With dynamic changes in global economies & markets and increase in business & statutory complexities and requirements, the necessity for risk assurance has intensified. Clients require assurance beyond the conventional assessment of numbers.
We believe that the audit process should add value to the business and assist its management in control, compliance, strategic and operational decision making to enhance their growth prospects. Our Audit & Assurance vertical offers a wide range of services that are tailored to suit the specifications of each organization, drawing on our extensive experience across industries as well as our deep knowledge of Indian laws. This quality led approach means our professionals provide an insightful audit to all our clients.
India is noted for its intricate and complex tax structure. The much talked about ‘GST in India’ triggered the tax structure to eliminate the multiplicity of the taxes and their cascading effects and to harmonize the Center and State tax administration. GST is an indirect tax reform, which aims to remove tax barriers between states and create a single market. It is collected on value added at each stage of supply chain right from production till distribution.
The current tax structure is undetermined and uncertain due to multiple rates, which further leads to multiple forms. However, GST will replace all the various indirect taxes and bring them under one umbrella to make compliance easier. GST in India is perhaps India’s most revolutionary and detailed tax reform ever and has been envisioned as an efficient tax system making India one unified common market.
India is a federal country where both the Center and the States have been delegated the powers to collect or levy taxes. Both the levels of Government have separate responsibilities to fulfill and perform, as per the Constitution, for which they need to raise resources. A dual GST will, therefore, be keeping with the Constitutional requirement of fiscal federalism. The Center and State will be simultaneously levying GST on each activity.
GST in India will have two components- Central GST (CGST) and State GST (SGST). The Central GST and State GST will simultaneously be applied on every transaction of supply of goods and services except on goods and or services, which are exempted and lie outside the realm of GST. However, IGST will be levied on inter state sales and imports. It will be shared equally between the Center and the State.
The Goods & Services Tax (GST) will be imposed at various rates ranging from 0% to 28%. The GST Council decided a four- tier tax structure of 5%, 12%, 18% and 28% with lower rates for the necessities and the essential items and the highest for inessential and luxurious merchandise, having a significant impact on every consumer and every industry. Activities such as traveling, eating out, phone bills, banking and insurance will be seen on the higher budget side whereas buying cars, movie tickets, processed food, cement will be seen on the lower end.
India finally seems to be on the edge of executing the much-awaited tax reform of GST in India. With the passing of the CGST Act, 2017, IGST Act,2017, UTGST Act, 2017, we moved a step closer to the benefit of the country bringing uniformity. If executed well, GST in India will help improve the nation’s economy and help make the process of levying taxes effective and efficient and in effect, help achieve – ‘ONE NATION, ONE MARKET, ONE TAX.’
Our Indirect tax team comprehends a thorough understanding of the evolving Goods & Services tax law and its emerging trends and issues in various sectors and their impact on clients’ businesses.
This paradigm shift to Goods & Services Tax in India will lead to far reaching impacts on different business processes including operations, supply chain model contractual agreements, pricing, information technology, human resource & tax compliances.
Business houses need to be ready for smooth transition to GST and prepare a roll out plan.
Effective transition planning needs engagement with concerned team, providing training, compliance manuals, imparting education of the system and practical action points.
Here is an indicative glimpse of services we offer, in light of a dynamic and evolving regulatory environment surrounding Goods & Services Tax:
The Indian Taxation system has undergone several reforms, challenging business Nationally and Internationally. Managing tax complexity to escalate value of the business is one of the fundamental considerations of major business decisions. Tax services by professionals are required by organizations due to the constant changes in the tax and regulatory environment. Getting clear & correct advice from a tax consultant helps navigate through this complicated subject. We, at Dewan P.N. Chopra & Co provide expert, effective solutions and guidance addressing both domestic and international tax issues.
Our Taxation vertical offers a wide range of expert innovative services in domestic taxation (direct & indirect) and international taxation that aim at value creation following best business practices. Our team of expert professionals interact with clients to evolve tax efficient solutions, while at the same time recognizing that compliance & risk mitigation is a key parameter in any planning
A private limited company is a company which is privately held for small businesses. The liability of the members of a Private Limited Company is limited to the amount of shares respectively held by them. Shares of Private Limited Company cannot be publically traded. All the aspects of Private Limited Company are discussed in the article.
Characteristics of Private Limited Company
Procedure to register Private Limited Company
Once a name for the company is decided, the following steps have to be taken by the applicant:
Step 1: Apply for DSC (Digital Signature Certificate) and DIN (Director Identification Number)
Step 2: Apply for the name availability
Step 3: File the MOA and AOA to register the private limited company
Step 4: Apply for the PAN and TAN of the company
Step 5: Certificate of incorporation will be issued by RoC with PAN and TAN
Step 6: Open a current bank account on the company name
Requirements for Private Limited Company Registration
The requirements for private limited company registration are:
Members - A minimum number of two and a maximum number of 200 members or shareholders are required as per the companies’ act 2013 before registration of the company.
Directors - A minimum number of two directors is required for registering the private limited company. Each of the directors should have DIN i.e. director identification number which is given by the ministry of corporate affairs. One of the directors must be a resident of India which means he/she should have stayed in India for not less than 182 days in a previous calendar year.
Name - It is one of the major components of a private limited company. The name of the company contains three parts i.e. the name, the activity, and private limited company. It is necessary for all private companies to use the word private limited company at the end of its company name. Every company has to send 5-6 names for approval to the registrar of the company and all the names should be unique and expressive. The name for approval should not resemble with any other companies name. So choosing the right company name is an important component is it will stay with the company throughout its life.
Registered office address - While going for the registration of the company, the owner should provide the temporary address of the company until it does not get register. However when the company has been registered then the permanent address of its registered office should be suited with the registrar of the company. The Registered office of the company is where the company’s main affairs are been conducted and where all the documents are placed.
Obtaining a digital signature certificate - In today’s modern world everything is done online. All documents are submitted electronically and for that, every company must obtain a digital signature certificate which is used to verify the authenticity of the documents. A digital signature is obtained by all the directors which are marked on all the documents by every director.
Professional certification - In a company there are many professionals which have required for many purposes. For incorporating a private limited company certification by these professionals are necessary. Various professionals such as company secretary, chartered accountants, cost accountants, etc are required to make their certification at the time of company incorporation.
Share capital amount and proposed ratio for holding shares.
A short description of the company and the business.
Name of the city where the registered office of the company is located.
Ownership and sale deed (In case your own premise).
Identity proof of the Directors and Shareholders (PAN Card).
Address proof of the registered office (Electricity bill, telephone bill, etc.)
Address proof of the Director or the Shareholder (Voter ID, Passport, Driving license, etc.)
A duplicate copy of the latest electricity bill, telephone bill, or mobile bill for directors.
Occupation details of directors as well as shareholders.
Email address of the directors and shareholders.
Contact details of directors and shareholders.
Passport size photo of directors and shareholders.
In case the property is on rent then you need to submit a copy of the rent agreement with No Objection Certificate (NOC) from the landlord.
Affidavits for non- acceptance.
NOC for a change in the original subscribers of MOA.
MoA and the AoA subscriber sheets.
PAN Card of the company.
In case you are a foreign national subscriber then you need to provide Nationality proof.
A Public Limited Company under Company Act 2013 is a company that has limited liability and offers shares to the general public. Its stock can be acquired by anyone, either privately through (IPO) initial public offering or via trades on the stock market.
A Public Limited Company is strictly regulated and is required to publish its true financial health to its shareholders.
Characteristics of a Public Limited Company
As per the provisions of the Companies Act, 2013 to start a public limited company, a minimum of 3 directors are required and there is no restriction on the maximum number of directors.
The liability of each shareholder is limited. In simple words, a shareholder of a public limited company isn’t personally responsible for any loss or debts of the company for any amount greater than the amount invested by them; contrary to partnerships and sole proprietorships, where the partners and business owners are jointly and severally liable for the debts of the business.
However, this characteristic of a public limited company does not offer immunity to the shareholders. The shareholders will be held responsible for their own illegal actions.
A public limited company is required to have a minimum paid-up capital of Rs 5 lakh or such a higher amount as prescribed under the act.
A prospectus is a comprehensive statement of the affairs of the company issued by a public limited company for its public and there is a requirement under the Act for public limited companies to issue a prospectus. However, there are no such provisions for Private Limited Companies. This is because private limited companies cannot invite the public to subscribe to their shares.
It is a compulsory requirement under the Companies Act, 2013 for all public companies to add the word ‘limited’ after their name.
Advantages of Public Limited Companies
Shares are offered to the general public at large i.e. anyone can invest in a public limited company. Hence, improves the capital of the company.
Being listed on a stock market ensures that mutual funds, hedge funds and other traders take note of the business of the company. This may result in better business opportunities for the Public Limited Company.
Since the shares are sold to the public at large the unsystematic risk of the market is spread out.
Growth and expansion opportunities
Due to less risk, there is a perfect opportunity for growing and expanding the business by investing in new projects from the money rose through shares.
Requirements for Registration of a Public Limited Company
There are various rules and regulations prescribed under the companies act, 2013 for the formation of a public limited company. Here is what you should keep in mind when registering a public limited company:
Procedure for Registration of a Public Limited Company
Step 1: Digital Signature Certificate (DSC)
Since the registration procedure of a company is entirely online, a digital signature will be required for filing the forms on the MCA portal. For all proposed directors as well as the subscribers of the memorandum and articles of association, DSC is compulsory.
Step 2: Director Identification Number (DIN)
It is an identification number concerning a director; it has to be procured by anyone who intends to become a director in a company. DIN of a proposed director in addition to the name and address proof has to be mentioned in the company registration form.
Step 3: Registration on the MCA Portal
A completed SPICe+ form has to be submitted on the MCA portal in order to apply for company registration. To fill the SPICe+ form and submit the required documents, the Director of a company needs to register on the MCA portal. After the registration process is completed, the director will get access to the MCA portal services which comprise filing e-forms as well as viewing public documents.
Step 4: Certificate of Incorporation
After the registration application is submitted along with the concerned documents, the Registrar of Companies will inspect the application. After the application is verified, he will issue the Certificate of Incorporation of the Public Company.
Documents Required for Incorporating a Public Limited Company
A company is referred to as Section 8 Company when it registered as a Non-Profit Organization (NPO) i.e. when it has motive of promoting arts, commerce, education, charity, protection of environment, sports, science, research, social welfare, religion and intends to use its profits (if any) or other income for promoting these objectives.
According to the rules, failure to comply with the responsibilities stated by the Central Government may lead to the winding up of the company on the orders of government. Besides, strict legal action will be taken against all the members of the company if the objectives laid down by the company prove to be bogus.
Incorporation of a Section 8 Company
Companies Act, 2013 deals with the procedure of Incorporation of a Section 8 Company and as per this section, an application in Form No. INC.12 has to be submitted along with the below-mentioned documents to the Registrar of Companies.
Form no. INC – 13 – Company’s Draft Memorandum of Association (MOA) and Articles of association (AOA) in Form No. INC – 13 (as specified in Act) along with the affixation of subscribers’ photographs.
Form no. INC-14 – A Declaration is to be affixed in Form no. INC-14 that the draft MOA & AOA are compliant with the provisions & norms of section 8 and the requirements as per Section 8 have been duly taken care of.
Note: The declaration has to be made on stamp paper & should be notarized by an Advocate, a Company Secretary, a Chartered Accountant or a Cost Accountant, practicing the profession.
Form no. INC-15 – A declaration in Form no. INC-15 on stamp paper & notarized by each member of the company who is applying.
Form no. INC-9 – Form no. INC-9 form first directors as well as each subscriber, on the relevant State’s stamp paper and appropriately notarized.
An estimation of the company’s future annual income and expenditure for the next three years, mentioning the sources of the income and the purpose of the expenditure.
New & Simplified Process of Incorporation of Section 8 Companies
Companies (Incorporation) Sixth Amendment Rules, 2019 dated 7th June 2019 to ease the Incorporation process has knocked off the need for filing Form no. INC 12, which was initially needed.
This amendment has made the Process of Incorporation of Section 8 Companies as easy & simple as that of other companies.
Section 8 Companies can be incorporated by reserving names in part A of Spice+ followed by part B of Spice+ form or by directly filing Spice+. License No. shall be given to section 8 companies during the incorporation.
When the Company Already Have the License Number
Stakeholders having License Numbers already before the filing of SPICe form may file the form as per their ease. However, one thing should be noted that form processing takes time to let the workflow changes to be effective.
Documents Requirement for the Registration of Section 8 Company
A producer company can be defined as a legally recognized body of farmers/ agriculturists with the aim to improve the standard of their living and ensure a good status of their available support, incomes and profitability. Under Companies Act 1956, a Producer Company can be formed by 10 individuals (or more) or 2 institutions (or more) or by a combination of both (10 individuals and 2 institutions) having their business objective as one of the following:
Procurement, Production, Harvesting, Grading, Pooling, Handling, Marketing, Selling, or Export
The main objective of the producer company is to facilitate the formation of co-operative business as companies and to make it possible to convert the existing co-operative business into companies.
PProcedure and Documentation Required to Incorporate a Producer Company
This form of establishment promotes the primary producer who is in a low-income group to optimize their income with collective bargaining and by selling the products directly to consumers.
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not responsible or liable for another partner's misconduct or negligence. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. The LLP can continue its existence irrespective of changes in partners.
ADVANTAGES OF LLP
Step 1: Obtain Digital Signature Certificate (DSC)
Before initiating the process of registration, you must apply for the digital signature of the designated partners of the proposed LLP. This is because all the documents for LLP are filed online and are required to be digitally signed. So, the designated partner must obtain their digital signature certificates from government recognized certifying agencies.
Step 2: Apply for Director Identification Number (DIN)
You have to apply for the DIN of all the designated partners or those intending to be designated partner of the proposed LLP. The application for allotment of DIN has to be made in Form DIR-3.
You have to attach the scanned copy of documents (usually Aadhaar and PAN) to the form. The form shall be signed by a Company Secretary in full- time employment of the company or by the Managing Director/Director/CEO/CFO of the existing company in which the applicant shall be appointed as a director.
Step 3: Name Approval
LLP-RUN (Limited Liability Partnership-Reserve Unique Name) is filed for the reservation of the name of the proposed LLP which shall be processed by the Central Registration Centre under Non-STP. But before quoting the name in the form, it is recommended that you use the free name search facility on MCA portal.
The system will provide the list of closely resembling names of existing companies/LLPs based on the search criteria filled up. This will help you in choosing names not similar to already existing names. The registrar will approve the name only if the name is not undesirable in the opinion of the Central Government and does not resemble any existing partnership firm or an LLP or a body corporate or a trademark.
Step 4: Incorporation of LLP
The form used for incorporation is FiLLiP(Form for incorporation of Limited Liability Partnership) which shall be filed with the Registrar who has jurisdiction over the state in which the registered office of the LLP is situated. The form will be an integrated form.
Fees as per Annexure ‘A’ shall be paid.
This form also provides for applying for allotment of DPIN, if an individual who is to be appointed as a designated partner does not have a DPIN or DIN.
The application for allotment shall be allowed to be made by two individuals only.
The application for reservation may be made through FiLLiP too.
If the name that is applied for is approved, then this approved and reserved name shall be filled as the proposed name of the LLP
Step 5: File Limited Liability Partnership (LLP) Agreement
LLP agreement governs the mutual rights and duties amongst the partners and also between the LLP and its partners.
LLP agreement must be filed in form 3 online on MCA Portal.
Form 3 for the LLP agreement has to be filed within 30 days of the date of incorporation.
The LLP Agreement has to be printed on Stamp Paper.
The value of Stamp Paper is different for every state.
Documents Required for LLP Registration1.Documents of Partners
Checklist for LLP Registration
According to section 2 (62) of the companies Act, 2013, ‘One Person Company (OPC)’ means a company which has only one person as a member. Further, An OPC is owned and can be managed by one person as the sole member and director.
Member of OPC:
Nominee of OPC:
Paid up share capital: Minimum paid up capital of Rs. 1,00,000/- (Rupees One Lakh)
Step 1: Apply for DSC
Step 2: Apply for DIN
Step 3: Name Approval Application
The next step while incorporating an OPC is to decide on the name of the Company. The name of the Company will be in the form of “ABC (OPC) Private Limited”.
Step 5: Filing of Forms With MCA
All these documents will be attached to the SPICe Form, SPICe-MOA and SPICe-AOA along with the DSC of the Director and the professional, and will be uploaded to the MCA site for approval.
Step 6: Issue of the Certificate of Incorporation
We have to prepare the following documents which are required to be submitted to the ROC:
Checklist For Registering OPC
The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.
Types of GST
The main documents for GST registration include
Trademark registration is an essential mechanism through which a brand can be protected from unwanted use and infringement. The Indian Government has simplified the trademark registration process. The Entrepreneurs can now easily obtain trademark registration for their brands within a few months. In this article, we look at the documents required for obtaining trademark registration in India.
Note: During the trademark application process, there is no requirement for submitting original documents. Scan copy of the original document would suffice the requirement.
DOCUMENTS REQUIRED FOR REGISTERATION OF TRADEMARK:
Individuals & Sole Proprietorship
Any individual – Indian National or Foreign National can easily register a trademark in India. There is no requirement for forming a legal entity or business entity to register a trademark. Further, the documents required to register a trademark in the name of a proprietorship are the same as that of an individual as under:
Partnership / LLP / Company
In the case of a partnership firm or LLP, the entrepreneur would have to submit the following:
All other applicants, including companies that do not have Udyog Aadhar registration, will have to submit the following documents to obtain trademark registration in India.
Uttar Pradesh RERA Registration for Projects
To improve the responsibility and accountability towards consumers, the Real Estate Regulation and Development Act (RERA) has mandated real estate promoters (real estate developers) to register the project and to obtain a valid registration number before proceeding the work. The promoter will not be permitted to market, advertise or sell the units before the Uttar Pradesh RERA registration for projects. In case the project is to be developed in phases, the promoter has to obtain registration for each phase separately. In this article, we will look at the procedure for obtaining Uttar Pradesh RERA registration for projects in detail.
Real Estate Regulation and Development Act (RERA)The Real Estate Regulation and Development Act (RERA), 2016 is considered as one of the landmark legislation passed by the Central Government. Its main objective is to reform the real estate sector in our country, encouraging greater transparency, citizen centricity, accountability and financial discipline. RERA is in line with the vast and growing economy of India as in future; many people will be investing in the real estate sector.
The following person/entity can apply for Uttar Pradesh RERA Registration for Projects.
The documents required for Uttar Pradesh RERA Registration for Projects are listed as follows:
Digital Signature Certificates or DSC or Digital Signature are being adopted by various government agencies and now is a statutory requirement in various applications.
Classes of Certificates
Class 3 Digital Signature Certificate
We also offer class 3 digital signature certificates according to IVG guideline which is considered as the most secure and the safest of all certificates. It is mainly used in matters of high security and safety such as e-filing, online trading and e-commerce, where a huge amount of money or highly confidential information is involved.
Any of the following documents are accepted as a proof of identification:
Proof of Address
Any of the following documents can be submitted as a proof of address:
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