access various grants and schemes given by the ministries and other central or state government departments.
  • It also enhances the credibility and image of the NGO/VO in the public’s eyes.
  • No NITI Aayog Registration Fee is charged from the organisations.
  • NGOs and VOs can also apply online for grants through this platform and can easily track the status of their application.
  • The government also gets updated information about the existing VOs and NGOs operating in India.

The government of India launched the “Startup India Initiative” to ensure that the growing number of Startups in the country have the right resources and support to grow. Under the Startup India program, eligible companies can get recognised as Startups by DPIIT to get tax benefits, easier compliance, IPR fast-tracking, special benefits & more.

Recently Indian Prime Minister announced, “India will celebrate January 16 as ‘National Start-up Day. He coined startups as the “backbone “of India and the engine which will empower the nation’s economic growth in the upcoming 100th years of India’s Independence.

Our Prime Minister Modi said that the current decade is referred to as the “decade of India”. His government will usher in massive changes to strengthen innovation, entrepreneurship and the startup ecosystem.

Pointing out that the number of startups in India had grown to over 60,000 from less than 500 just five years ago, Modi said these ventures are working across nearly 55 industry sectors and are “changing the rules of the game.” I believe the golden era of India’s startups is starting now,” the Prime Minister said as the country is “rapidly moving towards hitting a century of unicorns,” which are the hallmark of self-reliant and self-confident India.

Employees State Insurance (ESI)

The ESI Scheme applies to factories and other establishment’s viz. Road Transport, Hotels,Restaurants, Cinemas, Newspaper, Shops, and Educational/Medical Institutions wherein,

  • 10 or more workers (20 or more in some states) working and
  • Drawing Salary/wages upto Rs.21,000/- per month.

ESI Corporation has extended the benefits of the ESI Scheme to the workers deployed on the construction sites located in the implemented areas under ESI Scheme w.e.f. 1st August, 2015.

Under the ESI Scheme,

  • Employer contributes 4.75% of the wages.
  • Employees’ Contribution is 1.75% of the wages.
  • Employees, earning less than Rs. 137/- a day as daily wages, are exempted from payment of their share of contribution.Employers will however contribute their own share in respect of these employees.

Employees Provident Fund (EPF)

PF is one of the primary platform of savings for working class in India. An Establishment or business is mandatorily required to obtain EIN No. if total employee strength is 20 or more. The total strength of employee Includes contractors or temporary employees like housekeeping staff, daily wage worker security or other temporary workers in the business. Even if a company has employee strength less than 20 then too company can apply EIN. Provident fund Registration certificate should obtain within 30 days from the date of completing 20 employees

At the time of joining an employee in the employment and getting wages up to Rs. 15,000/- is required to become a member.

In this act, Wages implies and includes Basic + Dearness Allowances, Cash value of food concession and retaining allowances, if any.

Other Corporate Services

We provide Consultancy, Legal drafting and other corporate services to all the businesses.

XBRL is a language for communicating electronically, financial and business data for business reporting purpose. Rule 2 of Companies (Filing of documents and forms in XBRL) Rules, 2018 (“Rule”)defines XBRL as a standardized language for communicating via electronic means to report, express or file financial information by the companies under the Act. The system is developed by XBRL International Inc. (XII).

Our team of experts assists you in preparation of financial statements or consolidated financial statements in XBRL format and other supplementary services related to preparation of independent audit reports, handling litigations, if any. We have appropriate know-how and the requisite experience for undergoing such filings. Often, filing programs impose several constraints on documentation related to XBRL for data quality and compliance to local protocols. Our seasoned team of professionals can provide assistance with the definition of all these rules and regulations as well as render requisite services to ensure these are realized congruously.

All NGOs seeking CSR funds and the CSR implementing agencies need to file Form CSR-1. By filing this form, the social organization or agency gets registered with the Central government and fulfils the eligibility to get CSR funds.

With effect from April 1, 2021, MCA has made this Form available on its website and made it mandatory to file it. The aim of the CSR-1 Form is efficient monitoring of CSR spending’s in the country.

It should be verified digitally by a practising professional like Chartered Accountant or a Company Secretary, or a Cost Accountant. All entities who are intending to undertake CSR projects have to file this Form on the MCA portal.

TDS and TCS are two of the most commonly used words when we talk about taxation. In the field of tax, TDS stands for Tax Deducted at Source while TCS stands for Tax Collected at Source.

TDS Return is a quarterly statement that needs to be submitted by the deductor to the Income Tax Department. The statement shows a summary of all the entries for TDS collected by the deductor and the TDS paid to the Income Tax Authority. The tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.

Usually, the person receiving income is liable to pay income tax. But the government with the help of Tax Deducted at Source provisions makes sure that income tax is deducted in advance from the payments being made. The recipient of income receives the net amount (after reducing TDS). The recipient will add the gross amount to his income and the amount of TDS is adjusted against his final tax liability. The recipient takes credit for the amount already deducted and paid on his behalf.

The tax collected at source, abbreviated as TCS, is another means of collecting tax at the very source of income by the Government. Under the TCS provisions, certain specified transactions require the seller to collect an additional amount as tax at the time of sale over and above the sale price and remit the same to the Central Government.

As per the TCS provisions of the Income Tax Act 1961, certain persons, being the sellers, must collect a specified percentage of tax at the time of debiting the amount payable by the purchaser to the account of the purchaser or at the time of receipt of the amount from the purchaser, whichever is earlier.

Employee State Insurance is a self-financing social security scheme and health insurance plan for Indian workers, offering medical and disablement benefits. Governed by the ESI Act, 1948, it is managed by Employees’ State Insurance Corporation (ESIC) under the Ministry of Labour and Employment. ESIC is expected to manage the fund as per the rules and regulations set forth by the Act.

The ESIC is applicable on all the establishments having 10 or more workers and is beneficial to all the employees earning Rs.15, 000/- or less per month as wages, employer must contribute 3.25 percent and employee must contributes 0.75 percent towards ESI.

Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated by Employees’ Provident Fund Organization (EPFO). PF registration is applicable for all establishment which employs 20 or more persons. PF registration can also be obtained voluntarily by establishments having less than 20 employee.

Provident Fund (PF) payments are due on the 15th of each month. The employer must deposit a total of 12% or 10% of the employee wages towards PF on or before this date every month. For most entities, the PF rate of 12% would be applicable.

Digital Signature Certificate is a secure digital key (USB e-Token) that is issued by the certifying authorities to validate and verify the identity of the person or entity holding this certificate. It uses public-key encryptions to create the signatures and contains the signature in digital format.

A digital signature certificate (DSC) contains information about the user’s name, pin code, country, email address, date of issuance of the certificate, and name of the certifying authority.

There are three types of Digital Signatures, Class I, Class II and Class III Digital Signature.

Legal drafting is the most important instrument of legal communication. The skill to draft well is the skill to think and communicate well. “Legal drafting” is the skill developed by Legal professionals over decades of regular serious practice and experience with devoted attention to improve their efficiency in drafting petitions, plaints, and appeals to convince the Court to impress upon to prove their cases positively. Legal drafting may include the preparation of any written legal document–a motion, a letter, a brief, a memo, or a contract.

It is the development and preparation of legal instruments such as constitutions, statutes, regulations, ordinances, contracts, wills, conveyances, indentures, trusts and leases, in other words drafting, in a legal sense, means an act of preparing the legal documents like notices, contracts, affidavits etc.

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