DPIIT is Department for Promotion of Industry and Internal Trade administered by the Ministry of Commerce and Industry, it is a nodal Government agency with a responsibility to formulate and implement growth strategies for the Industrial Sector along with other Socio-Economic objectives and national priorities.
DPIIT recognised company & firms as a Startup. Under the Startup India initiative, eligible companies can get recognized as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking & more.
Fast-tracking of Startup Patent Applications – The applications will be fast-tracked so that the value can be realised sooner.
Panel of facilitators to assist in the filing of IP applications – The facilitators will be assisting in the filing of applications.
Government to bear facilitation cost – Under this scheme, the Central Government shall bear the entire fees of the facilitators for any number of patents, trademarks or designs that a Startup may file, and the Startups shall bear the cost of only the statutory fees payable.
Rebate on the filing of application – Startups shall be provided with an 80% rebate in filing of patents vis-a-vis other companies. This will help them pare costs in the crucial formative years
Investments into eligible startups by listed companies with a net worth of more than INR 100 Crore or turnover more than INR 250 Crore shall be exempt under Section 56(2) VIIB of Income Tax Act
Investments into eligible Startups by Accredited Investors, Non-Residents, AIFs (Category I), & listed companies with a net worth more than 100 crores or turnover more than INR 250 Crore, shall be exempt under Section 56(2)(VIIB) of Income Tax Act
Consideration of shares received by eligible startups shall be exempt upto an aggregate limit of INR 25 CroreEligibility to avail tax exemption under Section 56
Should be a private limited company
Should have been recognised as a DPIIT. To get DPIIT recognition, click on “Get Recognised” below.
Not Investing in specified asset classes
Startup should not be investing in immovable property, transport vehicles above INR 10 Lakh, Loans and advances, capital contribution to other entities, except in the ordinary course of business
Registration Process
Registration to be done at the Startup India Portal
Get DPIIT Recognition
File the up Section 56 Exemption application form from this link
Startup company will receive an email once the registration is activated
Eligible Startup can avail the benefits of Income Tax Exemptions for consecutive 3 financial years.
Eligibility to avail tax exemption under 80IAC The entity should be recognised by the DPIIT Only Private Limited Companies or Limited Liability Partnerships are eligible for tax exemption under Section 80IAC The Startup must have been incorporated on or after 1st April, 2016
Registration Process & Documents Access Startup India portal and register After registration, apply for DPIIT recognition Access the Section 80 IAC exemption application Fill in all details with the below-mentioned documents uploaded and submit the application form
The LLP can be closed if the LLP is inoperative from the date of incorporation or inactive for a period of at least one year immediately preceding the filing of the application.
Different types of TDS forms are as follows :- Form 24Q -TDS on Salaries Form 26Q – TDS on payments other than Salaries Form 27Q – TDS on payments made to Non-Residents Form 27EQ – TCS
TAN is an alphanumeric 10 digit number required by a person who is liable to deduct TDS and file TDS return. Thus such person must make an application within a month of deducting TDS for allotment of Tax Deduction and Collection Number (TAN) in Form 49B. This number allotted is mandatory to mention in all TDS Certificates issued, returns, challans etc. If a person fails to apply for TAN he may be penalised up to Rs. 10,000/
It is the duty of the person who is making payment to someone for specified goods or services to deduct TDS and file TDS return. The specified payment includes salary, interest, commission, brokerage, professional fees, royalty, contract payments, etc. The person who deducts TDS is called deductor and the person whose tax is being deducted is called deductee.
TDS means Tax Deducted at Source. It is the amount deducted from payments of various kinds such as salary, contract payment, commission etc. This deducted amount can be adjusted against the tax due of the deductee.
A share certificate is a written document signed on behalf of a corporation that serves as legal proof of ownership of the number of shares indicated. A share certificate is also referred to as a stock certificate.
However, under the new valuation guidelines, the transfer of unlisted shares have to be at fair value thereby bringing in higher taxes to the exchequer and consequently acting as a deterrent to transfer unlisted equity shares at a value lower than fair market value, determined as per prescribed valuation rules. .
Any private agreement between the shareholders are not binding either on the company or on the shareholders. Further, share transfer can only be restricted by the Articles of Association. The right to transfer shares of a private limited company cannot be an total prohibition or ban on share transferability.
Every company is required to file the annual accounts and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of the Annual General Meeting.
According to 134 of the companies act, 2013, the company shall be fined any amount between Rs. 50,000 to Rs. 25,00,000 depending on case to case basis. Further, every key person in charge, including its directors, may be sent to imprisonment for a term of 3 years or fine between Rs. 50,000 to Rs. 5,00,000 or with both
There may be times when you want to change the share structure of your company; either by adding a new shareholder or by changing the existing proportion of shares between shareholders. A share transfer is the process of transferring existing shares from one person to another; either by sale or gift.
The essential documents are balance sheet, profit & loss account, and audit report for filing the ROC Returns. However, in the annual return of the company information concerning shares, registered address changes of any during the financial year. We would need all ROC filing done during the fiscal year.
Yes, every company which is registered under the companies act must file the annual roc return and ITR within its due date. However, for newly incorporated companies, there is some relaxation on time of holding the AGM. To help companies with NIL or up to less than ten transactions during the financial year, we have straightforward pricing.
The failure in complying with the requirement of preparing and maintaining the books of account of the company at the registered address results in Imprisonment of one year or with fine which shall not be less than 50,000 but may extend to 5,00,000.
Who can perform an audit? In India, chartered accountants from ICAI or The Institute of Chartered Accountants of India can do independent audits of any organisation. CPA or Certified Public Accountant conducts audits in USA.
The tax audit report is to be electronically filed by the chartered accountant to the Income-tax Department. After filing of report by the chartered accountant, the taxpayer has to approve the report from his e-fling account with Income-tax Department (i.e., at www.incometaxindiaefiling.gov.in).
A. It depends on several conditions, If Loss occurred and Total Taxable Income is below threshold limit (2.5 lakh for non senior citizen and 3 lakh for senior citizen), No Tax Audit required. If Loss occurred in Business and Total Taxable Income exceeds threshold limit, Tax Audit required
While the Stautory audit as required under the companies act 2013 or the Limited Liability Partnership Act, 2008, is general in nature and comprehensive. The scope of work under the statutory audit involves detailed checking of books of account maintained by the company or LLP. The statutory auditor is required under law to express a written opinion whether the books of account and records kept by the company or LLP gives a true or fair view of the affairs of the business or not. Whereas the tax audit as required under the Income tax act has an entirely different objective, wherein the tax auditor is required to prepare a detailed report in a specified format, ie. 3CA/ 3CB and 3CD giving details of the compliance with various provisions of the income tax act. In other words, the tax audit is narrow in its scope in comparison with the statutory audit.
Barcodes are applied to products as a means of quick identification. They are used in retail stores as part of the purchase process, in warehouses to track inventory, and on invoices to assist in accounting, among many other uses.
The barcode will work for any retail product except the books, magazine, periodicals and journals. If you have a book, you should apply for International Standard Book Number (ISBN)
The barcode will work for any retail product except the books, magazine, periodicals and journals. If you have a book, you should apply for International Standard Book Number (ISBN)
UPC Barcode is the first barcode designed in the USA in 1970’s. It is a 12-digit barcode usually used in the USA. A few years later EAN barcode was developed for international use which is 13-digits long. EAN barcode is widely used in India and worldwide except the USA. Generally, all the barcode scanner can read both the barcodes.
A barcode essentially is a way to encode information in a visual pattern that a machine can read. The combination of black and white bars (elements) represents different text characters which follows a set algorithm for that barcode type.
The Members of the Producer Company can carry these activities by themselves or through other entities: Processing, including preserving, drying, brewing, distilling, vinting, canning and packaging of produce. … Insurance of producers or their primary produce. Promoting techniques of mutuality and mutual assistance.
“Producer Company” means a body corporate having objects or activities specified in section 581B and registered as Producer Company under the Companies Act, 1956. … Termed as “Companies with Limited Liability” and the liability of the members will be limited to the amount, if any, unpaid on the shares
For pvt ltd company registration in india, broadly there are two kinds of documents required. One of the KYC of the promoters, while the other category is the documents of the registered address of the company. We have categorically mentioned the list of documents required for company registration in India, in the upper section of this webpage.
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