GSB Taxation

Subhash Nagar, Delhi

Private limited is a company which is privately held by small businesses and most popular legal structure in India. For the incorporation of a Pvt. Ltd company minimum of two and maximum of fifty members are required. Private limited means that the liability of the director of company is constrained and personally any shareholder is not liable to the amount of debt and his personal assets won’t be used to pay the amount of debt. The company itself is responsible for any kind of actions, Finances, and liabilities. Private limited company registration is registered under The Companies Act 2013 by the Ministry of Corporate Affairs. The Private Limited companies are most recommended types of business entity for startups and small businesses because it has the ability to raise funds, limited liability, a separate legal entity and are easy to transfer. It takes 15-20 days to register a private limited company in India, with subject to the government documents fees and client documents submission.

The Companies Act 2013 introduced this new concept of one person company registration. Such kind of entity is suitable for one person and single owners. One person company is the best option for those who do not like to work under other and want complete control over the complete. After limited company, it has become the most sought-after entity to start one-person company. The One person company registration provides the benefits of both private limited and limited liability company. It provides various advantages such as limited liability, separate legal entity just like the private limited company. If we count the number of small enterprises being set up, one proprietorship still leads because it has no cost of establishing and also has a flexible procedure to register.

Through limited liability act 2008, limited liability partnership entities were introduced. The basic premise behind LLP entities was to offer easy incorporation process and limited liability to owners. LLP company registration offers the benefit of both private limited and partnership entities. The limited liability is the only difference between normal partnership and LLP company. It is the most preferred type of company for small businesses who are not willing to do huge funding.

partnership firm refers to a business structure in which two or more individuals register and operate a business according to the terms and conditions which are set in partnership deed. Partnerships are based on the partnership deed, which can be in written and oral form and it contains all the rules and regulations regarding the partnership firm. Partnership deeds are created on the judicial stamp paper of 2000 rupees to avoid future conflicts. Under the Partnership Act, 1932, partnership firms are registered with prior rules and regulations which must be mentioned in partnership deed The agreed name of the partnership firm, it should be based on mutual agreement of all the partners. The nature of the business must be mentioned in partnership deed. The duration of the partnership Contribution of capital by all the partners In partnership firm all the partners share the profit of firm. So profit sharing ratio should all be decided. Procedure for voluntary or forced dissolution of the firm Guidelines for solving any disputes and arbitration process to be followed

Proprietorship company is the most common and simplest form of entity. A sole proprietorship is a type of business entity which is controlled and owned by one person. You don't have excess paperwork to start a sole proprietorship. But there are some important things you need to know before starting your journey in entrepreneur’s world. Sole proprietorship, according to the government of India is a “one-man organisation where a single individual owns, manages and controls the business.” Proprietorship company is very easy to start and compliance requirements are very limited. There is no fees to be paid for starting a sole proprietorship company, and there is no government regulatory paperwork and compliance to be fulfilled. There are no minimum capital investment requirements, and proprietor has full control and ownership stake. A disadvantage of a sole proprietorship is that the owner of sole proprietorship is personally liable for all the business's accounts. In case the business runs into financial trouble, the owner will have to pay the business debts. with his or her own money.

Section 8 companies are incorporated under section 8 of the companies act, 2013, and are formed to promote activities such as art, commerce, science, education, sports, research, social welfare, etc. These companies functions exactly like a limited company which includes all the rights and obligations that come up with a private limited company, however, section-8 registered companies differ from other companies. The popularity of section-8 company registration in India is increasing. Moreover, the newly formed companies are getting registered as the section-8 company rather than as the NGOs or trust because section-8 companies has many advantages as compared to Trust or NGOs as they have higher credibility amongst donors, government departments and other stakeholders. And the of section-8 company registration cost is not very high.

Indian subsidiary company is the type of business entity in which a firm or share in any firm is owned by the foreign enterprises. In a broader sense it means that a company is Indian subsidiary when more than 50% of the shares are owned by the foreign firm. Many foreign companies have shown interest to start operations in India and ready to enter into the world’s fastest growing economy. Foreign entities prefer Indian subsidiary company registration because they can easily purchase the shares of any firm to enter the Indian market. Foreign entities save much of their time by directly investing in an established India company. Under the FDI policy a foreign nation can invest and start a business in India. There are two categories of making investment in India either through automatic route or approval route. In automatic route no prior regulatory approval is required for investment in the Indian company. Investment in firms where an automatic route is not permissible can be done only with the approval of Reserve Bank of India.

A producer company can be defined under the companies act 1956, which is involved in each and any one of these activities like farming, agricultural harvesting, pooling, marketing and exporting the primary produce. These companies are usually formed by the small businesses and small companies. As agriculture is the backbone of Indian economy the popularity of producers company is increasing. Around 60% of the population depends on farming as a source of employment. But still, the farmers of this country face a lot of problems.

NBFC registration is a company registered under the Company Act 1956, engaged in the business of loans, finances acquisition of the stocks/debentures/securities, chit business and issuance of insurance. NBFC refers to the Non-Banking Finance Company registration which has the principle aim of receiving deposits under any scheme in one lump sum or by instalments and by way of contribution or any other manner. NBFC India come under the purview of the Reserve Bank of India (RBI). What is the difference between traditional banks and NBFCs? NBFCs are primarily involved in lending and making investments, hence their activities are similar to that of banks; however there are a few differences as given below: NBFC cannot accept demand deposits. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in the case of banks.

Nidhi company is the type of (Non-Banking Finance Company) and come under the preview of Reserve Bank of India. Nidhi Companies are formed under the section-406 of The Companies Act, 2013 and Nidhi Companies rules 2014. Nidhi company are much easier to formulate as compare to Nidhi Company. The objective of incorporating a Nidhi Company is to encourage savings and crediting money amongst its members. They are primarily engaged in the business of deposits and loans of its members. The term Nidhi in nidhi company means ‘Treasurer’ from Hindi vocabulary. Nidhi companies are allowed to take a deposit from shareholders and lend to the members only. In simple terms the funds contributed to a Nidhi company come only from its members and are to be used only by the shareholders of the Nidhi Company. Minimum of seven members are required to start a Nidhi company and three members can be directors. An equity share of the 5 lakh rupees is required to start Nidhi company. Nidhi Company can’t issue preference shares.

Microfinance institutions in India are regulated under the RBI act of 1934. A microfinance company is a type of non-deposit of Non Banking Finance institutions they are authorised to provide financial services such as loans, savings, and insurance to small businesses, entrepreneurs and need people in society. The micro-financing institution provides very cheap credit and also very low financing cost. Since the growth of the sector was unstoppable and continuously rising. The sector has nearly uprooted all the small-scale financers. We see that in recent years, the growth in the credit sector was down, but the microfinance institution registered an enormous growth of 39% on a yearly basis.

A digital signature certificate is a digital format of the documents. It is an electronic document which contains information about the user’s name, pin code, country, email address, date of issuance of certificates and name of the certifying authority. Digital signature certificate is now legal necessity for many applications and statutory required in government agencies. DSC mandates that the data that has been digitally signed or encrypted by a private key can only be decrypted by its corresponding public key.

MSME refers to the micro small and medium enterprises. Essentially these businesses and enterprises are the backbone of our economy. MSME enterprises are commonly involved in the manufacturing and servicing centers. All such small businesses can obtain the MSME registration under the MSME Act. The government of India provides many benefits to MSME registered enterprises under this act. So, it is mandatory to register for the MSME to avail various benefits offered by state and central governments.

NSIC (National Small Industrial Corporation) is a government of India body which helps to aid and foster the growth of micro small and medium enterprises. All the MSME and UDYOG aadhar registered business can apply for the registration of NSIC. National Small Industrial Corporation under the Ministry of corporate affairs provides the registers to MSME enterprises which are involved in manufacturing and service sector. NSIC helps to promote and foster the growth of MSME businesses in India by operating various schemes like single point registration for government purchase, performance and credit Rating scheme, Marketing Support for small industries and more.

Agmark registration gives the quality assurance and authenticity to all agricultural products produced in India. The word "Agmark" in agmark registration is derived from the combination of two words, "Ag" and "Mark", which means agricultural and certification mark. Agmark certification is the required certification for agricultural products provided by the government of India which assures that the products containing Agmark is good in quality and also safe for human consumption. Agmark Certification Act, 1986 (amended) certifies all the agricultural products in India.This Agmark certification also marks the food standard keeping in mind the requirements of the World Trade Organization (WTO). Agmark benefits the seller as well as the buyer. The seller can sell their products easily and it serves as a satisfaction mark for the buyers. The AGMARK Act covers 222 different categories of agricultural products and commodities including on Pulses, Cereals, Essential oils, Vegetable oils, Fruits and Vegetables and other semi-processed commodities.

ISO, refers to International organization for standardization. ISO is a worldwide autonomous body to set various global standards and quality management. ISO is a non-government body and it comprises of representative standardized organizations from various nations. ISO was established in 1947 to frame and promote worldwide commercial standards. It has been working to give world class specifications for products, services and systems, to ensure quality, safety and efficiency. ISO is instrumental in facilitating international trade. You must have seen ISO mark on products of big companies. This can be attained through ISO certificate registration. Any business entity can obtain ISO certification registration whether it is small, medium or big enterprises. The objective of ISO certification is to increase the credibility of your products. It gives the quality assurance to your product and services. ISO certificate ensures that products and services are safe, secure and reliable. It is very important to get your product ISO certified for successful business. If you want to obtain the ISO certificate then GSB Infotech is the best ISO certification body which helps in obtaining ISO certificate. We serve more than 100+ services and have been working for more than 10 years. We offer legal services such as company registration, online government license, Income tax return filing, ISO and ISI registration and other business advisory services. We are a team of experts to offer our services in the process of online ISO registration in India.

ISI stands for the Indian Standards Institute a body set up in 1947, to create standards needed for orderly commercial growth and quality in industrial products. However after functioning for couple of years Indian government decided to bring a couple of changes in the standardization process. Hence in the year 1986, came the new and stronger body for the standardization of Indian industrial products known as Bureau of India Standards {BIS], which than took over ISI. But the term ISI continues to be used for assurance that certain product confirm to the quality standard set up by the government. BIS allot the ISI mark to any product as third party guarrantte after ensuring its quality, efficiency and reliability. The BIS (Bureau of Indian Standards) has changed its objective from testing to industrial products, and it currently aims at satisfying the consumers and also undertakes various quality certification activities. The use of ISI mark is mandatory and voluntary for certain products. There are 16 broad categories of products including textiles, automobile components, packaged water, food, plastic products and electronics BIS has laid down standards. BIS is authorized by a legislation of 1986 to offer products certification.

BIS (Bureau of Indian Standards) is an authorized agency in India for the issue of the BIS hallmark certificate. The complete process and regulations of hallmark certification are governed under the BIS Act. The BIS is the primary authority which has been acting as the safeguard of gold products in India. After evaluating and testing the gold article of jewellers, these marks are allotted. Hallmarked jewellery authenticate that the metal used in jewellery conforms to the rules and regulations of BIS Act.

Under section 12a of the Income Tax Act, various tax rebates are provided to the donors of the registered NGO and trusts. The donor gets financial benefits in a taxable amount of their income. Without 12a/80g registration, an NGO can not provide any kind of tax benefits to the person making a donation. If an NGO has registered for section 12a & 80g registration then it is eligible to get tax exempted donations. So, it is advisable that all NGOs and trust must register for section 12a & 80g to attract new donors. An NGO can register for the section 12a & 80g registration only after legally registering as an NGO.

NGOs can register itself in India under the section 35ac to get tax deductions in receiving the donations. Potential donors get 100% tax exemptions for amount donated to a section 35ac registered NGO or Trust. The purpose of forming a Non Government Organizations is to work for the welfare of the society so they need some financial assistant to run their welfare related works. Non government organizations and trust arrange their funds through various sources but primarily they rely on donations from the governments or other individuals or corporate bodies. So to attract the finance for these welfare organizations the government has provided some tax reliefs and benefits to those making donations. Under section-35ac registration such organizations having income from government and businesses can get 100% tax deductions. Charitable Organisations can get registered themselves u/s. 5AC by applying to the National Committee under rule 11F to 11-O, if they are carrying on any business.

FCRA license refers to the Foreign contribution regulation act receiving an FCRA registration is a prerequisite for a nonprofit whether registered or unregistered in India to accept foreign contributions or grants—whether in the form of sums of money or goods, articles, shares, or stock from any “foreign source.” This act regulated foriegn contributions, hospital, and other money donations. An NGO can receive foreign funds under foreing countries. The Parliament of India enacted the Foreign Contributions Regulation Act in 1976 to regulate the acceptance and utilization of foreign contribution by certain individuals or associations especially, non-governmental organizations or nonprofits. The Act regulates the flow of foreign funds to voluntary organizations with the objective of preventing any possible diversion of such funds towards activities detrimental to national interest and to ensure that individuals and organizations function in a manner consistent with the values of the Indian government.

The Central Public Works Department is the principal agency of the Central Government engaged in construction and maintenance of Central Government assets financed from civil works budget. PWD is responsible for providing infrastructure to citizens. They are primarily involved in the work of building roads, bridges, highways and provide water, electricity, and better sewage facilities in society. PWD registers the contractors to do all these activities on behalf of the PWD departments. As per the provisions of general financial rules 126, the Central Government Department may now get construction & maintenance work done through organizations other than public works departments. So CPWD License is basic license for contractors to start a contract work business. CPWD license registration is required to participate in tender issued by the PWD department.

BIS (Bureau of Indian Standards) is an authorized agency in India for the issue of the BIS hallmark certificate. BIS is a national body that maintains the quality, safety, and reliability of products in India. The complete process and regulations of hallmark certification are governed under the BIS Act. The BIS is the primary authority that has been acting as the safeguard of gold products in India. BIS has set up eight central, four regional and three branch laboratories in the country for the purpose of testing samples of products during the preliminary and surveillance operations.

Spices Board under the Ministry of Commerce and Industry, the Government of India is the regulatory organization for the development and worldwide promotion of Indian spices. The Spice Board works to connect the Indian exporters to the spice importers abroad. Under the Spices Board Act 1986, the spice board was formed. This was done by the government with the merger of erstwhile Cardamom Board, 1968 and Spices Export Promotion Council 1960. The Spices Board in India is one of the five Commodity Boards functioning under the Ministry of Commerce & Industry. The Spice Board is the main body responsible for the export promotion of the 52 scheduled spices and development of Cardamom. The Spice Board certification mandates that all the businesses must commence or carry on the business of export of any spice except under and in accordance with a certificate.

A startup is a new and young company founded by one or more entrepreneurs in order to develop a unique product or service and bring it to market. They are usually based on any new invention, and new service or product. Usually, startups are started to address market gaps. In the words of Neil Blumenthal (co-founder of the Warby Parker) “ A startup is a company working for the solution of a problem where the solution is not obvious and success is not guaranteed” Although there is no single terms which define startup registration but they are different from traditional business models. When something new and innovative comes in the market than it is defined as a startup. It is most commonly defined when advanced technology is used for the development of any new invention or service. The revenue base of the startups is very limited. The entrepreneurs have to persuade investors to put money into their idea. So the startup’s revenue sources are completely different from traditional business models.

FSSAI (Food Saftey and Standards Authority of India) is an authority to provide a food license to every food business in India. FSSAI makes sure that the food business runs with an appropriate license and a quality check. The food businesses are required to follow the FSSAI rules and guidelines. FSSAI is entirely responsible for setting the standard and principles and controls for the welfare of food businesses in India. The FSSAI as an autonomous body has been established under the Food Safety and Standards Act, 2006. FSSAi is the regulatory body responsible for protecting and promoting public health through the regulation and supervision of food safety. A food license is mandatory to start a food business in India. FSSAI Registration is required for all food related businesses such as manufacturers, traders, restaurants, small eateries, grocery shops, importers, exporters, home-based food businesses, dairy farms, processors, retailers, e-tailers. who are involved in the food business must obtain a 14-digit registration Number or a Food license number which must be printed on food packages or Displayed in Premises.

Trade License is a certificate that grants permission to carry on a particular trade or business for which it is issued. In India it is mandatory to register for trade license before commencing any kind of business in a particular area/location. Municipal Corporation of India authorizes the trade license department to issue Trade licenses. Trade Department is also authorized to issue licenses in consultation with other specialized consultative departments like Fire Brigade, Health, Engineering, Estate and others of the same type. So, it is important for every business, traders and establishments to register trade licenses from the License Department before starting manufacturing, exchange or storage of any activity/commodity. All the businesses who are planning to start a business must register for the trade license within 15 days of beginning a business. In some states, it is mandatory to apply for a trade license within 3 months preceding the commencement of any business.

DOT stands for the Department of Telecommunication and OSP for the Other service provider. The new telecom policy makes it mandatory to register for DoT and OSP license to engage in the teleservices businesses such as telecommunication, telecommerce, telebusiness, telebanking or ITES. DoT also provides license for BPO, call centers and allows these activities by assessing the infrastructure of non-telecom service provider. A company must be registered under The Companies Act, 2013 to make an application for the grant of DOT OSP License. After the registration, it can further avail telecom resources and infrastructure that was built for communication purposes from the authorized telecom service providers, who have been duly approved by the DOT for that purpose.

IEC code is required for selling and buying of products outside the home country. IEC is a 10 digit number that is granted by the Director-General of Foreign Trade (DGFT). India’s import and export policies are governed by Foreign Trade (Development and Regulation) of 1992 and Export and Import Policy (EXIM). IEC code is required to import-export goods and services from India. This code is valid for life and it is the first step before doing import and export business. IEC is mandatory for importers to clear customs and shipment and to transfer money to foreign banks. Similarly, exporters require IEC to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the import and export license.

Societies are usually formed for the charitable purposes and for the promotion of arts, science, religion, culture, music, sports etc. They are created by individuals as an association united together by mutual consent to act jointly and deliberately for common purposes. In India, The Societies Registration Act, 1860 mandates the procedure for society registration and its operation in India. A society can be registered by a minimum of seven or more persons. The societies act, was introduced with the aim of providing legal conditions to the society registration. This act was further implemented by several state governments with some amendments.

If you are starting a commercial establishment or a shop, you need to file for registration under the Shop and Establishment Act, within 30 days of commencement of your establishment. As the owner of a shop and establishment, it is compulsory to register for the Shop & Establishment Act. This act is applicable nationwide and the establishment such as hotels, amusement parks, theaters and other such entities that come under the purview of the act.

A drug license is required to start a pharmacy business in India. The permission to hold a drug license is given under the Drugs and Cosmetic Act 1940. The drug license is mandatory to carry out business concerning drugs and cosmetics. In other words, no person can start a business dealing with drugs and medicines unless the appropriate license is obtained for the conduct of such activity. Under the Drugs and Cosmetic Act 1940, all types of drugs and cosmetics are covered including allopathic and homeopathic. This act was further amended in parliament to include Ayurvedic and Unani drugs.

RERA certificate is the license which is issued by the Real Estate Regulatory Authority to builders and agents. RERA registered certificate aims to protect the rights of home buyers and boost the investment in the real estate sector. Real Estate Regulation act has brought rapid changes in the real estate sector of the Indian economy. The main objective of this act is to bring transparency, reduce corruption and increase accountability in real estate sector. According to the Real estate and regulatory authority act 2016 (RERA), every real estate project must be registered under this act to deal in real estate projects. After RERA registration real estate agent will be given a registration number by the authority which will be valid for 5 years. It is mandatory to get RERA registration certificate to advertise, market, book, sell or offer for sale, or invite persons to purchase in any plot, apartment or building. If any real estate agent fails to register under RERA act then they will be liable for the concerned charges.

As per the provisions under the Factory Act, 1948 it is mandatory for all the factory owners to register their premises with the local governing authority starting a business in a factory premise. The license is granted by the Labour Commissioner Organisation after the registration of the factory. An individual or entity who is planning to start a new business needs to get the Factory License. It is required to register for a factory license, and it mandates the rules and regulations regarding the factory/trade business. It is designed to ensure that the citizens are not badly affected by health hazards and after-effects( as per the first schedule of Factories Act 1948, factory operations are considered hazardous) by the improper carrying of a manufacturing. This act also checks whether the business is being carried on is according to the laws, rules, standards and safety guidelines or not.

Central Pollution Control Board (CPCB) that comes under the Ministry of Environment, Forest and Climate in India works for checking the air, water, and noise pollution by ensuring the quality is maintained. It also issues guidelines for the same. In India, every state has its own Pollution Control Boards. In the capital, the Delhi Pollution Control Board has the jurisdiction for issuing the pollution NOC. As per the Water (Pollution & Control of Pollution) Act, 1974 and Air (Pollution & Control of Pollution) Act, 1981 every industry, operations or commercial activities which may result in the discharge of sewerage into the environment has to take the pollution board NOC. A No objection certificate must be obtained before the commencement of such activities. There are some categories in which it is required to take the pollution NOC. The categorization of industries as “Red”, “Orange”, “Green” and “White” is now accepted to the whole country. The categorization extends to not only the location of industries but also for the Consent Management, granting NOC and formulation of guidelines. The concept of categorization of industries continues to evolve.

GST {Goods and Services Tax} is an indirect tax in india levied on businesses for the transportation of goods and services. GST is the single tax system which combines different taxes like service tax, VAT tax, excise duty, custom duty . GST was introduced under 122nd amendment of Indian constitution, The Constitution Act 2017. It is considered as the biggest tax reform in India For certain businesses GST registration is mandatory. It is an offence under GST regime to continue a business without registering the GST. Under GST regime it is mandatory for companies that deal in the supply of goods and services to register for GST. Without GST registration companies will not be able to collect GST from customers or claim an input tax credit. All the businesses have to register for GST, where a unique identification number, which is referred to as GST identification number or GSTIN. So, online GST registration is a process of registering for a GST identification number. You can register online for the GSTIN. The online registration process for GST is completely paperless and will take place digitally on the internet.

ESI stands for Employee State Insurance managed by the Employee State Insurance Corporation which is an autonomous body created by the law under the Ministry of Labour and Employment, Government of India. This scheme is started by Indian workers. The workers are provided with a huge variety of medical, monetary and other benefits from the employer. According to the ESI rules and regulations specified in the employee state insurance act, 1948. Any Company having more than 10 employees (in some states it is 20 employees) who have a maximum salary of Rs. 15000/- has to mandatorily register itself with the ESIC. Such facilities are really very grateful for improving health, performance and for the progress of employees.

EPF stands for the Employees provident fund is the government of India initiative for the welfare of employees. An Employee Provident Fund is an initiative designed to offer social security benefits to employees of a particular organization, building stronger employee-employer bonds. In order to enjoy these benefits to the hilt, employers need to follow a set of rules and guidelines laid out, under te prescribed act. Companies that grow to a strength of 20 members are expected to register themselves within one month from the time of attaining this strength, with penalties applicable for delays in registration. Co-operative societies are expected to register if their employee strength increases to 50 or more and registered organizations continue to be under the purview of the rules and regulations of the Act even if their employee strength falls below the minimum specified number.

A copyright is essentially a right that is granted not to copy someone’s work. It gives the owner of the subject an exclusive right over his/her invention or work. After copyright registration work is protected, and no one can imitate, copy or reproduce the original work in any other way. Copyright is an exclusive right which is given by law to creators of literary, dramatic, musical and artistic works and producers of cinematograph films and inventors of new inventions. The validity period of a copyright registration in India is 60 years.

A trademark is a unique identifier mark related to a product or service to distinguish it from others. Trademark is the form of intellectual property rights. By trademark registration, a brand can have a visual symbol in the form of words, symbols, numerals or labels which make it different from other businesses. Through the trademark, customers are able to easily identify your business or organization. Trademark registration also excludes others from using the same symbol or label which you have registered. The major examples of trademark registration are McDonalds, Nike, Adidas, Apple, and many other firms. These companies have unique logos and names, therefore, they are identified by their users. The logos of their brand are synonymous with their products and services.

A patent is an intellectual property right in India. It is a statutory right for an invention granted for a limited period of time to the patentee by the Government, in exchange of full disclosure of his invention which prohibits others, from making, using, selling, importing the patented product or process for producing that product for those purposes without his consent. The validity of registered patents in India is 20 years from the date of filing of application. However, for an application filed under the national phase under the Patent Cooperation Treaty(PCT), the term of the patent will be 20 years from the international filing date accorded under PCT. The patent registration in India is governed by the Patents Act, 1970 and the Patents Rules, 2003.

Domain name registration is the process of registering a domain name, which identifies one and more IP addresses that is easier to remember and use in URLs to identify particular web pages. So in simple words, domain name is the name of your website. A domain name can be in any form as a single word or combination of a single letter, and it can be used in combination of the various domain name extensions, such as .com, .net, .in, and more. It is the IP address on which internet users can access your website. Domain name registration is necessary for reserving the presence of a website on the internet. The most important thing about a domain name registration is that it gives you a unique personality on the internet. Once you register a domain name, the information about its owner is publicly available.

Income Tax Return is a form used to file income tax with the Income Tax department. As per the laws of income tax must be filed every year by an individual or an organization that received income during that year weather through regular wages, capital gains, interest, and any other sources. ITR is filed to the income tax department by a salaried or self-employed individual, Hindu Undivided Family (HUF), companies or firms. The process of filing the ITR is referred to as income tax filing. In India income tax return filing is very important and in case you fail in filing an income tax return then you may face legal consequences for it. Income tax returns can be filed online on the e-portal of the income tax department. So this process of filing ITR online is defined as ITR e-filing.

The Goods and Services Tax is a multi-stage, destination-based indirect tax levied on the manufacture, sale, and consumption of goods and services. By subsuming a number of state and central taxes into a single tax, GST aims to eliminate the cascading effect of taxation in a big way. GST was introduced by the government of India with the aim ofone nation and one tax . Under the Goods and Service Act, a person has to produce the details of the sales and purchases of products and services as well as the tax collected and paid. For this, the concerned person has to file the GST returns. It is mandatory to file GST returns to theIncome Tax authorities of India on a periodic basis. Those registered on the GST portal have to provide their business information including sales, purchases, tax collected and tax paid for instance by filing GST returns online.

TDS means Tax Deducted at Source is a method to collect tax from income. Its is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. The following is required to file TDS return in India PAN of the deductor and the deductee. Amount of tax paid to the government TDS challan information Others, if any TDS return can be filed by employers or organizations that avail of a valid Tax Collection and Deduction Account Number (TAN). Any person making specified payments mentioned under the I-T Act are required to deduct tax at source and needs to deposit within the stipulated time for the following payments.

A statutory audit is legally required to check the accuracy of a company's or government's financial statements and records. The main purpose of the audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining` information such as bank balances, bookkeeping records, and financial transactions. The term statutory denotes that the audit is required by the law. A statute is a law or regulation enacted by the legislative branch of the organization’s associated government. Statutes can be enacted at multiple levels including federal, state, or municipal. In India audit are prescribed by different government statues like Reserve Bank of India, Income Tax Department, under the Companies Act 2013. All the companies and CAs are required to conduct many audits as per the different statue requirements. Banks are also required for statutory auditing.

The term audit usually refers to the financial statement audit. An audit is an examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements, as well as non-financial disclosures, present a true and fair view of the concern. Almost all companies receive a yearly audit of their financial statements, such as the income statement, cash flow statement and balance sheet. Lenders often require the results of an external audit annually as part of their debt covenants. The rules regarding company audit are contained in the Companies Act, 2013. Under this, it is mandatory that every registered company, irrespective of its nature of business or turnover, must have its annual accounts audited each financial year.

XBRL stands for eXtensible Business Reporting Language. It is an electronic communication form of communication for business and data. XBRL is in many countries and its use is increasing all over the world In future XBRL is set to become the standard way of recording, storing and transmitting business financial information. XBRL language can be used throughout the world, whatever the language of the country concerned, for a wide variety of business purposes.

A company is based on ownership and it can be shared or individual ownership. In order to include new investors or transfer ownership of the company, the share of any would have to be transferred. A unique thing about a registered company is that its shares can be transferred. Section 2(68) of the Companies Act 2013 provides that the Articles of a private company shall restrict the right to transfer the company’s shares. Transfer of shares is restricted by the articles of association of a private limited company, the shares to be transferred first offered to the existing members of the company. The entire process of share transfer is a little complicated given stringent provisions of the company law and applicability of state stamp act which differs from state to state.

As per section 270 of the Companies Act, 2013 a company can be closed either by a tribunal or by way of voluntary winding up. The provisions of this act regulates the winding up of a company in India. The closing down of the company is the last stage of a companies existence. There can be many reasons for winding up of the company like mutual agreement among stakeholders, loss, bankruptcy, death of promoters, etc. Winding up of a company is the process through which a corporate entity is closed and it is the end of the company.