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Income Tax Return Filing for AY 2019-20

What is Income Tax and How it is Charged 

Income Tax is a Tax that is imposed on Individual or entities (Tax-Payer) on their income or profits earned during a particular tax period. Income Tax is charged as a percentage of taxable income that varies on the basis income of the tax-payer. The Financial year (April to March in India) in which the income is earned by the tax-payer is known as previous year and the next financial year in which such income is taxed or assessed is known as assessment year. For the financial or previous year 2018-19 the assessment year is 2019-20.

Every individual tax payer & HUF whose income during a previous year exceeds the basic exemption limit (currently Rs.250000/-) is required to file Income Tax Return, in case of other tax payers filing of return is mandatory irrespective of their income.

Type of Taxpayers:

For the classification purpose,Tax payers are divided into following categories under income tax: –

  • Individual
  • Hindu Undivided Family
  • Company
  • Firm
  • An Association of persons or a body of individuals
  • A Local Authority

Mode of Filing of Return

Every person is required to file his Income Tax Return electronically except following:

Individuals of the age of 80 years or more whose income does not exceed 5 lakh rupees and who does not claim any refund in his return may file return in paper form, if he is filing his return in Form ITR-1 & Form ITR-4. Everyone else is required to file his return electronically.

Heads of Income

Income earned by a tax payer  is divided into following five categories or heads under income tax:-

  • Salary: – Existence of relationship of employer and employee is must between the payer and payee to tax the income under this head. Income under the head salaries includes the following;
  • Wages
  • Annuity
  • Pension
  • Gratuity
  • Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages
  • Advance of Salary
  • Leave Encashment
  • Annual accretion to the balance of Recognized Provident Fund
  • Transferred balance in Recognized Provident Fund
  • Contribution by Central Government or any other employer to Employees Pension Account
  • House Property: The Income is taxable under this head if the tax-payer ownsa house property consisting of any building or land appurtenant thereto and the house property is not being used for the purpose of business or profession carried on by the tax-payer.
  • Capital Gains: The Income is taxable under this head if the tax-payer earns any profit or gains by the transfer of a Capital Asset during the previous year. Capital Asset includes the following:
  • Any kind of property held by tax-payer, whether or not connected with business or profession of the tax-payer.
  • Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992.
  • Income from Business or Profession:The Income is taxable under this head if it is earned by the tax-payer as a result of his Business (trading, manufacturing etc.) or profession (Doctor, Engineer, Advocate, Company Secretary etc.).
  • Income from other sources: Any income which cannot be charged under any of above heads will be charged under this head. Dividend Income, Interest on securities,Composite rental income from letting of plant, machinery or furniture with buildings if such income is not chargeable under the head business or profession are some example of such income. 

Slab of Income:

For individual tax-payers tax is levied on the basis of slab system where different rates have been provided for different slabs and such tax slabs may change during every union budget. Income tax slab for all the tax-payers for the assessment year 2019-20 are summarized in below table: –

Income tax slab for Financial Year 2018-19

Type of Taxpayer

Income Slab

Tax Rate

Health & Education Cess

Individual & HUF below 60 years of Age

Upto Rs.2.5 Lakh

Nil

 

Rs.250000 to 500000

5%

4% of tax

Rs. 500000 to 1000000

20%

4% of tax

Above 1000000

30%

4% of tax

 

 

 

 

Individual & HUF of age above 60 Years but Less than 80 Years.

Up to Rs 300000

Nil

 

Rs.300000 to 500000

5%

4% of tax

Rs. 500000 to 1000000

20%

4% of tax

Above 1000000

30 %

 

 

 

 

 

Individual & HUF of age above 80 Years.

Up to Rs 5,00,000

Nil

 

500000 to 1000000

20%

4% of tax

Above 1000000

30%

4% of tax

 

 

 

 

Domestic Companies

Gross Turnover Upto Rs. 250 Cr.

25%

4% of tax

 

Gross Turnover exceeding 250 Cr.

30%

4 % of tax

 

 

Due Dates for Filing Return of Income for AY 2018-19

Due dates for filing Income tax return are as follows:

S.No.Type of TaxpayerDue Date
1Individuals, HUF, BOI, AOP. (Taxpayers with no audit requirement.)   31st July of relevant Assessment Year
2Company, Taxpayers whose accounts need to be Audited, working partner (whose firm’s books need to be Audited)30th September of the relevant Assessment Year
3Individuals, HUF, BOI, AOP (Taxpayers with audit requirement)           30th September of the relevant Assessment Year

https://fastlegal.in/blog/income-tax/last-date-for-filing-income-tax-return-of-private-limited-company-for-financial-year-2017-18-is-30th-september-2018/ 

 

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How to Register Private Limited Company ( Pvt Ltd) in India

Private Limited Company Registration procedure is becoming very simple now a days , any person who wants to carry out business operations with separate business entity is not required to wait for month or two just to get the legal formalities done. Even the PAN and TAN of the company is available just after the registration process is completed.

Procedure for Private Limited Company Registration :

  1. Check whether the proposed name is available or not , this has to be check at MCA website at Check Company name option, It is advisable to check only first word of the name and not the full name, If Name is available , try out new name 
  2. Now Check the Trademark of the proposed in the product category on Trademark Public Search Website, if trademark exist try out new name
  3. Prepare KYC Documents of Proposed Directors and Subscribers
  4. Documents will be PAN , Aadhar/DL/Voter Id and Utility Bill/Telephone Bill/Bank Statement, Passport Size Photograph , Mobile Number , Email id , Digital Signature form and Video of Min 25 Sec that the applicant is applying for Class 2 Digital Signature
  5. Documents for KYC of Office Address : Office Address of the Company KYC will be Rent Agreement, if rented premises, Electricity Bill and NOC form Owner 
  6. DSC Application to Certifying Authority 
  7. Incorporation Documents : INC-9 and DIR-2
  8. Signing of Incorporation Documents 
  9. Preparation of Spice form 
  10. Preparation of SPice MOA 
  11. Preparation of SPICE AOA 
  12. Affixing of DSC on Form
  13. uploading of E Forms on MCA portal 
  14. Payment of Incorporation Fee 
  15. Waiting for Reply form CRC ( Takes around 1 to 2 working days ) 
  16.  Approval or Re submission form CRC
  17. Resubmit the e forms by making corrections 
  18. Wait for Approval

Get Company Registration Support form Fastlegal – call 9782280098 or email at [email protected]

Place your Request and Fastlegal Team Member will call you back

Company Registration process is same all over India and all the companies are registered via Central Registration Center (CRC) 

 

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How to Check Public Documents of Company Registered in India

As a Business Organisation you must be dealing with different organisations in India , that may be Sole Proprietorship, Some are Partnership Firms, Some are Private Limited Companies and LLP’s.  Now it is must that you should know your vendor or customer correctly, for that you will be doing some research about proposed business through internet.  Now you must be aware that you have one more option that let you know about Financial Position of Organisation(Checking of Financial Statements ), Directors of the Company, Annual Return of the Company etc.

To Check the Public Documents of any Company Registered in India, you need to pay Rs. 100 per Company

This process is very simple and can be checked at MCA website ( http://mca.gov.in)  :

  • Create Account at MCA Website :  You must have an MCA account to access public documents facility.
  • Login to your Account : Login to your Account by providing userid and password
  • Go to MCA services and Select Document related Services – and View Public documents
  • Type Company name or CIN of Company
  • Select the Company for which you want to access the public documents
  • Check the Company Documents according to Category and Year that the required documents are available or not.
  • If the required documents are available, Proceed to make payment of Rs. 100
  • Once the payment is confirmed, Download option will be available in the MCA My Workspace page
  • Documents the Required documents and check all the details.

Above steps will help you in doing preliminary due diligence of your prospective customer or vendor.

Need Full Due Diligence Services , email us at [email protected]

 

 

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Company Secretary (CS) Trainee Vacancy in Jaipur, Rajasthan

Fastlegal is having requirement of CS Trainee at Jaipur Office.

CS Training will be held with its associated CS Firms.

Scope of work: 

  • All Type of Company , LLP Incorporation 
  • FEMA/FDI Compliance
  • Secretarial Compliance 
  • Trademark
  • Goods and Services Tax (GST) Filings and Compliance 
  • Accounting 

Selection Process : Interview Basis

Email us at : [email protected] 

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Main Object of Wire and Cable Manufacturing Company

  1. To carry on the manufacture, trade, sale, import and export of all types of optical fibre such as step index, graded index and mono mode and other types of fibres required for use in fibre optic systems and cables, for use in industrial applications, medical use, instrumentation, defense systems, signalling, telecommunication, multi-channel video communication, data communication and other communication and electronic applications.
  2. To carry on the manufacture, trade, sale, import and export of equipment used for Fibre Optic Network such as Line Terminal equipment, Multiplexers, Opto-Electronic Instruments, Line Repeaters, Jointing and Terminating Equipment, Materials and Accessories, Laser Device, Light Emitting Device, Testing and Measuring Equipments.
  3. To design, install, erect, lay, provide consultancy and management services or undertake turnkey projects for manufacturing, installing, laying, commissioning of Fibre Optic Systems, Electrical Transmission and Distribution Network.
  4. To carry on the manufacture, trade, sale, import, export and repair of all types of Testing Equipments for all types of Cables and Conductors including Optical Fibres, Fibre Optic Cables and also Testing Equipments for Optical Fibre System and Optical Fibre Transmission and Distribution Networks.
  5. To Carry on the manufacture, trade, sale, import, and export of all types of Telecommunication and Power Cables including Fibre Optic Cables, Dry Core Cables, Jelly Filled Cables, Coaxial Cables, Switchboard Cables, Radio Frequency Cables, Cables for PCM System, Electronic Cables, Telephone hand Set Cords, Computer Cords, cords required for Electrical Appliances and Defence purposes, Aerial Self-supporting Cables, Jumper wires, Drop Wires, Tinsel Conductors, Ribbon Cables, Control Cables, Instrumentation cables, Signalling Cables, WindingWires, Aircraft and Ship Wiring Cables and all other type of wires and Cables and raw materials used in optical telecommunications.
  6. To carry on the business of manufacture, produce, process, buy, sell, import, export and otherwise deal in all kind of Optical Fibre Cables, Optical Fibre Ribbon, Power Cables including Solar and Wind Energy Cables, Radio Frequency Cables, Hybrid Cables, Composite Cables, Quad Cables, Railway Signalling Cables, Instrumentation Cables, Control Cables, Optical Fibre Ribbon Cables, Flexible Cables and Cords, Other Specialty Cables, Tactical Cables, Railway Catenary Wire, Grooved Contact Wire, Dropper Wire, Optical Fibre and all kinds of Preform of Silica Rods, Silica Rod and Tubes, Quartz Rods and Tubes, Fibre Reinforced Plastic (FRP) Rods, Glass Roving Filling/Flooding Compound, Aramid Yarn, Water Swellable Yarns, Colouring Inks, Oils, Chemicals, Heat Shrinkable Sleeves, all Gases, UV Resins, all other raw materials and inputs required for manufacture of all kinds of Optical Fibre, Optical Fibre Ribbon, Optical Fibre Cables, Telecommunication Cables, Power Cables, Radio Frequency Cables, Hybrid Cables, Composite Cables, Quad Cables, Railway Signalling Cables, Instrumentation Cables, Control Cables, Other Specialty Cables, Tactical Cables, Power Distribution Cables, Ribbon Cables and all other types of wires and cables, and other inputs, all kinds of equipments and products (electronic or otherwise) used inthe telecommunications networks, Power Distribution and Transmission~ networks, tactical communication solution systems, homeland protection systems, electronic warfare systems, network centric warfare enablers, optoelectronics, Military engineering systems including parts, connectors and accessories thereof.

 

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Last Date for Filing Income Tax Return of Private Limited Company for Financial Year 2017-18 is 30th September, 2018

Last Date for Filing Income Tax Return of Private Limited Company for Financial Year 2017-18 is 30th September, 2018

All companies registered in India are required to file income tax return on or before the 30th of September. Companies Incorporated During the 1st of Jan 2018 to March 2018 is also required to file within 30th Sept 2018.

Private Limited Company Registration in Jaipur

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Main objects of Manpower Consultancy Service Company

To carry on the business of providing Manpower placement and recruiting, Selecting, Interviewing, Training and Employing all types of executives, Middle Management Staff, Junior Level Staff, Workers, Labourers Skilled/Unskilled required by various Industries and organizations including providing security services, Labour contractors, Industrial, Commercial, Housing and other security services and workers for office management and to conduct employment bureau and to provide consultancy and other services in connection with requirements of persons and manpower supply in India and abroad.

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How to Register Nidhi Company in India

Nidhi Company is most popular form for giving loan to its members and accept deposits from its members. It is also called mutual benefit Company. For Providing Loan and Accepting Deposits you have to register Nidhi Company and with the Capital of Nidhi Company subject to Condition provided in Nidhi Rules you can lend money and accept deposit from Its members.

Nidhi Company will always be public limited company and its name should end with ‘Nidhi Limited”, Presently Nidhi Company is becoming very popular for lending business.

Nidhi Company Registration Procedure:

  • Obtaining DSC for All the members and Directors
  • Obtaining DIN for All the Directors
  • Application for Approval of name
  • Preparation and Drafting of Incorporation documents
  • Signing of Incorporation Documents
  • Application for Incorporation of Nidhi Company with ROC
  • Approval by ROC, after verifying all  the required documents and information.

Basic Features about Nidhi Company for Registration:
1. Required Minimum 3 Directors and 7 Shareholders
2. Can Accept Deposits From its members
3. Body Corporate and Benifit of Limited Liability
4. Can Land Money to its Members
5. Can Provide Locker Faciltity to its members
6. Required to have Minimum 200 members within one Year
7. Best suited for Small lending and desposit Business
8. Minimum Capital Rs. 5 Lakh at the time of Incorporation and Thereafter required to have Rs. 10 Lakh.

Documents Required For Nidhi Company Registration

1. PAN of all Directors
2. Voter ID/DL/Aadhar Card/Passport of All Directors /members
3. Passport Photo of all Directors
4. Latest Bank Passbook/Statement or Electricity/Boradband Bill
5. Latest utility bill (electric bill/telephone bill) and Rent Agreement or latest tax receipt/ownership deep of the property for the property to be used for registered office

Click here to get Free Legal Support form Fastlegal Team Members for Nidhi Company Registration

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Modes of Investment under Foreign Direct Investment Scheme in India

Foreign Direct Investment in India can be made through the following modes:

A. Issuance of fresh shares by the company

An Indian company may issue fresh shares /convertible debentures under the FDI Scheme to a person resident outside India (who is eligible for investment in India) subject to compliance with the extant FDI policy and the FEMA Regulation.

B. Acquisition by way of transfer of existing shares by person resident in or outside India

Foreign investors can also invest in Indian companies by purchasing / acquiring existing shares from Indian shareholders or from other non-resident shareholders. General permission has been granted to non-residents / NRIs for acquisition of shares by way of transfer in the following manner:

  • Transfer of shares by a Person resident outside India: 
    • Non Resident to Non-Resident (Sale / Gift): A person resident outside India (other than NRI and OCB) may transfer by way of sale or gift, shares or convertible debentures to any person resident outside India (including NRIs but excluding OCBs). Note: Transfer of shares from or by erstwhile OCBs would require prior approval of the Reserve Bank of India
    • NRI to NRI (Sale / Gift): NRIs may transfer by way of sale or gift the shares or convertible debentures held by them to another NRI.
  • Transfer of shares/convertible debentures from Resident to Person Resident outside India

    A person resident in India can transfer by way of sale, shares / convertible debentures (including transfer of subscriber’s shares), of an Indian company under private arrangement to a person resident outside India, subject to the following alongwith pricing, reporting and other guidelines