business registration, taxation and compliance for enterpreneurs in india

Registration, Taxation and Compliance for Enterpreneurs

CA Ashish BihaniSenior Advisor

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India is Most Preferred Offshore Destination across the Globe

Ample opportunities

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Introduction – On Global Side

Do you want to be an Enterpreneur?

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Do you want to be an Enterpreneur?

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Legal Formalities Human Resource Nature of Business Capital Taxation Long Run

Business Essentials

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Nature of Business Registrations

Sole Proprietor

ship

Partnership

Limited Liability

Partnership (LLP)

Company (Pvt Ltd & Public Ltd)

Business Registration in India

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Sole Proprietorship

•One Man Army•Concentration of Decision Making Powers & Responsibilities•No Legal Framework•Capital Contribution •Small Business

Registration of Business

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Registration of Business

Partnership Firm

•Partners & Mutual Understanding•Partnership Act 1932•Partnership Deed – Main Clauses•Unlimited Liability•Old Business Type

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Registration of Business

Limited Liability Partnership (LLP)

•Partnership in Corporate Form •LLP Act 2008•LLP Agreement – Ministry of Corporate Affairs•Limited Liability•Good form for Professionals

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Registration of Business

Company

•Shareholders & Directors•Companies Act 1956 & 2013•Memorandum (MoA), Articles ( AoA)•Limited Liability•Pvt, Public, Listed•Global recognition

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Business Taxation

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Taxation of Business -Income Tax Proprietorship

Taxability Criteria Business income along with any other income of proprietor is chargeable to tax

Rate of tax Slab rates applicable to Individual; further subject to age of proprietor

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Proprietorship

Taxation of Business -Income Tax

Slab Rate Applicable

0 to 200,000 0% (NIL)

200,000 to 500,000 10% ( Tax Credit 10%, Maximum Rs.2,000)

500,000 to 10,00,000 20%

10,00,000 & Above 30%

* 10% Surcharge is applicable for Income above 1 Cr* 3% Education Cess on applicable on tax

Partnership Firm & LLP (Governed by Section 40b of Income Tax Act)

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Taxation of Business -Income Tax

Remuneration to Partners

Taxable in hands of partners as per Slab rates

Profits of Firm 30%

* 10% Surcharge is applicable for Income above 1 Cr* 3% Education Cess on applicable on tax

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Companies

Taxation of Business -Income Tax

Remuneration to Directors

Taxable in hands of Directors as per Slab rates

Profits of Company 30%

Dividend Distribution 15% (Surcharge 5%)

* 5% & 10% Surcharge is applicable for Income above 1 Cr & 10 Cr respectively

* 3% Education Cess on applicable on tax

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Indirect Taxes

Taxation of Business

•Burden of Consumers•Essential Element in Product Pricing•Applicable as per nature of Business

VAT/CSTService

TaxExcise Duty

Customs Duty

Applicable on Trading Product wise Rates (Schedules) Set Off/ Input Tax Credit VAT & CST – An Analysis Registration MVAT Act & CST Act & Compliance

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Taxation of Business – VAT/CST

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Applicable on Services Negative Regime - Changes from July 2012 Service Tax Rate – 12.36% Set Off/ Input Tax Credit Abatement Reverse Charge Mechanism Registration Compliance

Taxation of Business – Service Tax

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Applicability Manufacturing Import & Export Basic Compliance Set Off/ Duty Drawbacks

Taxation of Business – Excise & Customs Duty

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Compliance Accounting

Auditing

RoC

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Importance of Accounting Accounting Data Analysis Book Keeping & types of records Legal View – Invoices/ Vouchers Evidence Internal Business Structure & Procedures

Accounting - Basics

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Auditing – Verification of Accounts Audit under various Statutes

◦ Companies Act◦ LLP Act ◦ Income Tax Act◦ MVAT Act

Internal / Management Audits Benefits & Usefulness to Business

Auditing

Statutory Audit Annual Return Filing Annual General Meeting Board of Director Meetings Compliance for any change in MoA & AoA

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Registrar of Companies (RoC)

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The e-Commerce Way

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Global Market Online presence across the World Savings in Set Up Costs & Overheads Transparency (Tracking) Ease of Payment (Payment Gateway) Business Promos and Offers Strong Back end processing is MUST

Why e-Commerce?

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Any questions please?

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Contact Us

CA Ashish Bihani+91.98908 19029 | ashish.bihani@gmail.com

020 2444 0444 | www.corpsquare.in

302B, CTS 43, Nav Maharashtra House, Opp. Shaniwar Wada, Shaniwar Peth,

Pune – 411030