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Accounts Consultant in Chennai, PAN Card Application, IEC Consultants in Chennai, , Company formation in Chennai, LLP formation in chennai

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•Private/ Public Limited Company Registration
•LLP (Limited Liability Partnership) Registration
•Import Export Code (IEC)
•Service Tax

Company registration Chennai, Register Company in Chennai, Incorporation of Company in Chennai, Company formation in Chennai Tamilnadu India

Company incorporation in Chennai Tamilnadu India, Company formation in Tamilnadu, register Limited Company in Chennai, LLP formation in Chennai Tamilnadu India, LLP incorporation in Chennai Tamilnadu India , LLP Registration in Chennai, LLP formation in chennai, LLP formation registration in chennai, LLP consultants in Chennai, , Accounts Consultant in Chennai, Accounting Services in Chennai, Accountants in Chennai, Tally Accounting in Chennai, Book keeping in Chennai, Book keepers in Chennai

Private/ Public Limited Company Registration

Knowledge Base - Private Limited Company

How can I apply for a Company Name?

File eForm1 A by logging in the portal along with a payment of fees of Rs.500/- and attaching the digital signature of the applicant proposing to incorporate the company. If proposed name is not available apply for a fresh name on the same application.

Can I apply for a Company Name Online?

Yes, You can avail this service at MCA portal.

What is the validity period of the Name approved?

The approved name is valid for a period of 60 days from the date of approval. The Applicant can renew the approved name for another 30 days by submitting Form-1AR on MCA portal before the expiry of initial validity period along with the fees of Rs. 250/-.

What is the minimum number of directors required to form a company?

Minimum no. of directors for:
Private Limited Company: 2
Public Limited Company: 3
Producer company: 5

What is the minimum number of subscribers required for registration of a company?

Minimum no. of subscribers for:
Private Limited Company: 2
Public Limited Company: 7
Producer company: 10

What is the minimum Paid-up Capital at the time of registration of a company?

The minimum paid up capital for
Private Limited Company: Rs.1,00,000/-
Public Limited Company: Rs.5,00,000/-
This limit is not applicable to company having licence under section 25.

What should I do, if I fail to make payment of challan of Form 1 before expiry date?

In such a case, you need to file Form 1 again but same can be filed only after 15 days from the Challan Date. On attempting to file Form 1 before the expiry of above said period, the system will give an error message "Form 1 has already been filed corresponding to the form1A Reference Number".

What should I do, if I fail to make payment of challan of Form 5 before expiry date?

In such a case, you need to file Form 5 again but same can be filed only after 15 days from the Challan Date. On attempting to file Form 5 before the expiry of above said period, the system will give an error message "There is/ are pending Form(s) 5 in respect of the company. Please file this form 5 after approval of the pending Form(s) 5."

The registered office of my company has been shifted from the jurisdiction of one ROC office to another. Is email ID mandatory for a company?

You are required to file both these forms at MCA portal only once. The filed eForms shall be available at both the ROCs for approval/ registration. You shall be required to obtain the changed CIN and the Certificate for change of registered address from the ROC office, where the company is shifting.

Can I use Pvt., (P), Ltd., etc. in place of Private or Limited in the proposed name of the company while filing eForm 1A?

You should use the words Private and/ or Limited in full only. In the field 'Whether promoted by an existing company', details are to be given only where the company is being promoted by an Indian company. In your case, you should select 'No' as the company is being promoted by a foreign company.

Whether Annual return in case of listed company requires certification by a professional?

Annual return as per Schedule V of the Companies Act, 1956 is required to be attached with eForm 20B. Hence, all the existing legal provisions relating to Annual return such as signatory, certification are required to be complied. The scanned copy of duly signed and certified Annual Return has to be attached to eForm 20B.

How do I check name availability for incorporating a company?

The applicant proposing to incorporate a new company can search for the name of the new company by using the Check Company Name service under Other Services tab on the homepage of MyMCA portal.

Knowledge Base - Public Limited Company

How can I apply for a Company Name?

File eForm1 A by logging in the portal along with a payment of fees of Rs.500/- and attaching the digital signature of the applicant proposing to incorporate the company. If proposed name is not available apply for a fresh name on the same application.

Can I apply for a Company Name Online?

Yes, You can avail this service at MCA portal.

What is the validity period of the Name approved?

The approved name is valid for a period of 60 days from the date of approval. The Applicant can renew the approved name for another 30 days by submitting Form-1AR on MCA portal before the expiry of initial validity period along with the fees of Rs. 250/-.

What is the minimum number of directors required to form a company?

Minimum no. of directors for: Private Limited Company: 2 Public Limited Company: 3 Producer company: 5

What is the minimum number of subscribers required for registration of a company?

Minimum no. of subscribers for: Private Limited Company: 2 Public Limited Company: 7 Producer company: 10

What is the minimum Paid-up Capital at the time of registration of a company?

The minimum paid up capital for Private Limited Company: Rs.1,00,000/- Public Limited Company: Rs.5,00,000/- This limit is not applicable to company having licence under section 25.

What should I do, if I fail to make payment of challan of Form 1 before expiry date?

In such a case, you need to file Form 1 again but same can be filed only after 15 days from the Challan Date. On attempting to file Form 1 before the expiry of above said period, the system will give an error message "Form 1 has already been filed corresponding to the form1A Reference Number".

What should I do, if I fail to make payment of challan of Form 5 before expiry date?

In such a case, you need to file Form 5 again but same can be filed only after 15 days from the Challan Date. On attempting to file Form 5 before the expiry of above said period, the system will give an error message "There is/ are pending Form(s) 5 in respect of the company. Please file this form 5 after approval of the pending Form(s) 5."

The registered office of my company has been shifted from the jurisdiction of one ROC office to another. Is email ID mandatory for a company?

You are required to file both these forms at MCA portal only once. The filed eForms shall be available at both the ROCs for approval/ registration. You shall be required to obtain the changed CIN and the Certificate for change of registered address from the ROC office, where the company is shifting.

Can I use Pvt., (P), Ltd., etc. in place of Private or Limited in the proposed name of the company while filing eForm 1A?

You should use the words Private and/ or Limited in full only.

The company I am incorporating is being promoted by a Foreign company. What details should I provide in Form 1?

In the field 'Whether promoted by an existing company', details are to be given only where the company is being promoted by an Indian company. In your case, you should select 'No' as the company is being promoted by a foreign company.

Whether Annual return in case of listed company requires certification by a professional?

Annual return as per Schedule V of the Companies Act, 1956 is required to be attached with eForm 20B. Hence, all the existing legal provisions relating to Annual return such as signatory, certification are required to be complied. The scanned copy of duly signed and certified Annual Return has to be attached to eForm 20B.

How do I check name availability for incorporating a company?

The applicant proposing to incorporate a new company can search for the name of the new company by using the Check Company Name service under Other Services tab on the homepage of MyMCA portal.


Knowledge Base - LLP (Limited Liability Partnership) Registration

Knowledge Base - General

What is Limited Liability Partnership (LLP)?

- 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. It is capable of entering into contracts and holding property in its own name.

What is Structure of an LLP

LLP shall be a body corporate and a legal entity separate from its partners. It will have perpetual succession.

Advantages of LLP form

LLP form is a form of business model which: - is organized and operates on the basis of an agreement. - provides flexibility without imposing detailed legal and procedural requirements - enables professional/technical expertise and initiative to combine with financial risk taking capacity in an innovative and efficient manner

Difference between LLP & traditional partnership firm

- Under traditional partnership firm, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner.

Difference between LLP & a Company

- A basic difference between an LLP and a joint stock company lies in that the internal governance structure of a company is regulated by statute (i.e. Companies Act, 1956) whereas for an LLP it would be by a contractual agreement between partners. - The management-ownership divide inherent in a company is not there in a limited liability partnership.

Who are the likely users/beneficiaries of the LLP Law?

The LLP framework could be used for many enterprises, such as:- - Persons providing services of any kind - Enterprises in new knowledge and technology based fields where the corporate form is not suited. - For professionals such as Chartered Accountants (CAs), Cost and Works Accountants (CWAs), Company Secretaries (CSs) and Advocates, etc. Whether an entity which has objectives like “charitable or other not for profit objectives” would be able to setup under LLP Act

Whether provisions of Indian Partnership Act, 1932 would be applicable to LLPs?

No. The essential requirement for setting LLP is ‘carrying on a lawful business with a view to profit’.

Whether LLP Agreement would be mandatory for all LLPs?

As per provisions of the LLP Act, in the absence of any LLP agreement, the mutual rights and liabilities shall be as provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I.

Whether provisions of the Companies Act, 1956 would be applicable to LLPs?

Since LLP shall be in the form of a body corporate, it is proposed that to address various situations applicable to LLPs as such, the relevant provisions of the Companies Act, 1956 may be made applicable to LLPs at any time in the future by Notification by Central Government, with such changes or modifications as appropriate.

Import Export Code (IEC)

Knowledge Base - Import Export Code (IEC)

What is IEC ?

IEC Stands for IMPORTER EXPORTER CODE

Who requires an IEC?

IEC is required by anyone who wishn to have International transactions or trade. This covers Freelancers, individuals, companies, firmsm, bonafide persons etc.

Can Export/Import be made without IEC?

No. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer

What are the benefits of IEC?

On the basis of IEC, companies can obtain various benefits on their exports/imports from DGFT, Customs, Export Promotion Council etc.

What are the documents needed for an IEC application?

Documents needed for IEC application :

What is fee for modification in IEC?

No fee is chargeable for modification in IEC, if informed within 90 days of such changes. After 90 days, a fee of Rs. 1000/- is charged.

What is the fee for issuance of duplicate IEC?

Rs.200/-

Is PAN Number/PAN card essential?

Yes , PAN is mandatory. Photocopy of PAN card has to be submitted alongwith the application. If PAN card is not issued to the applicant then a copy of PAN allotment letter from I.T. Deptt will also be accepted.

How much time does it takes to get an IEC?

Normally two working days

Can IEC be hand delivered/Over the counter?

No, IEC issued are dispatched through Speed Post.

Is there any TatkalScheme ?

No.

How an applicant (NRI) can apply ?

NRI has to follow the normal application procedure. In addition permission from RBI/ FIPB is needed in some cases.

Procedure for a foreign national for obtaining IEC (documents needed)?

Board Resolution, Memorandum of Association, copy of Passport.

Do Foreigners require residence in India?

Not necessary.

What is RBI’s Automatic approval for obtaining IEC ?

Notification No. 20/2000/RBI dated. 3rd May, 2000.

In case the IEC is received undelivered, what are the documents required for proving the genuineness of the firm ?

Information to Post Office, copy of Telephone Bill, Electricity Bill copy of Rent deed etc (any one) are required to confirm about the genuineness of the address.

Why PAN Card’s (both side) is required?

To identify issuing authority’s address.

What are the documents required for issue of Duplicate IEC ?

To identify issuing authority’s address.

Where to obtain an IEC?

An application for grant of IEC number shall be made by the Registered/Head Office of the applicant to the licensing authority under whose jurisdiction, the registered office in case of company and Head office in case of others, falls.

What is the tenure of an IEC?

An IEC once issued is permanent in nature till the same is surrendered by the IEC holder or cancelled by the Licencing Authority upon any default made be the IEC holder.

How often is the IEC required to be updated?

An IEC once issued needs to be updated within 90 days in the case of the following:

What is DEPB?

Duty Entitlement Pass Book (DEPB) is a Duty Credit Entitlement issued on Post Export Basis to neutralise the incidence of Customs duty on the import content of the export product.

Who can claim a DEPB Entitlement?

Under the DEPB scheme, an exporter may apply for credit, as a specified percentage of FOB value of exports, made in freely convertible currency.

How does an exporter ascertain the eligibility of his product to claim DEPB?

Eligibility for claim of DEPB can be ascertained with reference to the DEPB Schedule wherein the description of the export product is either On basis of manufacturing process i.e. forging, casting, extrusion, etc. or On basis of content i.e. ferrous / non ferrous, alloy / non alloy, etc.

What if the export product is not mentioned in the DEPB Schedule?

In such case, exporter should undertake the exercise of getting SION (Standard Input Output Norms) fixed for his product and subsequently move for fixation of DEPB Rates. For this, the exporter should be very clear of implication of custom duty and excise on input stage level for his product and effect of the tax component on his pricing.

How can this Duty Credit Entitlement be used?

Such DEPB claimed can be used in either of 2 ways: To meet incidence of Customs duty of imports conducted be himself; or Transfer such DEPB to an Importer against consideration;

What is an Advance Authorisation?

An Advance Authorisation is issued to allow duty free import of inputs, which are physically incorporated in the export product. The underlying principal is to make available all kinds of inputs to an exporter free from duties and taxes.

Who can apply for an Advance Authorisation?

A manufacturer – exporter can apply. A merchant exporter can also apply on the basis of a tie up arrangement with a supporting manufacturer.

What forms the basis of applying for an Advance Authorisation?

Govt. of India has announced SION for around 7200+ items against which an Advance Authorisation can be procured. However there exists a provision for getting an Advance Authorisation on self declared norms which subsequently goes for ratification with the office of DGFT, New Delhi.

What are the conditions governing an Advance Authorisation?

Advance Authorisation and / or materials imported there under shall not be transferable even after completion of export obligation, i.e. Actual User condition applies. Advance Authorisation shall be issued with a positive value addition while undertaking an Export Obligation against the duty free imports.

What is the necessity for a Bank Guarantee?

Whenever an exporter undertakes the imports before exports, he shall have to provide to the customs authority a bank guarantee to the tune of the duty that would be saved on such imports. However the exporter is allowed to release the goods on LUT (Legal Undertaking) in lieu of a BG in specified cases.

Is it necessary to always import the goods first?

The exporter is allowed to procure the goods locally from an indigenous supplier against the advance authorisation. In cases where exports are conducted prior to imports, no Bank guarantee shall be required.

What is the validity of the authorisation?

Validity of the authorisation is 24 months from date of issue for both and export and import with a provision of extension for both on paying appropriate fees.

Which exports are considered in fulfillment of E.O.?

The export made has to be a DEEC shipment in the Customs records to be qualified as an export against the advance authorisation. The E.O. is treated to be fulfilled when proper accounting is being placed before the regional authority who when satisfied will issue a discharge letter.

What qualifies as “Capital Goods” for the EPCG Scheme?

"Capital Goods" means any plant machinery, equipment or accessories required for manufacture or production, either directly or indirectly, of goods or for rendering services, including those required for replacement, modernisation, technological upgradation or expansion.

Who can get exemption from Bank Guarantee?

All the exporters who have an export turnover of at least Rupees 5 Crore in the current or preceding licencing year and have a good track record of three years of exports will be exempted from furnishing a BG for any of the schemes under this Policy and may furnish a LUT in lieu of BG.

Is Export of Spares allowed?

Warranty spares, whether indigenous or imported, of plant, equipment, machinery, automobiles or any other goods, except those restricted under ITC (HS), may be exported along with the main equipment or subsequently but within the contracted warranty period of such goods subject to approval of RBI.

Directory of DGFT offices in India

DGFT offices in India:

Service Tax

Knowledge Base - Registration for Service Tax

Who should apply for registration under Service Tax law?

In terms of Section 69 of the Finance Act,1994 (Chapter V) read with rule 4 of the Service Tax Rules,1994 - - Every person who has provided a taxable service of value exceeding Rs. 9 lakhs, in the preceding financial year, is required to register with the Central Excise or Service Tax office having jurisdiction over the premises or office of such service provider.

Why registration is necessary?

Registration is identification of an assessee. Identification is necessary to deposit service tax, file returns and undertake various processes ordained by law relating to service tax. Failure to obtain registration would attract penalty in terms of section 77 of the Finance Act, 1994, read with rule 4 of Service Tax Rules 1994.

What is the meaning of an ‘assessee’ in relation to Service Tax?

As per the sub-section (7) of Section 65 of the Finance Act, 1994 (Chapter V), ‘assessee’ means a person liable to pay Service Tax and includes his agent.

When should a prospective assessee obtain registration?

- When a person commences business of providing a taxable service, he is required to register himself within 30 days of such commencement of business[sub-rule (1) of Rule 4 of Service Tax Rules, 1994].

What does the word “person” appearing in the definition of taxable service mean?

The word "Person" shall include any company or association or body of individuals, whether incorporated or not. Thus, this expression includes any individual, HUF, proprietary firm or partnership firm, company, trust, institution, society etc.

What is the procedure for Registration? Who should be approached for Service Tax Registration?

A prospective Service Tax assessee (service provider or service receiver) or ‘Input Service Distributor’ seeking registration should file an application in Form ST-1 (in duplicate) [prescribed vide Notfn.No. 32/2005 dated 20.10.2005 as amended Notfn. No. 11/2008 dated 1.3.2008] before the jurisdictional Central Excise/Service Tax officer.

How much time is taken for the issuance of the Registration Certificate?

The Registration certificate should be issued within a period of seven days from the date of submission of application ST-1 along with all relevant details/documents. In case the registration certificate is not issued within seven days, the registration applied for is deemed to have been granted. [Rule 4(5) of the STR, 1994].

Is there any provision for centralized registration?

Service providers having centralized accounting or centralized billing system who are located in one or more premises, at their option, may register such premises or office from where centralized billing or centralized accounting systems are located and thus have centralized registration.

In case of multiple services provided by an assessee, is separate registration certificate required for each service?

As per sub-rule (4) of rule 4 of the Finance Act, 1994, only one Registration certificate is to be taken even if the person provides more than one service from the same premises for which registration is sought. However, while making application for registration all taxable services provided by the person should be mentioned.

What is to be done when the existing assessee starts providing a taxable service not mentioned in the registration certificate?

He should intimate the jurisdictional Central Excise officer in writing, furnishing the name of taxable service he starts providing. No fresh documents are required for verification by the officer unless there is change in any other details given in the original or earlier application(s).

What is the process if the taxpayer stops providing services from a registered premises of stops providing a taxable service?

In case the changes relates to deletion of any premises or taxable service, the assessee may file intimation on plain paper along with the copy of the registration certificate.

Is PAN allotted by the Income Tax Department a must for obtaining Service Tax Registration?

Having PAN is essential because the Service Tax Code/Registration number is generated based on the PAN issued by the Income Tax Department. The PAN based Service Tax Code/Registration number is a must for payment of service tax using the G.A.R. 7 Form.

What should be done with the Service Tax Registration on cessation of business of providing taxable service?

The Service Tax Registration certificate (ST-2) should be surrendered to the concerned Central Excise / Service Tax authorities [Rule 4(7) of the STR, 1994].

What should be done with the Registration in case of transfer business to another person?

In the event of transfer of the business, the transferee should obtain a fresh certificate of Service Tax registration based on his own PAN [Rule 4(6) of the STR, 1994]. The transferor should surrender his registration certificate.

Whether a service provider can make payment of Service Tax & file returns before grant of registration by the proper officer?

A person liable to pay service tax must apply for registration before he starts paying service tax and filing of return Service provider should apply well in advance to obtain registration, which is normally granted within 7 days of filing of application. If registration is not granted within seven days, it deems to have been granted.

Is there any penal provision for non-registration?

Failure of registration may attract a penalty [Section 77(1)(a) of the Finance Act, 1994] upto Rs.5000/- or Rs. 200/- for every day during which such failure continues, whichever is higher. However, such penalty may be waived in case the assessee proves that there was reasonable cause for such failure [Section 80 of the Act].

What should be done in case of change in the office/place of business?

Any change in premises/office, as provided in Form ST-1, should be intimated to jurisdictional Central Excise Officer.

If a registration certificate issued by the Department is lost, can duplicate be issued? What is the procedure in this regard?

The assessee is required to make written request for ‘duplicate’ registration certificate. The same will be issued by the Department after suitable entry in the registers/records of the Office.

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