The objective of
introducing Section 194N by government in the Union Budget 2019 of July 2019 is
to discourage cash transactions in the country and promote the digital
transaction in India or promote less cash economy. ‘Section 194N –TDS on cash withdrawals over and above Rs
1 crore’ has been introduced through the Finance Bill, 2019.
To whom is 194N applicable?
Applicable to withdrawals made by below:
A Hindu Undivided Family (HUF)
A partnership firm or an LLP
A local authority
An Association of Person (AOPs) or Body of Individuals (BOIS)
Who will deduct TDS?
Applicable The following payers will deduct TDS
Any bank (private or public sector)
A co-operative bank
A post office
Who are exempted from 194N?
Any government body
Any bank including co-operative banks
Any business correspondent of a banking company (including co-operative banks)
Any white label ATM operator of any bank (including co-operative banks)
Any other person notified by the government
Dates of applicability?
The threshold of Rs 1 crore is with respect to the previous year, calculation of the amount of cash withdrawal for triggering deduction under section 194N of the Finance Act shall be counted from April 1, 2019
The Central Board of Direct Taxes (CBDT) has further clarified that if a person has already withdrawn Rs 1 crore or more in cash up to August 31, 2019, in the current fiscal, the two percent TDS shall apply on all subsequent cash withdrawals.
NO FEES is being charged by anyone, whosoever
wants to register their organisation under MSME Act, 2006. Udyog Aadhaar or
MSME Registration is made free by Government of India since 2016. You can visit
the Udyog Aadhaar website and directly get your MSME registration done without
paying for it.
SMALL & MEDIUM ENTERPRISES (MSME): Driver of Indian economy
years MSME has been a game changer and plays an important role in driving the
economic growth of India. MSME has emerged as the most dynamic & vibrant
sector for Indian economy. Irrespective the line of business you are in, be it
manufacturing, servicing, registration can be obtained through MSME Act.
Micro, small & medium enterprises (MSME)?
to Micro, Small & Medium enterprise development act, 2006 MSME’s are
classified in two broad categories:
1. Manufacturing enterprise: Engaged in production of goods
which comes under the purview of Schedule (I) of Industries act, 1951 or which
requires installation of plant & machinery in the formation of final
2. Service enterprise: Engaged in providing or rendering
services to individuals/corporates/group of persons which requires equipment
installation for the same.
following enterprises are categorised depending on the Investment in plant
& machinery/ service enterprise.
25 Lakh –
10 Lakh –
5 Crore –
2 Crore –
What is the
MSME Registration process?
Before getting into the step by step process of MSME registration one should be aware about the documents which are required to be attached with your application.
Aadhaar card: Aadhaar number is now compulsory for registration of MSME under the act. Since Aadhaar number acts as a nationwide identification for every individual therefore it helps in a complete transparent process.
PAN card: For all the financial transaction related with one’s personal income or an organisation, PAN card helps it to automatically track the
Business address proof:
Self-owned property- Allotment letter, Possession letter, Purchase deed, Property tax receipt.Rented property: Rent agreement, NOC from landlord, any other receipt, evidencing the landlord ownership over the property.
Sale bill/Purchase bill: Invoice related to the product which you have purchased or you want to supply further is required to be submitted.
MOA/AOA/Partnership deed: In case of partnership firm, it has to submit its partnership deed & certificate for the same. Copy of MOA/AOA/Resolution passed in AGM is also to be submitted.
License copy: Industrial license so obtained by the Government of India should be submitted while submitting application for MSME.
Bills of machinery purchased: Since the installation of machinery is helpful in identifying the category in which the MSME will fall into. Therefore, its bills & receipts must be kept safe and are required to be submitted.
STEP BY STEP MSME REGISTRATION PROCESS
1. Fill in Aadhaar number
in the appropriate field to start of yourSSI Registrationapplication form.
2. Once your Aadhaar is verified then only
you can proceed further in the form.
3. Applicant must fill the details as
mentioned in the Aadhaar card issued by UIDAI.
4. OTP Verification: OTP will be sent to the registered
mobile number with UIDAI.
5. Category: Applicant must mention the social
category to which it belongs (General, SC, ST, OBC). The proof for the same can
be demanded by the authority, as and when required.
6. Gender: Male/female/transgender whichever
category you fall under.
7. Name of Enterprise: Legal name of enterprise under
which all the transactions of the business will be done, should be mentioned.
8. Permanent Account Number (PAN): Applicant must mention the PAN
details in case of co-operative, public limited, Limited liability partnership
while it will be optional in any other type of organisation.
9. Official address: postal address of the organisation
including the state, district, Pin code, mobile no.
10. Date of Commencement of business must be specified in the appropriate field.
11. Bank details: IFSC code of the bank branch and the account number where an individual account exist must be mentioned.
12. Person employed: Details of employees who are directly working under the payroll of the company must be mentioned while applying for MSME registration.
13. Investment: While computing the total investment, the original investment (purchase value of items) is to be taken into account.
14. Submit: The Applicant must click on Submit button to generate OTP which will be sent to email id mentioned for registration.
15. The Applicant have to enter OTP received on mobile (linked with Aadhaar) second time.
16. Enter Captcha: The Applicant must enter Captcha before clicking Final Submit button.
Nowadays, the service industry is not
only the fastest-growing but it is also having one of the largest contributions
in India’s GDP (28% appx).
It is not only dominant in India GDP,
but it also brings in a considerable amount of foreign investment and also
provides large scale employment opportunities.
One of the most trending business in
some of the prime location in India such as Delhi NCR, Mumbai, and Bangalore
etc. are providing cab service. It just requires you to have a smartphone &
a vehicle. (Even if you don’t have a vehicle the service provider is having an
option with which you can start the business).
Read the remaining article carefully and you will understand all the formalities required to be fulfilled to attach your car in OLA.
you own a car then it is easy to attach it with OLA
or visit the nearest OLA centre and they will provide you with all the details
required to attach your car with OLA.
sure to read all the information carefully before attaching your car with OLA.
the necessary documents as mentioned in the article.
will then start the training process.
signing of the contract with OLA.
your car as an OLA cab in your city.
Joining OLA as a driver
those who don’t own a car but still wants to start their business with OLA
visit the office of OLA and understand the details required to attach your car
the necessary documents mentioned in the article above.
on the car you lease, one has to pay a rental fee of INR 700 – 1200 to OLA.
This will be automatically deducted from your daily earnings and the remaining
amount will be transferred to your account through NEFT/Cash.
will then start the training process.
signing of the contract with OLA.
working as an OLA Driver.
Joining OLA as a fleet operator
those who have multiple cars, can attach them as a fleet with OLA.
your nearest regional office and collect the information regarding OLA fleet.
you are not able to find the drivers, OLA will help you find them.
will inspect your car & check whether it is meeting the standards of the
company or not.
will then train these drivers and will make them technology-friendly.
completion of all the processes, OLA will register you as fleet operator under
signing of the contract with OLA.
working as an OLA fleet operator.
Q. How to get a car on
a lease in OLA?
Get your documents verified
Pay the verification fees &
You will get the car once your
profile is verified
Q. Initial payment to
lease a car in OLA?
A non-refundable charge of INR 4,000
is to be paid.
Refundable charge of INR 21,000 –
31,000 based on the vehicle.
Q. What is the
procedure to pay the daily rental of OLA?
OLA will deduct your daily rental
from daily earnings and will transfer the remaining to your account through
Q. How much time does OLA
takes to complete the registration process?
If all your documents are complete
and ready to be verified then it will hardly take a day to start with your
TDS is abbreviation of Tax Deducted at Source. TDS filing is one of strategy utilized for gathering income tax in India. It is administered under the Indian Income Tax Act 1961 and overseen by Central Board of Direct Taxes (CBDT). Under this demonstration, any installment secured under these arrangements will be paid in the wake of deducting recommended rate. It is a piece of the Department of Revenue and overseen by Indian Revenue Service (IRS). In an association, the business gathers charge from their representative and sends it straightforwardly to the personal assessment office.
This tax must be stored in treasury of Indian Government inside a predefined time. There is no uniform pace of finding for this duty. It might be run from 1% to 30% or more, contingent upon the element on which it is appropriate. There are two personalities engaged with the procedure of TDS filing; one is Deductor and the other is Deductee. The Deductor is an individual or an organization/association who is in charge of deducting the cash (charges) before the installment is made and the Deductee is the individual who is at risk to make good on the regulatory obligation or from whom the duty is deducted.
is deducted on following area where one should match with the criteria before
TDS filing like;
Interest payments by
to Upload TDS Statement, to file online TDS return
private limited company is an organization which is secretly held for
independent ventures/company. The obligation of the individuals from a Private
Limited Company is constrained to the measure of offers separately held by
them. All the information about Private Limited Company is talked about in the
2(68) of Companies Act, 2013 characterizes privately owned businesses. As
indicated by that, privately owned businesses are those organizations whose
articles of association confine the limit the exchange capacity of shares and
restrict them to buy or subscribes. There are many characteristics of a private
Below are some features of a public company which differs it from Public companies:
Unlimited liability, the risk of individuals is boundless in this kind of privately owned businesses. Owned resources of individuals can be connected and sold when the organization is being beaten up.
Different requirements of Private Limited Company
Members should be in between 2 to 200
Minimum two directors are must and every director should have DIN i.e. Director Identification number
Name should have included Pvt. Ltd on the end of the company’s name
Registered office address is a must.
Digital signature certificate is also must require in the digital world
Professional certificate is also needed like CA, secretary and many more
Various advantages of Private Limited Company
Incorporated association, an organization is made when it is enrolled under the Companies Act. It appears from the date referenced in the certificate of joining. As per the MCA’s company act, Company which owned more than two employees should be registered with full name.
Legal person,well companies are not a person. These are registered under the law and cannot work as their own because it must require some legal person to run it which are chosen by shareholders. These persons are called directors of the board.
Separate Legal entity, an organization has a lawful particular substance and is independent of its individuals. The loan company of the organization can collect their money just from the organization and the property of the organization. They can’t sue singular individuals who are part of the company.
Ceaseless Existence, an organization is a steady type of business association. Its life does not rely on the passing, indebtedness or retirement of any or all shareholder or executive. Law makes it and law alone can break up it. Individuals may come and go however the organization can continue forever
Common Seal/stamp, an organization not being a person can’t sign on the documents unlikely human person. It acts through a characteristic individual who is called its executives/directors. Be that as it may, having a legitimate character it very well may be bound by just those records which bear its sign. Along these lines, the law has accommodated the utilization of regular seal, with the name of the organization engraved on it, as a substitute for its signature.
conclude Private companies are totally different from public companies and a
private company is registered association under the company act of government
which is artificial legitimate individual, having a free lawful, element with a
ceaseless progression, a typical seal for its signs, a typical capital
comprised of transferable shares and conveying highly controlled risk.
Private Limited Company is the most popular and
prominent type of corporate legal entity in India. The Ministry of Corporate
Affairs, the Companies Act, 2013 and the Companies Incorporation Rules, 2014
regulate private limited company registration. A least two shareholders and two
directors are required to register a private limited company. While a corporate
legal entity can only be a shareholder, a natural person can be both a
shareholder and the director.
Besides, foreign citizens, foreign corporate entities
or NRIs may be directors or shareholders with Foreign Direct Investment of a
company making it the preferred entity option for international promoters.
Are you thinking of setting up your business in Delhi?
Do you want to know the process involved in private limited company registration in Delhi?
required for private limited company registration in Delhi
The applicant must mandatorily submit the following
documents along with the identity card and address proof:
Memorandum of Association
Article of Association
Copy of PAN Card
Copy of Aadhar Card
Firm Address Proof like Electricity
Bill or Telephone Bill or anything similar that has full name and address of
the firm in legible language. (not more than two months old)
Rent agreement or Electricity Bill
if the business place is taken on rent duly attached with No objection
Certificate (NOC) issued by the owner.
Process for Private
Limited Company Registration in Delhi
first step is to apply for Digital Signature Certificate (DSC) and Director
Identification Number (DIN)
apply for approval of the name with Registrar of Companies (ROC), Delhi
third step is to apply for Registration in INC-32 forms
last step is to obtain a Registration Certificate.
Following are the steps involved in registering a
private limited company:
1. Obtain DSC
Since we are taking an online route to register a private limited company, Digital Signature is mandatorily required. It is mandatory for all the subscribers and witnesses in the memorandum and article of association. You can obtain Digital Signature Certificate either online or offline from government recognized certifying agencies. There are two category of DSC available, i.e. Class 2 and Class 3. Under Class 2, your identity will be verified against a pre verified database, whereas under class 3, you need to be present in person before the registering authority.
Incorporate a company via Reserve
Unique Name (RUN) form.
Apply for the proposed name through
In an attempt to ease the registration procedure, RUN web service has been introduced by Ministry of Corporate Affairs. While filling RUN form, be extremely careful as it gives you only one chance for applying and in case of rejection of name (based on valid grounds) there is no second chance available. In this case you have to re-file another RUN form by again paying the prescribed fees.
To apply for a name using RUN web from, the applicant
must first create a MCA account. The account is free of cost. After creating
and logging into the MCA account, the registrant can choose “Private Limited”
as the type of company to be registered. He further needs to provide one name
choice and check against the database of MCA to check the availability.
It is important to note that MCA Run System only check
for identical company names. However the Company Incorporation Rules, 2014 says
a company cannot be registered with an identical name. Hence even if the MCA
database shows the availability of name, it does not guarantee approval.
However, with effect from March 23,
2018, Ministry has decided to permit two proposed Names and one re-submission
(RSUB) while reserving Unique Names for the Companies.
You must think carefully before adopting a name
because any name that violates the rules will not be allowed to use.
There’s a list of undesirable names that can’t be used.
If it is
identical with or too closely resembles the following, a suggested name will be
considered as undesirable.
Existing company names and LLPs or names approved by the Company Registrar and LLPs.
A registered trademark or trademark for which others have applied for registration and used it or owned it.
Names are given under and in violation of the Emblems and Names Act, 1950.
Foul words or phrases. Words or expressions used as a derogatory term and offensive to a group of people.
Names with “British India” words.
3. Obtain Director Identification Number for Incorporation
All individuals who are proposed to be the director of
the company should have a valid Director Identification Number. The person
should apply for DIN only through the SPICE from. All the details should be
filled in the SPICE form along with their PAN or Passport details. On
incorporation of the company, DIN will be allocated to the person who has duly
applied for DIN.
If a person already has a DIN and incorporating a new
company, SPICE form must still be used and DIN can be entered wherever
4. Selecting Your Business Activity
Next, you should choose the operation your Private
Limited Company will engage in. You can decide from any of the alternatives
that you have been given. And if you cannot find the correct option for your
operations, you can select the’ other’ option. It is requested to appoint a
professional so that he/she can help you with drafting memorandum and article
5. Form SPICe (INC-32)
Ministry of Corporate Affairs has introduced Form
SPICe (INC-32) to simply the process for incorporating and registering a
company online. Prior to the introduction of SPICe form, a company is required
to file several documents like DIR-3, DIR-12, INC-1, INC-7, INC-22 for
different registration requirements. Now all these forms have been merged
together in a simplified way.
A professional’s digital signature is mandated to file
the INC-32 form. The professional must certify the correctness of all the
information provided in the form. The professional can be a Chartered
Accountant, Company Secretary, Cost Accountant or advocate.
6. e-MoA(INC-33) and e-AoA (INC-34)
The intention behind introducing e-MoA and
e-AoA is to simply the company registration process in India. e-MoA and e-AoA
stands for electronic Memorandum of Association
and electronic Articles of Association respectively.
The forms need to be filed online on
MCA portal and they are linked with SPICe (INC-32). Both of these forms must be
mandatorily filed by the subscribers of the Memorandum and Article of
7. PAN and TAN Application
You can apply
for the PAN and TAN of the company through the single SPICe form by using forms
49A for PAN and 49B for TAN. After submitting the SPICe form, the system will
auto-generate PAN and TAN form. All you need to do is download it, attach
electronic signatures and upload both forms to the MCA portal.
If all the information in the form is properly filled
in along with the necessary documents, MCA will approve the registration and a
CIN (Corporate Identity Number) will be given. This CIN can also be tracked on
the MCA portal online.
Ministry of Corporate Affairs has significantly made
the registration process a lot more simple and easier in an effort to spur new
Frequently Asked Questions
1. What is the fee for Incorporation?
The MCA has announced zero fees for incorporation up to 10 lakh of an authorised capital in an attempt to simplify the company incorporation process and encourage new start-ups. Hence, Businesspeople would be able to save a thousand rupees as an incorporation fee. Notwithstanding the announcement of zero fees for the SPICE form, eMOA and eAOA–stamp duties would still be valid for incorporation as before depending on the state of incorporation.
2. What are the changes made in the registration process in 2017 and 2018?
By reducing the forms for name
approval, DIN application and incorporation, the MCA has accomplished
substantial process decrease while enhancing the ease of using SPICe form.
A significant drawback in using the
SPICe form earlier was that Entrepreneurs or Professionals were unable to
acquire previous approval of the name. In the event of refusal of name while
using SPICe Form, they were compelled to redo incorporation paperwork. But now,
MCA has streamlined the name approval process and made it optional by
implementing a web-based method for name authorization called RUN.
3. Can a proposed director of a new company apply for DIN through Form DIR-3?
per the company registration process 2018, DIR-3 form can only be used for
adding a director by existing companies. Hence, due care must be taken by the
professionals to ensure that DIN, through DIN-3 is not obtained for a proposed
director of a new company.
4. What are the documents required for filing SPICe (INC-32)
The following documents are
required for filing SPICe (INC-32):
If the Director or Subscriber is an
Address Proof: It can be Passport, Voter ID Card (Election
Card), AADHAR Card, Electricity Bill, Telephone Bill, Ration Card or Driving
Residential Proof: It can be Bank
Statement, Electricity Bill, Telephone Bill or Mobile Bill.
If the Director or Subscriber is a
Proof: It can be Driving License, Residence Card, Bank Statement or Government issued form of
identity containing address.
Residential Proof: It can be Bank
Statement, Electricity Bill, Telephone Bill or Mobile Bill.
5. What is the time required to register a company?
nowadays a company registration has become a fast track process, it takes
lesser time to register a company online as compared with the old process.
You can read more such blogs on our official website CAONWEB. Click here to visit now.
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It was demanded to extend the due date of filing ITR because of last minute rush and also main factor was TDS statement issue was also delayed for A.Y 2019-20. On 23rd July, 2019 CBDT extended the due date of filing Income Tax Return of taxpayers whose due date fall on 31st July, 2019. Now the new due date shall be 31st August, 2019
Who is required to
file ITR by 31st July, 2019 (now extended to 31st August)?
Individuals including salaried taxpayers and entities who do not need to get their accounts audited.
-Bank statement during
the relevant year if you have income other than salary and also to check
interest from your saving bank account, as it is taxable too however you get
tax deduction upto a limit for your saving bank account interest.
-If you have income
from house property than again details of rent received during the relevant
year, along with municipal taxes paid receipts
-Details of your tax
aving investments like LIC, ELSS, Basic tuition fees paid for your children,
any tax saving FD made during the year, donations eligible for tax benefits,
medical insurance paid for yourself or parents and spouse.
-House loan email and
interest paid details if any.
-If you are a proprietor and not required to get your account audited make sure your tax computation is calculated correctly so ensure you get the right tax consultant for the same.
Why should one approach
a tax consultant to file ITR?
There is no doubt that
you can login to the income tax and do the basic filing yourself. If you have
income only from salary then you can file it yourself. If a salaried taxpayer
do not have time they may approach a tax consultant who is not charging you
hefty sum to file salary income tax return. However for those having income
from capital gain, income from other sources, income from business- it is
always recommended that they should approach a tax consultant. Because relying
on not so efficient person to file your tax return will only put you in
trouble. Income tax department is very strict and serves you with notice in few
months if anything submitted is incorrect or you may even have to face late
fees or interest if there is by any chance mistake in your tax computation.
Therefore why get served with notice and take hassle when you can now go to a tax consultant nearby you or approach a CA online through a reliable source. Choice is yours file return on time with help of consultant or get served with notice and face interest penalty by doing delay or making mistake by getting your itr filed through not reliable source.
The central Board of Direct Taxes (CBDT) has extended the ‘Due Date’ for filing of Income Tax Return from 31st July, 2019 to 31stAugust, 2019!
Interest and Penalty for failing to
file ITR within due date
Those category of individuals with
income below the exemption limit are not required to file the ITR irrespective
of what they have earned income during the financial year. The basic exemption
limit varies as per age.
What will happen if you fail to file ITR within due date of 2019-20? Last date of ITR filing for A.Y 2019-20 is 31st July, 2019. Unlike in past missing to file ITR has strict consequences. If one fails to file ITR by 31st July, 2019 then one still get the chance to file it by 31st March 2020, however with a late fees. Return filed after due date is called Belated return. So you get a chance to file belated return by 31st December, 2020 with late filing fees.
As per section 234F of income tax Act, if a person fails to file income tax return within due date and files it before 31st December late fees of 5000 is to be paid, if return is not filed even after 31st December late fees goes upto 10000 in that case.If there is tax payable then for late filing you would have to pay interest u/s 234A at 1% per month or part thereof on unpaid taxes along with interest u/s 234B and 234C as applicable.
When the provision of imprisonment
will comes into effect?
276CC of income tax Act highlights
that if intentionally you fail to file ITR that is you are doing the fault
knowingly in that case a person could get imprisonment terms of at least 6
months. And this may extend upto 7 years if he is evading tax greater than 25
Lakhs. If tax he is trying to evade is greater than 3000 but is upto 25 Lakh
then there could be imprisonment for a term of at least 3 months and it could
go upto 2 years based on the amount of tax he was trying to avoid.
Therefore, one has to comply with
the provision of ITR filing within the due date to avoid such mishappenings or
reputation harm like interest, penalty fine or even jail.
Please note that for certain categories of tax payers due date of ITR filing is 30th September, 2019. You may consult caonweb experts for free to check your due date.
Jail for not filing your ITR will harm your business reputation. Are you filing your ITR before 31st july,2019