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A sole proprietorship, also known as an Individual business is a non-incorporated business. This includes independent contractors, freelancers and consultants. In some cases, private business people are also referred to by the name of "solopreneurs." A person operating a business that is not incorporated is liable for taxes on personal earnings and earnings that he earns from his business.

A sole proprietorship is among the simplest forms of business to start. However, it does require certain documents. When a person begins an independent business, he or she must register as an individual.

A person who wants to start his/her own business can form and run their business as a sole proprietor and therefore can enjoy the complete rights and responsibility of his /her business. As per the Income Tax Act, the loss or profit incurred by the Sole Proprietorship is considered as the loss or profit of the owner. Whereas the income that is gained from the Sole Proprietorship is considered as the income of the owner of that business. Most of the entrepreneurs in cities like Chennai believe that Sole Proprietorship as an ideal business entity and thus have incorporated their business under it.

To begin the process of forming a Sole Proprietorship, the following documents are needed

• Identity proof and address
• Card PAN, KYC documents and
• Lease agreement or sale deed (in the case for Shops & Establishment Act Registration).

Partnership firms in India are administered by the Partnership Act, 1932. Segment 4 of the Act characterizes Partnership as – “An agreement between people who have consented to share the profits of the business carried on by all or any one of them representing all.”

General partnerships are type of corporate structure where two or more individuals oversee and run a business according to the terms of the partnership agreement and goals. The structure is believed to have become obsolete after the advent of the limited liability partnership (LLP) since the partners in a general partnership company are liable for unlimited liability, meaning that they personally responsible for the debts of the company.

However, the low cost as well as the ease of establishing and a lack of compliance requirements can make it an attractive choice for certain types of businesses companies, like home-based businesses that will not accept any debt. Registration is not required with general partnerships. Get in touch with our David selva Associates experts today to learn more about the latest format for partnership deeds.

The below documents can be presented as identity proofs and address documents.

• PAN card
• Passport
• Driver License
• Aadhar Card
• Voters ID

• Sale Deed in the case that the owner of the property is the Partner
• Copy of the rental agreement if the office is rented on a basis
• The latest copy of your electric bill or tax bill receipt

Private Limited Company is the most popular and well-known type of legal entity that corporations can legally operate in India. Registration of private limited companies is controlled through the Company Act, 2013. To register a Pvt Limited company, at least two directors and two shareholders are required.

A Private Limited Company is an unassuming business that is run privately. It is among the highly advised businesses in India especially for those who are starting out. Private limited company registration in India is controlled through The Companies Act 2013.

In accordance with the Companies Act, 2013, two shareholders minimum is required to start an entity that is private, and the maximum number of shareholders is 200. If a private limited firm is exposed to financial risk members' personal belongings of shareholders or shareholders aren't susceptible to sale, i.e., they must be subject to a limited liability.

A minimum of two directors, as well as a minimum of fifteen directors to be required for registration of a company online in India. The proposed director should be aged 18 or over aged 18. The director proposed by a private limited company located in India may also be a national of a foreign country. There is no minimum capital investment that must be paid up is required to register for private limited companies. The most important thing is that each private limited company has to have the suffix "pvt.ltd." in their name after the company's name.

Private limited companies are an ever-lasting business since it is able to continue its existence in the event of death, bankruptcy or insolvency of its members.

The private limited company has no connection with the public. They are prohibited from requesting any form of validatory public information or one of the government sectors. The public is not entitled to transfer shares to private limited companies, since it shields the takeovers of private limited companies from larger companies.

The below documents can be presented as identity proofs and address documents.

• PAN Card of Directors and shareholders. Valid passport are required for any foreign national.
• Identity proof of Directors and Shareholders like Aadhar card, Voter ID, Passport and Driving License.
• Address proof of Directors and Shareholders like the most up-to-date Telephone Bill / Electricity Bill or Bank Statement of Account.
• The most recent Passport size photo of Directors and Shareholders.
• Business Address Proofs like the most recent Electricity Bill / Telephone Bill of the registered office address
• No Objection Certificate or NOC available from owner(s) of the registered office.
• Rent Agreements are required when the office that is registered with the government is a rental property.

Privileges of Registering Private Limited Company in India: Private limited companies are an entity that is privately owned and is the preferred choice of many entrepreneurs. Private limited companies established in India could have up to 50 shareholders, and restrict the responsibility of the owner to their shares. It also prohibits them from trading shares publicly.

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. The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP Further, no partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct.• Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP as the case may be. The LLP, however, is not relieved of the liability for its other obligations as a separate entity. Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.

PAN Card: PAN Card copy of the proposed Partners of the LLP will be required for the LLP registration process. The Department of Income Tax in India issues the PAN or Permanent Account Number which is a unique identification number

Address Proof:In addition to the PAN Card copy, the proposed Partner must also submit an address proof and residential proof. The address proof submitted must have the name of the Partner as mentioned in the PAN Card and the most current address. The document must also not be older than 2 months. The following documents are acceptable address proof for Indian Nationals.

• Passport
• Election Card or Voter Identity Card
• Ration Card
• Driving License
• Electricity Bill
• Telephone Bill
• Aadhaar Card

Residential Proof:In addition to the address proof, submit a residential proof to register an LLP. The residential proof is used to validate the current address of the Partner. The following documents are acceptable residential proof:

• Bank Statement
• Electricity Bill
• Telephone Bill
• Mobile Bill

The recent amendment of the Companies (Incorporation) Rules, 2014, has shifted the powers for the conversion of limited company into private limited company. While in the past the process was approved by the NCLT (National Company Law Tribunal), it is now under the discretion of the Regional Director. The move is aimed at facilitating the Tribunal to focus more on insolvency cases and the speedy resolution of distress companies.

Permanent Account Number abbreviated as PAN is a unique 10-digit alphanumeric number issued by the Income Tax Department to Indian taxpayers.

The department records all tax-related transactions and information of an individual against his unique permanent account number. This allows the taxman to link all tax-related activities with the department.

PAN primarily acts as a database for all individual transactions, such as the tax collected at source (TCS)/tax deducted at source (TDS) credits, income tax payments, return on gift/investments/wealth, etc. Simply put, the PAN enables the tax department to identify an individual’s tax-related transaction.

• Voter’s ID card
• Passport
• Aadhar card
• Ration card having Applicant’s photo
• Driving License
• Photo ID card which are issued by central government, state government or any undertaking of public sector
• A certificate issued by a bank that should be duly attested, containing applicant’s photo and the bank a/c number
• Arm’s license
• Central government health scheme card
• Pensioner card copy with applicant’s photograph

• A certificate of identity in prescribed format signed by a Member of Legislative Assembly, Member of Parliament, Municipal Councillor or a Gazetted Officer
• Bank statement on letter head from the bank branch along with name and stamp of the issuing officer and containing duly attested photograph and bank account number of the applicant

• In case of a minor applicant, parents’/guardian’s proof of identity shall be deemed to be the proof of identity and address for the minor applicant.
• In case of HUFs, an affidavit by the karta of the HUF stating the name, father’s name and address of all the coparceners on the date of application will work as a proof of identity.

• Electricity Bills
• Landline connection Bills
• Bills for Broadband connection
• Voter ID card containing photograph
• Aadhaar card
• Passport
• Passport of spouse
• Statements of Bank Account
• Statements of Credit Card
• Passbook of Post office account containing applicant’s address
• Latest order for property tax assessment
• Domicile certificate allotted by government
• Driving license
• Allotment letter of accommodation issued by Central or State Government of not more than three years old
• Property Registration Documents

Note: Utility Bills and Bank/Credit card statements should be recent, preferably not more than three months old.

• Birth certificate issued by any office that is certified for issuing Birth as well as Death Certificate, like Municipal Authority
• Birth Certificate issued by Indian Consulate
• Matriculation certificate from a recognized board
• Aadhaar Card
• Driving license
• Passport
• Certificate of Marriage issued from Marriage Registrar’s Office
• Pension payment order
• Domicile certificate issued by Government of India or any of the state governments
• Affidavit stating the DOB which is signed before a magistrate
• Photo identity card issued by the Central Government or State Government or Central Public Sector Undertaking or State Public Sector Undertaking.

Tax Deduction Account Number or Tax Collection Account Number is a 10-digit alphanumeric number issued by the Income-tax Department (we will refer to it as TAN). TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS).

Following are the documents required for the application:

• PAN of applicant
• Personal Information of Deductor like Name, Address, Contact Details, etc,
• Incorporation certificate of companies
• Digital Signature Certificate (DSC) of Responsible person of Company
• Details of Responsible Person

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

In other words,Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.

Following are the documents required for the application:

• Individuals who are registered under the Pre-GST law (i.e., Excise Tax, VAT Tax, Service Tax, etc.)
• Companies with a turnover that is greater than the threshold of Rs. 40 Lakhs* (Rs. 10,0 Lakhs to the North-Eastern States, J&K, Himachal Pradesh, and Uttarakhand)
• Casual taxable person / Non-Resident taxable person
• Agents of a supplier and distributors of input services
• Taxpayers who pay tax under this reverse charge system
• A person who sells via e-commerce and aggregator
• Every aggregator of e-commerce

A person who provides online information and access to databases as well as retrieval and access services via other than India to a person located in India that is not a registered taxpayer CBIC has announced the rise in threshold turnover, from 20 lakhs to 40 lakhs. The notice will take effect from April 1, 2019.

• PAN of the applicant
• Aadhaar card
• The proof of business registration or incorporation certificate
• Identification and address evidence of Promoters/Directors with photographs
• Proof of address of the place of business
• Statement of Bank Account/Cancelled Cheque
• Digital Signature
• A Letter of Authorization or Board Resolution to Authorized Signatory

Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid. Implementation of a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are in range and perfectly aligned.

An individual taxpayer filing the GST returns has to file 4 forms for filing the GST returns such as the returns for the supplies, returns for the purchases made, monthly returns, and the annual returns.

GST return filing in India is mandatory for all the entities that have a valid GST registration irrespective of the business activity or the sales or the profitability during the period of filing the returns. Hence, even a dormant business that has a valid GST registration must file the GST returns.

GST return is a document that contains the details of all the income or the expenses that a taxpayer is required to file with the tax administrative authorities.

GST Return filing in India is to be done by the following:

• A person having a valid GSTIN has to compulsorily file the GST returns.
• Also, a person whose annual turnover is crossing Rs. 20 lakh has to obtain a GST registration and file the GST returns mandatorily.
• In the cases of Special states, the limit for the annual turnover is Rs.10 lakh.

GSTR 1: The 11th of Subsequent of that month
GSTR 3B: The 20th of that subsequent month
CMP 08: 18th of the month succeeding the quarter of the specific fiscal year.
GSTR 4: 18th of the month succeeding the quarter.
GSTR 5: 20th of the subsequent month
GSTR 6: 13th of the subsequent month
GSTR 7: 10th of the subsequent month
GSTR 8: 10th of the subsequent month
GSTR 9: 31st December of the Fiscal year.
GSTR 10: Within 3 months of the date of cancellation or the date of cancellation order whichever is earlier.
GSTR 11: 28th of the month that is following the month for which the statement was filed.

Income tax is a type of direct tax the central government charges on the income earned during a financial year by the individuals and businesses. It is calculated based on the tax slabs defined by Income Tax Department.

• Valid PAN.
• Valid Mobile Number.
• Valid Current Address.
• Valid Aadhar
• Valid Email Address, preferably your own.

Import & Export Code is to be obtained by the business entity who is trying to import into or export from India. Import & Export Code is popularly referred to as the IEC number. The Import & Export Code is issued by the Directorate General of Foreign Trade (DGFT). IEC could be a ten digit distinctive number. IEC registration certificate is necessary for businesses who are concerned with import and export. Hence, before initiating an import of products into India, an exporter should make sure that the importation entity has GST registration and IE code – each of those are needed to clear customs.

If an exporter doesn’t have IE code and GST Registration, the products are going to be stuck at the port and can begin acquisition demurrage charges or might be destroyed.

• When a business person should clear his shipments from the customs then it’s required by the customs authorities.
• When a businessperson sends cash abroad through banks then it’s required by the bank.
• When an exporter should send his shipments then it’s required by the customs port.
• When an exporter receives cash in foreign currency directly into his checking account then it’s needed by the bank.

For IEC Code Registration, the following documents are required.

• PAN Card copy of the Individual or Firm or Company .
• Aadhar card or passport copy or Individual’s citizen ID.
• Cancelled cheque copies of current bank accounts of Individual or company or firm.
• Copy of Rent Agreement or Electricity Bill Copy of the office premise.
• A addressed envelope for delivery of IEC certificate by mail.

Employees Provident Fund is a scheme for the Indian Employees that is controlled by the Provident Funds and Miscellaneous Provisions Act,1952. The Employee Provident Fund is regulated under the umbrella of Employees Provident Fund Organization popularly known as EPFO.

All establishments that have employed 20 or more than 20 employees can apply for PF registration in India. In some cases subject to the circumstances and the exemption establishments employing less than 20 are still eligible for PF registration. The Employee gets an amount that includes the self and employer’s contribution with interest on retirement or resignation.

PF Registration is mandatory for all the establishments-

• That has engaged 20 or more than 20 people.
• For any other establishment that has less than 20 people then the central government has to specify the same in the notification on the behalf.

Employees drawing less than Rs.15000 per month need to mandatorily become members of the EPF. According to the guidelines, employees whose basic pay is more than Rs. 15000 a month at the time of joining are not required to make any PF contributions.

But an employee who is drawing pay of more than Rs.15,000 can still be a member and make contributions with the employer and the Assistant PF commissioner.

The employer has to obtain the PF registration within 1 month of attaining the strength, in case of failure to abide by applicable penalties. A registered establishment continues under the purview of the Act even in case the No of employees falls below the required limit.

The employer has to contribute 12% of the (Basic Salary + Dearness Allowance + Retaining Allowance). An equal amount of contribution is to be made by the employee. If the establishment has engaged less than 20 employees the EPFO rules state that the contribution rate for both the employees and the employer is limited to 10 %. In most cases the employees who are employed in the private sector it is on the basic salary on which the whole contribution is calculated.

• The 12 % contribution is divided into the following subdivision:
• 3.67% of the contribution towards the Employees Provident Fund
• 1.1% of the contribution towards the EPF administration Charges
• 0.5% of the contribution towards the employee's deposit linked insurance
• 0.01% contribution towards the EDLI administration charges
• 8.33% towards the Employees Pension Scheme.

8.33% of the employer’s contribution is routed towards the Employees Pension Scheme that is calculated at Rs.15,000. The amount routed to the Employee Pension Scheme would be Rs.1250 in case the basic pay of the person is Rs.15,000. If the Basic Pay is less than Rs.15,000 then 8.33% of the amount will be routed and the balance will be retained in the EPF scheme. On superannuation, the employee would receive the full share with the employer's share reserved for credit in the EPF account.

The employer has to attach the following documents with the registration form:

• PAN of the Partner, Proprietor, or the Director
• Address proof (can be any utility bill but should not be older than 2 months)
• Aadhar card of Proprietor, Partner, or Director.
• Canceled Cheque Or Bank Statement
• Digital Signature of the Proprietor/ Partner or Director.
• Hired/ Rented or Leased Agreement If there is any.

• The contribution is rounded to the nearest rupee for each of the employees for the employee share, the contribution towards pension, and the EDLI contribution.
• The employer share is the difference between the employee Share and the pension contribution.
• The monthly payment amount towards the EPF administrative charges is rounded to the nearest rupee and a minimum of Rs.500 is payable.
• In case the establishment has no member in the month the minimum administrative charges applicable will be Rs.75.
• The monthly payment amount under the EDLI administrative charges is rounded to the nearest rupee and a minimum of Rs.200 is payable.
• In case the establishment has no member in the month, the payable minimum administrative charge is Rs.25
• Suppose the establishment is exempted from the PF scheme inspection charges of 0.18% ( Minimum Rs 5 ) is payable in place of the admin charges
• In case the establishment is exempted under the EDLI scheme. The inspection charges of minimum Rs.1 @0.005% are payable in place of the administrative charges.

Before paying the Salary to the employees the employer must deduct the employee's contribution from his wages. Later, the employee portion and the employer’s share will be payable to the EPFO within 15 days of the close of every month.

The EPF stands tall in terms of returns from a debt instrument. The money is sovereign backed and the interest earned is tax-free. The PF enjoys EEE ( exempt, exempt, exempt) status as contributions are deductible from the income. Hardly any debt instruments provide such high returns with safety and assurance. Hence, it is better to transfer the PF account at the time of switching jobs and also avoid the temptation to withdraw the money.

The employee state insurance (ESI) is managed and regulated by the Employee State Insurance Corporation which is an autonomous body under the Ministry of Labour and Employment, Government of India. The ESI scheme was started for the Indian Employees that provided monetary, medical, and other benefits from the employer to the employee.

Currently any factor or employment or any establishment that has employed over 10 employees with a minimum salary of Rs. 21,000 has to mandatorily register itself with the ESIC.

To be eligible for ESI registration is to have more than 10 workers. In some regions, ESI registration is possible for establishments only if there are more than 20 employees. Here are some other criteria that need to be satisfied for obtaining ESI registration.

• An employee whose gross salary is up to Rs. 21,000 per month can avail of this with the help of the employer.
• The establishment is registered with the EPFO.
• The total contribution to ESI is 6.5% of the gross salary and it can be further divided as:
• 4.75% by the employer
• 1.75% of the employee
• For industrial units where there are chances of occurrence of injury or health issues all the employees with a salary less than Rs.21,000 compulsorily need to get ESI registration.

For obtaining ESI registration in India here is the list of documents that is to be submitted by the employer along with the application:

• Registration Certificate of the Shops and Establishment Acts.
• Factories Act
• Address proof of Principal place of business
• Copy of PAN Card
• Bank statement (Latest)
• Memorandum and Articles of Association or the partnership deed or trust deed depending on the nature of the entity.
• Certificate of Commencement registration no

The monthly pay sheet is also required for computing the contribution amount for each employee for ESI filings.

A Factory is any premise where ten or more than ten persons are employed or were employed for wages on any day of the preceding twelve months, and, in any part of which a manufacturing process is being carried with or without the aid of power. In case within the same premises of a factory, several departments are situated and the departments are engaged in the work in connection with or incidental to a manufacturing process of the factory, they would fall apart from the factory.

This definition of a factory under the ESI includes a seasonal factory that is working for a period of not exceeding seven months in a year and is engaged during that period in any process related to blending, packing, or repacking of tea or coffee or other manufacturing processes that are process notified by the central government.

Mines are not included in this definition under the definition, subject to the operation of Mines Act,2952 or a railway running shed.

Hence, if the number of persons working in the factory premises is ten or more the premise is factory irrespective of the consideration of whether they are paid wages or not. Also, all people working in the factory need not be employed in the manufacturing process.

Under the ESI Act, an establishment is an organized body of men or women or an institution, It is not necessary for an establishment confined to a particular premise or place. If an establishment employs 20 or more persons, it will be required to obtain ESI registration in India. Hence, the establishments employing less than 20 employees who are drawing less than Rs.21,000 a month as a wage should not get ESI registration.

Shops must also be registered under the ESI Act. The supreme court has defined a shop as any premises where economic activities leading to sale or purchase are carried on. Thus, the essential ingredient for determining a shop is that services are rendered to the customer. So service providers like advertisement agencies, liaison offices, consultancy services, real estate services will need to get ESI registration in India.

In this educational institution, hospitals, dispensaries, offices of auditors and solicitors, chartered accountants, and private commercial hospitals are excluded.

ESI registration allows the employees to enjoy a lot of benefits under the Employees State Insurance corporation scheme.

Medical Aid- From the very first day of employment the registered ESI members and the family members enjoy the benefits of complete medical care and insurance. Retired members and permanently disabled insured persons and their spouses can also avail medical care on payment of an annual premium of Rs.120.
Maternity benefit- Pregnant women can avail of maternity benefits that are payable up to twenty-six weeks. This maternity leave period can be extended on medical advice by 30 days at the rate of full wage subject to contribution for 70 days in the preceding year.
Disablement benefit- From the day of the employees irrespective of having done any contribution, 90% of the wage is payable as long as the temporary disability continues. Permanent disablement benefit is payable at 90% of the wage as a monthly payment.
Sickness benefits- Absent at work due to illness is allowed for a maximum of 91 days per year along with 70% of the monthly wages.
Dependent benefits- In case of the sudden demise of an employee during the employment, the dependents of the deceased employee will receive 90% of his or her monthly salary.
Funeral expenses- The family members of the deceased employees are entitled to an additional amount of Rs.10,000 for the funeral expenses. Confinement expenses- Confinement expenses can be availed in case of confinement of an insured woman or wife of the employee with no medical facilities under the ESI scheme.

Vocational Rehabilitation: Permanently physically challenged employees who are insured are entitled to vocational rehabilitation training at VRS.
Physical Rehabilitation: Can be availed by the employees in case of physical disablement or injury or hazards due to employment.
Old Age Medical Care: By the annual payment of Rs.120 medical care benefits can be availed for the ESI employees or for those who are opting for VRS/ERS. The members who retiring on account of permanent disability can also avail themselves the same.
Extended Sickness Benefits: Insured employees who are suffering from chronic diseases can avail of the extended sickness benefit up to 2 years, the sick leave of 91 days should be expired.
Enhanced Sickness Benefit: Enhanced sickness benefit was an encouragement measure for ESI employees to undergo vasectomy or tubectomy for the welfare of the family. Extension of this benefit can be availed in case there are post-operative complications.

As per the Indian Trust Act 1882, a Trust is a rendezvous where the owner (trustor) transfers the property to somebody else (trustee) for the advantage of a 3rd person (beneficiary) says a Tax Consultant in Chennai. Such a property is transferred by the trustor to the trustee alongside a proclamation that the trustee ought to hold the property for the beneficiaries of the Trust. David selva Associates offers a wide range of services under trust registration in Tambaram, Chennai with complete guidance for a successful registration.

To obtain the advantages of a Trust, it has to meet bound stipulations and therefore the registration method is one among the stipulations. Before commencing Trust Registration in Chennai, the legal documents should be fashioned on non-judicial stamp paper. Each state has mounted its rate on stamp duty

Thus, Trusts are often classified into 2 categories:

It is a trust whose beneficiaries embody the general public at giant. Further, a charitable trust is often additionally divided into Public charitable trust and Public non-secular Trust.

A private Trust is that one whose beneficiaries embody families or people. Further, a non-public Trust is often divided into:

• Private Trusts whose beneficiaries and their requisite shares each are often determined
• The non-public Trusts who’s each or either the beneficiaries and their requisite shares can’t be determined

A Trust or an NGO should acquire a 12A certificate from the revenue enhancement Department. Thus, a Trust effort such a certificate are exempted to pay revenue enhancement for the complete lifespan on its surplus financial gain.

Also, an NGO should acquire an 80G certificate. This certificate permits donors, that’s persons or organizations creating donations to an 80G certified NGO, to avail deduction. Thus, such a deduction is given to the donors beneath section 80G of the revenue enhancement Act.

A Trust is ruled by the Indian Trusts Act, 1882 across India. However, every state will formulate its own Trusts Act to control such NGOs. Further, a Trust will receive funds and returns genuinely like a Society. However, it is quite difficult to urge funds or returns like a shot when a Trust gets registered.

Therefore, to get funds or acquire returns, a Trust must meet several eligibility criteria. Such criteria could embody relevant expertise, the performance of a Trust, its age, and such alternative parameters. Furthermore, a Public charitable trust has got to be registered with the workplace of the charity commissioner who has jurisdiction over the Trust.

The benefits of Trust Registration are as mentioned below:-

Charitable trusts are founded with the common objective of obtaining concern in charitable activities whereas collecting bound edges for the trustee, their heirs, and successors.

The other main reason for fitting the registered Trust is to avail tax exemptions. Such charitable trusts are noncommercial organizations and to avail of these perquisites, the public trust ought to have a legal entity.

The registered trust provides an advantage to the poor individuals and therefore the public by practicing the charitable activities fairly.

Below the provisions of the Indian Trusts Act, 1882, compliance would be maintained by registering the trust, which can directly keep the Trust safe from any legal hindrance.

Trusts are also used to possess specific assets, like land/an interest in a very family primarily based company, which might not be appropriate or sensible for a settler to separate between people. The usage of trust permits such people to learn from the assets despite the actual fact that they do not own them. A trust will assist to preserve the capital price of such assets for potential generations.

As the legal title of the assets surpasses from the settlor to the Trustee after they are “settled”, there’s consequently no amendment of possession once the settlor dies, therefore evading the requirement for probate of a can in terms of trust assets.
Moreover, Grants of probate could be a matter of public record, whereas a trust could be a non-public agreement that doesn’t have to be registered anywhere. The utilization of trust also can avoid the economic adversity generally undergone by an extant spousal equivalent whilst watching for probate to be granted.

When someone and her/his family shift to a different country, it’s often an ideal/only time to line up a trust so as to evade taxation within the destination nation, thereby protecting the wealth of the family & providing flexibility in its organization. Such an organization needs elaborated skilled recommendation and steerage.

The Residents of states with mounted laws of heritage are also able to utilize trusts to induce the pliability they provide in respect of the distribution of part/all of their assets to beneficiaries who may otherwise not be allowable to benefit below the laws of their country of residence. Such coming up with should be created below close skilled steerage from legal consultants in their nation of residence/nationality.

Trusts may be terribly effective in reducing taxation on capital and financial gain. The trust might offer effective protection for the settlor, the beneficiaries and therefore the trust assets from retributive taxation. A frequent use for trusts is that the mitigation or turning away of death duty within the settlor’s jurisdiction though this can, naturally, be subject to acceptable tax recommendation being obtained.

Trusts may be terribly effective in reducing taxation on capital and financial gain. The trust might offer effective protection for the settlor, the beneficiaries and therefore the trust assets from retributive taxation.

Below-mentioned documents are needed for Trust Registration in Chennai:

• Proof of Identity for Trustor & Trustee
• Aadhaar Card
• Voter ID
• Passport
• license
• Address Proof of Registered Office- Copy of Certificate of Property/Utility Bills (Telephone, Water, Electricity Bill)
• In the case of rented property, a No Objection Certificate from the owner is needed.
• The objective of the legal document.
• Particulars of the Trustee and settlor (Self-attested copy Id and Address Proof in conjunction with the knowledge associated with occupation).
• Trust Deed on correct Stamp price.
• Photographs of Trustee and Settlers.
• PAN Card of Trustee and settlor.

In addition, thereto, the legal document contains the subsequent information: -

• A total number of trustees.
• The Registered Address of the trust.
• Proposed name of the trust.
• Rules and rules to be strictly followed by the Trust.
• Presence of settlor and a pair of witnesses at the time of registration of Trust.

ISO stands for International Organisation for Standardisation. It is an independent organization that has standards in terms of quality, safety, and potency of products and services provided by businesses. With the increasing competition among the business, it’s vital to deliver top quality of products & services so as to sustain within the market. ISO certification helps to enhance your business quality as well as the overall potency of the business.

ISO develops International Standards, like ISO 9001 and ISO 14001, however, they’re not concerned with the ISO certification and don’t issue ISO certificates. In this article, we’ll scrutinize the ISO Certification method widely.

The aim of obtaining ISO certification is to advance the development of standardization within the technology of an organization says David Selva Associates in Chennai.

International believability: ISO Certification plays an important role in serving the organization to make credibility in overseas business. Customer Satisfaction: ISO standards are meant to form organizations to serve their customers in a very higher approach that will at the same time increase customers’ satisfaction. Government Tenders: ISO Certification is kind of essential to bid for presidency Tenders. Business Efficiency: Operational efficiency of organizations is improved by getting ISO Certification. SOP (Standard Operational Procedures) and work directions may be developed with the assistance of the ISO Certification Agency. Implementation of ISO in an organization manages the resources with efficiency. Product Quality: By getting ISO Certification, the product quality matches up to the international standards, which will cut short the risk of product order rejections that will occur due to the blemished products. Marketability: ISO Certification improves the business believability, and it helps the business selling directly.

The fee for ISO certification in Tambaram, Chennai varies from organization to organization. The ISO certification body can reason the fee for ISO certification by considering the below mentioned different parameters:

• Size of an organization
• Number of workers
• Processes of organization
• Level of risk related to the services of the organization
• The complexness of the management system
• The number of operating shifts

ISO certification interval conjointly varies from organization to organization. The ISO certification body will give notice of the interval for completion of ISO certification once assessing the scale of an organization. Generally, the time needed to complete the method of ISO certification in Tambaram, Chennai is approximate :

• Small organizations: 6-8 months
• Medium organizations: 8-12 months
• Large organization: 12-15 months

First of all, you need to decide on the type of ISO certification needed for your business. There are numerous varieties of ISO certification offered like :

• ISO 9001 2008 – Quality Management
• ISO 14001 – Environmental Management
• ISO 27001 – Data Security Management
• ISO 22008 – Food Safety Management
• ISO 9001:2008- Quality Management System
• ISO 37001 – Anti-bribery management systems
• ISO 31000 – Risk Management
• ISO 10002 – Compliant Management System
• ISO 14001:2015 – Surroundings Management System
• ISO 26000 – Social Responsibility
• ISO 28000 – Security Management
• ISO 22008 – Food Safety Management
• SA 8000 – Social answerableness
• EnMS linear unit 16001 ISO 50001 – Energy Management
• SO/IEC 17025 – Testing and standardization laboratories
• SO 13485 – Medical devices
• ISO 639 – Language codes
• ISO 4217 – Currency codes
• ISO 3166 – Country codes
• ISO 8601 – Date and time format
• ISO 20121 – Property Events
• SO/IEC 27001 – data security management

It should be noted that ISO itself doesn’t give certification to the businesses. Certification is finished by the external bodies. It is important that you opt for a recognized and credible certification body. When selecting the ISO registrar, you must keep the subsequent points in mind:

Check if they’re following the CASCO standards. CASCO is that the ISO committee that works on problems with reference to conformity assessment.
Check whether or not it’s licensed or not. Certification isn’t required however they need to meet the wants of ISO certification bodies.

The entrepreneur and also the registrar ought to agree on a contract. This contract typically defines the rights and obligations of each party and includes liability problems, confidentiality, and access rights.

The ISO auditor can read all of your quality manuals and documents associated with numerous policies and procedures being followed within the organization. Review of existing work can facilitate the ISO auditor to spot the doable gaps against the wants stipulated within the ISO standards.

After the ISO auditor spots the gaps present in your organization, you must prepare an action plan to eliminate these gaps. Prepare the list of the desired tasks to be performed to bring the specified changes to your organization. You will be needed to administer coaching to your workers to figure with efficiency whereas adapting to new procedures. Create awareness to all the workers about the ISO standards in terms of labor potency and quality standards.

The initial certification audit is split into 2 categories- Stage one and Stage two.

Stage 1: The ISO auditor can audit the changes created by you within the organization. They will then try and establish the doable non-conformities in your systems and procedures to the specified quality management system. They will divide these non-conformities into minor and major non-conformities. The entrepreneur should assess these non-conformities and find them aligned as per the specified quality standards through modification within the techniques and processes employed by the organization.Stage 2: After doing the appropriate changes in the organization, the ISO auditor will do the final auditing. The auditor can check whether or not all the non-conformities are eliminated or not as per ISO quality standards. If the ISO auditor is glad, they will prepare the final ISO audit report and forward it to the registrar.

After all, the non-conformities are addressed and all the findings are placed within the ISO audit report, the registrar can grant you the ISO certification.

Surveillance audit is largely conducted to make sure that ISO quality standards are being maintained by the organization. It is conducted from time to time as informed by a David selva Associates.

MSME means Micro, Small, and Medium Enterprises. In a developing nation like India, MSME industries are the foundation for the economic system. If these industries expand their economy, the country expands, in general, will grow. They are referred to as small-scale industries, or SSI's.

However, whether the business is operating in the manufacturing line or the service line registrations for both of these sectors are possible by utilizing the MSME Act. Registration isn't yet obligatory by the Government however it is advantageous to have a company registered in this manner since it offers numerous benefits regarding taxation, establishing the company as well as credit facilities, loans, and so on.

The MSME was launched on the 02nd of October. It was created to encourage and enhance the competitiveness of micro, small and medium businesses.

• Because of MSME registration, bank loans are now cheaper since the interest rate is extremely low, ranging from 1 to 1.5 percent. A lot less than the interest rate on conventional loans.
• It also allowed credits for the minimum alternative tax (MAT) to be carried forward for up to 15 years instead of 10 years.
• After registration, the cost to get the patent is reduced, or the cost for setting up the business is reduced as concessions and rebates are offered.
• MSME registration allows you to obtain tenders from government agencies easily. Udyam Registration Portal is integrated with Government e-Marketplace and various other State Government portals which give the ability to access their marketplace and tenders.
• There is a Time Settlement Fee for not paid amounts of MSME.
• The Udyam Registration will assist MSMEs to avail the benefits of schemes offered by the government, such as Credit Guarantee Scheme, Credit Subsidy for Capital Linked Scheme, Public Procurement Policy Security against late payments, etc.
• MSMEs can get priority sector loans from banks.
• MSMEs can benefit from the government's security deposit waiver which is beneficial when taking part in electronic tenders.
• Many different types of business, such as manufacturing, service, or both could be included or defined in one registration.
• Subsidy for barcode registration.
• Exemption scheme for Direct taxes.
• ISO certification fees reimbursement.
• Electricity charges concession.
• Particular attention should be paid to International Trade fairs.

Aadhaar Card and PAN Card are the only required documents to complete MSME registration. MSME registration is completely online and there is no evidence of documents required. PAN and GST associated information about investment and turnover of companies will be automatically collected from the Udyam Registration Portal. Udyam Registration Portal from the government databases. It is the Udyam Registration Portal that is fully connected to Income Tax and GSTIN systems.

GST is not required for businesses that do not need a GST application under GST law. However, businesses that must be required to obtain GST certification within the GST regime should have a GST registration to obtain Udyam Registration.

Anyone who has a UAM registration or another registration granted by an authority that falls under the Ministry of MSME will be required to register themselves again on Udyam Registration Portal. Udyam Registration Portal by clicking on the "For New Entrepreneurs who are not Registered yet as MSME or those with EM-II".

Companies with UAM registration have to move to Udyam Registration by the 31st of December, 2021. If the business owners with UAM registration fail to switch to Udyam Registration before 31/12/2021, their UAM registration is invalid and they won't be eligible for the benefits offered to MSMEs.

The Digital Signature Certificate is a digital certificate that is given by the certifying authorities to verify and certify an identity verification of the individual who holds this certificate. Digital Signatures use the encryption of public keys to generate signatures.

Digital signature certificates (DSC) contain details about the name of the user, their pin code and country, as well as email address and date of issue of the certificate and the name of the authority that certifies.

Authentication:
A useful method of authenticating the private details of the individual who is conducting online transactions.
Cost and time savings:
Instead of signing the hard copy documents physically, and scanning them to send them to e-mail, you can sign digitally the PDF files and then send them more rapidly. Digital Signature certificate holders are not required to be physically present. Digital Signature certificate holders do not need the physical presence to operate or authorize a business.
Data Integrity:
Documents that are signed digitally are not able to be altered or modified after signing, making the data secure and safe. The government agencies typically request these certificates to confirm and cross-check the transaction.
Document authenticity:
Digitally signed documents provide confidence to the recipient to be certain that the signature is authentic. They can make decisions in light of these documents without worrying about fake documents.

• Submitting the DSC completed Application form completed by the applicant
• Photo ID evidence
• Address proof

Registration-Cum-Membership Certificate (RCMC) is a certificate that validates an exporter dealing with products registered with an agency/ organization that are authorised by the Indian Government.

The Director-General of Foreign Trade (DGFT) issued Trade Notice No.35/2021-2022 for Mandatory Electronic filing of Registration Cum Membership Certificate (RCMC) or Registration Certificate (RC) through DGFT Common Digital Platform with effect from 01.04.2022.

Earlier, an exporter desiring to obtain an RCMC had to file an application in Form ANF 2C with the concerned Export Promotional Council (EPC) and declare his mainstream business in the application.

With this Trade Notice, DGFT informed that a new Common Digital Platform (DGFT e-RCMC module) for Issuance of RCMC had been developed, which would be single-point access for all exporters & importers.

The synopsis of the DGFT notification about the Registration Cum Membership Certificate (RCMC) is as follows:

• DGFT now announced that from 1st April 2022, it would be mandatory for the exporters to file a Registration cum Membership Certificate (RCMC)/Registration Certificate through the Common Digital Platform.
• The general procedure of submitting applications directly to the designated Registering Authorities will continue till 31.03.2022.
• All Registering Authorities, as notified under Appendix-2T, are requested to ensure they are on-boarded on the eRCMC portal before 31st March 2022.

Registration-Cum-Membership Certificate (RCMC) is a certificate that validates an exporter dealing with products registered with an agency/ organization that the Indian Government authorizes.

As mentioned above, an exporter desiring to obtain an RCMC has to file an application in Form ANF 2C with the concerned Export Promotional Council (EPC) and declare his mainstream business in the application. With this Trade Notice, DGFT informed that a new Common Digital Platform (DGFT e-RCMC module) for Issuance of RCMC/RC had been developed, which would be single-point access for all exporters & importers.

There are 26 Export promotion councils and nine commodities boards in India. Export Promotional Councils (EPC) and Commodities board in India are the authorities for issuing the RCMC.

Each of the Export Promotion Councils and commodities boards in India categorizes itself according to the Type of products.

• In case an export product is not covered by any Export Promotion Council/Commodity Board etc., RCMC in respect thereof is to be obtained from FIFO.
• Further, in case of multi-product is yet to be settled, the exporter has an option to obtain RCMC from the Federation of Indian Exporters Organization (FIEO).
• Regarding multi-product exporters having their head office/registered office in the North Eastern States, RCMC may be obtained from Shellac & Forest Products Export Promotion Council (except for the products looked after by APEDA, Spices Board, and Tea Board).
• In respect of exporters of handicrafts and handloom products from the State of Jammu & Kashmir, the Director, Handicrafts, Government of Jammu & Kashmir, is authorized to issue Registration Cum Membership Certificate (RCMC)

RCMC is valid from 1st April of the licensing year when it is issued and is valid for five years that ends on 31st March of the licensing year

As mentioned above, DGFT has launched the Common Digital Platform (e-RCMC) module as part of the IT Revamp project. The standard digital platform is single-point access for e-filing RCMC/RC for all exporters/importers and Issuing agencies.

This Common Digital Platform is designed to provide an electronic, contactless single window for the RCMC/RC-related processes, including Application for Fresh/ Amendment/ Renewal of RCMC/ RC.

The Common Digital Platform for Electronic filing of RCMC shall be available at https://dgft.gov.in.

Features of the current e-RCMC module for issuance of Registration cum Membership Certificate (RCMC) are summarized below:

• One of the essential features of the e-RCMC module is the Electronic (Paperless & contactless) and Real-Time Issuance of Certificate
• This module provides the Single Source of Information – IEC Details are auto-authenticated and shared across the Trade Ecosystem.
• CBDT and MCA Integration are in-built into the System For PAN/DIN Details Auto-validation in Exporters IEC Profile.
• Auto-generation of invoices by the System is an essential feature of this module.

The following are the required documents that have to be enclosed along with the application form.

• IEC number that is issued by the concerned regional licensing authority.
• The competent authority grants a permanent Account Number (PAN).
• Company’s MOA (For Corporate/ institutional/ Private Limited/ Limited company).
• Self-certified copy of the company’s Partnership Deed (For Partnership company and Individual Ordinary).
• Trust’s Deed (For Trusts/ institutional/ Corporate).
• The certificate issued by the Registrar of Companies concerning the company’s registered office change.
• The last three years’ Services Export Data (Foreign Exchange Earnings) has to be certified by the company’s Chartered Accountant.
• Board Resolution or Power of Attorney issued in favor of signing authority if the name of the signing authority is not mentioned in the IEC/ MOA/ Partnership Deed/ Trust Deed of the company/ firm/ Trust.
• GST registration certificate

The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act passed by the Parliament in December, 1985. The Act (2 of 1986) came into effect from 13th February, 1986 by a notification issued in the Gazette of India: Extraordinary: Part-II [Sec. 3(ii): 13.2.1986). The Authority replaced the Processed Food Export Promotion Council (PFEPC).

The Real Estate (Regulation and Development) Act, 2016 aims to regulate and promote the real estate sector by regulating the transactions between buyers and promoters of residential as well as commercial projects. It also has provisions for establishing a regulatory authority at state level called "Real Estate Regulatory Authority" (RERA) for monitoring the real estate sector and adjudicating disputes relating to Real Estate Projects. The main aim of the Act is to protect buyers and help investment in Real Estate Sector.

The Societies Registration Act, 1860 is a legislation in British India which allows the registration of entities generally involved in the benefit of society – education, health, employment etc.

The Indian Societies Registration Act of 1860 was enacted under the British Raj in India, but is largely still in force in India today. It provides for the registration of literary, scientific and charitable societies.

Under the Act societies may be formed, by way of a memorandum of association, by any seven or more people associated for any literary, scientific or charitable purpose. The memorandum of association has to be filed with the Registrar of Societies. The memorandum has to contain the name of the society, its objects, and the names, addresses, and occupations of the members of the governing body, by whatever name it may be called, duly signed for consent by all the members forming the society. A copy of the rules and regulations of the society also has to be filed along with the memorandum of association. A fee of rs. 50 is payable in cash, for registration.

An AD Code, known as an Authorized Dealer Code, acts like an ID for businesses and individuals in global trade. It's a 14-digit number used mainly for customs clearance when goods cross borders. This code ensures that the money for these transactions is legal. Banks provide this code on official paper, following rules set by the Directorate General of Foreign Trade (DGFT).

Register your Trademarks under Trademarks Act, 1999. The Registration of your Trademarks will give you Exclusive protection for periods of 10 years. Registration of Trademark will give the proprietary right for your goods or services. Trademark (word or logo or symbol) is the mark which is to prevent injury to the goodwill and the reputation owned by the company. Marks helps the customer/ buyers to prevent from confusions and helps to identify their product, service or their sources.

Businesses that are registered under GST have to file the GST returns monthly, quarterly, and annually based on the business. Here it is necessary to provide the details of the sales or purchases of the goods and services along with the tax that is collected and paid. Implementation of a comprehensive Income Tax System like GST in India has ensured that taxpayer services such as registration, returns, and compliance are in range and perfectly aligned.

An individual taxpayer filing the GST returns has to file 4 forms for filing the GST returns such as the returns for the supplies, returns for the purchases made, monthly returns, and the annual returns.

GST return filing in India is mandatory for all the entities that have a valid GST registration irrespective of the business activity or the sales or the profitability during the period of filing the returns. Hence, even a dormant business that has a valid GST registration must file the GST returns.

GST return is a document that contains the details of all the income or the expenses that a taxpayer is required to file with the tax administrative authorities.

GST Return filing in India is to be done by the following:

• A person having a valid GSTIN has to compulsorily file the GST returns.
• Also, a person whose annual turnover is crossing Rs. 20 lakh has to obtain a GST registration and file the GST returns mandatorily.
• In the cases of Special states, the limit for the annual turnover is Rs.10 lakh.

GSTR 1: The 11th of Subsequent of that month
GSTR 3B: The 20th of that subsequent month
CMP 08: 18th of the month succeeding the quarter of the specific fiscal year.
GSTR 4: 18th of the month succeeding the quarter.
GSTR 5: 20th of the subsequent month
GSTR 6: 13th of the subsequent month
GSTR 7: 10th of the subsequent month
GSTR 8: 10th of the subsequent month
GSTR 9: 31st December of the Fiscal year.
GSTR 10: Within 3 months of the date of cancellation or the date of cancellation order whichever is earlier.
GSTR 11: 28th of the month that is following the month for which the statement was filed.

Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return - irrespective of amount of income or loss. All companies and LLPs are mandatorily required to file income tax return, irrespective of turnover or profit. David Selva Associates provides income tax efiling services with dedicated Tax Expert support. Upload your Form-16, sit back and relax. Our experts will file your income tax return and provide you the acknowledgement within 1 - 2 business days.

Taxpayers who do not file their income tax return on time are subject to penalty and charged an interest on the late payment of income tax. Also, the penalty for late filing income tax return on time has been increased recently. The penalty for late filing income tax return is now as follows:

• Late Filing between 1st August and 31st December - Rs.5000
• Late Filing After 31st December - Rs.10,000
• Penalty if taxable income is less than Rs.5 lakhs - Rs.1000

The due date for income tax return filing is 31st July of every year for individual taxpayers. The due date for income tax return filing for companies and taxpayer requiring tax audit is 30th September. Section 44AD of the Income Tax Act deals with tax audit under Income Tax Act.

In case of a business, tax audit would be required if the total sales turnover or gross receipts in the business exceeds Rs.1 crore in any previous year.

In case of a profession or professional, tax audit would be required if gross receipts in the profession exceeds Rs.50 lakhs in any of the previous year.

If a person is enrolled under the presumptive taxation scheme under section 44AD? and total sales or turnover is more than Rs. 2 crores, then tax audit would be required.

Penalty for late filing income tax return has been increased to Rs.5000 for returns filed between 1st August and 31st December.

Apart from depositing the tax the deductor also has to do TDS return filing. TDS return filing is a quarterly statement that is to be given to the Income Tax department. It is necessary to submit the TDS returns on time. TDS return filing can be done completely online. Once the TDS returns are submitted the details will come up on Form 26 AS. While filing the TDS returns the various details to be mentioned are:

• PAN of the deductor and the deductee.
• Amount of tax that is paid to the government
• TDS challan information
• Others, if any.

Tax deducted at source or TDS is the tax that is collected by the Government of India at the time when a transaction takes place. Here, in this case, the tax is to be deducted at the time the money is credited to the payee's account or at the time of payment whichever happens earlier.

In this case of salary payment or the life insurance policy, the tax is deducted at the time when the payment is done. The deductor is required to deposit this amount with the Income Tax Department. Through TDS a portion of the tax is paid directly to the Income Tax Department. The Tax is deducted usually over a range of 10%.

TAN or the Tax Deduction and Collection Number is a mandatory 10 digit alpha number that is to be obtained by all the people who are responsible for deducting tax at source or tax collection at source on behalf of the government. Salaried individuals are not required to obtain TAN or to deduct the tax at the source.

In the case of the proprietorships businesses and other entities are required to deduct tax at the source while making certain payments like the salary, payments to the contractor, payment of rent that is exceeding Rs.2,40,000 per year. David Selva Associates can help in obtaining the TAN registrations.

The entities that have a valid TAN registration have to file the TDS returns quarterly. Our TDS experts can help in computing the TDS payments and file the TDS returns while complying with the TDS regulations.

TDS return filing is done by organizations or employers who have availed a valid tax collection and deduction number (TAN). Any person who is making specified payments mentioned under the Income Tax Act is required to deduct the taxes at the sources and they are needed to deposit the tax within the stipulated time for making the following payments.

• Salary Payment
• Income on securities
• Income by winning the lotteries, puzzles, and others.
• Income from winning horseraces
• Insurance commissions.
• Payment concerning the National saving scheme and many others.

The due date for the payment of the TDS deducted is the seventh of the next month.

Note: As per Circular 21/2022, the date of furnishing the TDS Statement in Form 26Q for the quarter ended 30th Sept 2022 has been extended to 30th Nov 2022.

Here is the step-by-step procedure to file the TDS returns online.

Step 1: Firstly, Form 27 A containing multiple columns has to be filled and in case of the hard copy of the Form, it has to be verified along with the E-TDS return that has been filed electronically.
Step 2: In the next step, the tax that is deducted at the source and the total amount that has been paid needs to be correctly filled as well as tallied.
Step 3: The TAN of the organizations is to be mentioned on Form 27 A. There will be difficulties in the process of verification if the mentioned TAN is incorrect.
Step 4: While filing the TDS returns the appropriate challan number, the mode of the payment, and the tax details have to be mentioned. In case of the incorrect challan number or the incorrect date of the payment, there will be a mismatch and the TDS returns also need to be filed again.
Step 5: To bring consistency the basic Form used for Filing the e-TDS must be used. The 7 Digit BSR has to be entered for easing the tallying process.
Step 6: Physical TDS returns are to be submitted at the TIN FC, which is managed by NSDL. In case of the online filing, they can be submitted on the official website of the NSDL TIN.
Step 7: If the provided information is correct then a token number or a provisional receipt is received. This is a proof that TDS return has been filed.
Step 8: In case of rejection, a non-acceptance memo along with the reason for the rejection is issued and the returns have to be filed again.

TDS forms are depending on the income of the deductee or the type of deductees paying taxes. The TDS forms are mentioned below:

Under Section 192 of the Income Tax Act 1961, an employer deducts the TDS while paying the salary to an employee. An employer has to file the Salary TDS returns in Form 24 Q, which needs to be submitted every quarter. The details of the salary that are paid to employees and the TDS deducted from the payment are to be specified in Form 24 Q. In other words, Form 24 Q is the quarterly statement of the payment that is made to the employee and the TDS is deducted that is made by the deductor.

When a taxpayer is paying the taxes the payee is deducting TDS on certain occasions. Form 26Q is used to file TDS details on the payments that are made other than salary. The Form mentions the total amount that is paid during a particular quarter and the TDS amount that has been deducted. It is necessary to submit Form 26 Q every quarter.

Form 27 Q is a TDS return or a statement that contains the details of the Tax Deducted at Source on payments other than salary made to a Nonresident India and foreigners. Form 27 Q is to be furnished every quarter or before the due date. Form 27 Q contains the details of the payments that are made and the TDS deducted on payments is made to the NRI by the deductor.

Form 27 EQ contains all details about tax that is collected at the source. According to Section 206 C of the Income Tax Act 1961, this form has to be filed every quarter. The Form has to be submitted by both corporate and the government collectors and the deductors.

After the TDS is deducted by the deductor it is necessary to furnish the TDS Certificate. The deductee can cross-check the tax credit by viewing a valid TDS certificate from TRACES that bears a 7 digit unique certificate number and a TRACES watermark.

The TDS certificates are to be preserved by the deductee. TDS certificates on payments other than salaries are issued every quarter and the TDS certificate for the salary is provided on annual basis.

In case the deductee loses possession of the certificate he can request to get a duplicate TDS Certificate.

If the assessee is failing to file the TDS returns before the due date then there is a penalty of Rs.200 under Section 234 E per day by the assessee until the time the default is continuing.

If the assessee has not filed the return within a year from the date of filing then the returns or if the person has furnished incorrect information then he or she will also be liable for a penalty. The penalty levied is not less than 10,000 and more than Rs. 1,00,000.

Once the TDS returns are submitted and errors are detected like incorrect challan details or the PAN is not provided or incorrect PAN is provided then the tax amount credit with the government will not be reflected in the Form 16A / Form 26AS. To make sure that the amount is properly credit and reflected in Form 16/ Form 16A / Form 26 AS a revised TDS return has to be filed.

The revised TDS returns can be filed only when the original TDS return is accepted by the TIN central system. The assessee can check the status of the TIN Central System. The assessee can check the status of the TDS returns that are filed online by providing the required details such as the PAN and the Provisional Receipt Number/ Token number on NSDL.

The revised TDS returns have to be prepared by using the most recent consolidated TDS statement. The certificate can be downloaded from the TRACES website.

TDS Credit can be claimed by the deductor to claim the credit of the TDS the deductee must mention the details of the TDS in his returns of income. The deductee is required to take due care to quote the correct TDS certificate number and the TDS details while filing the returns of income.

In case of incorrect details that are provided by the deductee, there will be a discrepancy with the tax credit of processing the TDS returns.

The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act passed by the Parliament in December, 1985. The Act (2 of 1986) came into effect from 13th February, 1986 by a notification issued in the Gazette of India: Extraordinary: Part-II [Sec. 3(ii): 13.2.1986). The Authority replaced the Processed Food Export Promotion Council (PFEPC).

This will enable the exporters to submit monthly party return onto the APEDA website and to use other Online facilities available on APEDA website.

The employees’ State Insurance Act, 1948 aims to provide certain benefits to employees in case of sickness, maternity and employment injury. Every employer to whom the provisions of ESI, Act applies shall remit the ESIC employee and employer contribution on or before 15th of the following month and file the required returns within the due date mentioned under the act. Failure to pay or file the required returns shall attract penalty under the said act.

The employees’ provident funds and miscellaneous provisions act, 1952 aims to encourage savings among employees which would benefit them at the time of their retirement. Every employer to whom the provisions of EPF, Act applies shall remit the EPF employee and employer contribution on or before 15th of the following month and file the required returns within the due date mentioned under the act. Failure to pay or file the required returns shall attract penalty under the said act.