Lock & Clock Consultants Private Limited

Pusa Road, Delhi

Tax deducted at sourcetax collected at source is introduced by government for prevent tax evasion and ensures regular inflow of cash resources. The concept of tax deducted at source tax collected at source requires that the person, on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient. The recipient from whose income tax has been deducted at source gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor. who: who shall liable to file tdstcs return? the obligation to file quarterly tds return arises only if tax has been deducted at source. The deducted sum is required to be deposited to the central government. due date of filing tdstcs return forms for filing tdstcs returns are:- s. No. section particulars form 1. 200(3) quarterly tds return in respect of salary 24q 2. 200(3) quarterly tds return in respect of payments othan salary 26q 3. 200(3) quarterly tds return in respect of payments other than salary made to non-residentss 27q 4 206c quarterly statement of tax collection at source (tcs) 27eq the due dates for filing tdstcs returns are:- quarter form 24q form 26q form no. 27q form no. 27eq april to june 15th july 15th july 15th july 15th july july to september 15th october 15th october 15th october 15th october october to december 15th january 15th january 15th january 15th january january to march 15th may 15th may 15th may 15th may

Limited liability partnership in the year 2008, government of india was passed the “limited liability partnership act” which was enacted on 7th january, 2009. Limited liability partnership concept is introduced as a corporate business vehicle that provides the benefits of the limited liability but allows its members the flexibility of organizing their internal structure as a partnership based on a mutually arrived agreement. Llp form is expected to enable entrepreneurs, professionals and enterprises providing services of any kind or engaged in scientific and technical disciplines, to form commercially efficient vehicles suited to their requirements. benefits of limited liability partnership firm: llps have many advantages over proprietorships, partnerships and limited companies, as elaborated below: 1. limited liability of each partner 2. no audit requirements a) turnover of llp is b) contribution is 3. separate legal entity 4. no requirement of any minimum capital contribution 5. no restrictions as to maximum number of partners unlimited liability partnership firm unlimited partnership is governed with the partnership act, 1932. Partnership is the simplest form of combination to carry on a business. It arises when two or more people carry on business together with the object of making a profit. The rules of partnership law fall into two parts: external rules, which govern relations between the partnership and those dealing with it (customers, etc); and internal rules which govern relations between the partners themselves. under partnership act, every partner has the right to take part in the management of the business of the firm. In this case the liability of all the partners is unlimited. It means in order to meet the creditor’s claims even the private property of the partners can also be used. benefits of partnership firm: 1. registered under “govt. Of n. C. T. Of delhi”/ “govt. Registered” 2. registered firm has more value than unregistered firm benefits at the time taking contracts from govt. Or other agencies 4. identification of the partnership firm 5. separate legal entity 6. benefit in taking legal action 7. name benefits 8. no statutory audit requirements 9. no requirement of any minimum capital contribution

Trade marks the objective of the trade marks act, 1999 is to register trademarks applied for in the country and to provide for better protection of trade mark for goods and services and also to prevent fraudulent use of the mark. a trademark is a distinctive sign or indicator used by an individual, business organization, or other legal entity to identify for consumers. A trademark or service mark includes any word, name, symbol, device, or any combination, used or intended to be used to identify and distinguish the goods/services from those of others, and to indicate the source of the goods/services. definition according to section 2 (zb) of the trade marks act, 1999, “trade mark” means a mark capable of being represented graphically and which is capable of distinguishing the goods or services of one person from those of others and may include shape of goods, their packaging and combination of colours: and-- (i) in relation to chapter xii (other than section 107), a registered trade mark or a mark used in relation to goods or services for the purpose of indicating or so as to indicate a connection in the course of trade between the goods or services, as the case may be, and some person having the right as proprietor to use the mark: and (ii) in relation to other provision of this act, a mark used or proposed to be used in relation to goods or services for the purpose of indicating or so to indicate a connection in the course of trade between the goods or services as the case may be, and some person having the right, either as proprietor or by way of permitted user, to use the mark whether with or without any indication of the identity of that person , and includes a certification trade mark or collective mark. benefits 1. no one can copy, if any one do so we can take a legal action 2. create goodwill in future 3. protection from duplicacy 4. good impression to your customers 5. status of ‘branded products’ 6. identify one seller's goods and distinguish them from others 7. used as a prime instrument in advertising and selling the goods and services.

Import export code is mandatory for the person who is importing the goods, exporting the goods, importing the services and exporting the services. Iec is also required for remittance of money to a foreign country for any import. Your banker will not remit money to a foreign entity without an iec code. import export code is the most authoritative document on india foreign trade rules, regulations and policies. Iec code is the 10 digit unique code issued by the director general of foreign trade (dgft) to the person who wants to do import or export transaction. Lock & clock consultants private limited is providing service related to iec registration. on the basis of iec code the person (i.e. Company) can obtain various benefits on their import or export. ø an iec number allotted to an applicant will be valid for all its branches/divisions/units/factories as indicated in the format of iec given. ø no export or import can be made by any person/company without an importer exporter code / iec code number unless specifically exempted. ø if an iec holder does not wish to operate the allotted iec number, he may surrender the same by informing the issuing authority. ø iec number lost/import export code number is lost or mis-placed, the issuing authority may consider requests for grant of a duplicate copy of iec number, if accompanied by an affidavit.

The filing of income taxwealth-tax return is a legal obligation of every person whose total income and wealth tax during the previous year exceeds the maximum amount which is not chargeable to income tax or wealth tax under the provisions of wealth tax act 1957, as the case may be. who: who shall liable to file wealth tax return? every individual, hindu undivided family and company whose net wealth exceeds the maximum amount which is not chargeable to wealth tax in any previous year ending of 31st march is liable to file the wealth tax return. The maximum limit of net wealth not chargeable to tax under the provisions of the wealth tax act, 1957 is inr 30 lakhs. no return is requiredto filed when wealth tax payable is nil. what is net wealth? net wealth is the aggregate value, computed under the provisions of the w.t. Act, 1957, of all assets (including deemed assets), belonging to the assessee on the valuation date, minus the aggregate value of all debts owed by the assessee on the valuation date which have been taken in relation to the assets attracting wealth tax. rate of wealth tax it is charged @ 1% of the amount by which the net wealth exceeds rs. 30 lakhs. due date of filing wealth tax return the return should be furnished in the prescribed form (i.e. Form no. Ba). The due dates for filing wealth tax returns are:- s. No. assessee due date of filing 1. company 30th september of the assessment year 2. other than company (a) where accounts of the assessee are to be audited or 30th september of the assessment year (b) a working partner of a firm whose accounts are required to be audited under the income tax act or any other law 30th september of the assessment year 3. any other assessee 31st july of the assessment year

Permanent account number (pan) permanent account number (pan) is unique identifiable alphanumeric combination which is issued by indian income tax department under the supervision of the central board for direct taxes (cbdt) to every person. It is also used as an id proof. today, every person requires to mandatory to quote pan in the following financial transactions:- 1) sale or purchase of any immovable property valued at rs.500, 000 inr or more; 2) sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;] 3) a time deposit, exceeding rs. 50, 000 inr, with a banking company ; 4) a deposit, exceeding rs. 50000 inr, in any account with post office savings bank; 5) a contract of a value exceeding rs.100, 000 inr for sale or purchase of securities; 6) opening a bank account; 7) making an application for installation of a telephone connection (including a cellular telephone connection); 8) payment to hotels and restaurants against their bills for an amount exceeding rs. 25000 inr at any one time; 9) payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating rs 50, 000 inr or more during any one day; 10) deposit in cash aggregating rs. 50000 or more with a bank during any one day; 11) payment in cash in connection with travel to any foreign country of an amount exceeding rs. 25000 inr at any one time. tax deduction and collection account number (tan) all those persons who are required to deduct tax at source or collect tax at source on behalf of income tax department are required to apply for and obtain tan.tan (tax deduction and collection account number) is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote tan in tds/tcs return (including any e-tds/tcs return), any tds/tcs payment challan and tds/tcs certificates. an application for allotment of tan is to be filed in form 49b and submitted at any of the tin facilitation centres meant for receipt of e-tds returns. tan is required to be quoted in all tds/tcs returns, all tds/tcs payment challans and all tds/tcs certificates to be issued. Tds/tcs returns will not be received if tan is not quoted and challans for tds/tcs payments will not be accepted by banks. Failure to apply for tan or not quoting the same in the specified documents attracts a penalty of rs. 10, 000/-

Service tax is levied on all services except negative list. generally it is the responsibility of every service provider to make payment except reverse charge mechanism. the self-assessment system is followed in service tax. These tax returns have to be filed half yearly as per section 69 1) the person who is liable to pay service tax, is required to get registered as per ssi exemption – 6/2005 in any fy, taxable services of “an aggregate value not exceeding rs. 10 lakhs” shall be exempt from payment of whole of service tax. Who: who is liable file the service tax return every service provider or service receiver (in case of reverse charge mechanism) liable to file service tax return whose is registered under service tax. Every person liable to pay the service tax shall himself assess the tax due on the services provided by him and shall furnish to the superintendent of central excise, a return in such form as prescribed by rules. due date of filing of return service tax return shall be filed on half yearly basis in st-3 form, even in case of ‘nil’ service provided, the service tax return is compulsory to be filed. The jurisdictional superintendent of central excise is authorized to cross verify the correctness of self assessed returns. period due date of filing of return due date of filing of return (in case of e-payment) first half year (from april to september) 25th day of the october 26th day of the october second half year (from october to march) 25th day of the april 26th day of the april mandatory e-filing of service tax return the e-filing of service tax return has been made mandatory, for all assessees who have paid (in cash plus through cenvat credit) a service tax amounting to rs. 10 lakhs or more in the preceding financial year or in the current financial year.

Brief every company is separate legal entity from the people who own or operate the company. The life of company is very stable that human being’s life. There is no effect of changing, death, insolvency of respected member on company. Members’ liability is only limited to the extent of purchased value of shares. They have to pay balance amount of their shares. private limited definition according to section 3 (1)(iii) of the companies act, 1956, “private company" means a company which has a minimum paid-up capital of rs. 100, 000 or such higher paid-up capital as may be prescribed, and by its articles, - (a) restricts the right to transfer its shares (if any); (b) limits the number of its members to 50 not including- (i) persons who are in the employment of the company, and (ii) persons who, having been formerly in the employment of the company, were members of the company while in that employment and have continued to be members after the employment ceased; and (c) prohibits any invitation to the public to subscribe for any shares in, or debentures of, the company; and (d) prohibits any invitation or acceptance of deposits from persons other than its members, directors or their relatives. (provided that where two or more persons hold one or more shares in a company jointly, they shall, for the purposes of this definition, be treated as a single member) public limited definition according to section 3 (1)(iv) of the companies act, 1956, "public company" means a company which- a) is not a private company; b) has a minimum paid-up capital of 5, 00, 000 rupees or such higher paid-up capital, as may be prescribed; c) is a private company which is a subsidiary of a company which is not a private company. benefits 1. separate legal entity 2. name benefit 3. great status matter of reputationbrand creation 4. limited liability of the members 5. easy admission and retirement of directors 6. company not affected by the death, disability or retirement of members 7. transferability of the shares 8. listing benefits in national stock exchange(nse) and bse (bombay stock exchange) (in case of public co. Only) 9. accept deposit or share capital from the public. (in case of public co. Only) 10. better borrowing facilities from banks and financial institutions

In year 2004, delhi government is introduced the law relating to levy of tax on sale of goods, tax on transfer of property involved in execution of works contracts, tax on transfer of right to use goods and tax on entry of motor vehicles. This scheme is known as delhi value added tax act, 2004 (herein after referred as ã��ã�â¢ã�â¯ã�â¿ã�â½ã�â¯ã�â¿ã�â½dvatã��ã�â¢ã�â¯ã�â¿ã�â½ã�â¯ã�â¿ã�â½) under this scheme, there are two type of registration: voluntary registration where a dealer intends to start his business in delhi, he may register himself under the voluntary scheme. It is not necessary for dealer who starts his business in delhi to get itself registered with the delhi value added tax department at the time of starting his business until his turnover in the current year exceeds rs 10, 00, 000. It is an optional registration. compulsory registration every dealer is required to apply for registration under this act if the dealers turnover in the preceding year or current year exceeded rs. 10, 00, 000. A dealer is also liable to pay tax, or is registered or required to be registered under central sales tax act, 1956 provided that a dealer dealing exclusively in goods mentioned in the first schedule shall not be required to register. explanation- for the purposes of this section, in case of dealers involved in execution of works contracts, the taxable quantum shall be calculated with reference to the total contract amount received. taxable turnover the taxable quantum of a dealer shall not include turnover from- a) sales of capital assets;- b) sales made in the course of winding up the dealers activities; and c) sales made as part of the permanent diminution of the dealers activities. time limit a dealer must apply for registration within 30 days from the date on which it becomes mandatory for him to get itself registered with the department by making an application in the prescribed dvat 04 form. in case of more than one place of business within delhi, the dealer needs to nominate any one such branch or place as its principal place of business and it is also necessary to mention all premises in the registration application.