FSSAI License in India

Essentials to Get FSSAI License in India for Restaurant

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India is projected to have the largest food & beverages industry by 2020. So this is the responsibility of a central food authority i.e. FSSAI to lay down certain standards & rules which will help in regulating the food industry. Most Indians eat out once or twice in a month, they eat out on occasions in office and family. Due to the hectic routine of people, it is a way to be around with family or friends- to go out and eat in a restaurant. Therefore the market opportunity is increasing tremendously.

Getting a FSSAI License in India is necessary for all those business ventures planning to enter into the food/restaurant industry. FSSAI is a central institution responsible for laying down safety & security standards for articles of food and to regulate their manufacture, storage, distribution, and sale/import to ensure that quality products should reach the ultimate consumers.

Some essentials to get your FSSAI license are:

  • Food Licensing in India: One needs to have FSSAI License in India – There are three categories of the same and it depends on the nature of your business and turnover. Our experts at Caonweb are there to help you in the process of getting FSSAI License.
  • Shop & Establishment Act: A restaurant has to be registered under this act as is applicable in the concerned state. This act safeguards employee rights and working conditions.
  • Weights & Measures Department:  Approval for the weighing and measuring of instruments you use in the restaurant must be in line with the Weights & Measures Department.
  • Trade registration: For any kind of business you are doing. The local authority needs to be informed. There are formalities such as filling up application provided by them and getting their okay to start the business.
  • License for eating out: In the restaurant, it may not be closed door. If you will be providing eating out facility then you need to have a separate license for that as well. City or state police provides this facility. In mostly all cities this procedure can be done online.
  • Fire Security Certificate: All restaurants need to be secure against fire hence they need a NOC from the fire department of the city.
  • Lift Clearance: Restaurants in multi-story building premises need to ensure that the lift operations comply with safety norms. For this, an electrical inspector from the labour commission must give his approval certificate for the same.
  • Clearance for playing music/video:  This license is obtained from Phonographic Performance Limited or Indian Performing Right Society.
  • Environmental Clearance: An NOC from the Pollution Board of the city/state is required to ensure the restaurants activities do not violate pollution norms.
  • Business Insurance: Insurance for burglary, loss or damage due to fire, damage to property riot, strike and for various other factors.
  • Signage clearance: Obtaining the permission from the local civic bodies like Municipal Committee or City Corporation for putting a sign board of the restaurant is essential.

Read other blog: YOUR PAN CARD MIGHT BECOME INOPERATIVE FROM 01, JANUARY, 2020

FREQUENTLY ASKED QUESTIONS (FAQ’s)

Is FSSAI License in India mandatory for restaurant?

  • There are some FSSAI standard regarding hygiene & safety under which the food is prepared in the restaurant. Some related directly to the product while some relates to the premises of the restaurant.
  • Yes, it is mandatory for every restaurant to have FSSAI License in India either from the central authority or the respective state authority.

What is the procedure to apply for FSSAI License in India?

  • Login with your user credential and select apply for license/Registration from the Tab License/registration and proceed. Follow the following steps
    • Select the state in which your restaurant is situated.
    • If your restaurant is located in more than one state, click “yes” or else “No”.
    • Proceed for next step.
    • Nature of business you are in.
    • Turnover & the installed capacity must be entered correctly.
    • Registered office address, business premise area, person in-charge of operation, person complying with condition of license and products details etc.
    • Upload the supporting documents (if required).
    • Payment of fees.
    • After signing the acknowledgment, upload the same on portal.

Who needs to register to get FSSAI License?

  • If you are a manufacturer or involved in repackaging of the product then select the product from the kind of businesses mentioned below:
    • Dairy manufacturing units (Incl. chilling unit).
    • Vegetable oil processing units (Incl. refined oil, edible oil or any fat producing product).
    • Meat processing unit/slaughtering unit.
    • All food units involved in relabeling/repacking of the product.

How much does it cost to register with FSSAI & how to pay its fees?

  • Central license: Payment via debit card/credit card/net banking
  • State license: Depends from state to state [Offline mode- challan/DD/Cash]
  • Approximate fees: INR 7,500+GST+Transaction or debit card charges if applicable.

How to check the application status of FSSAI License in India?

FDI in India

APPROVAL PROCESS FOR FDI IN INDIA

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The proposals for FDI in India are processed according to the standard operating procedure (SOP) devised by the Department for the promotion of Industry and internal trade (DPIIT).

Following are the stages which are there in FDI approval process:

  • APPLICATION SUBMISSION: Preliminary stage to initiate a process of FDI in India is to submit the application in the prescribed format, which requires prior approval from several ministries via single window i.e. Foreign Investment Facilitation Portal (FIFP) working under the ambit of Department for promotion of industry and internal trade (DPIIT).
  • UPLOADING DOCUMENTS: There are certain other documents which need to be attested with the application form for FDI approval on the FIFP portal. These documents will help in verifying the application of the applicant.
  • ASSIGNING OF CASES: Within 2 working days, DPIIT will assign the cases.
    • In the case where the documents are digitally signed by the applicant, then physical submission of the same is not required.
    • In the case where the documents are not digitally signed, then the physical copy of the proposal is to be submitted to the Competent Authority within 5 days of such intimation.
  • CIRCULATION OF PROPOSAL TO VARIOUS DEPARTMENT: Since FDI in India is regulated under FEMA regulations, therefore, it is necessary to circulate a copy of the same to RBI to consider it in that perspective. Some additional departments such as External Affairs, revenue, and finance are also equally important, so the proposal must be shared with these departments as well.
  • SCRUTNIZAITON: Proposals are scrutinized within a week time and additional information must be served to department if required.
  • FINAL APPROVAL/REJECTION: On getting all required information, the Competent Authority is required to give out its decision in next two weeks. Approval/rejection letters are sent online to the applicant, consulted Ministries/Departments and DIPP.
    {Note: Where total foreign equity inflow is more than INR 5000 crore, then it is required to place the same in front of Cabinet Committee on Economic Affairs (CCEA).

Read Other blogs: DIR-3 (KYC)

HOW WILL CAONWEB WILL HELP YOU?

When it is about managing funds which is brought in by the way of FDI then CAONWEB is the right choice you can opt for. Since bringing in funds by the mode of FDI in India is the most challenging part which every business planning to expand at an international level goes through. This is when CAONWEB comes into play. We at CAONWEB have the most experienced Chartered accountants & Company secretary who will look into all your FDI related queries.

Our FDI consulting services are immensely beneficial for setting up business in any sector which falls under the ambit of FDI. Broad category of FDI services we offer:

  1. Advisory for business expansion.
  2. Consultancy on FDI compliance.
  3. All round support for the type of venture one is planning to establish. For example: Joint venture, partnership company, private company
TAX AUDIT LIMIT FOR BUSINESS/PROFESSION IN INDIA

TAX AUDIT LIMIT FOR BUSINESS/PROFESSION IN INDIA

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According to Section 44AB, Income tax act 1961 (As amended by finance act, 2017) accounts of persons carrying business/profession need to be audited.

Every person carrying on: –

Business Total sales/Turnover/Gross receipts exceeds INR 1 Crore in any previous year.
Profession Gross receipts exceeds INR 50 lacs in any previous year.
Business (Section 44AE  Section 44BB  Section 44BBB) Profits & gains from business are deemed to be the profits & gains of such person under the specified sections, and the person has claimed his income to be lower than profits of the business in any previous year.
Profession (Section 44ADA) Profits & gains from profession are deemed to be the profits & gains of such person under the specified sections, and the person has claimed his income to be lower than profits from the profession and his income exceeds the maximum amount not chargeable to income tax in any previous year.  
Business (Section 44AD-4) Provision of the section 44AD (4) Income tax act 1961, are applicable in his case and his income exceeds the maximum amount not chargeable to income tax in any previous year.

These previous year accounts must be audited by the accountant before the specified date and furnish the report duly signed & verified by such accountant including such particulars as may be prescribed.

Read other blog: STATUTORY AUDIT OF FINANCIAL STATEMENTS OF COMPANY

Who will not be covered under this section?

  • Person who declares his profits & gains in previous year as per section 44AD (1) of Income tax act 1961, and his total sales/turnover/gross receipts does not exceeds INR 2 Crore in any previous year.
  • Person whose income is in the nature specified under section 44AB/44BBA of Income tax act 1961.
  • Person who is required to get his accounts audited under any other law, then it shall be sufficient with provisions of this sections that person get accounts of such business/profession audited under such law before the specified date and further report by an accountant in the form prescribed under this section.

IMPORTANT SECTIONS RELATED WITH SECTION 44AB, INCOME TAX ACT

Section 44AE: Provision for computing profits/gains of business from plying, hiring or leasing goods carriages

Section 44BB: Provision for computing profits/gains in connection with business of exploration of mineral oils

Section 44BBB: Provision for computing profits/gains of foreign companies engaged in business of civil construction & various turnkey projects.

Section 44ADA: Provision for computing profits/gains of profession on Presumptive basis

Section 44AD (4): Provision for computing profits/gains of business on Presumptive basis

Section 44AD (1): A sum equal to 8% of total turnover/gross receipts of assesse in previous year OR a sum higher than aforesaid sum claimed to have been earned by assesse, shall deemed to be the profits/gains chargeable to tax under the head “Profit & gains from business/profession”

FREQUENTLY ASKED QUESTIONS (FAQ’s)

Q. What is auditing?

A. Auditing is a process which comes into place once the whole process is completed. It creates checks & balance, review & inspection on the whole process. There are various types of audits for example: Cost audit, tax audit, company audit covered under cost accounting law, income tax law, and company law respectively.

Chartered Accountant conducting the Tax audit is required to furnish the report in the format (Form 3CA/3CB & 3CD) as prescribed in income tax law.

Q. What are the due dates of filing tax audit report?

A. According to section 44AB, every person who is required to get its accounts audited should get its audit report on or before due date of filing of return of income i.e. 30th September of following assessment year.

For example: tax audit report for the financial year 2017-18 must he furnished on or before 30th September, 2018.

Exception: International transaction/domestic transaction specified under section 92E, must file the audit report in format (Form 3CEB) on or before 30th November of the assessment year.

Q. Who will audit the books of accounts?

A. Chartered accountant authorised by ICAI are required to prepare and audit the accounts as specified by the Income tax act.

Q. What is the format of these audit reports?

Form 3CA: case where the accounts of the business or profession of a person have been audited under any other law

Form 3CB: Audit report under section 44AB of the Income -tax Act 1961, in the case of a person referred to in clause (b) of sub – rule (1) of rule 6G

Form 3CD: Statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961 PART – A

Form 3CEB: Report from an accountant to be furnished under section 92E relating to international transaction(s) and specified domestic transaction(s).

Q. What is the penalty in case of any delay in account audit?

A. If any person fails to gets his accounts audited for year(s), the Assessing officer (AO) can impose a penalty. The penalty shall be lower of the two:-

(1) 0.5% of the Total sales/Turnover/Gross receipts

(2) INR 1, 50,000

Q. If any person is required to get its accounts audited under any other law, then is it mandatory to get his accounts audited once again as per section 44AB?

A. No, Section 44AB categorically specifies that if any person get its accounts audited under any other law, then he does not have to comply with requirements mentioned under the section

chartered accountant firm

POPULAR CHARTERED ACCOUNTANTS (CA) SERVICE PLATFORMS IN INDIA

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Whether you are an individual or a company, planning for your tax liabilities is a necessity. A rational tax advisor is a certified Chartered Accountant by ICAI. A good tax advisor can save you a considerable amount of funds in your pocket. They have the proficiency to understand the complex Direct Tax & Indirect Tax code.

There are various chartered accountants in India helping all the budding entrepreneurs/new entrants in setting up their business. There are various services that a CA provides to their clients which help them & the Indian economy as well.

  • Investment Advise
  • Compliance laws
  • Timely filing of ITR, GST etc.
  • Bookkeeping
  • Auditing etc.
  • Company registration

 Some of the famous CA service platforms which provide multiple services to their clients are:

  1. Cleartax (https://cleartax.in/)
  2. Caclubindia (https://www.caclubindia.com/)
  3. Caonweb (https://www.caonweb.com/)
  4. Taxguru (https://taxguru.in/)
  5. Vakilsearch (https://vakilsearch.com/)

These are some of the best online service platforms that provide CA service online to their clients. In this globalized era where everyone is talking about removing the geographical barriers making it easy for potential customers to carry forward their business. In this modernized 21st century, taking the service directly in the hand of the customer, making the customers more aware of the recent financial update or anything will help them in taking their business forward.

Read more: Are you looking for a Chartered Accountant online in India?

Every company have a certain area of expertise in which they provide services. Depending on the type of service they offer, customer base, global presence, channel partners etc. we would easily differentiate between the companies.

Among those companies mentioned above, CAONWEB is having one of the best service platforms which provide service not just specific to their existing clients but they also have a CA service platform where you can find a CA in your area even if you are not their customer.

WHAT IS MSME REGISTRATION FEES & Process_

WHAT IS MSME REGISTRATION FEES & PROCESS?

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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.

MICRO, SMALL & MEDIUM ENTERPRISES (MSME): Driver of Indian economy

Over the 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.

What is Micro, small & medium enterprises (MSME)?

According 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 product.

2.    Service enterprise: Engaged in providing or rendering services to individuals/corporates/group of persons which requires equipment installation for the same.

The following enterprises are categorised depending on the Investment in plant & machinery/ service enterprise.

  MANUFACTURING ENTERPRISE SERVICE ENTERPRISE
Micro Enterprise Less than 25 Lakh Less than 10 Lakh
Small Enterprise 25 Lakh – 5 Crore 10 Lakh – 2 Crore
Medium Enterprise 5 Crore – 10 Crore 2 Crore – 5 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.

Company Registration

Related Blog – All you need to know about Company Registration as a startup

DOCUMENTS REQUIRED FOR MSME REGISTRATION

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 your SSI Registration application 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.

GST Registration

Related Blog:  WHAT IS THE GST REGISTRATION PROCEDURE

Benefits associated with MSME Registration

·       Ease in getting government tenders.

·       15% import subsidy in fully automatic machinery.

·       Approvals & Registrations process becomes easy.

·       Low interest on loans.

·       Tariff & tax subsidies.

·       Exemptions under direct tax.

·       Benefits of all the government schemes.

·       Financial support from the government for participating in international expos.

Attach Your Car With Ola To Start A Business

ATTACH YOUR CAR WITH OLA TO START A BUSINESS

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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.

Read other blogs: Transactions in which it is mandatory to give your PAN Card number

DOCUMENTS REQUIRED

Documents of the driver:

More documents may be required for leasing.

  • Valid commercial Driving license (yellow badge)
  • Aadhaar card
  • PAN card
  • Current & permanent Address proof document (For example electricity bill)
  • Bank details (passbook & cancelled cheque book)
  • Reference (address & phone numbers)

Car Documents

  • Registration certificate
  • Vehicle permit
  • Insurance of vehicle

Other Documents required

  • PAN card
  • Aadhaar card
  • Address proof (For example electricity bill)
  • Canceled cheque

DIFFERENT TYPES OF CABS CUSTOMERS CAN BOOK WITH OLA:

  1. OLA Share
  2. OLA Micro
  3. OLA Mini
  4. OLA Prime
  5. OLA Autos
  6. OLA Bike
  7. OLA E-Rickshaw
  8. OLA Luxury
  9. OLA Outstation
  10. OLA Rental
  11. OLA Shuttle

Read more blogs: YOUR PAN CARD MIGHT BECOME INOPERATIVE FROM 01, JANUARY, 2020

WAYS TO START A BUSINESS WITH OLA

There are 3 ways of starting a business with OLA:

Joining OLA as a partner

  • If you own a car then it is easy to attach it with OLA
  • Call or visit the nearest OLA centre and they will provide you with all the details required to attach your car with OLA.
  • Be sure to read all the information carefully before attaching your car with OLA.
  • Submit the necessary documents as mentioned in the article.
  • OLA will then start the training process.
  • The signing of the contract with OLA.
  • Run your car as an OLA cab in your city.

Joining OLA as a driver

  • For those who don’t own a car but still wants to start their business with OLA
  • Simply visit the office of OLA and understand the details required to attach your car with OLA
  • Submit the necessary documents mentioned in the article above.
  • Depending 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.
  • OLA will then start the training process.
  • The signing of the contract with OLA.
  • Start working as an OLA Driver.

Joining OLA as a fleet operator

  • For those who have multiple cars, can attach them as a fleet with OLA.
  • Call your nearest regional office and collect the information regarding OLA fleet.
  • Submission of documents
  • If you are not able to find the drivers, OLA will help you find them.
  • OLA will inspect your car & check whether it is meeting the standards of the company or not.
  • OLA will then train these drivers and will make them technology-friendly.
  • After completion of all the processes, OLA will register you as fleet operator under it.
  • The signing of the contract with OLA.
  • Start working as an OLA fleet operator.

FREQUENTLY ASKED QUESTIONS

Q. How to get a car on a lease in OLA?

  • Get your documents verified
    • Pay the verification fees & security deposit
    • 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 NEFT/Cash.

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 booking process.
Your PAN Card might become

YOUR PAN CARD MIGHT BECOME INOPERATIVE FROM 01, JANUARY, 2020

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  • 31st December 2019 is the last date to link PAN-AADHAR after which your PAN will become “inoperative”.
  • Earlier the rule was that if you fail to link PAN-AADHAR then your PAN will become “invalid” i.e. you never had a PAN.
  • However, the Government is yet to define the meaning of being “inoperative”.
  • In the recent budget which was presented in July 2019, the government had amended the PAN-AADHAR linking rules.
GST Registration

Why this change in the rule was announced?

  • These changes were announced by the government to secure the previous transactions done by the taxpayers using PAN.
  • This will be beneficial not only for the government but for the honest taxpayers as well.

Related Blog – All you need to know about Company Registration as a startup

What will happen if PAN is not linked with AADHAR till 31, December 2019?

  • There is no clarity as to what will happen if you are not able to link PAN-AADHAR within the prescribed time limit. The government is yet to clarify the exact meaning of the word “inoperative”.
  • The government will also notify whether these inoperative accounts will be re-activated after being inoperative.

How to link PAN- AADHAR?

EXISTING USER

  • If you are an existing user and you have previously filed your returns using your PAN then chances are that you have already mentioned your Aadhar no. while filing your tax return.
  • Income tax department might have linked both you PAN-AADHAR in case they have your details with them.
  • You can check your status regarding the same by visiting the www.incometaxindiaefiling.gov.in

NON-EXISTING USER

Click on the above-mentioned link and fill-up the form by filling the details of your PAN-Aadhar and get it linked.

OTHERS

  • Via SMS: Sending an SMS from your registered mobile number to 567678 or 56161 using the format UIDPAN<SPACE><12 digit Aadhaar><Space><10 digit PAN>

Related Blog: How to check your PAN card status?

file TDS return online

How and to File TDS return Online and when is the right Time to file?

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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.

Basically, TDS is deducted on following area where one should match with the criteria before TDS filing like;

  • Salaries
  • Interest payments by banks
  • Commission payments
  • Rent payments
  • Consultation fees
  • Professional fees

Procedure to Upload TDS Statement, to file online TDS return

  • You will sked to fill username, password and captcha code; Note: user name will be your TAN number
  • After login go to TDS section mentioned in the menus
  • Click on the upload TDS
  • You will be asked to fill some details in the form like FVU version, Financial year, Form name, Quarter, and upload type.
  • Note: upload type will be regular while filling TDS filing.  
  • After filling above mentioned details, click on validate, which will validate the statements mentioned by you in the form.

Upload TDS Statement using DSC in online TDS Return

  • Above mentioned steps will be remaining same, update the TDS zip file which was prepared by using the utility downloaded from tin-NSDL website.
  • Attach the signature file by clicking on browse button
  • Now click on upload button.
  • It will show a message with transaction id and also sent a copy to the registered email id.

Upload TDS statement using EVC in TDS filing

All the steps mentioned above will remain same except e-verify. You will see a e-verify button at the bottom, after clicking E-verify button, three option will be provided like

In option 1 you will see text like “I already have an EVC to e-Verify the Form”

In option 2 you will see “I do not have an EVC and I would like to generate EVC to e-verify my form”

And in Option 3 you will see “I would like to generate Aadhaar OTP to e-verify the form”.

If you have selected 1 option, then you have to fill EVC number and click on submit.

If you have selected 2 option, then it will further provide to three another options like

  • EVC through net banking
  • EVC through account number
  • EVC through demat account number

EVC through net banking

  • Login to the e-filing portal through networking
  • Click on e-file menu then generate EVC.
  • Select the required TAN number from the drop down menu.
  • EVC will be sent on the registered mobile number.
  • Now login to the e-filing portal again.
  • Go to TDS section, click on upload TDS, then select the option that I already have an EVC under click here to e-verify.
  • Enter the EVC and click on submit.

EVC through account number

To go through this option note that you bank details must be registered with the account.

It will provide you confirmation message that something like “Do you want to generate EVC then click yes”. After clicking on yes, EVC number will be sent to the registered mobile number.

Read another blog: Seven Steps for Private Limited Company Registration in Delhi

EVC through demat account number

In this case also demat account details should be pre validated else it will provide you a message like account details has not been validated.

It will also provide you confirmation message that something like “Do you want to generate EVC then click yes”. After clicking on yes, EVC number will be sent to the registered mobile number.

When you will select option 3 for TDS filing

  • Note: Mobile number should be registered with Aadhaar card. Then only you will receive OTP on registered number. After the click on submit. 
  • Else it will show a message like PAN and Aadhaar card are not linked.

To File TDS return, there are some due dates declared by government according to 2018-19

  • 1st quarter would start from 1st April to 30th June therefore, TDS return due date would be 31st August 2018.
  • 2nd quarter would start from 1st July to 30th September therefore, TDS return due date would be 31st October 2018.
  • 1st quarter would start from 1st October to 31st December therefore, TDS return due date would be 31st January 2019.
  • 1st quarter would start from 1st January to 31st March therefore, TDS return due date would be 31st May 2019.

Various forms available to file TDS return

  • Form 24Q for TDS on salary
  • Form 27Q for when deductee is foreigner or running foreign company/ non resident
  • Form 26QB when installment for exchange of unmovable property
  • Form 26Q TDS in any other case.

You can also see the TDS return status by following below steps:

  • Login to the portal with credentials
  • Click on TDS
  • Click on View filed TDS.
  • Then again you have to provide information related to financial year, form name, and quarter.
  • Now click on view details button.
  • It will show you all the TDS return status.

If you are still facing any issue then you are free to call on (0120) 4231116, where our expert will guide you.

Cash Withdrawal of above 1 crore _ Deduct TDS under section 194N from Sep 1, 2019. (1)

Cash Withdrawal of above 1 crore? Deduct TDS under section 194N from Sep 1, 2019.

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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:

  • An Individual
  • A Hindu Undivided Family (HUF)
  • A Company
  • 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.

Private Limited Company Registration

Private Limited Company

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A 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 article.

Area 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 company.

Below are some features of a public company which differs it from Public companies:

  • In Private Limited Company, no minimum share capital is required.
  • Private Limited Companies don’t have permission to transfer their share freely unlikely public companies
  • Private Limited Companiescan hire a minimum of 2 employee and maximum 200 in their company
GST Registration

Types of Private Limited Company

Well, there are three types of Private Limited Companies

  • Limited by shares, the risk of the individuals is highly controlled to the sum unpaid to the organization regarding the shares held by them.
  • Limited by guarantee, here the individuals’ liabilities are restricted to the measure of cash they certification to pay on the off chance that the organization is beating up.

Related Blog – All you need to know about Company Registration as a startup

  • 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
Accounting & Auditing

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.

To 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.