Other Services

INCOME TAX

Preparing income tax return of your own is a bit tough task. It asks more questions to you than answers. It is an open truth that today's tax laws are complicated. Even filing a simple return may be confusing. It happens such that you overlook deductions and credits easily to which you are entitled. Even computer software requires an expert assistance.

We are one of the most efficient income tax return preparer offering tax return preparation services. We do every thing for you in this regard and even guide you how to file returns, either physically or electronically. Filing electronically may help you in getting refund back faster. Our team also guide you of potential deductions to limit your tax liability for the next year.

 

SERVICE TAX

Service tax is a comparatively new levy in India and very few judicial precedents are available on the subject. The language of the law is quite broad and generic and uses terms like "directly or indirectly" and "in any manner" which raise a number of issues regarding scope of specific category of service. Revenue authorities have been issuing explanatory circulars from time to time in relation to specific issues. Yet, there is, considerable ambiguity in the applicability of the service tax law to various services.

When two or more services are bundled together it would be classifiable under the category which gives essential character to the service. Classification rules are in place from 14 May, 2003. If in case of composite activities, one or more of the activities are liable to service tax and the others are not liable to service tax, service tax would ordinarily be payable only on the charges received for the services to which service tax is applicable, provided charges for each activity can be separately identified / determined and it is not incidental to the main service.There are no rules for such identification / allocation and, therefore, such allocation, if required, must be made on a reasonable basis.

 

PARTNERSHIP FIRM

What is a Partnership?
• What are the necessary elements that are required to form a partnership?
• I am not a citizen of India. Can I be a partner in an Indian firm?
• What is the capital of a partnership firm?
• Is a deed of partnership necessary?
• Who can be partners?
• I have a minor son. Can he be a partner in my partnership firm?
• Can a minor admitted to the benefits of partnership, become a partner on attaining majority?
• I am a partner in a firm. What are my rights?
• What are my duties as a partner in a firm?
• What are my limitations as a partner?
• What is Partnership at will?
• What are the requirements for registration of a partnership firm?
• I am a partner of a firm. I have been served a notice. What are its implications?
• Can a partner transfer his right in the business of the firm to an outsider?
• Can a new partner be admitted into the partnership firm?
• Can a partner nominate a successor?
• Can a Hindu Undivided Family become a partner of a firm?
• Can a Kartha of an HUF become a partner?
• Can a firm become a partner in another firm?
• Four members of a Hindu joint family have an ancestral business of money lending. They share its profits. Is this a partnership firm? Are they partners?
• What are the ways by which partnership can be dissolved?
• What is dissolution of partnership by consent?
• What is dissolution by agreement?
• When can a partnership firm be compulsorily dissolved?
• What is meant by dissolution on happening of certain events?
• What is meant by dissolution by notice?
• When is a partnership dissolved by court?
• Is a public notice necessary for the dissolution of the firm?

 

COMPANY LAW

In India, incorporation of a company is governed by the Companies Act 1956. It is the most important piece of legislation that empowers the Central Government to regulate the formation, financing, functioning and winding up of companies. It applies to whole of India and to all types of companies, whether registered under this Act or an earlier Act. But it does not apply to universities, co-operative societies, unincorporated trading, scientific and other societies.

The Act is administered by the Central Government through the Ministry of Corporate Affairs and the Offices of Registrar of Companies, Official Liquidators, Public Trustee, Company Law Board, Director of Inspection, etc. The Registrar of Companies (ROC) controls the task of incorporation of new companies and the administration of running companies.
The Official Liquidators who are attached to the various High Courts functioning in the country are also under the overall administrative control of the Ministry. The set-up at the Headquarters includes the Company Law Board, a quasi-judicial body, having the principal Bench at New Delhi, an additional principal bench for Southern Region at Chennai and four Regional Benches located at New Delhi, Mumbai, Kolkata and Chennai. The organisation at the Headquarters also includes two Directors of Inspection and Investigation with a complement of staff, an Economic Adviser for Research and Statistics and other Officials providing expertise on legal, accounting, economic and statistical matters.

HOW TO REGISTER

For registration and incorporation of a company, an application has to be filed with Registrar of companies. Application for registration of a company accompanied by the selected names, Memorandum of Association and Articles of Association and other necessary documents is to be filed with the Registrar of companies of the State in which the company is proposed to be incorporated

TYPES OF COMPANIES

Under the Companies Act, an entrepreneur can form two types of companies, namely a private company or a public company.

A Private Company is one, the articles whereof contains the following restrictions:-

* restricts the minimum paid up share capital to such an amount as may be prescribed but which shall not be less than rupees one lakh;
* restricts the rights of members to transfer its shares, if any;
* limits the number of its members to fifty excluding the past or present employees of the company who are members of the company;
* prohibits any invitation to the public to subscribe for any shares or debentures of the company;
* does not invite or accept any deposits from persons other than its members, directors or their relatives.

Also, the minimum number of members in a private company is two and such a company must have the words \'Pvt Ltd\' as the last part of its name.

A Public Company, as defined in the Companies Act, has the following features:-

* its shares are freely transferable;
* there is no ceiling on its membership;
* it can invite general public to subscribe to its shares;
* it has a minimum paid up capital of Rs.5 lakhs or such higher paid up capital as may be prescribed;
* it is a private company which is a subsidiary of a public company.

Also, the minimum number of members in a public company is seven and such a company must have the word \'Ltd\' as last part of its name.

ISSUE OF CERTIFICATE OF INCORPORATION

The following certificate will be issued when all documents for registration are in order:

Form 8 - Certificate of Incorporation for a public company.

Form 9 - Certificate of Incorporation for a private company

 

OUR SERVICE
For incorporation of a private limited company:-

o We help in selection of suitable names and apply to the concerned ROC to ascertain the availability of a name
o Arrange for the drafting of the Memorandum and Articles of Association by our solicitors, the vetting of the same by the ROC and the printing of the same.
o Arrange for the stamping of the Memorandum and Articles with the appropriate stamp duty.
o Present the documents to the ROC with the filing fee and the registration fee.
o Obtain the Certificate of Incorporation from ROC.

Additional Steps to be taken for formation of a Public Limited Company:

* Consent of Directors to act as such.
* Arrange for payment of application and allotment money by Directors on shares
* File the Statement in Lieu of Prospectus with the ROC
* File a declaration in Form-20 duly signed by one of the Directors.
* Obtain the Certificate of Commencement of Business.