Name Changes of Company

Goods and Services Tax is very important part of business in India today. As only one Tax is apply on all sale of Goods and Services on B2B and B2C . Post Registration of GST, various compliances are,

• Tax Computations and ITC Adjustement in Books
• Monthly Tax deposit
• Monthly/Quarterly/yearly Return Filing
• Matching and availing Input Tax Credit (ITC) on Return
• Check updated balance status on Electronic Ledger on GST Postal
• Uploading correct Invoice details on GST Portal etc.
• Any subsequent amendment in GST Registration
• Ensure correctness of GST Rate and HSN code on products
• GST Accounting and its treatment in Profit and Loss Statement and Balance Sheet.
• Stay updated with latest Notifications, Circular and Rule issued

Various Compliances in GST :

1. GST monthly Deposit
2. GST Return File – Monthly/Quarterly/Yearly
3. Input Tax Credit (ITC) Matching and adjustment of ITC with output Tax
4. Maintaining Invoices as per Rule
5. Proper Treatment of GST in Books of accounts
6. Maintain and Keep records of All Books of Accounts and Documents for 5 Years

ROC Compliance

There are two type of Compliances in general practice

A. Annual Compliances

Auditors Appointment, Annual Return Filings etc

B. Special Compliances

Changes in Authorised Capital, MOA/AOA Amemdment, Registered Address changes ( Within state/Intra state), etc

Annual Filing Documents :

1. Auditor’s Report Scan Copy in pdf
2. Balance Sheet Scan Copy in pdf
3. Director’s Report Scan Copy in pdf
4. AGM Notice Scan Copy in pdf
5. All Forms Attested by Practicing CA/CMA/CS

List of Compliances :

1. First Auditors Appointment
2. Subsequent Auditor’s Appointment at AGM
3. Annual Filing of Balance sheet and Profit & Loss A/c etc.
4. Attestation of all ROC form by Practicing CA/CMA/CS
5. Issue of Share certificates & Stamping
6. Maintaining Statutory Registers
7. Keep upto date records of all minutes
8. Auditors Removal ( Form ADT-3)
9. Charges File in case of Loan taken
10. Changes in Share Capital
11. Changes in Directorship
12. Changes of Registered Address
13. Changes of name and/or Object
14. XBRL Filing ( for limited company), etc.

GST Compliance / GST Refund Claims

Goods and Services Tax is very important part of business in India today. As only one Tax is apply on all sale of Goods and Services on B2B and B2C .

Post Registration of GST, various compliances are,

• Tax Computations and ITC Adjustement in Books
• Monthly Tax deposit
• Monthly/Quarterly/yearly Return Filing
• Matching and availing Input Tax Credit (ITC) on Return
• Check updated balance status on Electronic Ledger on GST Postal
• Uploading correct Invoice details on GST Portal etc.
• Any subsequent amendment in GST Registration
• Ensure correctness of GST Rate and HSN code on products
• GST Accounting and its treatment in Profit and Loss Statement and Balance Sheet.
• Stay updated with latest Notifications, Circular and Rule issued

Various Compliances in GST :

1. GST monthly Deposit
2. GST Return File – Monthly/Quarterly/Yearly
3. Input Tax Credit (ITC) Matching and adjustment of ITC with output Tax
4. Maintaining Invoices as per Rule
5. Proper Treatment of GST in Books of accounts
6. Maintain and Keep records of All Books of Accounts and Documents for 5 Years

TDS & TCS compliance

Tax Deducted at Source (TDS), Tax Collected at Source (TDS) and Business Income Tax Return (B-ITR) are 3 important Prime Direct Tax Compliance which every Firm/LLP/Company doing business in India has to comply and follow the Income Tax Act and Rules and Act regulating Tax Deduction on payment of certain specified expenditures namely Salary, Interest, Rent, Dividend, Commission, Brokerage, Professional Fee, Royalti, Compensation, Advertisement, Contract Works and Payment made to Non Resident/Foreign Companies.

TDS deduction rate varies expenditure wise as mentioned in Sectins 192 to 196D of the Income Tax Act Tax Collection at Source (TCS) – Under section 206C of the Income Tax Act, tax has to be collected at source on sale of Category A, B, C & D goods ( namely Alcoholic Liquor, Timber, MInerals, Coal, Iron Ore, Parking Toll, Toll Plaza, Jewellery, Motor Vehicle Valued exceeds Rs 10 lakhs, etc.)

Various compliances in TDS/ TCS :

1. Get TAN ( Tax Deduction Account Number) from NSDL.
2. Expenditure Scanning – Check to ensure TDS applicable or not. Avoid Under or over deduction.
3. Payment ( monthly) of TDS/TCS within due date.
4. Filing Quarterly Return within due date.
5. Ensure All PAN of Deductee is available and correctly mention in the return.
6. Issue TDS/TCS certificates.
7. File 3CA/3CB in case of Foreign outward Remittance.
8. Preserve Records – Maintain all TDS return filing acknowledgement copy, Return Copy, Payment challan, Ledger for few years, as which might be require lateron in case of assessment.

Income Tax Filings

An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.

Income Tax Rates :

1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person

Individuals

(Other than senior and super senior citizen)

Net Income Range	Rate of Income-tax
	Assessment Year 2024-25	Assessment Year 2023-24
Up to Rs. 2,50,000	-	-
Rs. 2,50,000 to Rs. 5,00,000	5%	5%
Rs. 5,00,000 to Rs. 10,00,000	20%	20%
Above Rs. 10,00,000	30%	30%

Senior Citizen

(who is 60 years or more at any time during the previous year)

Net Income Range	Rate of Income-tax
	Assessment Year 2024-25	Assessment Year 2023-24
Up to Rs. 3,00,000	-	-
Rs. 3,00,000 to Rs. 5,00,000	5%	5%
Rs. 5,00,000 to Rs. 10,00,000	20%	20%
Above Rs. 10,00,000	30%	30%

Super Senior Citizen

(who is 80 years or more at any time during the previous year)

Net Income Range	Rate of Income-tax
	Assessment Year 2024-25	Assessment Year 2023-24
Up to Rs. 5,00,000	-	-
Rs. 5,00,000 to Rs. 10,00,000	20%	20%
Above Rs. 10,00,000	30%	30%

Hindu Undivided Family

(Including AOP, BOI and Artificial Juridical Person)

Net Income Range	Rate of Income-tax
	Assessment Year 2024-25	Assessment Year 2023-24
Up to Rs. 2,50,000	-	-
Rs. 2,50,000 to Rs. 5,00,000	5%	5%
Rs. 5,00,000 to Rs. 10,00,000	20%	20%
Above Rs. 10,00,000	30%	30%

2. Partnership Firm

For the Assessment Year 2024-25, a partnership firm (including LLP) is taxable at 30%.

3. Local Authority

For the Assessment Year 2023-24 & 2024-25, a local authority is taxable at 30%.

4. Domestic Company

Income-tax rates applicable in case of domestic companies for assessment year 2023-24 and 2024-25 are as follows:

Domestic Company	Assessment Year 2023-24	Assessment Year 2024-25
♦ Where its total turnover or gross receipt during the previous year 2020-21 does not exceed Rs. 400 crore	25%	NA
♦ Where its total turnover or gross receipt during the previous year 2021-22 does not exceed Rs. 400 crore	NA	25%
♦ Any other domestic company	30%	30%

5. Foreign Company

Assessment Year 2023-24 and Assessment Year 2024-25

Nature of Income	Tax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government	50%
Any other income	40%

6. Co-operative Society

Assessment Year 2023-24 and Assessment Year 2024-25

Taxable income	Tax Rate
Up to Rs. 10,000	10%
Rs. 10,000 to Rs. 20,000	20%
Above Rs. 20,000	30%