Under the regulatory framework of the Companies Act, 2013 in India, various distinct types of corporate entities can be established, each with its unique characteristics and prerequisites. This comprehensive guide outlines the primary categories of companies recognized under the Companies Act, of 2013: 1. Private Limited Company: This company structure mandates a minimum of two […]
Small and medium-sized enterprises (SMEs) serve as the cornerstone of the Indian economy, playing important roles in export, GDP growth, job creation, and fostering inclusive economic development. However, some SMEs perceive the Goods and Services Tax (GST) as having substantially increased their compliance costs. The GST, a landmark tax reform implemented post-independence, has presented specific
The 2023 budget brings some big changes to how much tax you’ll pay. One important change is that if you earn less than Rs 3 lakh, you won’t have to pay any income tax. These changes start on April 1, 2023, and apply to money you make from April 1, 2023, to March 31, 2024.
Even though it’s been six years since GST (Goods and Services Tax) was introduced, there are still several big problems causing worries for people who pay taxes. To avoid trouble, taxpayers and their tax experts need to be careful about certain things in the current GST system. Let’s take a closer look at these important
A tax audit is a formal examination conducted by a government tax authority, such as the Internal Revenue Service in the United States, to scrutinize a taxpayer’s financial records and tax returns. The primary objective of this process is to ensure the accuracy of reported financial information and verify compliance with tax laws. Tax audits
TRACES (TDS Reconciliation Analysis and Correction Enabling System) is a helpful online tool for sorting out taxes. It’s mainly used for checking if the right amount of tax has been taken from people’s earnings (TDS) and also if the right amount of tax has been collected (TCS). This tool is a big help in making
The Companies Act of 2013 in India introduced the concept of “small companies” to provide benefits for small companies. These small companies are like a special type of private company. They get this special status based on their size, which means their paid-up share capital and turnover. The idea is to make things easier for
India’s Goods and Services Tax (GST) made a significant impact on how the country manages its taxation system when it was introduced on July 1, 2017. Before GST, India had a complicated system with various indirect taxes like excise duty, Value Added Tax (VAT), and service tax, all operating separately. However, with the advent of
The One Person Company (OPC) is a special type of company structure in India that’s designed to make it easier for one person to start and run a business while having limited liability protection. This means that if something goes wrong in the business, the person’s personal assets are generally safe from being used to
Recovering lost physical shares and moving them to a Demat account can be a bit complicated. It involves several steps and paperwork. We’ll break it down for you. Step 1: Report to the Police If your physical shares are lost or stolen, your first step is to go to the nearest police station and report
In India, there’s a rule called “Know Your Customer” (KYC) for company directors. It became official on July 10, 2018. Before this rule, directors didn’t have to update their information every year. But now, they must fill out a form called DIR-3 KYC to follow the law. This isn’t just paperwork; it’s crucial to keep
Exporters often face a tough choice when deciding how to send their products to other countries. They can either send their goods without paying any taxes or send them while paying taxes. Both options are allowed by the law, but which one is better financially? Here’s the deal: Imagine you have a choice when you
MSME Suvidha Powered By Legal Suvidha has been a one-stop Compliance Provider for all start-ups and entrepreneurs.
Want to Setup your business in India? Connect with the best Online Registration, Licenses and Return filing solution providers for business across India. Since 2007, LegalSuvidha has been a one-stop shop for all startups or entrepreneurs looking for a chartered accountant, company secretary or lawyer. We have been ensuring Startups and SMEs are fully compliant with India’s legal system. Over the past 15 years, the depth of our offerings has increased and that too at affordable prices and customer satisfaction has made our standing different and we are giving a tough competition to other online facilitators of legal services in India. We have the best team for Company incorporation, Trademark Registration, Auditing, Advisory and Tax Filing for large, medium, small businesses and Startups in India.
Most of the budding entrepreneurs are in dilemma about what kind of entity to register when they start their business. Should it be a private limited company, limited liability partnership, partnership firm, one person company or a sole proprietorship? Each of these has its advantages and disadvantages. The type of entity should be chosen only after one round of consultation with our experts, as they will be in a better position to guide on the same. For example, Registering as a private limited company would be a good fit for any venture that will look for funding at a later stage. You can contact Legalsuvidha for any type of registration and advice you need for your business transactions. We assure you of great professional service at a reasonable price. You can connect with us for a free check on the Company name availability.
The importance of intellectual property is very much but most of the businesses are not aware of the same. We at LegalSuvidha simplify the process for you to register a Trademark for your brand, to get copyright for your artistic, creative ability and will also help you in patenting the process after a proper patent search patents which will ensure that you have sole rights to your creation, be it your brand, your designs or your inventions. At Legalsuvidha, we are very well equipped to handle all your IP requirements. We facilitate trademark applications in just two days, copyright registration for all your software, pictures, audio, and video content, and can connect you to patent attorneys to conduct a patent search and file your patent applications.
To do any business in India, you need a license for almost everything. Started a manufacturing business? You need a GST Registration and a Trade License. For a food business, you need an FSSAI license. In case you have employees, You need a Professional Tax registration and Shops & Establishments Act Registration. If that’s not enough, you also need to file GST Returns and Professional Tax Returns.
There is a lot of importance of legal documentation when you start your business, whether with your Investors, partners/co-directors, employees and any vendors you deal with. By getting a lawyer to draft contracts or agreements with new vendors, employees, and investors, you’re ensuring that you have all the downsides covered. At LegalSuvidha, we connect you to lawyers who will deliver complex documents, from shareholders’ agreements and founders’ agreements to terms of service/privacy policy and non-disclosure agreements, at a reasonable cost in a few days.
It’s not enough to have started a private limited company or an LLP. You need to comply with all the requirements of the Ministry of Corporate Affairs, Central Board of Indirect taxes and Central Board of direct taxes once you register your business. You need to inform them of every relevant change you make, whether it is adding a director, removing a partner or increasing authorized share capital. You also need to file annual returns and maintain your accounts. In the case of a private limited company, you even need them audited. At LegalSuvidha, we facilitate all these services completely online. This means you can engage a professional on retainer for the year and we’ll ensure that all the formalities are completed for you while you focus on your business.
We are Authorized e-return Intermediaries and have recently launched our own ITR filing platform, this will help the salaried employees and businesses to get their ITR filed within the time and at a reasonable price. Through the use of automation, the system is highly effective and will help in filing ITR in up to 10 minutes for Salaried employees. We have on-boarded the best Chartered Accountants who will provide consultation for both Salaried employees and Businesses to file proper taxes to the government of India. This will help in avoiding legal notices in the future and will also help in getting the returns processed at the earliest. We are the first in the market to launch the ITR filing facility for FY 2018-19.
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