Parpella Kerala

To become a company secretary in India, you need to enroll with the Institute of Company Secretaries in India (ICSI). The ICSI will be conducting the examinations which should be cleared before enrolling as a Company Secretary in India.

A limited company more specifically called a public limited or public company registration is the process by which a company obtains a legal validity in India. A limited company or public company can be formed by minimum 3 directors and 7 shareholders. The whole process of company registration is regulated by the ministry of corporate affairs under the ministry of finance.

The both companies/ business should not be spelt identically. Even if the spellings are slightly different but they are phonetically identical, the trademark application will be rejected.

There are one person companies and private limited companies where 2 or more members are mandatory both of which are legal forms of business. However, in case of one person companies, there are several restrictions with respect to the share transfer, external investments etc. A normal private limited company is more flexible in terms of ownership and share transfers. Anyways whether to go for one person company or private limited company is based on personal preferences.

(1) What is OPC Registration? OPC Registration otherwise the one person company registration is the process by which an one person company is incorporated. One Person Company is the company form of business with only one member. (2) Can a company secretary (CS) do a business of his own? Yes. A company secretary can do business/ practice on his own.

As per the companies act, 2013, a company/ body corporate can become a partner in an LLP. In that case when a company is a designated partner in an LLP, the company needs to appoint a person as on behalf of the company as the authorized representative in the LLP who is called the DP nominee.

Presumptive taxation is a method of offering the profits on a presumptive basis rather than the actual basis. Under presumptive taxation, you can offer a specific percentage or fixed amount as income despite offering the actual income. For example if your Sales is 1 crore, you may offer 6% of the sales that is Rs.6 lakhs and pay tax based on that instead of offering the actual profits which may be higher say 30 lakhs. Certain conditions are applicable for one to be eligible to opt for presumptive taxation which are detailed in sections 44 AD, 44 ADA and 44 AE.

A company can be registered even in 5 days. However, the average duration of registering the company considering the normal delay in document collection, vetting and uploading typically ranges between 2 to 3 weeks.

If you are liable to tax audit but not complying to it purposefully, penalty upto Rs.100,000 can be imposed. Further, the AO can be behind you with his series of notices and can waste your time, energy, money and peace of mind.

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

(1) Being an NRI, can I buy shares in India? Yes. An NRI can buy shares in India. However, he/ she needs to open a demat account and an account with the broker. (2) Should I trademark my upcoming business name? The decision to go for trademarking depends upon the visibility of your business. If youu2019re planning to start your business in a large scale with intense marketing, better to do trademark first and register the business later. On the other hand if your business takes off slowly, better to register the business first and the trademark later.

Registration of Pvt limited company is a 3 step process and the entire registration process is regulated through the ministry of corporate affairs. The steps involved are as follows. 1. Name application The name application is moved with proposed name and objects of the company. The name should not be identical with an already existing company/LLP/trademark. Once the name meets its eligibility criteria, MCA approves the name application ideally within 2 working days. Read more..

The director is a whole-time director or managing director, he is classified as an employee of the company where as the independent directors/ non executive directors are not employees of the company. In any case the directors are not considered as self employed.

It is not possible to transfer the shares before depositing the paid-up capital in the bank account and filing INC 20 A. The first shareholders/ subscribers are those mentioned in the MOA and AOA of a company and by default, the shares are allotted to the first subscribers/ shareholders.

The major benefit of converting a PLC to OPC is that being a small company as per the provisions of Companies Act, there will be comparatively lesser compliances and increased flexibility. The decision to go for trademarking depends upon the visibility of your business. If youu2019re planning to start your business in a large scale with intense marketing, better to do trademark first and register the business later. On the other hand if your business takes off slowly, better to register the business first and the trademark later.

A company can remove its director by passing an ordinary resolution unless he was appointed by the Central Government or the Tribunal. The steps involved in removing a director are as follows. 1. Convene a board meeting by giving 7 days notice with the agenda of removing the director. 2. In the board meeting, a resolution to convene the extra ordinary general meeting and the resolution to remove the director need to be passed.

Both have their own pros and cons and the decision depends on the situation. If youu2019re too particular about starting your company on your own and youu2019re confident that you donu2019t need any external financial assistance or partners in future, you can opt for OPC. However there are several restrictions for an OPC. You wonu2019t be able to accommodate another person into the company is the first issue. Moreover, there are restrictions on transferring the shares to another person.

No. Only a limited company can apply for Section 8 company license. A Section 8 Company registration typically costs between 15000 to 75000 in India. The cost varies based on several factors such as the location of registered office, number of members in the company and from consultant to consultant. When online platforms focus on volume business and provide the service at the lower limit of 15000, experienced professionals such as chartered accountants and company secretaries charge upto 75000 and more.

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

By default the due date for filing income tax return for individuals is 31st July every year. For the AY 2022u201323, the due date is 31 July 2022. The procedure is summarising all the income earned during the FY 2021u201322 and computing tax thereon after providing tax benefits/ deductions.

A director need not necessarily become the shareholder of a company. One can become the director even without holding shares. A company secretary also need not necessarily become the director/ member of the board. It is the sole discretion of the company whether to appoint the company secretary in the board of directors or not.

There are several tax-saving options available which include investing in LIC and tax-saving mutual funds, payment of education fee, health insurance premium etc. You can log into the income tax account and file the ITR from the dashboard. You need to give details of your income earned and eligible deductions.

The Income Tax Act allows you to claim a maximum deduction of Rs 50,000 (as of FY 2021u201322) on medical expenses incurred on the healthcare of senior citizens (eligible parents) in a financial year.

In a partnership, a person must not act for himself alone, but for other partners also, Thus, each partner is a representative of all other partners. And he acts in both capacities i.e., as an agent as well as a principal.