How To Set Up A Company In India

Many believe that it is optional to file Income tax returns and therefore end up being non-compliant with the country’s most stringent tax law, The Income Tax Act, 1961. Income Tax returns are an annual event and are the moral and social obligation of all responsible citizens.

Income Tax is a direct tax that is charged on the income of individuals or entities who are required to pay taxes to the government. The tax is calculated on the next taxable income of the entity based on the Income slabs which are notified by The Finance Act every year during union budgets.

Income tax is commonly taken off your pay by your employer, or of the service recipient, and sent directly to the account of the central government in the form of TDS.

Individuals or entities like HUF, sole proprietorships are required to calculate their taxes and file an Income Tax return if no more tax is payable after TDS (Tax deduction at source)

Each year, one should file a tax return with The Income Tax department, to:

• Report the annual income generated
• Ensure that the correct amount of income tax has been duly paid
• Access tax credits and benefits

 Why should you opt for SSI to assist you in filing your Income Tax return?

• Expert advisors assist all our clients and offer the most valuable consultations you can ever get.
• Your confidential information is secure with us and we practice non-disclosure for all our assignments.
• We offer you 365 days of relentless support, our customer relationship team ensures you are never in doubt, for anything that relates to your taxes.

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Transfer Pricing Advisory | Company Registration Online

About This Plan

With incremental adoption of globalization and rapid growth in several multi-national companies trying to establish their operation facilities, production houses in India, taxation in India is being aligned with global tax practices.

Therefore, it is incredibly important for every business entity to develop a thorough understanding of the transfer pricing regulations applicable on an Indian registered business entity, to plan the way for a business as well as its tax structure.

What is Transfer Pricing?

Transfer pricing generally refers to the price(s) of transactions controlled and practiced between associated enterprises. Such pricing decisions may be taken under conditions differing from independent enterprises.

Transfer pricing is the value attached to transfers of goods, services, and technology between related entities located in different territories. It also refers to the value attached to transfers between unrelated parties which are controlled by a common entity.

In other words, Profits accruing to the parent company can be increased by setting high transfer prices to siphon off profits from subsidiaries registered and operating in high tax countries and low transfer prices to divert profits to subsidiaries located in low-tax jurisdictions.

Why is it mandatory for related parties to document their transfer pricing?

Finance Act, 1994 had introduced section 92A to 92F under the Income Tax Act. This separate code on transfer pricing under Sections 92 to 92F of the Indian Income Tax Act, 1961 covers intra-group cross-border transactions which are applicable from 1st April 2001, and specified domestic transactions which are applicable from 1st April 2012.

The Income Tax Act, 1961 now prescribes that income arising from international transactions or specified domestic transactions between associated enterprises should be computed having regard to the arm’s-length price.

It has been notified that any allowance for an expenditure or interest or allocation of any cost or expense arising from an international transaction or specified domestic transaction also shall be determined having regard to the arm’s-length price.

 More Info :  Transfer Pricing Advisory | Company Registration Online

Documents Required For Startup Registration

 

A Start-up comes into existence when a founder comes up with a great idea accompanied by an execution plan that can potentially change the way an Industry works and/ or gives a solution to a specific consumer need.
 

In a view to support such ideas for creating a better future, developing an effective Start-up ecosystem, and catalyzing the creation of employment opportunities through them in the country, The Government of India has launched a Startup India Initiative as their flagship scheme to promote innovative ideas and incentivize the entrepreneurs for setting up their ventures.
 

These programs are managed by a dedicated Startup India Team, which reports to the Department for Industrial Policy and Promotion (DPIIT)

Do you have a Startup?

Then you must meet the following criteria to be considered eligible for DPIIT Startup recognition to avail of the benefits declared by the Central/ State government(s) from time to time:
 

• Company Age: Period of existence and operations should not be exceeding 10 years from the Date of Incorporation.
   
• Company Type: Incorporated as a Private Limited Company, a Registered Partnership Firm, or a Limited Liability Partnership
   
• Annual Turnover: Should have an annual turnover not exceeding Rs. 100 crores for any of the financial years since its Incorporation
   
• Original Entity: Entity should not have been formed by splitting up or reconstructing an already existing business.
   
• Innovative & Scalable: Should work towards development or improvement of a product, process, or service and/or have a scalable business model with high potential for the creation of wealth & employment.
    

More Info :  Documents Required For Startup Registration

Trademark Registration | Company Registration in India

 

Trademarks are unique identities that can be registered with the regulatory authorities in order to legally protect a product, service, or a business name from not only illegal impersonators, counterfeits, copies, etc but also from solicitation of unwarranted ownership that is often showcased by third parties on purpose to either willingly encash or to spoil a reputation built by the actual owner of a brand.

Unique identities and expressions can be logos, photographs, slogans, words, color combinations, graphics, etc.

SSI recommends that if you have a unique product name, brand, or logo then the only legal recourse to protect your exclusive ownership rights is to register it as a trademark.

A registered trademark becomes the intellectual property of your business and its registration certificate acts as a protective cover.

In India, trademarks are registered and regulated by the Controller General of Patents, Designs and Trademarks, Ministry of Industry and Commerce, Government of India. You can register your trademark under the provisions of The Trademark Act, 1999.

A registration certificate once obtained is valid till 10 years from the date of registration and provides the owner a right to sue the entities who try and copy a registered trademark.

A ™ can be obtained within 3 days. However, to get a ® symbol, it may take up to 2 years from the date of application.

In case a Trademark registration is nearing its expiry date, the owner can apply for the renewal for an incremental period of 10 years by submitting an application with requisite forms.

SSI offers comprehensive solutions to get Trademark Registrations and transfers done in India, Nepal & Lebanon in a professional, fast, and diligent manner.

With the assurance of covering all the compliances and statutory requirements, our aim is to provide you a hassle-free one-stop solution for all your Trademark related needs.

Long term vs short term capital gains tax: Here are key things you should know | TDS Compliances Services

Asset creation is a goal that most of us strive for throughout our lives, working hard to accumulate assets that will enable us to live a stable and comfortable life. Asset generation and distribution are often governed by laws in a social society, with the government maintaining track of them.

The income tax department in India keeps a close eye on assets, and asset owners must pay tax on the assets they own. The purpose of owning assets is to derive financial benefits from them, which can be obtained through sale or lease/rent.

 

What is a capital asset as per the law?

 

As per Section 2(14) of the IT Act, 1961:

Capital Assets have been defined as a property of any kind held by an assessee (Taxpayer) whether connected with his business or profession or not.

But excludes the following to be assessed as capital assets:

(i) Any stock-in-trade and raw materials held for the purposes of his business or profession

(ii) Personal effects, i.e., to say, movable property (including wearing apparel and furniture, but excluding jewellery, archaeological collections, drawings, paintings, sculptures and any work of art) held for personal use by the assessee or any member of his family dependant on him

(iii) Agricultural land in India not being situated within the jurisdiction of a municipality or within 8 km. of a municipality as may be notified

(iv) Gold bonds

(v) Special Bearer Bonds, 1991; and

(vi) Gold Deposit Bonds.

Get More Info : Online Trademark Registration

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virtual cfo services in india

Presently, after the eruption of the pandemic worldwide, new companies and corporates are searching for approaches to run lean. There is stress in a lot of industries and even established promoters now want to slice out high costs associated with their senior management to maintain good profitability.

This condemns us all to rethink and derive new solutions wherein innovative and remote capabilities can serve the purpose of the appraisal, decision-making, and efficient use of man-hours in senior management roles.

As a result of the above, a new pattern of employing Virtual CFOs over the more conventional in-house full-time CFOs is now being adopted at an exponential rate.

Promoters, Board of Directors and CEOs usually make the following inquiries before hiring a Virtual CFO:

• What level of administrations do virtual CFOs offer, and how competent are such professionals when it comes to practical situations?
• Are Virtual CFOs’ really accessible? How they convey reports?
• What's more, obviously, how much do the low maintenance CFOs cost in 2021?

In this elaboration, we will cover a portion of the essentials of working with a virtual CFO and give you essential information.

What does Virtual CFOs Offer?

• A Virtual CFO can distinguish and oversee accountant(s)/regulator(s) and various Intra-organizational budgets, plans, and running accounts to create dependable information and decipher the outcomes, delivering a deep analysis on how to steer the Board of Directors towards expressed objectives. The outcome is that the promoters then get to know, precisely: where, when, and how to center policy and procedural decisions to ensure an effective, efficient, and statutory compliant financial internal control system.

• A Virtual CFO can shape the accounts department with an upper hand. In case you are monetarily baffled, odds are your rivals are as well; however, they are likely not perusing this post and effectively looking for an answer. An accomplished CFO can help you cut waste, convey cash proficiently, and discover more noteworthy creations or development openings. With their assistance, you can be in a situation to stride in front of different associations with a specialty.

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Business Management sevices | Accounting & Bookkeeping

 About This Plan

SSI provides a year-round comprehensive bookkeeping solution to suit all your accounting needs. Proper accounting helps in establishing an effective financial ecosystem and helps you manage your budgets, fund flows, payables, receivables efficiently and effectively.

 

Regular maintenance of books of accounts is a statutory requirement for all business entities. Further, it is mandatory for firms undergoing statutory or internal audits as per the regulatory norms of several governmental bodies.

 

Because most startups, initially do not need a full-time dedicated accountant as the volume of transactions is low and at times it is not even economically feasible to hire one, SSI has specially curated this service package to fulfill all your accounting needs.

 

How can you benefit by outsourcing bookkeeping/ accounting services to SSI?

 

In today’s time with excellent access to online traceable communications, outsourcing core information-related business activities like accounting/ bookkeeping are considered and categorized as Knowledge process outsourcing wherein qualified professionals undertake assignments that require advanced analytical and technical skills as well as a high degree of specialist expertise.

 

We, at SSI, put in place rigorous internal control and quality assurance systems, wherein your industrial activities are studied in detail, and services such as accounting, and bookkeeping are carried on keeping in mind relevant:

 

1. Accounting standards (IND-AS)
2. Guidance notes issued by ICAI, and
3. IFRS, wherever applicable.

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Company Registration in India

 

If you are planning to start business in India, the first &the foremost step is to establish the legal presence of your business in India by registering it in accordance to the applicable provisions of Companies Act, 2013.

Thinking why to choose Company Registration in India? Company Registration in India will boost the progress of your business and provide an additional edge over those who have not registered.

• Shields from personal liability and protects from alternative risks and losses.
• Attracts more customers
• Procures bank credits and good investment from reliable investors with ease.
• Offers liability protection to protect your company’s assets
• Greater capital contribution and greater stability, increases the potential to grow big and expand
• You will also get Zero Balance Current Account

Why Setup Services India to help you in Registering your Company in India?

The Company Registration process is completely online, so you don’t even have to leave your home to get your entity registered. Our highly qualified professionals ensure that not even a single client at SSI is ever bothered to participate in a cumbersome procedure(s) while doing their business; we take this as our responsibility to solve the complex trails of statutory compliances for you to save your time and effort in doing your business. Want to know more OR have any doubt?? Request a Call Back!

Expectations from Union Budget 2022 | Business setup services India

Amidst the current Omicron wave across the world, leading world economies, including India, are on the path of recovery from the damage the COVID-19 pandemic has done. With the predicted growth of real GDP estimated at 8.3 per cent, as forecasted by the World Bank, the Indian economy is at the center of the limelight in world economics.

In this article on expectations from the Union Budget 2022, we have highlighted industry-wise expectations for reforms, subsidies, and support mechanisms from the Government of India.

 

Hospitality Sector

 

The hospitality sector is amongst the sectors that have been most disrupted from the COVID-19 pandemic and pursuant lockdown and travel restrictions that were imposed across the country.

 

This sector has been significantly suffered a crunch on liquidity and hence we expect the following reforms, support and benefits to accrue from the union budget 2022:

 

1. Reduction in tax rates on both corporate and normal assesses.
2. Fund for extending liquidity to the sector in form of collateral-free top-up of working capital limits
3. Increased or priority access to MSME reforms for the stressed entities.
4. Introduction of schemes for the promotion of travel and tourism by the government.

​

Textile Sector

 

The textile sector has relatively been relaxed post the deferred increase of GST rates. However, the entities are stressed due to rapid increase in the cost of inputs such as:

 

• Cotton

​
Problem:

Cotton prices have swiftly gone high due to the high level of exports.

​

Solution:

 

1. The textile industry is looking for relief in form of export duties so that more quantity can be made available for domestic and captive consumption and prices can be kept at valuation.​
2. The industry is also expecting the Government to remove or reduce the import duty of 5% levied on the import of raw cotton.

 

• Logistics Cost

​

Problem:

Pursuant to the double-digit increase in the cost of fuel. The increase in logistics cost has squeezed the markup margins of manufacturers as well as traders.

 

Solution:

 

1. The Industry wants the Government to either reduce the fuel prices, or

2. Increase the Duty Drawback incentives available for exporters.

 

Services Sector

 

The services sector has been an integral promoter of the increase in Gross Value Added to the Net Income. Wherein growth in basic gross value added by financial services, etc. alone is at 4 per cent as per the First Advance Estimate of National Income for 2021-22.

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FinTech's to play a role in greater financial inclusion

Digital banking is a huge play in India, according to KPMG's Pulse of Fintech, which also points out that it has a unique model compared to other jurisdictions, with digital banks serving primarily as Software as a Service (SaaS) providers and regulatory responsibilities remaining with bank partners. The fintech business received USD 2 billion in investments in the first half of 2021, which is equivalent to the total amount invested in the entire year of 2020.

 

Commenting on the scope of fintechs, Nishant Arora, founder, Sixth Element Finserv's Setup Services India (SSI), says, "After working in the financial advisory/consultancy industry for more than seven years, I found out that there is no brand in the financial advisory industry that guaranteed quality services to the general public. The Fintech companies have to realize that not every startup can or want to hire a huge accounting firm because they are not only expensive to hire, but also lack the flexibility that a startup may wish to. As a result, SSI was founded as a pure management consulting firm with advisors, facilitators, and problem solvers to help SMEs, young entrepreneurs, salaried employees/professionals, foreign investors, and business owners overcome their challenges." 

 

According to Nishant, "The goal of the Fintechs should be to assist startups by making it easier to do business in India. At SSI, our goal is to become an extensive KPO in the B2B arena and provide various solutions to the new India. We use advanced data metrics and new methods to handle finances professionally."

 

Nishant began working in finance even before graduating with a bachelor's degree in commerce from the University of Delhi in 2016. He started his career as an Articled Trainee in an accounting firm in 2013 and later continued as a Senior Associate, until 2017. He worked on Statutory Audits, financial structures, and taxes of leading companies in the housing and real estate, consumer goods manufacturing, engineering, heavy equipment manufacture, textile, automobile, hospitality, entertainment, banking industries and PSUs throughout his time with the accounting company.

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Sixth Element Finserv’s Setup Services India to strengthen financial services market in Pune

Sixth Element Finserv’s Setup Services India (SSI) aims to develop a one-stop financial services solution for the next-gen entrepreneurs; it aims to facilitate business registration, compliance(s) management and advisory processes to be robust, transparent and cost-effective.   

Headquartered in New Delhi, SSI has a profound professional network and in-house team of CAs, CSs, MBAs to ensure the efficiency and effectiveness of the services being delivered. The company says that the goal is to become an extensive KPO in the B2B arena and provide solutions to the new India. Talking about Pune’s scope of giving India new startups, Nishant Arora, founder, Setup Services India (SSI), said, “Pune is among the cities with largest youth population; the rapid urbanization has led to an influx of youths in the city, and 73 per cent of its total population is below 50 years of age. Therefore, we can easily say that Pune has an edge in the probability to give India the next-gen startups and making unicorns.

 

Pune has consistently ranked among the top-5 cities in software & IT startups. The 2000s saw many new startups in the software services and products space. The company says that it wants to strengthen the startup network in India by easing out the business processes.

 

Explaining the company’s role in the startup ecosystem in the city, Arora, said, “We provide end-to-end financial services to the startups looking for a head start in the Indian startup ecosystem. From incorporation to regulatory registrations like GST, MSME, IEC, we do it all. Post incorporation, we extend a plethora of services that can take care of compliances management, internal MIS development, project report preparation, agreements drafting and startup pitch deck preparation too.”

Read More About Click Here : Online GST registration Services in India

Websites : https://www.setupservicesindia.com/sixth-element-finservs-setup-services-india-to-strengthen-financial-services-market-in-pune

 

Fintech Firms Connecting with Consumers in a Unique Way

 

Nishant Arora began working in finance even before graduating with a bachelor’s degree in commerce from the University of Delhi in 2016. He started his career as an Articled Trainee in an accounting firm in 2013 and was later promoted to Senior Associate, where he remained until 2017. He worked on Statutory Audits of leading companies in the housing and real estate, consumer goods manufacturing, engineering, heavy equipment manufacture, textile, automobile, hotel, entertainment, and banking industries throughout his time with the accounting company.

India’s fintech market is the fastest growing in the world, with 67 per cent of the more than 2,100 fintech firms in existence having been established in the last five years. The fintech market in India is already worth US$31 billion and is expected to grow to US$84 billion by 2025. The rise might be ascribed to these fintech organisations’ digital adoption to make life easier for their customers.

Nishant Arora began working in finance even before graduating with a bachelor’s degree in commerce from the University of Delhi in 2016. He started his career as an Articled Trainee in an accounting firm in 2013 and was later promoted to Senior Associate, where he remained until 2017. He worked on Statutory Audits of leading companies in the housing and real estate, consumer goods manufacturing, engineering, heavy equipment manufacture, textile, automobile, hotel, entertainment, and banking industries throughout his time with the accounting company.

India’s fintech market is the fastest growing in the world, with 67 per cent of the more than 2,100 fintech firms in existence having been established in the last five years. The fintech market in India is already worth US$31 billion and is expected to grow to US$84 billion by 2025. The rise might be ascribed to these fintech organisations’ digital adoption to make life easier for their customers.

Nishant Arora began working in finance even before graduating with a bachelor’s degree in commerce from the University of Delhi in 2016. He started his career as an Articled Trainee in an accounting firm in 2013 and was later promoted to Senior Associate, where he remained until 2017. He worked on Statutory Audits of leading companies in the housing and real estate, consumer goods manufacturing, engineering, heavy equipment manufacture, textile, automobile, hotel, entertainment, and banking industries throughout his time with the accounting company.

India’s fintech market is the fastest growing in the world, with 67 per cent of the more than 2,100 fintech firms in existence having been established in the last five years. The fintech market in India is already worth US$31 billion and is expected to grow to US$84 billion by 2025. The rise might be ascribed to these fintech organisations’ digital adoption to make life easier for their customers.

Even the banking sector has started moving towards an all-online process. It’s always easier to be a user of such services online where all the info can be accessed at your fingertips. The government has started allowing API access to the majority of its portals like GST, Digi locker, etc which makes it easier for Fintech firms to connect with the consumers seamlessly and provide solutions and services like never before.

Fintech firms, with the help greater than ever, reach of technology till commoners have transformed sectors like insurance, retail, investment advisory, etc. Nonetheless, there is still an infinite scope of the turnaround in sectors like consulting, financial planning, wherein online competition has still not moved the industry.

https://www.cxooutlook.com/fintech-firms-connecting-with-consumers-in-a-unique-way/

Website: — Setup Services India