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Showing posts from July, 2022

What is the income tax return last date and its procedure?

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By default the due date for filing income tax return for individuals is 31st July every year. For the AY 2022–23, the due date is 31 July 2022. The procedure is summarising all the income earned during the FY 2021–22 and computing tax thereon after providing tax benefits/ deductions. There are several tax-saving options available which include investing in LIC and tax-saving mutual funds, payment of education fee, health insurance premium etc. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

Is it mandatory that one of the director holds the major shares in private company?

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A director need not necessarily become the shareholder of a company. One can become the director even without holding shares. A company secretary also need not necessarily become the director/ member of the board. It is the sole discretion of the company whether to appoint the company secretary in the board of directors or not. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

How do I reduce income tax legally in India as a salaried person?

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There are several tax-saving options available which include investing in LIC and tax-saving mutual funds, payment of education fee, health insurance premium etc. You can log into the income tax account and file the ITR from the dashboard. You need to give details of your income earned and eligible deductions. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

Is there a board of directors in One Person Corporation (OPC)?

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A single person can become the director in an OPC. An OPC has this peculiar provision to have a single director as well as upto 15. Hence an OPC can have a board of directors. However, it is not mandatorily required to have atleast 2 directors as in the case of private limited companies. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

Can a senior citizen mother claim her medical expenses in income tax?

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The Income Tax Act allows you to claim a maximum deduction of Rs 50,000 (as of FY 2021–22) on medical expenses incurred on the healthcare of senior citizens (eligible parents) in a financial year. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

How do you create a new GST registration?

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GST Registration can be obtained by logging into  http://www.gst.gov.in first a temporary registration will be allotted based on the PAN, mobile, and email id with which you may create an account. After that, you need to fill in the details, attach the supporting documents and submit the application. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

Are partners principal to the firm or only agents of firm?

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In a partnership, a person must not act for himself alone, but for other partners also, Thus, each partner is a representative of all other partners. And he acts in both capacities i.e., as an agent as well as a principal. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

How much does it cost to get a GST number in India?

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The price of GST registration in India varies between a range of R.1000 to Rs.15000. The documents required for GST registration are PAN, Business constitution document if any, Aadhar Card, Rent Agreement/ Consent letter of place of business and photograph of proprietor/ partners/ directors. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

What is the tax audit limit for business and profession?

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The tax audit limit for an individual carrying on business is Rs.1 crore in a FY and for professionals it is Rs.50 lakhs. However, latest amendments direct that w.e.f. April 2021, the limit has been further increased to Rs.10 crores in case of persons carrying on business provided that not more than 5% of the total transactions are in cash. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

How much does a trademark registration cost in India?

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Regular Fee for application of a trademark by an individual is Rs.4500.00. Regular Fee for Company / LLP / Partnership / other applicants are Rs.9000.00. However, if you have MSME Reg., the fee shall be ₹ 4500/- for small enterprises. Thus, it is also beneficial to get MSME Registration among other benefits to reduce trademark registration govt fees. Documents To Be Submitted: Copy of trademark to be registered, PAN card, GST or MSME Registration Address proof of the trademark owner. For Company Registration in Kerala and  Business Registration in Kerala , visit https://www.parpella.com

How much does a MSME Registration and Digital Signature Certificate (DSC) cost in India?

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MSME Registration: The price of MSME registration in India may range from as low as Rs.500 and may go upto Rs.5000 or more based on the nature of service provider. Only Aadhar and PAN Card are required for MSME Registration. Digital Signature Certificate (DSC): The price of DSC depends upon the class and nature of DSC opted. Sign only DSCs are cheaper than Sign and Encrypt DSCs. On an average the price of DSC ranges from Rs.1000 to Rs.5000. Only Aadhar and PAN are required for obtaining DSC. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

How much does a partnership registration cost in India?

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A partnership registration typically costs around 10k in the online portals and it may cost upto 50000 and beyond when done by experienced chartered accountants, advocates and other professionals. However, the price may further vary based on the number of partners and the complexity of terms of agreement between the parties. The partnership registration includes the partnership deed drafting and its registration. Sometimes you may be able to avail GST registration, MSME registration, PAN and TAN registration in a single package. The documents required for partnership registration includes the ID proof and address proof of partners and the proof of place of business such as rent agreement/ noc. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

How much does a Section 8 Company Registration cost in India?

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A Section 8 Company registration typically costs between 15000 to 75000 in India. The cost varies based on several factors such as the location of registered office, number of members in the company and from consultant to consultant. When online platforms focus on volume business and provide the service at the lower limit of 15000, experienced professionals such as chartered accountants and company secretaries charge upto 75000 and more. Normally the service/ package includes name application, Digital Signature, MOA and AOA preparation, PAN, TAN, ESI and EPF registration. The documents required include the PAN, Aadhar, ID Proof, Address Proof, Declaration and projected financial statements giving details of income and expenditure for next 3 years. For Company Registration in Kerala and Business Registration in Kerala , visit https://www.parpella.com

How much does a Producer Company Registration cost in India?

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A producer company can be defined as a legally recognized organization of farmers / farmers with the aim of improving the standard of living and ensuring a good state of their available support, income and profitability. In India, the Producer Company Incorporation may cost in a range between 45000 to 100000 the location of registered office, number of directors, amount of authorised capital etc. Sometimes the price may even go higher based on the government fee involved in the registration of Producer Company. The documents required include the PAN, Aadhar, ID Proofa, Address Proof, Declaration and the Certificate of Agricultural Officer in the locality. Normally the service/ package includes name application, Digital Signature, MOA and AOA preparation, PAN, TAN, ESI and EPF registration. For more information, visit https://www.parpella.com/producer-company-registration

Question of the day: (1) How much does a Public Limited Company registration cost in India? How much should I pay for Public Limited Company registration in India? (2) What features/services gets covered in it? (3) What are the documents required for it

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(1) There is no fixed price or cost for registering a Public Limited Company in India. There are a number of dependent variables that determine the cost of incorporation such as the location of registered office, number of directors, amount of authorised capital etc. The pricing even differs from consultant to consultant. On an average for a company with 7 directors/ shareholders and minimum authorised capital of Rs.10 lakhs can range from 35000 to 75000 excluding stamp duty. (2) Normally the service/ package includes name application, Digital Signature, MOA and AOA preparation, PAN, TAN, ESI and EPF registration. (3) The documents include the KYC documents of directors such as ID Proof, Address proof, PAN and Aadhar copies. For more information, visit https://www.parpella.com/public-company-registration

Question of the day: (1) How much does a One Person Company Registration cost in India? How much should I pay for One Person Company Registration in India? (2) What features/services gets covered in it? (3) What are the documents required for it

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(1) There is no fixed price or cost for registering an One Person Company in India. There are a number of dependent variables that determine the cost of incorporation of a Private Limited Company in India such as the location of registered office, number of directors, amount of authorised capital etc. The pricing even differs from consultant to consultant. On an average for a company with 2 directors/ shareholders and minimum authorised capital of Rs.10 lakhs, it can range from 6000 to 25000 excluding stamp duty. (2) Normally the service/ package includes name application, Digital Signature, MOA and AOA preparation, PAN, TAN, ESI and EPF registration. (3) The documents include the KYC documents of Director and Nominee such as ID Proof, Address proof, PAN and Aadhar copies. For more information, visit https://www.parpella.com/one-person-company-registration

Question of the day: How much does a LLP Registration cost in India? How much should I pay for LLP Registration in India? (2) What features/services gets covered in it? (3) What are the documents required for it?

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(1) There is no fixed price or cost for registering an LLP in India. There are a number of dependent variables that determine the cost of incorporation such as the location of registered office, number of partners, amount of contribution etc. The pricing even differs from consultant to consultant. On an average for an LLP with 2 partners and minimum contribution of Rs.1 lakh can range from 7000 to 20000 excluding stamp paper cost. (2) Normally the service/ package includes name application, Digital Signature, LLP Agreement preparation, PAN and TAN registration. (3) The documents include the KYC documents of partners such as their ID Proof, Address proof, PAN and Aadhar copies. For more information, visit https://www.parpella.com/limited-liability-partnership-registration

Question of the day: (1) How much does a Nidhi Company Registration cost in India? How much should I pay for Nidhi Company Registration in India? (2) What features/services gets covered in it? (3) What are the documents required for it?

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(1) There is no fixed price or cost for registering a Nidhi Company in India. There are a number of dependent variables that determine the cost of incorporation such as the location of registered office, number of directors, amount of authorised capital etc. The pricing even differs from consultant to consultant. On an average for a company with 7 directors/ shareholders and minimum authorised capital of Rs.10 lakhs can range from 35000 to 75000 excluding stamp duty. (2) Normally the service/ package includes name application, Digital Signature, MOA and AOA preparation, PAN, TAN, ESI and EPF registration. (3) The documents include the KYC documents of directors such as ID Proof, Address proof, PAN and Aadhar copies. For more information, visit https://www.parpella.com/nidhi-company-registration/

(1) How much does a Private Limited Company Registration cost in India? How much should I pay for Private Limited Company Registration in India? (2) What features/services gets covered in it? (3) What are the documents required for it?

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(1) There is no fixed price or cost for registering a Private Limited Company in India. There are a number of dependent variables that determine the cost of incorporation of a Private Limited Company in India such as the location of registered office, number of directors, amount of authorised capital etc. The pricing even differs from consultant to consultant. On an average for a company with 2 directors/ shareholders and minimum authorised capital of Rs.10 lakhs, it can range from 6000 to 25000 excluding stamp duty. (2) Normally the service/ package includes name application, Digital Signature, MOA and AOA preparation, PAN, TAN, ESI and EPF registration. (3) The documents include the KYC documents of directors such as ID Proof, Address proof, PAN and Aadhar copies. For more information, visit https://www.parpella.com/private-limited-company

QUESTION OF THE DAY: (1) What is the income tax return last date and its procedure? (2) How can a salaried person reduce income tax in India?

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(1) By default the due date for filing income tax return for individuals is 31st July every year. For the AY 2022–23, the due date is 31 July 2022. The procedure is summarising all the income earned during the FY 2021–22 and computing tax thereon after providing tax benefits/ deductions. (2) There are several tax-saving options available which include investing in LIC and tax-saving mutual funds, payment of education fee, health insurance premium etc For information on Company Registration, visit https://www.parpella.com/public-company-registration

Question of the day: How do I convert OPC in PVT Limited after 1 month of OPC registration?

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Conversion of an OPC into a private limited company is permitted only after two years from the date of incorporation. However, if the paid-up share capital exceeds rupees 50 lakhs or if its average turnovers exceed INR 2 crores within two months, the OPC could convert into a private limited company by passing the special resolution, obtaining NOC from creditors and filing form INC 5. For information on Company Registration, visit https://www.parpella.com/public-company-registration

QUESTION OF THE DAY: (1) What is the tax rate for a partnership firm? (2) What are the benefits associated with the Section 8 Company?

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(1) The tax rate of a partnership firm is normally 30% (2) A section 8 company is the corporate form of a trust or charitable society. The major advantage of section 8 company is that it can avail of the tax benefits of a charitable trust. Being in the nature of non profit organization, it has a better standing among the society which inturn increase the goodwill of the company. For information on Company Registration, visit https://www.parpella.com/public-company-registration a

Question of the day: Are partners principal to the firm or only agents of firm?

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In a partnership, a person must not act for himself alone, but for other partners also, Thus, each partner is a representative of all other partners. And he acts in both capacities i.e., as an agent as well as a principal. For information on Company Registration, visit https://www.parpella.com

Basics of NRI Taxation | How Should an NRI File Income Tax Returns In India | Parpella

Basics of NRI Taxation | How Should an NRI File Income Tax Returns In India | Parpella https://www.youtube.com/watch?v=yQeUB3oQs6g For Financial advice and Business Registration, please visit https://www.parpella.com

Book of the day: THE COMPOUND EFFECT: JUMPSTART YOUR INCOME, YOUR LIFE, YOUR SUCCESS

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Let’s learn How to CONTROL our LIFE!! Book of the day: THE COMPOUND EFFECT: JUMPSTART YOUR INCOME, YOUR LIFE, YOUR SUCCESS Author: Darren Hardy Buy with Amazon: https://www.amazon.in/Compound-Effect-Darren-Hardy/dp/159315724X For more Financial advice and Business Registration, please visit https://www.parpella.com