Other Business Compliances
We can provide you with other tax return services in India as well.
As per Indian Govt. Rules, if the value of services rendered by the service provider exceeds Rs. 9 lakhs, then every service provider needs to mandatorily apply for the registration of service tax.
Service tax return is the form which the government requires to file with the appropriate official by a designated date to disclose detail income subject to taxation and eligibility for deductions and exemptions, along with a remittance of the tax due or acclaim for a refund of taxes that were overpaid. However, if you have any query regarding service tax return provisions, you can connect with us so that we can resolve the same.
Along with Service Tax return, it is really necessary for an organization to follow the compliance of VAT-TIN return as well.
Chargeability of Service Tax
In the earlier times (up-to 2012), the service tax was charged on cash basis but after the amendments the changeability will be as follows:
- On Cash Basis: Applicable to Individual Service Providers, which means that service provider will deposit the service tax only when the amount as shown in the Invoice has been collected.
- On Accrual Basis: Applicable to every company, partnership firm, LLP, professionals etc., which means that liability to pay services as soon as the services are provided irrespective of the collection of the funds on the same.
How to file Service Tax Return
Service Tax Return process is as follows:
- Login to e- Filing application (Service Tax Return Online Filing)
- Go to ‘e File’ and prepare and submit your application there
- Select the Income Tax Return Form ITR 1/ITR 4S and the assessment year.
- Fill in the details and then submit the application
- After submission, acknowledgement detail is displayed
- Click on the link to view or generate a printout of acknowledgement/ITR V form
TIN (Taxpayer Identification Number) is a unique number allotted by the Commercial Tax Department of each State Government. It is used for identification of dealers registered under VAT. This unique number consists of 11 digit numerals that will be unique throughout the country. First two characters represent the State Code as used by the Union Ministry of Home Affairs. The way the next nine characters are arranged may, however, be different in different States. Starters CFO can help you with VAT Return services.
Filing of VAT- TIN Returns
The entities having VAT or TIN Registration must file VAT returns on time in order to avoid penalty. Implementation of VAT is done by the State Governments. Hence, the VAT return filing due date and VAT payment due date differs from state to state. VAT returns are mostly due monthly, quarterly or annually. Connect us if you also want to get your filings done for PF and ESI return.
VAT Payments must be deposited in designated banks quarterly in case of Proprietary Firms, LLPs or Partnership Firms and monthly in the case of other type of business entities like Companies. VAT Returns must be filed monthly or quarterly on the 21st of the next month. VAT is not applicable on goods exported from India. Therefore, exporters of goods are not required to pay VAT. However, it is advisable for exporters to obtain VAT registration. For filing process, TIN return can be done online by filling the TIN return form. To enquire about TIN NSDL return filing contact us, we are here to help you for this as well.
Procedure for Filing of VAT-TIN Returns
VAT Return procedure includes the following steps.
- Login to the online portal of the Directorate of Commercial Taxes of respective state
- Download the PDF version of Form 14D which is the VAT return form (filing form).
- After the download is complete, the form and all other downloaded annexure need to be filled duly with data pertaining to your VAT receipts and other relevant details.
- Upload the generated file as well as the duly filled annexure.
- At this points, all upload could be correct and the process could be over or there could be errors which the server will prompt and ask you to rectify.
- Download or print the receipt to keep as reference for e-filing of VAT.
Provident Fund refers to worker’s social safety zone where they must contribute a portion of their salaries and employers are required to contribute on behalf of their workers. The money in this fund is paid out to the retirees or to the disabled employees who cannot work.
Employees’ State Insurance is a self-financing social security and health insurance scheme for Indian workers. It is designed to accomplish the task of protecting ’employees’ as defined in the Employees’ State Insurance Act against the hazards of sickness, maternity, disablement and death due to employment injury and to provide medical care to insured persons and their families.
In audit, EPF & ESI shall be deducted from salary every month and shall be deposited by 15th & 21st of every month respectively. For Winding up a Company services, you can connect us. Our professionals will help you in this as well.
Procedure for online filing of PF or ESI Return
- Login to the Employer e-Sewa Portal
- Click on ECR at the top Menu Bar
- Select the text file you have to upload from the location where you have saved it. After filling all the relevant details, submit your application
- A digitally signed PDF file with date and time of upload will appear on the screen.
- Download and Print Challan
- Make Remittance: (Off line activity)
By Definition, Winding up a company in India means the process of selling all the assets of a business, paying off creditors, distributing any remaining assets to the principals or parent company, and then dissolving the business. An Administrator, called a liquidator is appointed and he takes control of the company, collects its assets, pays its debts and finally distributes any surplus among the members in accordance with their rights
In this process, the life of a company is ended & its property is administered for the benefits of the members & creditors. The procedure for winding up differs depending upon whether the company is registered or unregistered. A company formed by registration under the Companies Act, 1956 is known as a registered company. It could also include an existing company, which had been formed and registered under any of the earlier Companies Acts.
A particular business line may occasionally be wound up by a company because of its diminishing prospects or minimal contribution to the parent company’s bottom line. The parent company may decide to wind up such a business if efforts to find a buyer for it are unsuccessful.
All other business compliance such as service tax return or VAT-TIN Return also needs to be followed for running your company with ease.
Voluntary Winding Up
Voluntary Winding up: Voluntary winding up is a procedure in which the company’s directors choose to voluntarily bring the business to an end by appointing a liquidator to liquidate all of its assets. The winding up process in this case is likely to be more orderly.
Procedure for winding up of a Company in India
- Conducting a board meeting with 2 Directors and passing a resolution
- Holding a meeting with Creditors after passing the resolution
- Within 10 days of passing the resolution, file a notice with the registrar for appointment of liquidator
- Winding up the affairs of the company and prepare the liquidators account and get the same audited.
- Holding a final annual general meeting
- The appointed liquidator would then file a copy of order with the registrar.
- After receiving the order passed by tribunal, the registrar then publish a notice in the official Gazette declaring that the company is dissolved.
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