Registration, Taxation and Compliance for Enterpreneurs
CA Ashish BihaniSenior Advisor
Corpsquare.In
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?
Corpsquare.In
Do you want to be an Enterpreneur?
Corpsquare.In
Legal Formalities Human Resource Nature of Business Capital Taxation Long Run
Business Essentials
Corpsquare.In
Corpsquare.In
Nature of Business Registrations
Sole Proprietor
ship
Partnership
Limited Liability
Partnership (LLP)
Company (Pvt Ltd & Public Ltd)
Business Registration in India
Corpsquare.In
Sole Proprietorship
•One Man Army•Concentration of Decision Making Powers & Responsibilities•No Legal Framework•Capital Contribution •Small Business
Registration of Business
Corpsquare.In
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
Corpsquare.In
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
Corpsquare.In
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)
Corpsquare.In
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
Corpsquare.In
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
Corpsquare.In
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
Corpsquare.In
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?
Corpsquare.In
Corpsquare.In
Contact Us
CA Ashish Bihani+91.98908 19029 | [email protected]
020 2444 0444 | www.corpsquare.in
302B, CTS 43, Nav Maharashtra House, Opp. Shaniwar Wada, Shaniwar Peth,
Pune – 411030
