GST TAX COMPLIANCES
( ANNUAL COMPLIANCE FOR PVT LTD CO. + LLP ANNUAL FILING) Registration - An Overview
A Private Company is a legal institute enjoying a separate personality which requires controlling its active status through the regular filing with MCA. For every business, it is compulsory to file an annual return and audited financial reports with MCA for every fiscal year. The RoC filing is necessary irrespective of the turnover, whether it is zero or in crore. Whether a single business is undertaken or none, annual compliances for private limited are compulsory for every certified company.
Both the forms are applied to report the activities and financial date for concerned Financial Year. The due terms for annual filing of a company are based on the time of the Annual General Meeting. The perpetual failure may lead to the elimination of the company’s name from RoC’s register, including incompetence of directors. Also, it has been noticed that MCA has actively taken bold measures for dealing with any such failures. The compliances relevant to the company could be segregated into two sections Mandatory Compliances and Event-Based Compliances.
BENEFITS
- Establishing A Company’s Credibility
- Invite Investors
- Maintain Active State And Avoid Punishments
DOCUMENTS REQUIRED
- PAN Card, Certificate of Incorporation and MoA – AoA of Private Company
- Financial Statements must be audited by independent auditor
- Independent auditor’s report and Board report must be provided
- DSC OF DIRECTOR.
PROCESS OF ANNUAL FILING OF THE COMPANY
Day 1 – Collection
Discussion and collection of basic Information
Provide Required Documents
Decide the due dates of ROC filing for Pvt. Ltd. Company
Day 2-4 – Preparation
Drafting necessary documents
Attachment of supporting documents
Day 5 onwards – Filing
Filing of AOC – 4 (Financial Statements)
Filing of MGT – 7 (Annual Return)
WHY OPT FOR TRIPLE GEM ADVISORY INDIA?
- Every kind of guidance will be provided to the customer for every accounting related work like AOC, ITR etc. Professionals will be at your service 24×7 and will guide you at every step.
- Service for maintaining of statutory registers will also be provided to the customer.
- Real time updates will also be provided by the firm to our valued customer.
- Our team of experienced Charted accountants and Business Advisors will be there to work on your queries and also to work with you.
PARTNERSHIP FIRM TAX RETURN FILING
A partnership firm is a form of company in which several people work together to run a business. In India, there are two types of partnership firms: registered partnership firms and unregistered partnership firms. Small businesses should consider forming a partnership because the process is simple and there are few legal requirements.
Partnerships have been legal in India since 1932, making them one of the country’s oldest types of business formations. Even after it has been founded, a partnership firm can be registered. There are currently no consequences for failing to register a partnership firm. Unregistered Partnership firms, on the other hand, are denied certain rights under Section 69 of the Partnership Act, which primarily addresses the consequences of non registration.
HOW TO FILE TAX RETURNS?
Form ITR-5 should be used to file partnership income tax returns. This form ITR-5 is used to file partnership firm income tax returns, not individual partner tax returns.
ITR 5 is an attachment-free form, like all other income tax forms, and no documents or statements are required to be submitted with partnership business tax filings. Taxpayers must, however, keep track of their company documents and submit them when required by the IRS.
The income tax department’s internet portal accepts ITR-5 filings. Documents should only be submitted when they are requested. Partners must use class 2 digital signatures to verify the filing procedure when filing partnership company tax returns.
PROCEDURE
A partnership firm’s income tax return can be filed either online or manually through the IRS website. A class 2 digital signature will be required for the firm’s partner if the income tax return is filed electronically. In addition, partnership firms that are subject to an audit must file their income tax returns online.
When filing by hand, the assessee must print two copies of Form ITR-V. One copy of the assessee’s signed ITR-V must be mailed to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). The assessee should save the other copy for his or her records.
FAQs
Once a company is Incorporated, it is compulsory for a company to complete its compliances and and auditor must be appointed by a firm within 30 days. Plus the compliances must be done by a company every year.
Of course you need to file your returns. We need to understand the difference between ITR and TDS. It is beneficial to file the ITR to show the government the proofs of all our payments. It would be beneficial for the customer for acquiring a loan in future and also for acquiring Visa for abroad travel.
You can pay you ITR through the Governments official website of the Income Tax Department. Payment can be done to online banking, Net banking etc.
Yes the excess amount paid by you will be refunded by government by direct transfer in the bank account given by an individual. It’s a request to all the customers to do not make any mistakes while roviding the bank details.
Annual audited financial statements are not required for partnership firms. Based on the turnover and other factors, a tax audit may be required.
Compliance for partnership businesses primarily consists of filing income tax returns, as opposed to corporate entities such as LLPs and corporations, which must file both income tax returns and annual returns.
The partnership deed provides all of the partnership’s terms and conditions. The partnership deed regulates each partner’s rights and responsibilities, making it a very important document.
The partnership firm and its partners are regarded as one and the same. In partnership firms, the partner’s responsibility is also unlimited, and all of the partners are jointly responsible for the firm’s liabilities.