Test - Mycorporation.in

Food License Registration and for whom it is mandatory

October 7, 2022
No Comments

FSSAI is a contraction for Food Safety and Security Authority of India. It is an organization which is controlled by the Indian…

October 7, 2022
No Comments

Conversion of OPC to Private Limited What is the Conversion of One Person Company? Company conversion means the conversion of the company from…

October 7, 2022
No Comments

Countervailing Duty – A Boon for Indian Producers Index: What is Custom Duty? Types of Custom Duties Countervailing Duty (Additional Duty) What…

October 7, 2022
No Comments

ESIC Registration, Applicability and Benefits Index: What is ESIC? Applicability of ESIC Required Documents for ESIC Registration ESIC Contribution rates and Deposit…

October 7, 2022
No Comments

Following Compliance need to be done by company during the financial year in respect of income tax Act, GST Act and TDS …

October 7, 2022
No Comments

Employee Pension Scheme in Provident Fund Index:- What is EPS? Eligibility to avail EPS Benefits Features of EPS EPS Eligibility Service Calculation…

October 7, 2022
No Comments

Registered office for a Company The registered office of a company is the main office of the Company to which all official…

October 7, 2022
No Comments

Nowadays, many Bank Customers have been receiving mail for authentication of their bank loans on NeSL (or National e-Governance Services Limited) Different…

October 7, 2022
No Comments

What are the implications to file wrong Income Tax Return or Taxes? When the tax season Comes, many people wants to…

October 7, 2022
No Comments

The ministry of corporate and affairs under the company law mandate the companies to fill out the E-form INC-22A for the address…

FSSAI is a contraction for Food Safety and Security Authority of India. It is an organization which is controlled by the Indian Government and the Ministry of Health and Family Affairs. FSSAI is perceived under sanitation and security Act, 2006. It is an organization which is made for protecting the health of the public. All the individuals or organization who are associated with the food business whether, as Manufacturer, dealers, food business administrators (FBOs) has mandatory to obtain 14-digit FSSAI number which is printed on the package of food so, that Buyer can purchase it as per standard of FSSAI and safe for consumption. Get overall details about food license India.
On the off chance that you are wanting to begin a food business, you should have a food permit which is given by FSSAI authority. No one can commence its food business without license otherwise penal provision shall apply as per the said act.
The Food Authority has taken a step to protect foods for the food-related businesses, which is tested in various parameters to guarantee the nature of the food and make it safe for human use and as a result case of food shortage and fainting Helps reduce quality which is insufficient Thus, it is mandatory to obtain food license or registration it depends upon the location and a yearly turnover of the food business operator.

Kinds of FSSAI Food Licenses in India
FSSAI issues three unique kinds of food licenses in India:
Basic FSSAI Registration
Small-sized food business operators like transporters, stockpiling units, distributer, advertisers, retailers, manufacturers and which is issued by the State Government for a minimum period of one year and a maximum of 5 years. It is for the most part for the units having a yearly turnover of less than 12 lakh. The rest depends on aptitude; FBO can thus fall under either state FSSAI license or basic registration.
State FSSAI License
The authority has guided the food business operators annual turnover of more than 12 lakh, like small to medium-sized manufacturers, stockpiling units, transporters, advertisers, retailers, distributors, etc to obtain the State FSSAI License. It is issued by the respective State Government having a minimum validity of one year and a maximum of 5 years.
Central FSSAI License
Applicable for obtaining central food license issued by the central government to food manufacturers who have a turnover of more than 20 crores such as large manufacturers, units with 100% fare arrangement, traders, central government offices, airports, ports, etc. Is directed to obtain a central license for the head office of those who are FBOs and if they work in more than one state. This license is one year and the most extreme is 5 years.

Who needs to apply for FSSAI
It includes any food business operator like:
• Hotels
• Restaurants
• Food Chains
• Packaged Food Manufacturers
• Food Sellers and Resellers
• Canteens in Corporate Companies
• Schools
• Colleges
• Hospitals
• Government Institutions
• Food Importers and Exporters
• Raw Material Suppliers

There are 3 different kinds of FSSAI registration, the normal time for FSSAI license registration varies.
1. The basic FSSAI license will be given in 7 working days.
2. State license and Central license will be allowed in 30 days.
Please Note Food license can be renewed

Documents necessary For Central License
?   Copy of Aadhaar Card/Voter personality card of Owner/Accomplices/Executive
?   Electricity/Water charge (Business Spot)
?   List of Chiefs with full location and contact
?   Proof of ownership of premises
?   Partnership Deed/Affirmation of Ownership/MOA&AOA
?   NOC and Duplicate of Permit from the producer (compulsory for re-labellers and re-packers as it were)
?   Declaration Structure
?   Authority letter
?   Food Security The executive’s Framework plan or endorsement
?   IEC Code (For shipper/Exporter)

Documents necessary For Traders To Get FSSAI Central License
?   Photo ID gave by Government authority
?   Passport size Photograph
?   Address confirmation gave by Government authority
?   List of Executives with full location and contact
?   Copy of Lease understanding (If the property on Lease)
?   Partnership Deed/Testimony of Ownership/MOA&AOA
?   NOC and Duplicate of Permit from the maker (obligatory for re-labellers and re-packers as it were)
?   Declaration Structure
?   List of food items
?   Authority letter
?   Food Wellbeing The executive’s Framework plan or authentication
?   BluePrint of Handling Unit and Gear/Hardware
?   Production unit photo
?   For Transporters: Evidence for Turnover or self-statement of number of vehicles
?   List of Gear and Apparatus
?   Pesticide buildups report of water
?   IEC Code (For shipper/Exporter)

To know more about the food license please click here https://www.mycorporation.in/india/apply-food-license-fssai-food-safety-and-standards-authority-of-india-registration-consultant

Conversion of OPC to Private Limited

What is the Conversion of One Person Company?

Company conversion means the conversion of the company from one type to another type of company. A one Person Company (OPC) can be converted into a normal Private Limited or Public Limited company by way of voluntarily conversion or mandatorily conversion.

Conversion of a One Person Company (OPC) into a Private Limited Company

The conversion of an OPC- One Person Company into Private Limited Company is possible and need to follow the provisions of Companies (Incorporation) Rules of 2014, in particular the Rule 7(4) of the Companies (Incorporation) Rules, 2014 and Section 18 of the Companies Act, 2013. We can convert OPC to Private Limited voluntarily as well as mandatorily (as required by the department). In both the conversion process it’s mandatorily required to alter the MOA and AOA of the OPC (As per the guideline of section 18 of the Companies Act, 2013, along with section 122 of the Companies Act 2013.

Following documents should be required for conversion of One Person Company (OPC) into Private Limited Company:

• ID and Address proof of Directors;

• MOA and AOA of the company;

• COI of the company;

• Audited Financials of the Company;

• NOC from the Creditors and Members of the company;

Basic conditions to convert OPC into Private Limited (Voluntary)

Voluntary conversion of One Person Company into a private or public limited company should be possible, only if a period of two years of its incorporation of the OPC (two years counted from the date of incorporation of the OPC) has been passed. The process and Provision of voluntary conversion of an OPC into a private limited company are as under:

• The existing OPC which we want to convert must have the total paid-up capital less than or equal to the INR-50 Lacs; and during the past three immediately preceding years and consecutive financial years its average annual turnover, should be less than or equal to the INR-2 Crores, at the time of conversion of One Person Company to Private Limited Company.

• The OPC shall require to obtain “No Objection” in written form, from its members and creditors of the company.

• To convert OPC to private limited it must have two directors and two members.

• The Company also needs to pass a special resolution in the general meeting in support of its conversion. The copy of such resolution shall need to submit with the concerned ROC within Thirty Days by way of filing Form MGT-14, after getting approval of form MGT-14, application in Form INC-6 is also need to submit with the following attachments:

I. A solemn declaration of the director of OPC

II. List of members and list of creditors if any.

III. A copy of No Objection letter from creditors

IV. The latest audited balance sheet on the profit and loss account

Compulsory conversion of OPC to Private Limited

As per the Rule 6 of the Companies (Incorporation) Rule, 2014 & and conversion of One Person Company to Private Limited Company is mandatorily required under the Companies Act, 2013 if:

I. OPC has paid-up share capital that exceeds Rs. 50 lakhs and

II. The yearly turnover of immediately previous three consecutive financial years is more than 2 Crores rupees,

Then it is mandatory for Such company has to compulsorily convert into a private or public limited company within 6 months from the date when the paid-up share capital exceeded 50 lakhs rupees or the last date of the related period in which the average annual turnover of immediately previous three consecutive financial years exceeds the limit of INR 2 Crore.

For Compulsory conversion its require to pass a special resolution in the general meeting of the company, to take NOC in written from the creditors of the company, and the other members before the resolution are passed and also need to submit form MGT-14 with the concerned ROC.

Form INC-5 also needs to submit with the department within sixty days of exceeding threshold limits and after getting the approval of form MGT-14 and form INC-5, its shall also be required to submit form INC-6 with required attachments with the department within six months of mandatory conversion to convert OPC into Private Limited.

Note: Once all the forms submitted with the MCA department the Registrar will issue a new certificate of incorporation only after checking the forms and satisfying himself about the compliance with relevant provisions of the Companies Act 2013 and other applicable provisions and laws.

Countervailing Duty – A Boon for Indian Producers

Index:

What is Custom Duty?
Types of Custom Duties
Countervailing Duty (Additional Duty)
- What it is?
- Why it is levied?
How it benefits the Economy?
Conclusion

What is Custom Duty?

Customs duty is a type of indirect tax levied on all goods imported into the country, as well as some goods exported out of the country. The duty levied on the first is called an import duty, while the second is called an export duty.

The duty levied depends on the value of the goods, its dimensions and weight, along with many other criteria. Although value-based rights are called valorem rights, quantity-based rights are called specific rights. On the other hand, rights to values ??plus other factors are called compound rights.

Custom Duty in India falls under the Customs Act. As per this act, the government levies duties on both import and export of goods along with their procedures. Matters pertaining to this duty fall under the CBIC (Central Board of Indirect Taxes and Customs), a division of the Department of Revenue of the Ministry of Finance.

The CBIC helps in formulating policies w.r.t. the collection and imposition of custom duties. It oversees the tax administration of inland and foreign travel.

Types of Custom Duties

Customs duties generally levied on goods imported into the country. While export duties are levied on goods as specified in the list in the law, no import duties are levied on certain items such as fertilizers, food grains, life-saving medicines, etc. The customs duty can be classified into the following types: Compensatory obligation to compensate for export subsidies: First, there is the countervailing obligation to take countervailing measures against export subsidies granted to their exporters by foreign governments.

Basic Customs Duty: This obligation is fixed based on the price of the item and therefore imposes the value of the item at the specified rate. However, the government has the right to exempt certain goods from this tax.

Countervailing Duty: CVD or additional customs duties are levied on imported goods.

Anti-Dumping Duty:This duty is based on the dumping margin, which is the difference between the export price and the normal price. It is imposed only if the imported goods are lower than the fair market price.

Education Cess: Education cess used to be levied at 2% of the aggregate of customs duties.

Protective Duty: This right was created to protect domestic industry from imports at rates recommended by the Tariff Commissioner.

Safeguard Duty: This right has been created to protect domestic industry from imports at rates recommended by the Tariff Commissioner.

Countervailing Duty (Additional Duty)

What it is?

The countervailing duty is an import duty imposed on imported goods because it neutralizes some of the benefits of the imported goods (from the exporter’s governments).

Why it is levied?

Compensatory obligation to offset export subsidies: First, there is the countervailing obligation to take countervailing measures against export subsidies granted to their exporters by foreign governments.For example, the export subsidies provided by the Chinese government make Chinese products cheap on the Indian market. This is a drawback for the competing Indian products. To overcome this situation, the Indian government can impose a countervailing duty on Chinese imports.

Countervailing duties to neutralize the exemption from excise duty: Secondly, there are the countervailing duties imposed on the imported product to neutralize the exemption from excise duty enjoyed by the imported product. In this case, most imported products in the producing countries are exempt from excise duty (tax on production). This exemption is granted by the governments there to offer exporters a low price (since tax is exempt). On the other hand, their competitors in India as local producers have to pay excise duty in India. In order to balance this situation, the Indian government may impose an additional customs duty (or countervailing duty) on imports.

How it benefits the economy?

Except in all cases, except in the rarest cases, the tariffs are harmful to the country that imposes them, as their costs outweigh their benefits. The tariffs are a boon to domestic producers who are now facing less competition in their home market. Prices are rising due to less competition. Sales from domestic producers should also increase, everything else would be equal. Increased production and prices are causing domestic producers to employ more workers, increasing consumer spending. The rates also increase government revenues that can be used for the benefit of the economy.

However, there are costs associated with the rates. Now that the price of the good has risen with the tariff, consumers are forced to buy less of this good or less of another good. The price increase can be seen as a decrease in consumer income. Because consumers buy less, domestic producers in other industries sell less, which causes the economy to decline.

Overall, the benefit brought about by the increased domestic production in the tariff-protected industry plus the higher government revenues does not offset the losses caused by higher prices for consumers. We haven’t even thought about the possibility that other countries would levy tariffs on our goods in retaliation, which we know would cost us dearly. Even if they don’t, the rate is still expensive for the economy.

Let’s understand with an example, which will simplify understanding:

If country “X” applies rates to products from country “Y”, consumers from country “X” would pay more for products from country “Y”. As a result, goods from country “a” are made more attractive to consumers from country “X”. This increased demand for domestic products is helping industry to expand, create jobs, etc.

However, there are always negative side effects. Businesses in country “X” have declined over time as there is less competition from countries abroad whose products are more expensive for domestic consumers. Less competition means less innovation, higher prices and lower quality goods. When rates are increased, these companies can sometimes lag behind international competitors – after all, they must be protected from international competition. More competition results in more efficiency, more innovation, lower prices and better quality goods. Companies gratefully fight each other to protect their market share. Less competition means the other.

As I said, consumers from the country pay “X” more for products, thanks to the import tax (tariffs). While they will protect domestic industry and jobs to a certain degree and for a short time, they do affect consumers – especially the poorest consumers who pay a greater share of their income for everyday necessities.

Domestic companies may also find that you pay more. For example, Coca-Cola pay more for aluminium thanks to the ten rate that is levied on imports of aluminium. These costs are always passed on to the buyer.

There are better ways to protect domestic industry, such as easing labour laws, cutting taxes, investing in education, removing the burden of health insurance for workers through a universal health care system, etc. In countries like the UK, companies have no an equivalent burden to provide health care to his or her employees. But this is often another debate for a special day.

Conclusion

As every human body has a defence mechanism to protect the internal intact organs from the foreign particles, the same type of mechanism exists in every country to ensure the protection, sustainability and development of the inland industries.

• While making regulations and rules on trade policy, Govt. should allow a perfect competition in between domestic as well as international competitors. To fulfil the need of the consumers, not every domestic and international organization has the ability to gain the sense of faith and reliance of the consumers. Perfect competitions among organization eventually introduce the better final goods at competitive price.

• The durability, performance, and product support are some of the key aspects on which every producers and organizations have to think twice before launching the goods in market. Sometimes global organizations have the plus point on these aspects as compare to the domestic industries. This is because the global organizations focus on easy access and well interlinked planned at every step during the finalization of the goods. Government should provide a bird’s eye view of these aspects to the domestic suppliers which enable them to compete with the better strength of reliance of their consumers.

• It’s a good step to introduce the extra duties levied on imported goods, it will boon the progress, production and performance of the domestic goods. But we need to keep one think before the introduction of the same, there is the presence of varied type of consumers who expect better experience in return of worthy money. It will better to introduce after the transparency at each step of the production.

ESIC Registration, Applicability and Benefits

Index:

What is ESIC?
Applicability of ESIC
Required Documents for ESIC Registration
ESIC Contribution rates and Deposit rule
ESIC Registration Benefits

What is ESIC?

ESIC Stands for Employee State Insurance (ESI), Basically ESI managed by govt. of India and its all administrative activities covered under Employee Insurance Act 1948 .This is a social security scheme where employee has so many benefits related to medical and cash such as Sickness, Maternity, Disability, Death at the time of employment, Unemployment Etc. It provides protection from health related calamities for more than 2 crore employees and their families. In addition to this, there are more than 150 Hospitals and 15000 dispensaries are working across the country.

Applicability of ESIC

Now the question is which establishment is needed to be registered under ESIC scheme for the proper fulfillment of all adviseriese this Act will applicable to all factories and other establishment which cover under this Act.

Now we understand what the ESIC applicability criteria are.

If total number of employee more than 10 is working in an establishment than ESIC registration is applicable for the establishment. However In case of Maharashtra and Punjab require minimum to 20 employees for coverage for this Act.

Minimum monthly wages of an employee must be less than Rs. 21000.

On 1st January 2017 the amount of Rs. 21000/- is amended earlier the limit was Rs. 15000/-

If the establishment cover once in this act will always be covered in this act, even if the number of employee goes below than the required limit i.e. 10 or 20 as required.

If the employee wages of Rs. 21,000 is increased due to any reason, then employee continues to be covered under the scheme.

Person who are not covered under this scheme

Proprietor or Partner
Contractor
Person engaged on a contractual basis (i.e.- Tax Consultants, Legal Consultants)
Apprentice covered under Apprentice Act, 1961

Required Documents for ESIC Registration

Registration Certificate issued under shops and Establishment or Factory act.
Partnership deed for Partnership Firm/Memorandum and Article of Association in case of company/Trust deed for trust.
GST Certificate (if available).
List of Partners/Directors.
PAN of the Establishment.
Address proof of the Establishment.
Bank statement/ Cancelled cheque of the Establishment.

ESIC Contribution (Employee and Employer)

Total deduction made by employee and employer is 4% and Employer deducts the amount on behalf of employee. Where the contribution of employee is 0.75 % and employer contribution is 3.25 % of the gross salary.

Deposit Rule

The Contribution should be deposited to the Govt. to 15 day of every month, For Example: If ESI Contribution is due for the month of March, then it should be deposited in 15 Day of Next Month (i.e. 15 April)

If the establishments fail to deposit the contribution within the due date or non deposit of contribution is a punishable offense and it’ll attract an interest of 12% per annum.

ESIC registration Benefits

There are several benefits available given below:

Medical Benefits: ESIC Provides to employee medical benefit starting from date of employment and also cover medical benefits to his family.
Sickness Benefit: if the employee in a medical leaves then 70% of average daily wage will be provided in cash for 91 days in two consecutive benefit periods.
Maternity Benefit: Under this benefit is provided 100% average daily wage for mother up to 26 weeks, for 6 weeks in case of miscarriage, 12 weeks for a commissioning mother/adopting mother.
Disability Benefit: ESIC grants monthly payment in case of temporary disablement till injury lasts and lifelong in case of permanent disablement.
Dependants’ benefit: In case of death due to employment injury, the monthly payment is granted to dependants. Also, the funeral expenses are born by the ESIC
Unemployment Allowance: if the case is of involuntary loss of employment, ESIC provides for monthly cash allowance for duration of 24 months (maximum).

Conclusion

ESIC provide heath security to employees and their dependent families. The scheme provides to the employees medical and cash benefits with the very low amount.

Following Compliance need to be done by company during the financial year in respect of income tax Act, GST Act and TDS

Income tax Act and GST:-

a) Regarding Advance Taxes :

Every company is required pay advance taxes if tax liability is more than 10,000 in financial year.

1^st Instalment: 15% advance tax liability by 15^th June

2^nd Instalment: 45% advance tax liability by 15^th Sep

3^rd Instalment: 75% advance tax liability by 15^th Dec

4^th Instalment= 100% advance tax liability by 15^th Mar

b) Regarding Income tax return and Tax audit:

Every company will have to file ITR on 30^th September and if turnover crosses the threshold limit that is Rs. 1 CR then tax audit becomes applicable and it is performed by a practicing chartered accountant and due date for the audit is 30^th September for next financial year.

c) Regarding TDS Compliance:-

A company requires to deduct TDS specified payments as per the income tax act. This amount should be deposited with the government on or before 7^th of the succeeding month in which tax was deducted except for the March month that is 30^th April

TDS Return Due Date for the FY 2019-20:-

Quarter Period		Last Date of Filing
1st Quarter (April-June)		31st July
2nd Quarter (July-Sep)		31st Oct 2019
3rd Quarter (Oct-Dec)		31st Jan 2020
4th Quarter (Jan-March)		30th May 2020 (Now its 30^th June 2020 for the FY 19-20 Q4)

Compliance under Goods & Service tax Act (GST)

As of now there are only two returns depends upon cases i.e. GSTR-3B is compulsory for the tax payment of taxpayer and for other depends on their registration type & and for regular tax payer its GSTR-1

I) GSTR 3B:

GSTR-3B is summary return it consist the details of total taxable supplies, Tax amount, ITC (Input Tax Credit) and Cash Payment if any.

ii) GSTR 1:

GSTR-1 is showing outward supplies for the month or quarter depends upon the person who file it whether they are liable for the monthly filing or quarterly filing.

iii) GST Annual return:

GST Annual return is basically a reconciliation statement which is prepare by registered person themselves and if there is any changes required then taxpayer reconcile the same on its own.

iv) GST Audit:

GST Audit is required by those companies, whose annual turnover has crossed threshold limit that is Rs. 2 crores. And its required to file annually .The due date to file GST audit report for FY is 30^th September of subsequent financial year and it is amended time to time by the Government.

Due Dates are as follows:-

Returns Type	Due Dates
GSTR-1(Return of Outward Supplies if turnover is less than 1.5 Cr then –Quarterly Return Filing)	31^stof subsequent month after ending Quarter
GSTR-1(Return of Outward Supplies if turnover is More than 1.5 Cr then –Monthly Return Filing)	11^th of Subsequent month
GSTR-3B	20^th of Subsequent month
GSTR-9/9C (Annual Return & GST Audit)	30^th September of Next financial year

All the above due dates and turnover limits are as per the standard rules, but it’s possible in any circumstance government changes these rules for any time period so it’s very important to updated on daily basis because due to COVID-19 government changes many due dates and rules so all the above matter is just for basic idea about compliance and their due dates.

Author: – CMA Praveen Kumar Tiwari

Website:- https://www.mycorporation.in/

Employee Pension Scheme in Provident Fund

Index:-

What is EPS?

Eligibility to avail EPS Benefits

Features of EPS

EPS Eligibility Service Calculation

Contribution towards EPS

How to Check EPS Balance

EPS Withdrawal Rule

What is EPS?

The scheme managed by the Employees Provident Fund Organisation and ensures that employees receive a pension once they attain the age of 58 years old. Existing, as well as new EPF members, can avail of the benefits of the scheme. The employee and employer each contribute 12% of the employee’s basic salary and Dearness Allowance (DA) towards EPF. While the entire share of the employee is contributed towards EPF, 8.33% of the employer’s share goes towards EPS. EPS removes income problems to employees after retirement.

Eligibility to avail EPS Benefits

The eligibility criteria to avail the EPS benefits are mentioned below:
You must be a member of the EPFO.
You must have attained the age of 58 years.
In case you defer the pension for 2 years (until you reach the age of 60 years), you will be eligible to receive the pension at an additional rate of 4% per year.
You must have completed at least 10 years of service.

Features of EPS

The main features of the EPS scheme are mention below

Since EPS is sponsored by the Indian Government, the returns are guaranteed and there are no risks to invest in the scheme. The amount that will be returned will be fixed and no changes will be made.
It is mandatory for employees who earn a basic salary plus DA of Rs.15,000 or less to enrol in the scheme.
You will be able to withdraw the EPS once you attain the age of 50 years. However, the amount that you receive will be at a reduced rate of interest.
In case the widower/widow gets remarried, the children will receive the enhanced pension amount and they will be categorized as orphans.
Employees who are enrolled in the EPF scheme will automatically be enrolled in the EPS scheme.
The minimum monthly pension amount that the individual will receive is Rs. 1, 000.
If the death of a worker then his spouse is eligible for pension amount and in case of spouse death then their children are eligible for pension amount at the age of 25 years.
In case the child is physically challenged, they will receive the pension amount until his/her death.

EPS Eligibility Service Calculation

In case an employee has worked for 6 months or more, the service period will be considered as 1 year. However, if the service period is less than 6 months, the working duration will not be taken into account. Therefore, if an employee has worked for 10 years and 7 months, the number of years of service will be taken as 11. However, if the employee has worked for 10 years and 5 months, the number of years of service will be considered as 10.

Contribution towards EPS

The employer and employee contribute 12% of the employee’s basic salary and DA towards the EPF scheme. The 12% contribution made by the employer is split in the below-mentioned ways:

EPF Contribution: 3.67%

EPS Contribution: 8.33%

Apart from the above-mentioned contributions, the Government of India contributes 1.16% as well. Employees are not eligible to contribute to the scheme.

How to Check EPS Balance

The EPS balance can be checked on the EPFO portal with the help of the Universal Account Number. However, individuals must complete the UAN activation process first. The step-by-step procedure to check the EPF balance after the activation of UAN is complete is mentioned below:

You must visit the official website of EPFO (https://www.epfindia.gov.in/site_en/index.php).
Click on ‘For Employees’ under the ‘Our Services’ menu.
Click on ‘Member Passbook’ on the next page.
Next, enter the User Name (UAN), password, and captcha details. Click on ‘Login’.
On the next page, various Member IDs will be displayed. Click on the respective Member ID.
The total pension amount that has been contributed will be displayed under ‘Pension Contribution’ column.

EPS Withdrawal

If an individual has worked for less than 10 years

An individual will be able to withdraw the EPS amount if he/she hasn’t completed 10 years of service. However, if the employee is currently working and has not finished 10 years of service, he/she will not be able to withdraw EPS amount. Only once the individual quits the company and before joining a new company can the EPS amount be withdrawn.

He/she can withdraw the EPS amount on the EPFO Portal by claiming Form 10C. The employee will need to have an active UAN and the KYC Detail must be linked to the UAN in order to withdraw the EPS amount online.

An individual who has worked for less than 6 months can apply for a scheme certificate but will not be able to withdraw EPS as per the EPFO rules. Depending upon the number of years an individual has worked, only a percentage of the EPS amount can be withdrawn.

If an individual has worked for more than 10 years

EPS withdrawal benefits will be stopped if the employee has completed more than 10 years of service. However, by filing Form 10C, the employee will be able to apply for a scheme certificate.

Registered office for a Company

The registered office of a company is the main office of the Company to which all official communications pertaining to a Company is sent. Every company shall require having a registered office to receive and acknowledging all communications letters and notices as may be addressed to it.

Where a company needs to maintain Book of Accounts:

As per Section 128 of the Companies Act, 2013 every company shall mandatorily require to prepare and keep its books of accounts, other relevant books, and papers for every financial year at its registered office, which give a true and trustworthy view of the state of the affairs of the company, including that of its branch office or offices, if any, and explain the transactions effected both at the registered office, unless and otherwise notice of address at which books of account are to be maintained filed with ROC in form AOC-5 along with Board resolution and other required documents, Pursuant to the first proviso to sub-section (1) of Section 128 of the Companies Act, 2013 and Rule 2A of Companies (Accounts) Rules, 2014

If a company has a branch office anywhere, it shall be deemed to maintain proper books of account relating to all the transactions effected at the branch office are kept at that office and a proper sum up returns periodically are sent to its registered office and the board of directors of the company is responsible to maintain such record.

Inspection of the Books of Accounts

The books of account, other books and papers are open for inspection at the registered office of the company or at such other place in India by any director during business hours.

How much time we need to maintain a record of the Books of Accounts

Every company requires to maintain the books of account for a period of not less than the eight financial years immediately preceding a financial year, or if the company is newly incorporated in that case company require to maintained the books of account since its incorporation date and shall be kept in good order.

Online maintaining books of accounts by the company

Every company can also maintain its all records in an electronic form for the future prospectus, but subject to the following conditions:
All the information and records are in the same format in which they actually generated and should also in true and complete form.
Electronic records should be capable of being displayed in legible form
All the backup of the records shall be kept in a server located in India
All the electronic records and information must be accessible in India

Documents which you need to maintained at the registered office

Register of members
Details of the beneficial owners
Register of directors
Register of secretaries.
Statutory registers
Register of People with Significant Control
Directors’ service contracts.
Register of charges and instruments creating charges (i.e. mortgages, secured loans).
Minutes of board meetings, committee meetings, and shareholders’ meetings.
Copies of decisions and resolutions.
Form filed with various authorities.
Record of directors’ indemnities.
Record of debenture holders.
Record of the sale and transfer/ transmission of company shares.
Company accounting records (Contracts, deed, Record of assets and liabilities, Invoices and receipts, Record of goods and services bought and sold, Record of income and expenditure, Sales books.

Nowadays, many Bank Customers have been receiving mail for authentication of their bank loans on NeSL (or National e-Governance Services Limited)

Different type of loans like Mortgage Loan, Vehicle Loans, Housing Loan, etc. are required to be authenticated on NeSL as per the provisions of the Insolvency & Bankruptcy Code (IBC), 2016 and Insolvency and Bankruptcy Board of India (IBBI) Regulations, 2017.

As per law, the information furnished by one of the parties to the debt needs to be verified and authenticated by all other connected parties. This authentication can be done electronically by affixing digital signature to the information using DSC or Aadhaar e-Sign.

NESL authentication is not for individual, but for HUF, Partnership Firm, Society, Proprietor, Society, Trust, Public Sector Bank, Club.

HOW TO VERIFY AND AUTHENTICATE THE INFORMATION ON NESL.

Go the website: – https://iu.nesl.co.in/NESL_Portal/login.html
Login to the NeSL IU portal using credentials provided to you or register yourself with Aadhar and OTP (In case, user is not already registered)
In case of new user, first register as a one-time process to receive your login credentials.
Provide all the details asked there in for registration
Post successful validation, an SMS or Email (of Login Credentials) will be sent on the registered Mobile Number and Email ID,
After logging to NeSL IU portal with correct credentials, you can view the entire submitted information under menu option Authentication.
In case you find that entire information furnished is correct, then confirm and accept the same by clicking the ‘Authenticate’ button.
In case you find any discrepancy or have any dispute about any of the information, then please select dispute checkbox and you need to clarify the reasons for such disputes by writing reasonable remarks in the space allotted, and click ‘Authenticate’ button.
Then you click ‘Authenticate’ you will be prompted to electronically sign the information by affixing digital signature with your DSC or Aadhaar e-Sign.

FAQs

What is information Utility?

Information Utility is a professional organization, that collects financial information, and get the same authenticated by other parties connected to the debt. It also stores the same information and provide access to the Resolution Professionals, Creditors and other stake holders in the Insolvency Resolution Process. It helps the stake holders in making decisions based on the same information.

The New Law IBC, 2016 creates a new institutional structure, by setting up of Information Utility Companies. It will store all the credit information of Corporates/entities/persons. The Certificate & data furnished by Information Utilities, being the evidence can be accepted by NCLT/DRTs.

As this code aims to resolve the insolvencies in a time bound manner, this information utility set-up is expected to contribute significantly for reduction of NPAs in banking sector.

What is the role of information Utilities?

The information utilities act as a regulated information agency in acceptance, electronically record, get authentication, maintain and provide access to financial information to the persons as may be specified in the IBC Act, 2016 e.g., creditors, Adjudicating Authority and other persons having interest in the information.

What is financial information?

Financial information in relation to a person, means, one or more of the following categories of information, being records of the debt of the person; of the liabilities when the person is solvent; of assets of person over which security interest has been created; of instances of default by the person against any debt; the balance sheet and cash flow statements of the person; and such other information as may be specified.

Who can submit the information to an IU?

Any party connected to a Debt, as Creditor (Either Financial Creditor or Operational Creditor); Debtor (or his authorized representative like Auditor); Co-Applicant, Co-borrower, Guarantor can furnish the information to an IU.

For any clarification and support, Contact Customer Care Number or Toll-free Number 18005992345 or Email at [email protected]

What are the implications to file wrong Income Tax Return or Taxes?

When the tax season Comes, many people wants to complete their Income tax returns. Firstly, because they look forward to a possible refund. Secondly, because it is good practice to reduce your risk of identity theft by the taxpayer. But if you’re in a hurry to fill out and file those forms, what happens if you file your taxes incorrectly?

You may have a brief moment of fear when you realize that you sent the Internal Revenue Service (IRS) wrong or incomplete information, but don’t worry. Everyone makes mistakes, including the IRS. Therefore, the federal tax office has processes and forms in case this happens.

If you’ve filed your taxes incorrectly, you’re not alone. We’ve found everything you need to know about what happens when you file your taxes incorrectly, from possible reasons you can take precautions to avoid this next time.

What are the implications if you make a Mistake on Your Tax Return?

Depending on the type of mistake, who finds it and how you handle the situation, a few things can happen when you file taxes incorrectly. Here are some things you might deal with

You Realize the Mistake Shortly After Filing

If you send off your tax return and notice that you’ve made a mistake, you can’t just refile another tax return and assume the IRS will know that it’s the right one. You need to follow the steps for fixing incorrectly filed taxes. That typically involves filing an amended return or sending a specific form in.

The IRS Finds Your Mistake When Processing Your Return

If the IRS finds something missing or thinks you made a mistake in your return, it will send you a notice. Typically, these notices let you know exactly which form you need to file to fix your mistake. They also give you a timeline, such as 20 to 30 days from the date you received the letter, to comply.

Getting any type of letter from the IRS can be scary, but don’t panic. The IRS sends hundreds of thousands of these letters out, and it just wants to see a response as soon as possible.

The Mistake Isn’t Found Immediately

If neither you nor the IRS finds the mistake, the tax return might be processed with the error in it. That could increase or reduce your refund incorrectly, depending on what type of mistake was made.

The mistake might be uncovered in the future during an IRS review or audit of records. You or your accountant (or CPA) might also find the error when conducting audits of your own files. In this case, you may owe interest on any amount that you should have paid but didn’t. You might also need to repay part of a refund that was incorrectly issued to you.

Since interest accrues from the original date the taxes were due, this can add up a bit. However, IRS interest charges are much less than charges due to failure to file or pay penalties. You should still file your taxes on time each year. It’s in your best interest to file accurately or correct any mistakes as soon as possible to avoid interest.

Steps for Resolving Taxes That Were Filed Wrong

How you resolve an incorrect filing depends on the mistake. If you receive a notice from the IRS about a potential mistake, follow the instructions in that document as soon as possible to resolve the issue. If you find an issue yourself, use the steps below to resolve it.

Make sure that it’s really a mistake or issue. Double-check your filing, or if you’re not sure whether there’s a problem, consider getting professional help from a tax filing service or CPA.

Determine whether the IRS already caught the issue. If your return has already been processed and you received a refund, double-check the amount. Did you receive more or less than you thought you would? If so, the IRS might have corrected your return for you based on W2 form and 1099 form information it receives about your income. You will likely receive a communication letting you know a change was made and why.

If you do need to provide updated or additional information to the IRS, you’ll need to file a amend return through 1040-X Form. Even if you simply need to append another form to your tax return, you still have to file the amended return. This lets the IRS know that you’re sending new information and it should reprocess your return in light of that.

Plan to pay any new taxes you might owe as a result of the change as quickly as possible to avoid accruing interest.

Common Tax Mistakes People Make

Tax returns require a lot of numbers, math and reading. Getting all those details into the right columns takes work, even for pros. So, if you’re handling your tax return yourself, you could easily make a mistake. But it’s not something to feel bad about. Here are a few common tax return mistakes the IRS regularly sees.

Arithmetic Mistake – It’s easy to miscarry a number or even miss one completely when you’re adding up rows and columns to get the answer for the next line on your tax return. If the IRS catches an arithmetic error, it’ll usually fix it and notify you of the result.
Forgot 80 C to 8o U Deductions– This one can cause you to owe more taxes than you should. Unfortunately, the IRS isn’t under an obligation to find all your deductions for you, and it probably won’t let you know even if it does see the possible error. This is why it’s a good idea to use professional tax preparation software or work with a tax service so you get the largest refund you can.
Non Disclosure of Total Income – Whether you forgot about a W2 or got a 1099 in the mail after filing your taxes, this is one you should fix as soon as possible. Even if the income won’t change how much taxes you owe, it needs to be accounted for on your tax return.
Cheat on taxes – You can’t mislead the numbers to get more deductions or hide income. That’s illegal, and this is the one time a tax mistake can come with consequences that go beyond a little hassle and a bit more expense. If you’re found lying on your taxes to evade paying them, you could be charged criminally.

Tips for Minimizing Mistakes Come Tax Season

Sure, filing your taxes wrong can be an honest mistake. And you definitely don’t need to freak out about it. But that doesn’t mean you should take a laid-back approach to taxes either. Follow these tips for minimizing the chances that you’ll make careless errors during tax season.

Keep up with your finances throughout the year. Keeping receipts, payments and income forms organized all year reduces how much work you have to do during tax season. It also cuts down on the chance that you’ll lose or leave out important information.

Use a professional service or software. Pay for an experienced pro to file your taxes to help ensure you cover all possible data and get the most in deductions. Many of these services will also file a free amended return if any mistakes were their fault.

Wait to file until you have all the information. An early refund is great, but avoids filing before you have all your information. The Government gives extension to file Income Tax return so Note that filing an extension does not extend your obligation to pay whatever taxes you might owe in due date.

Keeping up with your taxes can help you avoid a situation that could derail your entire financial life. But you don’t have rushing into filing to keep your identity and credit history safe. Instead, keep an eye on your credit report via our free credit report card all year to understand what’s going on with your score and identify potential fraud early on. Then, you’re free to file your taxes at a time that’s most appropriate for you and helps cut down on possible mistakes.

The ministry of corporate and affairs under the company law mandate the companies to fill out the E-form INC-22A for the address recognition while the form(INC-22A ACTIVE form)This new form is applicable to all registered companies, whether register companies Act 2013 or Act 1956.

Why this form is given:

Another step has been taken by the government to identify and eliminate shell companies. The government has taken a number of measures to track shell companies, i.e. round-tripping or money laundering to obscure only a paper-working company and either the vehicle or the ownership. Firstly, during the year 2018, the government hit around 2 lakh companies, which failed to file their financial statements or annual returns for two or more years, and secondly, for failing to file annual returns. And there are companies with more than one million directors were disqualified. To avoid ghosts or dummy directors, MCA Introduced DIR-3E-KYC shall file by every DIN holder with such details ie personal mobile number, OTP verification with email ID and details with ID and address proof.

Now MCA has issued a new notification to file e-Form INC-22A (Active Company Tagging Identification and Verification-ACTIVE ). The last due date for submission of this return was 25 April 2019. This due date has been extended to 15 June 2019 as per MCA notification on 25 April 2019.
As per MCA notification, a late filing fee of Rs 10,000 / – from 25 June 2019 to 25 April 2019 (revised from the last applicable date of 26 April 2019).

Every company was incorporated on or before 31 December 2017.

In the following situation exemption is available:

Under a process of strike-off or Strike-off companies
Dissolved companies
Companies under amalgamation
Companies under liquidation

Main prerequisites for filing this form:

Financial MCA till the latest financial year 2017-18. Financial statements and annual returns have been filed.
All directors of the company have filed their DIR-3E-KYC i.e. and the position of directors should be activated.
In public listed companies or companies with a share capital of more than Rs 5 cr. it is mandatory to conduct a cost audit to ensure that they have appointed a full-time company secretary and to do so.
All the chief managerial personnel is appointed and placed in their office as per the Companies Act 2013.
To ensure that all Minimum Directors are holding positions as per Companies Act 2013.

What information is required to be given in the form:

About the Company Details:

Name & Reg. Office
Latitude & Longitude (RO)
Mail ID & OTP verification
DIN
Photograph of Registered Office with Board of company

Statutory & Cost Auditor Details:

Name, PAN
Membership, Firm Registration Number (FRN)
Period of appointment

Key Managerial Personnel (KMP) information.

Details of CS
Details of annual returns – SRN of e-form AOC-4 & MGT-7 for the recent financial year 2017-18
Compulsory attachment of photo – Attachments should be in PDF only

Please Note

If any company is failed to complete the Active form compliance that company shall not able to Changes in Authorized Capital, Paid-up capital, Appointment of Director, (except Resignation), Address change and filing the annual returns.

BUSINESS FORMATION SERVICES

OTHER REGISTRATION SERVICES

COMPANY CHANGES

LLP CHANGES

TAX RECORD CHANGES

RETURNS

ANNUAL FILINGS

RBI FILINGS

COMPANY

BUSINESS REGISTRATION

TAX REGISTRATION

COMPLIANCES

Official info:

Follow Us:

What kind of business do you want to register ?*

Why do you want to register?*

Where would you like you Register your Company ?*

How much do you want to invest in your company?*

How many Business partners do you have ?*

Do you need assistance in opening a Current Account?*

Organisation Name

Name*

Email*

Phone*

What is the nature of your business?

Where would you like you Register your Company ?

Do you need assitance in opening a Current Account?

Organisation Name*

Our Packages*

Name*

Email*

Contact*

What is the nature of your business?

Where would you like you Register your Company ?

Do you need assitance in opening a Current Account?

Organisation Name*

Our Packages*

Name*

Email*

Contact*

What is the current name of your company?

What is the proposed name of the company?

Do you need assitance in opening a Current Account?

Organisation Name*

Our Packages

Name*

Email*

Contact*

What is the current name of your company?

What is the proposed name of the company?

Do you need assitance in opening a Current Account?

Organisation Name*

Our Packages

Name*

Email*

Contact*

Which of the following best describes you?

What would you consider yourself to be one of the following?

Our Packages

What kind of entity do you have?

Organisation Name

Name*

Email*

Contact*

Which of the following best describes you?

What would you consider yourself to be one of the following?

Our Packages

What kind of entity do you have?

Organisation Name

Name*

Email*

Contact*

Why do you need ISO certificate ?

Select your preference

What is the nature of your business ?

Which ISO Certificate are you looking for ?*

Name*

Email*

Contact*

Why do you need ISO certificate ?