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FAQs
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What's the procedure to obtain a class 2 medical certificate in India?
I had my class 2 medical assessment done in Kolkata last year-which I cleared with ease-and I would love to share my experience.The entire process takes a lot of time, which ensures a very long answer, but with that being said I can promise you with all the minor details, be patient and have a good read. But first some common questions which most people may ask in the comments and I won't be available to reply for another 1 year.When to apply?The best time is to apply a year before you plan to start flying. That means you must apply for it during your summer vacations if you plan to start f...
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How do I register a Pvt. Ltd. company?
Steps to Register Private Limited Company:-Step 1. Digital Signature Certificate(DSC) RequiredThe first and foremost step to start the registration process is to have directors & shareholders Digital Signature Certificate. Digital Signature are nothing but a USB drive(DSC token) which contains the encrypted digital signature of a person.It is same as a person is signing with a pen on a paper and with digital signature, a person can sign a document on Computer.Step 2. Directors Identification Number(DIN)Directors Identification Number(DIN) are mandatory for every person, who wishes to become a director in any company. PAN card is mandatory to have a DIN number. Director Identification Number is a unique code which has lifetime validity.Documents required for DIN ApplicationPAN CardAdhar CardElectricity BillPhone billMobile BillBank StatementNote: There can be Maximum 15 Directors in a Private Limited Company which can be received by giving Notice to ROCStep 3. Name ReservationAfter having DIN number. Name Reservation Application can be filed through Form INC-1 and Name will be reserved by the DIN numbers of the Directors. Following points should be considered while making the application for Name Reservation.The name should not be similar to any existing company or LLP name.The name should not be similar to any Registered Intellectual Property.In the event of winding-up of a company, the name of such entity will not be available for use for the next 2 years. However, if company winds up by the court order, then the name of such entity will not be available for use for the next 20 years.Step 4. Drafting of Memorandum of Association(MOA) and Article of Association(AOA)Memorandum of Association: It is the constitution of a company. It is a document, which among other things, defines the areas within which the company can act. It states the objects for which the company has been formed. Articles of Association: It contains the rules and regulations relating to the internal management of a company. It serves as a binding contract between the company and its members. Once the company name is approved by the ROC, the subsequent step is to draft the MoA and AoA. The subscribers need to determine their name, address, and occupation in their own particular handwriting and sign the subscription pages of MoA and AoA.Step 5. Certificate of IncorporationAfter the submission and completion of all the necessary documents, the registrar of the company shall retain and register the memorandum and articles. After the registration of the Memorandum of a company, the registrar shall signNow that the company is incorporated. The digitally signed "certificate of incorporation" then will be emailed to the directors.
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I want to file my income tax return, but I have no experience. How can I file ITR?
So How Do You Go About Doing ThisStep - 1 "Thought Is The Seed Of Action" Assimilate your thoughts and begin assembling all the relevant documents you need.Collect the Form 16 which contains information on your salaried income and the amount of tax deducted from your salary.Form 16A is a TDS Certificate which certifies the amount of TDS deducted. Over the course of a year you would have conducted a number of business transactions. You would need to collect this form from all the people who have deducted tax while making payments to you. This may be necessary if you have rented out your property.Collect and summarize all the bank account statements showing the necessary income and expenditure.If you have bought property you would require details of rent collected, if any municipal tax paid, and if this property is bought on a loan , the loan details and a copy of the certificate showing interest paid.All documents pertaining to sale and purchase of assets as well as the documents showing investments made and if necessary, prepare a profit and loss account before calculating the taxable income.Step - 2In life we are faced with a number of choices. Here we use decision making skills. This is basically making of the right choice when there are a number of choices to be made. Don’t we all fret when we have to make those difficult decisions in life? Career Oriented Decisions or decisions made in life threatening situations.Here we have to choose the right Income tax return form.ITR -1: Income from salary or pension, Family Pension, Income from agricultural activity. Income from one house or property, interest received (taxable/exempt).ITR -2 : Income from salary or pension, Income from house or property, Income from other sources and winning a lottery or a horserace.. Earning through short and long term capital gains.ITR -3 : This is used by an individual who is a partner in a firm. Here he gains income through interest, salary, bonus, commission, remuneration received from the firm or by virtue of being a partner in the firm.ITR -4 : This is applicable both to individuals and HUF who carry out a business or a professional activity in addition to having sources of income applicable to ITR -3.ITR -V : This is basically a verification form for the taxpayers which serves as an acknowledgement form.Step - 3 Here you can file your returns physically or electronically. Take a print out of the respective ITR Form along with acknowledgment form ITR-V and file it with the income tax officer.E-Filling Of Income Tax ReturnsThis is a process of electronically submitting the income tax returns to the Income tax department.Manual Calculation : Those that allow you to enter the income tax data but do not calculate the income tax and tax refunds.Automatic Calculation : Those that allow you to enter the income tax data and automatically calculate the income tax and tax refunds.Signing The Income Tax Returns : An ITR is an important document and must be signed manually or digitally.How Is It DoneFirstly select the form that is suitable for you, say if you are a Doctor with your own clinic ITR-4 will apply to you.Download the form and fill up all the relevant details regarding income, losses and do it offline. Once you are done you must validate these by clicking on the "Check Form" Button.Once you have filled this form offline proceed to generate an XML file out of it by clicking on Export To Excel.If you are e-filing your returns for the first time you need to register yourself creating a user id and a password on the website https://incometaxindiaefiling.gov.in. Use your user id and password and log unto the portal. Browse and select your offline XML file and upload it on the site .Now you will have to attach the digital signature and file your returns.Remember to print The ITR –V an acknowledgement slip which is generated after filing the income tax returns online.Benefits Of Using The E-filing RouteUnder this method tax returns can be calculated and processed very fast and refund claims are processed very quickly.A very high degree of accuracy is obtained.These returns can be filed from anywhere and at anytime providing for great flexibility , speed , time boundaries and geographical boundaries are not a factor.Easy access to data and storage of all relevant data and documents for future use.Remember those long queues at the Income Tax department when you had to file your returns. All these hassles are removed through the e-filing process.What Happens If I Could Not File My Returns On Time?Let us consider the case where you have already paid all your taxes before March 31st 2011.but could not file the returns within the due date. Here for the financial year of 2010-2011 returns can be filed before March 31st 2013.However you might incur a penalty if the returns are furnished after March 31st 2012. Here let us consider that you did not get that income tax refund because your tax returns were filed incorrectly. We would like to revise these returns. The following cases show us how to file the revised returns.Steps To File Revised ReturnsOpen the Excel file in which you have filled original return.Enable Macros.Update and Do the necessary corrections.Mention the return as a revised returnHere we have Section 139 (5) for omissions or wrong statements.Fill the acknowledgement and the date of original ITR-V downloaded after filing of the original return.Click compute tax again .Validate each sheet .Generate a new XML file and upload it on the Income Tax India e-filing site after loging into the portal using our earlier generated user name and password found during the original e-filing.Download revised ITR-V and sign it.Send Old and New ITR-V to the CPC Bangalore Office at Electronic City.When Must You File The Revised Returns?Pan Number is incorrect.Gender is filled incorrectlyResidential Status is wrong.TDS Details are incorrectIncorrect bank details or an incorrect MICR CodeIncorrect advance tax and self assessment tax deposit details.visit : Financial Advice : Life, Health, Auto Insurancefor more information and we also have a handy income tax calculator :http://indianmoney.com/tax-plann...Hope this helps you.....or even you can give us a missed call for further help....
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How do I company registration online?
Are you looking for Experts in Private Limited Company Registration online?When it comes to private limited company registration in India, then Virtual Auditor would be your most preferred choice.When you start Private limited company registration online in India, you need to aware ofPrivate limited companyLLP (limited liability Partnership)One Person Company.Depending upon the legal entity apart from the founders, if you have investors then you can call them as Shareholders. In most of the cases, in the starting founders & shareholders are the same because they are investing the money in business and run as bootstrapping.So here is the short guide to choosing the right legal entity to start a business in Indiaa) Private Limited Company Registration –When you have the two co-founders or want to raise the money from angel investors or venture capitalist in future then always go with the private limited company registration in India.b) Limited Liability Partnership | LLP Registration – When you have two partners or co-founders but have enough money to invest in the startup for the long terms & need limited liability in the business then go with the LLP company registration in India.c) One Person Company Registration –OPC is similar to the private limited company so it’s a best when you are the single founder of the company & need just a limited liability in the business with company legal status and 100% control over the business then go with the One Person company registration in India.Apart from above 3 legal entity if you have any business ideas which is untested then you have to always choose the simple sole proprietorship company registration in Bangalore to test the ideas before going proper pvt ltd company registration.To know more about the company registration in india, do feel free to get in touch with our service experts who would be glad to help you in every possible way. For more details contact us +91 9176044244Choose Virtual Auditor. Complete procedure and Guidelines available in this link Company Registration Steps - Reuters
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What is the best form for a subsidiary of a foreign company in India?
The term subsidiary means a there should be either a private limited company or a public limited and at least 51% of its entire equity capital should be held by some other Indian or foreign company. To incorporate a subsidiary of a foreign company, the following article will help:How to incorporate a wholly owned subsidiary in India?Any foreign company can incorporate a wholly owned subsidiary company in India. In India, private limited companies are most popular form of business structure and therefore most obvious choice of foreign companies. In an Indian private limited company, there can two shareholders and two directors and at least one Director should be resident in India. 100% shareholding of an Indian private limited company can be owned by its foreign holding company and the requirement of having at least two shareholders can be fulfilled by giving one share to the nominee of foreign company. Wholly owned subsidiary company incorporation process is fast and hassle free and can be completed online. That means the promoters or their nominee doesn’t have to necessarily fly to India to incorporate a wholly owned subsidiary company. The step by step incorporation process is discussed below:Obtaining Digital Signature CertificateSince all incorporation papers are submitted to the Central Registration Centre, Ministry of Corporate Affairs (registering authority to register all types of Companies in India) online, so all the Individual promoters are required to have a class II type of digital signature certificate issued by any private agency such as SIFY and/or E-Mudhra. These agencies holds a license from the signNowing Authority (Under the provisions of Indian Information Technology Act, 2004) to issue digital signature certificates to individual and organisations.Digital signature certificates are generally valid for one or two years and can be used after incorporation as electronic signature of the individual promoter for submitting any document with the MCA or the Income Tax Department.To obtain digital signature certificate, the applicant has to fill, affix his/her passport size recent colour photograph and sign an application form of issuing organisation (SIFY and/or E-Mudhra). This application form is submitted to the issuing authority along with a self-attested and notarised/apostilled proof of identity and proof of address of the applicant. In case the proof of identity and address is not in English language, then a certified translated copy of the same shall be submitted along with the filled in and signed application form.1. Filing name application and obtaining name approval from the Central Registration Centre, Ministry of Corporate AffairsAfter the introduction of SPICe (A single form for submitting incorporation application), name of proposed company can be submitted in SPICe. However, it is general practice to file name application in RUN (Reserve Unique Name) and obtain name approval certificate from the Central Registration Centre, Ministry of Corporate Affairs before preparing the Memorandum and Articles of Association and SPICe. RUN is filed online after logging in on Ministry Of Corporate Affairs. Two options for the proposed name, in order of preferences, can be submitted. At this stage, a certified true copy of the Board resolution of parent company, giving no objection for the incorporation of a subsidiary company in India and authority to any Individual to sign the papers on its behalf will be necessary. The copy of Board resolution should be notarised/apostilled, in the home country of parent company. In case the parent company has any registered trademark in India, or elsewhere, and the same is being used in the name of proposed Indian company, a no objection of the parent company in the form of Board resolution along with trademark registration certificate shall also be necessary to get name approved.The Central Registration Centre shall provide two opportunity to the applicant, in case the name applied is not available for registration, thereafter a fresh name application in Form RUN shall be filed. MCA fee for filing Form RUN is INR. 1,000/- which is non-refundable.Once approved, the name shall be available for registration for 20 days and after expiry of 20 days, the approved name shall automatically be withdrawn and a fresh name application shall be filed to get the same name again. In short - incorporation papers must be submitted within 20 days of name approval.2. Memorandum of Association (MOA) and Articles of Association (AOA)The main constitutional documents of an Indian company is its Memorandum of Association and Articles of Association. The Memorandum of Association contains the objectives of the company and details of Company's promoters and their ownership in the company and also their liability in case of liquidation. The Articles of Association is also very crucial piece of document and it contains the rights, duties, obligations of promoters and directors. It defines working relationship of company with its promoters and directors. The company's Memorandum of Association and Articles of Association has be very carefully drafted as a company cannot go beyond the provisions of its Memorandum and Articles of Association.The Memorandum and Articles of Association contains subscriber page, which needs to filled in and signed by the promoters of the proposed company. In case promoter is a body corporate, the subscriber page of the Memorandum and Articles of Association shall be signed by the person authorised by the parent company through a Board resolution. In case subscription pages are being signed outside India, the same needs to be properly notarised/apostilled in order to be a legally recognised document in India. In case promoters are traveling to India to get the company incorporated and sign subscription page or other incorporation papers, they must travel to India on a valid Business Visa. However, it is not necessary for the promoters to travel to India for simply incorporating a company and an Indian company can be incorporated without requiring the promoters to fly from their home country.3. Preparation and submission of SPICe (Incorporation Papers)Once company's Memorandum and Articles of Association is finalised and executed, an incorporation application shall be prepared in SPICe and submitted online with the Central Registration Centre, Ministry of Corporate Affairs. In order to prepare SPICe, the following information and papers shall be necessary:à Service Request Number of RUN (Name application Form), in case name is reserved earlier. In case the applicant has not reserved the name earlier, name application can be filed in SPICe as well. However, it is advisable to get the name reserved through RUN to be double sure about name and avoid procedural hurdles in case the proposed name faces rejection from the Central Registration Centre;à Main business activity code of the proposed company;à Particulars of registered office address: In India, every company must have a Indian address to be used as registered office of the company within fifteen days of incorporation. Particulars of registered office address can be submitted in SPICe at the time of incorporation. In case registered office address is not finalised, then particulars of a local communication address has to be provided in SPICe and company can submit the particulars of its registered office in Form INC – 22 within 15 days of incorporation;à Particulars of Authorised and Paid-up share capital of the company: There is no requirement to have minimum paid-up share capital and therefore, paid-up share capital can be as low as INR. 1/-. The authorised share capital or nominal capital is maximum limit of share capital, a company can issue shares. Presently there is no incorporation fee for keeping the authorised share capital upto INR. 1 Million and only stamp duty has to be paid on authorised share capital. It is advisable to keep the authorised capital INR. 1 Million at the beginning. The company's authorised capital may be increased at later stage after incorporation as per the requirements of capital;à Particulars of Directors/Shareholders: After introduction of SPICe, the application for allotment of DIN (Director Identification Number) is submitted at the time of incorporation itself through SPICe. DIN is a eight digit unique number allotted to all the Directors by the Central Government and is valid for lifetime. To obtain, the Directors/Promoters has to their passport and any document establishing proof of address. The copy of passport and proof of address must be self-attested, duly notarised and/or apostilled. In case these documents are not in English language, then a certified translated copy shall also be necessary. In SPICe, the names, father's name, residential address, nationality, residential status, occupation, education qualifications, the number of shares to be held by them in the company and amount paid-up etc. shall be mentioned. Particulars for allotment of PAN and TAN shall also be filled in the SPICe. After filling the necessary details in the SPICe, necessary attachments such as affidavits, consent letters, Memorandum of Association, Articles of Association, Proof of Identity and address of promoters, Board resolution of parent company, no objection of parent company for letting the proposed Indian company use its name etc. shall be attached. The SPICe has be be digitally signed by the applicant and the same shall be duly certified by a practicing professional such as a practicing Company Secretary, Chartered Accountant or a practicing Cost Accountant.4. Clarifications | Additional information requested by the Central Registration CentreAfter submitting SPICe online, all the papers are reviewed and scrutinised by the officials at the Central Registration Centre and they may require some additional information and/or clarifications by sending back the form for its re-submission. These clarifications are requested through e-mail though re-submission request. Upon receipt of re-submission request, the applicant has to again prepare SPICe and address the queries raised by Central Registration Centre and re-file the application.5. Certificate of Incorporation & Allotment of PAN & TANOnce all clarifications are provided and officials of Central Registration Centre are satisfied, they approve SPICe and send the same to the Income Tax Department for the allotment of PAN and TAN to the proposed company. PAN and TAN are generally allotted within few hours and after allotment of PAN and TAN by the Income tax department, an electronic Certificate of Incorporation is generated. The electronic Certificate of Incorporation contains company name, an unique CIN, date of incorporation, Company's registered office address, Company's PAN and TAN. After incorporation, first Board meeting of the company is to be necessarily held within one month of incorporation, wherein a Board resolution to appoint the first auditors of the company and opening of corporate bank account shall be passed. After issuance of Certificate of Incorporation, the promoters can initiate the process of bank account opening and remittance of share application money in Company's bank account. To open a corporate bank account in India, the Directors of the Company will have to be physically present to sign the bank account opening documents as this is general practice adopted by banks.Since the Narendra Modi government came into power in 2014, many initiatives to promote the business climate of the country has been taken by the Government. India's incorporation process is effectively fast and simple and a company can be incorporated in 2-3 business days only.We at Pratham Legal can help you incorporate your wholly owned subsidiary in India. To get in touch with me, please write me at prashant@prathamlegal.comor call me at +91 9821008011. To know more about Pratham Legal, our India entry practices, please visit https://prathamlegal.com/our-pra...
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