Startup

Startup All-in-One Compliance

I started my project to export textiles. What other services will I need to manage my business?

You will need services below to name a few, depending on the nature of your operations and specific work needs

  • Government registrations under VAT and customs duties
  • Periodical deposits under Value Added Tax, Excise / Customs, and others
  • Registrations are once other like TradeMark, Copyright, and others
  • Speak to our experts or contact us at [email protected] Our experts will advise you on the next step you need.

Startup All-in-One Compliance

What is the minimum annual compliance applicable to Private Limited?

The minimum compliance applies to a private limited company

  • Preparation of bookkeeping accounts by 44AA sec (balance sheet, P & L, cash flow statement)
  • Appoint the first auditor
  • Legal audit
  • Submit annual statements and financial statements
  • Preparation of the Board of Directors’ Report
  • Annual General Meeting (once every year by September 30)
  • Board meetings (the first within 30 days from the date of incorporation and at least 4 in the calendar year)
  • Maintenance of legal records and records
  • Income tax is a quarterly payment of advance taxes and the return of the deposit
  • Others must be event-based privileges such as ROC deposit onboard administrator, increased authorized capital, etc.

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I need flexibility in my company name. Can I provide multiple names?

Yes, you can provide up to 6 names for your company. We’ll need to provide this app separately. Additional charges of Rs. 1000 will apply. These will not be covered in the current package.

My partner and I are both managers and shareholders in our company. We would like to bring two additional contributors as well. Is this covered in the package?

In the current package, we cover two digital signatures of directors. For additional contributors, you need to secure two additional digital signatures. We offer a digital signature certificate – click the digital signature to buy

I and my partner are managers of our company. We would like to bring two more directors. Is this covered in the package?

In the current package, we offer only managers. To bring in additional directors, you need to secure two digital signatures (DSC)

Our company wishes to bring a foreign citizen as a director. Is this covered in your parcel?

To bring in an additional manager, you need to secure a digital signature (DSC). The only passport of the foreign director is required. In some countries, a residence certificate will be provided. These must be submitted for application.

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GST Notice

GST Notice & Scrutiny

State GST Department of Karnataka has started issuing notices under Rule 99(1) in Form ASMT 10 (Scrutiny Notice) to the taxpayers informing about the difference between the credits availed by such taxpayers in Form GSTR 3B when compared to the credits appearing in Form GSTR 2A (auto-populated based on the details uploaded by vendors with the GSTIN of the taxpayer).

gst, audit, incometax, ca

What the officers missed is:

  • Credits need not be taken in the same month
  • RCM credits shown with the regular credits. RCM credits obviously don’t reflect in GSTR 2A
  • Matching was for GSTR 2 of the taxpayer with GSTR 1 of vendor and not 3B of the taxpayer with auto-populated details in GSTR 2A
  • Where is a requirement in law to match credits disclosed in 3B (which is a temporary return which is to be filed when the due date of GSTR 1 and 2 gets extended) with the 2A?
  • What can recovery actions be taken for a matching which is not provided for under the law?
  • In the recent council meeting it was decided that tax not paid will not be recovered from the taxpayer but from the vendor and the entire matching exercise will not be operational at least for a year These notices will only add to the never-ending data entry TODO list of the taxpayers and professionals

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GST AUDIT FLOW

GST AUDIT FLOW AS PER REQUISITES / IMP POINTS

  • TURNOVER
  • WHO CAN PERFORM OR INITIATE
  • TIME PERIOD FOR COMPLETION
  • ACTIONABLE /FORMS

Professionals as part of GST Audit need to electronically file:

  1. An annual return as per Form GSTR 9B  appended with the reconciliation statement by 31st December – following Financial Year
  2. Audited Financial Statements
  3. Reconciliation statement stating the value of supplies as per the GST Return with the Financial statements like Balance Sheet & Profit & Loss Accounts
  4. Any other particulars as sought

CA, AUDIT, GST, INCOME TAX

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