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Income Tax Return of LLP (ITR Filing for LLP)

Posted on by Fastlegal Team

In this article, we will discuss the main requirements for ITR Filing for LLP in India, A limited liability partnership (LLP) is a business entity that is neither a company nor a partnership. It is a hybrid entity that combines the advantages of both forms of business. LLPs are registered under the Limited Liability Partnership Act, of 2008.

Like companies, LLPs are legal entities that are separate from their members. This means that the members of an LLP are not personally liable for the debts and liabilities of the LLP. However, like partnerships, LLPs are taxed as pass-through entities. This means that the income of the LLP is taxed in the hands of its members.

ITR Filing for LLPs

LLPs are required to file income tax returns (ITRs) in India. The ITR filing process for LLPs is similar to the ITR filing process for individuals and companies. However, there are some specific requirements that LLPs must meet when filing their ITRs.

Who Must File an ITR?

All LLPs that have income from business or profession are required to file an ITR. LLPs that do not have any income from business or profession are not required to file an ITR.

What Form Should Be Used for ITR Filing of LLP?

LLPs must use ITR Form 5 to file their income tax returns. ITR Form 5 is a simplified form that is designed for use by small businesses and professionals.

What Information Must Be Provided for ITR Filing of LLP?

LLPs must provide the following information when filing their ITRs:

  • The LLP’s name and registration number
  • The LLP’s PAN number
  • The name and address of the LLP’s principal place of business
  • The names and addresses of the LLP’s partners
  • The LLP’s income from business or profession
  • The LLP’s expenses
  • The LLP’s net profit or loss

When Must the ITR Be Filed?

The due date for filing an ITR for LLPs is the 31st of July of the assessment year. However, LLPs that are required to get their accounts audited are required to file their ITRs by the 30th of September of the assessment year.

How Can an ITR Be Filed?

LLPs can file their ITRs online or by mail. To file an ITR online, LLPs must create an account on the Income Tax Department’s website. To file an ITR by mail, LLPs must download and print the ITR form and mail it to the Income Tax Department.

Penalty for Late Filing

LLPs that file their ITRs late are liable to pay a penalty. The amount of the penalty depends on the length of the delay.

Conclusion

The ITR filing process for LLPs is relatively simple. However, it is important to file the ITR on time to avoid penalties. If you have any questions about ITR filing for LLPs, you should consult with a tax advisor.

Here are some additional tips for filing an ITR for an LLP:

  • Make sure you have all of the required information before you start filing.
  • Double-check your work before you submit your return.
  • Keep a copy of your return for your records.

Basic Information Required to start the ITR filing for LLP, Fill the below form

  • Name of the LLP
  • PAN of the LLP
  • Date of incorporation of the LLP
  • The financial year for which you are filing the ITR
  • The total turnover of the LLP for the financial year
  • Whether the LLP is required to get its accounts audited
  • If yes, the name of the auditor and the date of the audit report
  • Name and contact details of the authorized partner who will sign the ITR

Here are the benefits of filing your LLP’s ITR with us:

  • We are a team of experienced tax professionals who will ensure that your ITR is filed correctly and on time.
  • We will provide you with a copy of the filed ITR for your records.
  • We will keep you updated on the latest tax laws and regulations so that you can make informed decisions about your business.
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Fee For Shop Act Registration in Rajasthan

Posted on by Fastlegal Team

Rajasthan Shops and Commercial Establishment (Amendment) Rules, 2019 amended the fee structure for Registration of Establishment has changed and now Following Fee are applicable

 

S.No Maximum Number of employees employed on any day during the year Amount of one time Fees (in Rs.)
1 0-10 Employees 5000
2 11-50 Employees 20000
3 51-100 employees 50000
4 101 and Above Employees 150000

 

For Shop Act Registration Please Contact at 9782280098 or email at mail@fastlegal.in

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Obtaining a Pasara Licence in Rajasthan

Posted on by Fastlegal Team

So, you’re ready to launch your security agency in Rajasthan! Before you invest in uniforms and training programs, there’s one crucial step to ensure your success: obtaining the Private Security Agencies (Regulation) Act (PSARA) Licence. This mandatory document opens doors to legitimate operations and builds trust with potential clients. But navigating the application process can seem overwhelming. Let’s break it down, step-by-step, so you can secure your licence with confidence.

Understanding the Pasara Licence in Rajasthan:

  • PSARA is a nationwide Act regulating private security agencies, including those in Rajasthan.
  • It sets minimum standards for training, equipment, and personnel, ensuring professionalism and ethical conduct.
  • A valid PSARA Licence demonstrates your agency’s commitment to quality service and compliance with legal guidelines.

Documents Required for Pasara Licence in Rajasthan:

Gather the necessary documents meticulously to avoid delays. Remember, accuracy is key!

1. Application Form:

  • Choose the correct form online or at the Home Department depending on whether you’re applying for a new licence or renewal.
  • Fill out all sections truthfully and ensure no information is missing.

2. Identity Proof:

  • Submit copies of PAN cards, Aadhaar cards, Voter ID cards, or other government-issued photo IDs for all directors and partners of your agency.

3. Company Documents:

  • Provide certified copies of your Memorandum of Association (MoA) and Articles of Association (AoA).

4. Bank Details:

  • Submit canceled cheques or bank statements showcasing the agency’s account details.

5. Security Guard Details for renewal of Pasara Licence in Rajasthan

  • Compile information on your security personnel, including:
    • Training certificates issued by recognized institutes.
    • Police verification reports confirm clean criminal records.
    • Character certificates from previous employers or respected individuals.

6. Office Premises:

  • Attach clear photos of your agency’s office, highlighting the entrance, reception area, and training room.

7. Fee Payment:

  • Pay the prescribed license fee (Rs. 25000) for All Rajasthan through online payment gateways or demand drafts issued by scheduled banks.

Beyond the Basics:

Helpful Resources:

Tips for Success:

  • Double-check every document for accuracy and completeness before submission.
  • Keep copies of all submitted documents for future reference.
  • Don’t hesitate to contact the Home Department for any clarifications or assistance.

Pro Tip: Consider seeking guidance from consultants specializing in PSARA licensing procedures. They can streamline the process, ensuring a smooth and successful application.

Disclaimer: This information is for educational purposes only and shouldn’t be considered legal advice. Consult a qualified legal professional for specific guidance on obtaining a Pasara Licence in Rajasthan.

Remember: A PSARA Licence is an investment in your agency’s future. It opens doors to new business opportunities, strengthens credibility, and fosters trust with clients. By following these steps and utilizing the provided resources, you can navigate the application process with confidence and pave the way for a thriving security agency in Rajasthan!

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EPFO and ESI return mandatory only when Company cross threshold limits

Posted on by Fastlegal Team
EPFO and ESI return mandatory only when Company cross threshold limits 1

With the introduction of the incorporation form spice + the ministry has made mandatory to get ESIC and EPF registration along with the bank account of the company in this purpose the stakeholders has got confused about the filing of the returns and EPF and ESIC as all these companies incorporated have laser numbers of employees then that are prescribed under these respective acts and not required to comply with respective regulations.

In this regard ministry has come out with the clarification that the return filing for these companies are not mandatory unless they cross the threshold prescribed under the respective acts

As per MCA website update

New companies incorporated through SPICe+ and thereby have obtained EPFO/ESI numbers will have to file statutory returns only when they cross thresholds prescribed under the relevant Acts.

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Issue of Share Certificate in Private Limited Company: A Step-by-Step Tutorial

Posted on by Fastlegal Team

In this Article we will discuss A Step-by-Step Tutorial on Issue of Share Certificate in Private Limited Company, Issuing share certificates in a private limited company is an important procedure as it serves as proof of share ownership for shareholders. This document outlines the steps necessary to issue share certificates.

Step 1: Authorization from the Board of Directors

Before issuing any share certificates, the company must hold a board meeting to authorize the issuance of shares. The board resolution should include the number of shares to be issued, to whom, and at what price.

Step 2: Receive Payment for Shares

The company should ensure that the payment for the shares has been received as per the terms agreed upon. The payment should be in accordance with the price per share fixed by the company.

Step 3: Preparation of Share Certificates

Prepare the share certificates using the company’s standard format. According to the Companies Act, the certificate should include:

  • The company name and registration number
  • The name of the shareholder
  • The number of shares held and the share certificate number
  • The amount paid on those shares

Ensure that each certificate is signed by two directors or by a director and a company secretary, if appointed.

Step 4: Make Entries in the Register of Members

The company must enter the details of the issued shares in the Register of Members. The details should include the name of the shareholder, the number of shares, the date of issue, and the certificate number.

Step 5: Stamp Duty

Ensure that share certificates are stamped to comply with the stamp duty regulations applicable in your jurisdiction. This step usually involves paying the required duty and having the share certificate stamped by the appropriate authority.

Step 6: Issue the Share Certificates

Once the share certificate is duly stamped and signed, it should be issued to the shareholder within two months of the allotment of shares or the date of the transfer, as stipulated by the Companies Act.

Step 7: Report the Issuance of Share Certificates

The issuance of share certificates must be reported to the Registrar of Companies within a prescribed period, usually through the filing of specific forms that detail the allotment of shares.

Step 8: Update the Register of Allotments

Finally, the company must update its Register of Allotments with details similar to what is mentioned in the Register of Members. This register keeps track of all allotments made by the company since its incorporation.

Conclusion

Issuing share certificates is a legal requirement that must be accurately completed to ensure compliance with regulatory requirements. Always refer to the latest provisions of the Companies Act in your jurisdiction to ensure compliance with all legal formalities.

Remember that this guide is a general overview and might require alterations based on location-specific laws governing private limited companies and their share issuance procedures. It is advisable to consult a legal expert or a company secretary /chartered accountant for company-specific compliance.

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How To Get Food Processing Enterprises Subsidy Under PMFME Scheme in Rajasthan

Posted on by Fastlegal Team

In this article we will Discuss about Food Processing Business Subsidy in Rajasthan under PMFME Scheme. If any entprenuer wants to setup Food Processing Business than he can apply for Subsidy under the PMFME Scheme in Rajasthan

Food Processing Business Subsidy

How much Food Processing Business Subsidy is provided by Government :

Individual micro food processing units would be provided capital subsidy @35% of the eligible project cost with a maximum ceiling of Rs.10.0 lakh per unit.

What is Eligible Project Cost to Avail Food Processing Business Subsidy :

  • It includes
  • Cost of Plant & Machineries
  • Technical Civil Work (Maximum 30% of Eligible Project Cost)
  • Excludes Cost of land/rental or lease work shed.

Quantum of Loan :

The project under this scheme shall be eligible for a loan up to 90% of the estimated/actual project cost on submission of viable projects be eligible beneficiaries.

Owner contribution should be a minimum of 10% of the eligible project cost.

Eligibility criteria for individual micro Food Processing Enterprises :

  • Eligible for both existing and new micro food processing enterprises for expansion/up gradation of existing food processing enterprises or setting up of new micro food processing enterprises are eligible under this scheme.
  • Food Processing means any operation that manufactures/process food for human and animal consumption.
  • Micro food processing enterprises means food processing units in operations with investment not exceeding Rs.1 crore and turnover not exceeding Rs.5 crore.
  • The enterprise should be unincorporated and should employ less than 10 workers
  • The applicant should have an ownership rights of the enterprise.
  • Ownership status of the enterprise could be proprietary / partnership firm/Pvt Limited Company/ FPO/NGO/SHG/Co-Operative.
  • The applicant should be above 18 years.
  • Only one person from one family would be eligible for obtaining financial assistance. The “family” for this purpose would include self, spouse and children
  • Willingness to formalize and contribute10% of project cost and obtain Bank loan

Documents Required for getting subsidy/Loan:

  • PAN Card
  • Photo & Copy of Aadhaar card of all promoters/partners/directors
  • Address Proof (Not before 2 months) i.e. Electricity, telephone, Water Bill etc.
  • Description of unit/factory
  • 6 months’ Bank Statement
  • Quotations of Plant & Machineries
  • Estimates for  enterprises  building shed
  • In principle approval letter from the bank

Not Eligible Food Processing Enterprises Subsidy

  • Trading & selling of unprocessed Millets/Cereals/Spices etc.
  • Unprocessed or loose milk ( Selling of Milk/Curd)
  • Trading and selling of fruits and vegetables
  • Trading and selling of unprocessed minor forest products
  • Bee Keeping/Loose selling of Honey
  • Loose selling, trading and repacking of Oil
  • Trading and selling of groundnut, Areca nut.
  • Poultry, Piggery, Goatry or and rearing activity of animals
  • Trading and selling of fresh fish/meat/chicken etc.
  • Repacking of manufacturing products.
  • Canteen, grocery, hotel, Tiffin services, restaurant or any others food service enterprises.
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How to Apply for Voluntary Liquidation of Company Under IBC

Posted on by Fastlegal Team

Insolvency and Bankruptcy Code provides Voluntary Liquidation of Corporate Persons in India, A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under Chapter V of Insolvency and Bankruptcy Code (IBC) , Section 59 of IBC provides for Voluntary Liquidation of Corporate Persons.

Procedure for Voluntary Liquidation of Company Under IBC

Voluntary liquidation proceedings of a corporate person registered as a company shall meet the following conditions:

  • A declaration from majority of the directors of the company verified by an affidavit stating that –
    • (i) they have made a full inquiry into the affairs of the company and they have formed an opinion that either the company has no debt or that it will be able to pay its debts in full from the proceeds of assets to be sold in the voluntary liquidation; and
    • the company is not being liquidated to defraud any person
  • Above Declaration shall be accompanied by :
    • Audited financial statements and record of business operations of the company for the previous two years or for the period since its incorporation, whichever is later
    • a report of the valuation of the assets of the company, if any prepared by a registered valuer
  • Within Four Weeks of Above Declaration there shall be a special resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily and appointing an insolvency professional to act as the liquidator, or
  • A resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily as a result of expiry of the period of its duration, if any, fixed by its articles or on the occurrence of any event in respect of which the articles provide that the company shall be dissolved, as the case may be and appointing an insolvency professional to act as the liquidator
  • Where Company Owes any Debt to any Person :
    • creditors representing two thirds in value of the debt of the company shall approve the resolution passed under sub clause (c) within seven days of such resolution (Special or Ordinary Resolution as mentioned above)

Reporting to Registrar of companies and Board about Voluntary Liquidation Process by Company:

  • within seven days of such resolution or the subsequent approval by the creditors, as the case may be

The voluntary liquidation proceedings in respect of a company shall be deemed to have commenced from the date of passing of the above resolution subject to the approval of Creditors of Company

  • Once the Above is complete,
  • The liquidator shall receive or collect the claims of creditors within a period of thirty days from the date of the commencement of the liquidation process
  • The Financial and Operational Creditor will submit the claims.
  • A creditor may withdraw or vary his claim under this section within fourteen days of its submission
  • The liquidator will verify the claims submitted
  • The liquidator may, after verification of claims, either admit or reject the claim
  • The liquidator will communicate his decision of admission or rejection of claims to the creditor and corporate debtor within seven days of such admission or rejection of claims
  • The liquidator will determine the value of claims admitted

Distribution of assets in case of Liquidation of Company:

  • The proceeds from the sale of the liquidation assets shall be distributed in the following order of priority : –
  • The insolvency resolution process costs and the liquidation costs paid in full;
  • The following debts which shall rank equally between and among the following:
    • workmen’s dues for the period of twenty-four months preceding the liquidation commencement date; and
    • debts owed to a secured creditor in the event such secured creditor has relinquished security
  • wages and any unpaid dues owed to employees other than workmen for the period of twelve months preceding the liquidation commencement date;
  • financial debts owed to unsecured creditors;
  • the following dues shall rank equally between and among the following: –
    • any amount due to the Central Government and the State Government including the amount to be received on account of the Consolidated Fund of India and the Consolidated Fund of a State, if any, in respect of the whole or any part of the period of two years preceding the liquidation commencement date;
    • debts owed to a secured creditor for any amount unpaid following the enforcement of security interest
  • any remaining debts and dues;
  • preference shareholders, if any; and
  • equity shareholders or partners, as the case may be

 

Where the affairs of the corporate person have been completely wound up, and its assets completely liquidated, the liquidator shall make an application to the Adjudicating Authority (NCLT) for the dissolution of such corporate person

The Adjudicating Authority shall on an application filed by the liquidator pass an order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly

A copy of an order of dissolution shall within fourteen days from the date of such order, be forwarded to the authority with which the corporate person is registered (ROC) .

 

Need Voluntary Liquidation Services for your Company – Please Email us at Support@fastlegal.in or call at 9782280098

 

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LLP Form 8 Filing Date Extended to 30th December 2021

Posted on by Fastlegal Team

MCA Relaxes Levy of Additional Fee in case of delay in Filing of LLP Form 8 (the Statement Account and Solvency) by LLP for the financial year 2020-21.

MCA issued a Circular, in which MCA announced a relaxation on additional fees in filing Form 8 by LLP up to 30th December 2021. Due to the difficulty faced by LLPs as a result of the COVID-19 epidemic, MCA has received a request for an extension of the deadline for completing the Statement of Account and Solvency without paying additional expenses.

LLP Form 8

The MCA has decided to allow LLPs to file Form 8 (the Statement of Account and Solvency) for the Financial Year 2020-2021 without paying additional fees until December 30, 2021, as part of the government’s ongoing efforts to promote ease of living and compliance for Micro, Medium and Small Enterprises doing business through the vehicle of LLP

Small LLP Incorporation

Enrich your business.

  • Name Approval
  • DIN
  • DSC
  • LLP Agreement *
  • PAN /TAN of LLP
  • Capital Contribution Up to Rs. 1 Lakh *

*Stamp duty up to Rs. 2000 included in this package

Rs. 9999 /-

LLP Annual Filing

Small LLP without Audit Applicability

  • LLP Form 11
  • LLP Form 8
  • DIN KYC
  • Income Tax Return
  • Book-keeping & Final Accounts up to 100 Entries

Rs. 8000/- Per year

LLP Annual Filings

Other than Small LLP

  • LLP Form 11
  • LLP Form 8
  • DIN KYC
  • Income Tax Return
  • Book-keeping
  • Audit

Request

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Step-by-Step Guide: Establishing a Café Business in India

Posted on by Fastlegal Team

In this article we will discuss about the process of setting up a café business in India, cafe business in india requires careful planning and adherence to legal requirements. This step-by-step guide provides a serious tone, focusing on the necessary procedures, licensing obligations, and financial considerations.

Step 1: Conceptualize Your Café

  • Define your target audience, theme, and menu.
  • Conduct thorough market research, analyzing café trends and studying competitors.
  • Create a detailed budget, estimating start-up costs and ongoing expenses.

Step 2: Business Registration and Licenses

  • Choose an appropriate business structure such as sole proprietorship, partnership, LLP, or Pvt Ltd company.
  • Register your café as a legal entity with the Registrar of Companies, if necessary.
  • Obtain the required licenses and permits, including:
    • Food License: Apply for a Food Safety and Standards Authority of India (FSSAI) license. Refer to the FSSAI website for comprehensive information and guidance.
    • Shop and Establishment Act License: Register your café based on the respective state’s Shops and Establishment Act.
    • Gumasta License: Complete registration with the municipal corporation or local municipality.
    • Fire Department NOC: Obtain a No Objection Certificate from the local fire department to demonstrate compliance with fire safety regulations.

Step 3: Location and Infrastructure

  • Identify a suitable location that aligns with your target audience and ensures convenience.
  • Take into account factors such as footfall, parking availability, and proximity to other establishments.
  • Establish the necessary physical infrastructure, including interior design, furniture, kitchen equipment, and utilities.

Step 4: Hiring and Staffing

  • Determine the required staff roles, such as chefs, servers, cashiers, and cleaners.
  • Advertise job openings, conduct interviews, and provide comprehensive training.
  • Ensure compliance with labor laws and prioritize the creation of a safe working environment.

Step 5: Menu Creation and Vendor Selection

  • Develop a well-designed menu that caters to your target audience’s preferences.
  • Establish relationships with reliable vendors to ensure the procurement of high-quality ingredients.
  • Consider incorporating local specialties and seasonal offerings to enhance the appeal of your menu.

Step 6: Marketing and Promotion

  • Devise a compelling brand identity, encompassing a unique name, logo, and carefully designed visual elements.
  • Create an online presence through an engaging website and establish a presence on relevant social media platforms.
  • Utilize digital marketing strategies, such as content creation, search engine optimization (SEO), and targeted advertising.
  • Supplement your efforts with traditional marketing techniques, including print media and localized promotions.

Step 7: Operations and Customer Service

  • Implement efficient operational procedures for streamlined order taking, food preparation, and exceptional customer service.
  • Prioritize delivering outstanding customer experiences and strive to continuously improve through feedback and market insights.

Step 8: Revenue and Profit

  • Projected revenue will be influenced by factors such as footfall, menu pricing, and average customer spend.
  • To assess profitability, subtract all expenses (e.g., rent, salaries, raw materials, utilities, marketing) from the generated revenue.
  • Regularly review your financial statements, enabling you to monitor profitability and identify areas requiring optimization.

Please note that initiating a café business demands dedication, hard work, and continuous learning. Adherence to legal requirements is crucial, and crafting a unique value proposition is essential to attract customers. We wish you success as you embark on your café venture in India.

Disclaimer: The information provided above is intended for general guidance and should not substitute legal or financial advice. For specific queries, it is advisable to consult with qualified professionals to ensure compliance with local regulations and tailor the process to your unique circumstances.