Yes, every entity is required to register under the applicable authorities before starting business.
For Example: – If any person wants to establish Pvt/Public Co, he/she requires to file an application to office of company registrar along with supporting documents such as MOA/AOA and so on.
As per provision of income tax act, every person who is planning to start business shall file an application to income tax authority along with registration documents and obtain registration certificate (ie. PAN/VAT) from IRD.
Every person earning taxable income or liable to deduct tax at sources shall obtain PAN before earning such income or deducting tax. In addition, person can obtain PAN voluntarily.
Definitely not. Personal PAN can’t be used for business purpose. However, personal PAN can convert into business PAN for doing business activities by filing application to income tax department.
For example: – Suppose Mr. Ram works in ABC and Co. as a manager and getting good salary and paying tax by declaring personal PAN. Now he wants to establish his own firm by the same PAN as used in employment purpose. In this case he should file an application to Income tax department for conversion of personal PAN into business and only after approval from department he can use such PAN in business.
No. Every person before incorporating company shall file an application with respective authority along with MOA and AOA whereas in such document type of business, he/she intends to conduct from such company should be mentioned and after getting approval he/she should not conduct type business other than mentioned in filed documents. However, application can be filed with authority for additional business if he/she intends to do so. So, entity can not carry business other than as mentioned in MOA, AOA and PAN.
Definitely not. First IRD check the details of the person filling an application for PAN form their database to determine whether he/she may already any PAN. Based on assessment and information provided by the taxpayer, they will issue the PAN. Therefore, there is minimum chance of issuing double PAN for single person. However, if a person hold double PAN, he/she will be penalize. Hence, recommend not to hold double PAN. If person hold personal PAN want to carry on business activities, covert his/her personal PAN into business PAN before starting business activities.
Yes, it is mandatory to certify sales and purchase register yearly within 25 days from the date of commencement of each fiscal year. If registered person fails to certify the sales & purchased book within prescribed time, then IRD will penalize by Rs. 10,000.
Yes, every person which has registered under VAT and conduct transaction of goods and service shall file a return within 25 days following the end of each month irrespective of any transaction whether or not there was transaction during that month or not. Non-compliance with the filing of return may lead to penalty of 0.05% of tax liability per day or Rs 1,000 per tax period whichever is higher.
Yes. As per Sub-rule (3Kha) of Rule 26 of VAT Rules 2053 (Amended), If hotel, tourism, printing or electronic publication or broadcasting house, brick industry, movie theatre and transportation agency opt for filling of VAT return on four months basis, the department may allow the tax period of four monthly for the same. In this case, VAT return shall be file within 25th day of the following month of completion of such tax period.
Similarly, registered person maintain its books of account electronically may file an application to ax officer for special tax period other than normal one. If the tax officer find it appropriate for providing special tax period based on assessment may grant special tax period to that registered person.
As per section 90 of income tax act, every person who is required to withhold tax as per section 87, 88, 88A and 89 shall withhold TDS and make payment within 25 days following the end of transaction month and file return by prescribing detail of transaction and verify the same with respective income tax office. If registered person fails to do so, they will be penalize as per section 90 (1).
In general as per section 96 of income tax act, return of income shall be file within 3 months from the end of fiscal year (ie, Ashoj Masanta). However, the taxpayer can file an application for extension of due date of filing of return of income by maximum of 3 months as per section 98 of the act, Such application is valid only if it is verified by income tax officer
Person other then person having employment income less than 40 lakhs and receive payment as final withholding as per section 92 should file an income tax return for every financial year.
No, TDS deducted as per section 87 shall be treated as final payment and no return shall be required to be filed. However, person having employment income more than 40 lakhs shall require filing income tax return.
ORA Consultancy provides wide range of professional services such as taxation advisory, NFRS conversion, HR and Payroll support service, Auditing services, accounting and bookkeeping and many more.
In dynamic business environment, management should focus on their core business activities and deal with the daily issues that are ended up on management table. By working with us, you are accessing a consultant who know what it take to run a business, with benefits of being able to taken an unbiased view of your organization and work with us ‘on’ the business. In addition our professional team will help you to come out from the business problem and provide valuable suggestion and recommendation to grow your business efficiently.
Absolutely. Our Code of ethics strictly prohibited to our consultant to discuss your business with anyone. This also applies to our specialist who engage in assignment of the company. During the period of service, if our consultant feel it necessary to brainstorm with other consultant to get best insights to a particular situation or finding alternative solution, the company name and other identifying information would not be disclosed or provide.
Everyone doing their job on their own way and for their benefits. Your accountant/manager work for himself or for your company and bank manager is working for the bank. Therefore, their advice will be geared to ensure they make a profit for their company. Our consultants are working for you, and will be paid only on the success that they bring to your company. Neither your accountant/ manager nor bank manager can give you this type of advice, support and assistance.
Yes. In most instant, we enter into engagement contract and start providing our service straight away