Trademark Registration

A trademark is your brand name or logo which represents your business. It can be a signature, label, design, logo, numbers, alphabets, tagline, color combination, etc. used by the owner in his brand name or logo in order to make their particular business recognizable and/or to make it stand apart from the other competitors in the business market. The Trade Marks Registry was established in India in 1940 and presently it administers the Trade Marks Act, 1999 and the rules thereunder. Trademarks in India are registered by the Controller General of Patents Designs and Trademarks, Ministry of Commerce and Industry, Government of India. It ensures the safety of your business, wrong practices and fraudulent use of your company’s logo. However your trademark should not be a copy and be deceptive in cases of which your application will be rejected.

Any individual, company, proprietor, or a legal entity that claims to be the owner of the company and its trademark can apply for Trademark registration. Once you file the application for trademark registration you can start using the “™” symbol since the file registration could take up to 8-12 months. Once you receive the register certificate you can use the register symbol “®” next to your company name/logo. A registered trademark is valid for 10 years from the date of registration and can be renewed from time to time.

Let us understand the process of registering a trademark in India. It can be a little time consuming but what comes without efforts right? And your business requires this to be safe and secure. So let’s proceed.

1) Brief search

Before you dive into the process of designing a logo, registering your trademark, etc. it is important to do a brief search. Once you have a rough draft or idea about what you want your logo to look like, do a search, both online and offline to make sure your logo is not similar to an already registered trademark. When that is done and you know yours is unique, you are good to proceed further.

2) Create an application

After your thorough search for your trademark to be unique, the trademark attorney will create a trademark application. Since you do not want anyone else to steal your trademark while it is in process, you start using the “™” symbol as soon as the trademark application is filed.

3) Trademark registration

Cost: Government fees are Rs. 4,500/- in case of Individual/ Startup/ Small Enterprise (it would be 9,000/- in all other cases) and trademark attorney professional fees is Rs. 3500/- per application per class.

Your application is then checked by the Trademarks office to see if it matches anybody else’s logo/trademark. If it does it will be put for objection in the Trademarks journal. If there is no opposition from other businesses in the next four months, your trademark gets registered in six to eight months.

Documents required for filing a Trade Mark Application in India:

• Trademark or logo copy
• Applicant details like name, address, and nationality and for the company: the state of incorporation
• Goods or services to register
• Date of first use of the trademark in India, if used by you prior to applying.
• Power of attorney to be signed by the applicant

A trademark is an important asset to your business. Even the biggest businesses like Apple, Microsoft, Pepsi, Coca Cola, Lays, etc. have a Registered Trademark. The trademark contributes to your business and its goodwill in the long run. A trademark is also considered to be a valuable asset since it can be sold, assigned or licensed on the basis of its already generated goodwill in the market. It guarantees identity and protects from theft or fraud use of the company’s name or logo. A trademark is not just your brand logo but it has the potential of becoming your customers’ lifestyle.

Prevent Penalties by Outsourcing Compliance Services

Compliance means adhering to rules and regulation for better functioning of your business corporation.

It is pertinent to each organization. Also, it is regardless of size, goals, and capital construction of the company. More small-sized organizations need expert guidance for such observance and are liable to consequences.

An impressive choice in such a matter is to hire Outsourcing Compliance Services in Mumbai. They charge an amount related to compliance management. Thus, you do not need to employ a predefined unit of in-house experts.

Compliance administration helps the advertisers and executives to comprehend the relevant laws and guidelines for keeping up the administrative background.

It incorporates making a legitimate system by an inside and out appraisal of the current cycles and inner system guaranteeing useful corporate administration.

Fulfill Your Company’s On-Time Documentation with Compliance Services

The guidelines may fluctuate with the district or region where the organization gets enlisted. However, not all laws are nationwide. Additionally, globalization has added to the compliance conditions. These are crucial guidelines that are relevant when directing businesses in distinct districts.

There is a need to maintain different yearly forms such as in-depth data about investors, accounts, changes, and more.

These forms are needed to be guaranteed by experts according to the Companies Act. The financial accounting outsourcing services in Mumbai are dynamic in this field. It contains a qualified and experienced group to help in setting up the records for on-time documenting.

Compliance founded on occasions emerges when an organization experience changes. These changes may or may not be premeditated.

Succeed in Your Business by Taking Benefits through Compliance Management

There is required administrative work that needs completion within a particular time limit concerning a specific occasion. Skipping these tasks can pull in fines.

These compliance management organizations are a piece of consultancy support. It assists the clients with fulfilling the time constraint for definite occasion-based compliance.

There are various kinds of valuation compliances. It can be legal or chosen, required generally for monetary choices.

Employee stock ownership (ESOP) organization valuation is a prerequisite if the organization decides to offer the stock opportunities as compensation.

This kind of valuation is obligatory for unlisted or firmly held organizations having no distinct share value.

When the workforce gets the ESOP plan, it ought to contain wide-ranging insights regarding the choices alongside the valuing system.

Outsource Compliance Services to Maintain Company’s Operational Efficiency

Moreover, the outsourcing compliance services in Mumbai may offer types of assistance for keeping up vital compliance according to relevant guidelines, for example, looking after accounting system.

ESOPs are swift budding pay programs used to support functioning and recruit talented experts in the competitive IT domain.

My Tax Advisor is a Mumbai-based consultancy giving a wide range of compliance administration solutions. It has different information on this field with a collective experience of experts having legitimate and economic proficiency. The Financial Accounting Outsourcing Services offered by My Tax Advisor include Company Registration, Business Formation, Account Outsourcing, Income Tax, Goods and Service Tax (GST), and Company Secretarial Services. For additional information, pay a visit to http://www.mytaxadvisor.co.in/.

Explaining Income Tax Returns (ITR) in Mumbai

One major downside of growing up is that you have to deal with Income Taxes. The issue isn’t the taxes, but the lack of knowledge about it. It would not have been a problem if schools taught us all about basic finances earlier in our lives. Nonetheless, It is not too late to learn about taxes. In fact, you can save a lot on taxes by doing so.

In this article, we highlight vital information about Income Tax Returns (ITR). You will learn how Income Tax Returns in Mumbai work. Before we explain ITR, you must first understand the basics of income tax.

So let’s get right to it.

Basics of Income Tax

Income tax is a way for the central government to earn revenue so that they can develop the country. This revenue comes from a percentage of your income. That percentage depends on what tax bracket/tax slab applies to you. (We will discuss the details of tax slabs below in “Old Tax Regime vs. New Tax regime”). Basically, India’s tax system works on a Progressive Taxation Mechanism, which essentially means, the more you earn, the more income tax you pay.
Income can be from multiple sources. For example, your salary, profits from your business, profits from your capital investments, and profits from other sources like FD. All this together makes your total income.
Moreover, citizens of India need to pay taxes for the income generated by sources in the country and from outside the country as well, but non-resident citizens only need to pay tax for the sources generated in India.
But how does the government know that we are paying the right amount of taxes? This is where Income Tax Returns come into play.

What is Income Tax Return?

Income Tax Return (ITR) is a form that needs to be filled and submitted to the Income Tax Department of India. This form contains information about your total income and the tax rate applicable to it during the year. ITR is filed/submitted for the whole financial year that is from 1st April to 31st March of the next year. It is supposed to be filed before a fixed due date given by the government.
Nowadays, you can file ITR online or hire a CA to do that for you. Income Tax Returns in Mumbai are made easy by MyTaxAdvisor. We will take care of all your tax problems.

A Complete Guide to Start a New Company in India

Aspiring to start a company of your own is indeed quite ambitious. But getting stuck into a web of legalities can be daunting at times. At such times, having a reassuring support can be an immense relief.

My Tax Advisor is a one-stop solution to all your financial and legal dilemmas. Based in Mumbai, My Tax advisor aims to offer you intriguing, out-of-the-box ways to help you start your new company.

In this article, we’ll dive into exploring legal and financial know-hows that are necessary to start a company in India.

STEPS TO BEGIN A NEW COMPANY:

Starting a company isn’t an overnight process, it takes a lot of paperwork and careful planning to affirm a strong foundation of a company. Here are 5 steps that will help you ease your process of registering your company in India.

Choose your company name:

Although it might sound naïve, but having a good company name is the most essential step in starting a company. The customers will remember the name of your company before anything else, take an example of Uber, Amazon or Jio. Having an arguably long name won’t be ideal. It’s imperative to choose a company name that is easier to remember, pronounce and promote to your customers.

There are certain clauses that need to be followed while selecting a company name. Few of them are as follows:

·         The name should reflect the vision and mission of your business.

·         It should be distinctive enough to catch the attention of your customers.

·         Generic names like the name of any state or an area cannot be used as a company name.

My TaxAdvisor offers you legal help in selecting an appropriate name for your company that tackles all the legal discrepancies.

Register your company’s DLC:

DSC (Digital Signature Certificate) play instrumental role in starting your company, especially in the era of digital advancements.

Indian IT Act 2000 has made provisions to enhance the security and originality of your company by allowing you to in register the company’s official signatures in digital form.

Acquire your DIN:

DIN (Director Identification Number) is a unique number allotted by the MCA (Ministry of Corporate Affairs), India to a new or an existing director of the company.

With this 8-digit number having a lifetime validity, the details of the director are saved in a centralised database. You can log on to MCA portal and apply to acquire your DIN.

Creating an Account on MCA:

Once you have acquired you DIN, you can create your account on MCA (Ministry of Corporate Affairs) by registering on mca.gov.in.

Click on the new registration option and once all the requirements are met, you’re all set in taking your first step in starting a new company.

Register for GST number:

If your annual turn-over exceeds 40 lakhs, you are applicable to enrol for Goods and Services Tax (GST) registration.

You can register for GST for free using MyTaxAdvisor. Right from registering your company to acquiring your GST number, we’ve got you covered!

TYPES OF COMPANIES IN INDIA

Depending on your business goals and future prospects, you can choose your type of company to start. There are 5 major types of companies you can start in India:

Sole proprietorship:

Sole proprietorship is one of the easiest ways to start your company. All you have to do is provide mandatory identification documents and you’re good to go. However, it is advisable to consult a Chartered Accountant for a registration certificate.

One-person company:

In the earlier days before 2013, a company was compelled to have at least two directors. However, since the inception of One Person Company, an individual is allowed to take a 100% charge of a company.

The major difference between a sole proprietorship and one person company is that the latter is able to incorporate the entire company and avail additional tax benefits.

Partnership Company:

A partnership company, as the name suggests, is formed when your venture is shared with partners. An agreement of association which is termed as Partnership Deed has to be signed by the partners. This agreement contains the details about sharing of profits and roles of partners in a business.

Limited liability Company:

A Limited Liability Company or LLC is one of the most flexible business structures. Companies like Nike, IBM, and Google are prime examples of LLC companies. There are multiple owners to this business structure. The owners can be an individual, corporations, foreign entities or other LLCs. LLC constitute less paperwork as compared to other business structures.

Private limited company:

A private limited company or LTD has minimum 2 to maximum of 200 members. As the name suggests, a private limited company cannot obtain funds from public, hence publically issuing shares is not allowed for a LTD company.

The percentage of taxation in LTD is comparatively a bit lesser than other business structures.

We, at MyTaxAdvisor will provide you financial and legal assistance to help you register your new company by guiding you in all the steps in a much easier and flexible manner.

TIPS TO REMEMBER WHILE STARTING A COMPANY

Although the steps for starting a company might seem conveniently easier, following a few tips will help you smoothen the process of starting a new company. Here are a few tips recommended by us to help you start a company much comprehensively.

1.       Make sure you select the right type of business according to your planned framework for investment and visions

2.       Ensure that you consult a chartered accountant to understand the fundamentals and benefits of taxation for different business structures.

3.       Consult legal advice and get all your legal clearances documented and approved from authorities. At times, a business fails to register or validate a certain document, which might create hurdles in the future during audits.

4.       A thorough knowledge of tax implications, liabilities and risk management is essential before venturing into your business.

THE BEST PLACE TO START A NEW COMPANY IN INDIA | MY TAX ADVISOR

Now that we’re well versed in understanding the essentials of starting a new company in India, a company that pays special attention to all your requirements would be impeccable, wouldn’t it?

Our team at MyTaxAdvisor, with a combined experience of more than 10+ years prominently helps you avail your financial and legal solutions in a comprehensive manner. Equipped with a bunch of dynamic, zealous and experienced individuals, MyTaxAdvisor is your go-to place to understand tax benefits and other complex services in a much simpler way.

Right from free registration for GST to an expert counsel on starting a new company, we, at MyTaxAdvisor have got your back! We provide an extensive range of packages curated to suit your business requirements and facilitate an overall seamless experience.

Connect with us at info@mytaxadvisor.co.in and discover a wide range of services to help you start your dream company!

 

GST Return Consultants

An individual certified by the state or central government for providing services related to Goods and Service Tax to the eligible taxpayer is referred to as GST Consultant. The person becomes a GST Consultant after registering himself on the GSTN portal.

Services Provided by GST Consultants

• Registration of GST

As per the new laws made by the Central government, GST registration can be done only through its online Portal. A qualified consultant makes the smooth completion of the process in little time. So GST Consultant saves the time and hassles the client’s full task.

Amendments in Details of Taxpayer

Sometimes a GST Taxpayer requires changes in the details filed with the tax authorities like changes in address, name of the company, etc. In that case, a GST Consultant uses his expertise to make those alterations.

• Audits for GST

A business enterprise needs to make financial statements, maintain various records and books of accounts. It consumes a lot of time and energy.

But if you go to a GST Consultant, he/she will be responsible for conducting investigations of internal control, tests to see the match between the evidence and the amounts. And finally, the consultant will prepare a GST audit report.

• Evaluation of GST

The taxpayer has to self-evaluate the exact amount of tax needed to be paid for a specific tax period and submit a return to the tax authorities. But the whole process can shift the business owner’s focus from earning maximum profits. So it is better to outsource such a job to GST Consultants.

• Filing of GST Return

The taxable individual or business needs to file a GST return to the tax authorities in compliance with the GST statutory regulations. A qualified GST Consultant performs the duty of providing details about sales, purchase, tax paid, and collected through the process of filing GST returns. It helps to reduce tax evasion.

• Compliance with Rules and Regulations of GST

Under GST Compliance, various ratings are given to different businesses by the government. It is based on their ability to make timely payment of GST, furnish GST return, provide a report of input credits, and so on. GST Consultants enables you to reach the top rating by fulfilling the mentioned duties.

Not only that, GST Consultants will provide you with instant information about amendments in GST Compliances made by the government.

Here, the expertise and experience of MyTaxAdvisor prove to be a useful source to outsource numerous tasks related to Goods and Service Tax. We understand your business and provide you with the best possible advice for taxation.  

Income Tax Registration Online Process

Income Tax registration is crucial to file income tax returns online. It provides the following benefits:

• You can buy a high life insurance cover.
• No obstruction in applying for a visa.
• Very easy to apply for a loan, claim a refund.

MyTaxAdvisor is working professionally with world-class expertise and sufficient experience in income tax registration for companies, business organizations, trusts, etc.

Income Tax Registration Process

If you have taxation filing knowledge, you can file income tax of your own. However, you will need guidance for income tax registration for companies. Read on to know how you can register yourself to file income tax.

1. Go to the Income Tax E-filing Website

You have to visit the Income Tax e-filing website first. It is under the supervision of the Income Tax Department. Click on the button “Register yourself” on the right-hand side of the homepage.

2. Choose the User Type

After clicking on the “Register Yourself” button, a registration form will be visible on your screen. There will be an option in the form that will ask you to choose a particular user type. Choose the particular type of user you are. The user type can be a company, an individual, or a partnership firm.

3. Fill up the Basic Details

Now, the taxpayer has to fulfill all the required basic information. This section is mandatory.

• Basic details such as:
• Pan card (Id proof of the user for filing of income tax return online)
• Name of individual or company.
• In the case of a company, only the full name is required.
• In the case of an individual, surname, middle name, and first name are required in three sections.
• Date of birth in case of individual or date of incorporation in case of any entity.
• Email id of individual or company.
• The mobile phone of the individual. Not applicable for non-residents.

4. Email Verification

For all individuals other than non-resident, a six-digit OTP number will be sent to either your mobile number or email. But non-residents have no choice other than a registered email address. Then you have to write the OTP correctly. It will be the verification process.

But make sure to complete the registration process within 24 hours of receipt of OTP. Otherwise, you will have to start the registration process from the beginning.

5. Further Detail Submission

Submit the following online:

• Contact details
• Current address
• A password to login online e-filing site repeatedly.

Other than these, complete captcha and activate notifications.

6. Activation

Click the activation link visible in your email id. With this, the income tax registration process is complete. You are all ready to file income tax returns online.

Filing income tax in the right manner is essential. However, it requires knowledge, and people from every stream cannot do that.

If you are also struggling to file income tax or in the registration process, MyTaxAdvisor will be happy to assist you with it.

Secretarial Services

Company Secretary Services in Mumbai

Every business enterprise needs proper management irrespective of its size. A business owner has to focus on the main objectives of the organization. Therefore, it is essential to hire the services of a Company Secretary.

A company secretary acts as an intermediary between the company and directors, shareholders, stakeholders, and government. It is the job of the company secretary to watch that the company administrations are within the laws. 

If you want to have your business on the dot, get reliable company secretary services. You will find numerous companies offering secretarial solutions. But not all companies are reputed and admired by clients.

So, try to pick up a professional company secretary services online. In this virtual period, it is easy to get hold of a company to have maximum administration assistance.

Professional CS Support through Outsourcing Business

Presently, businesses prefer to outsource their business activities to an outside company. You can achieve professional support by taking Secretarial Services.

A genuine secretarial service provider has a team of qualified and experienced CS who is business-oriented and has adaptable strategies. You can engage a full-time or a part-time company secretary as per your prerequisites.

Get Secretarial Benefits for a Short & Long Time

Likely, a business does not have the necessary budget to hire an employee. They only require periodical assistance. So, the firm should take the services of a company secretary.

The online secretarial solutions will facilitate you in accomplishing your few undertakings.

CSs are competent individuals having essential skills and commitment when doing their job. Your company will get benefit from the secretarial services in the short and long run.

Improve Your Business Growth with Completion of Tasks on Time

The company secretary will support you in taking your business to the next level. They will do their job while you aim for your top business goals. Hence, all your tasks will get completed without delay. Further, the company image gets improved in the eyes of the shareholders and employees.

You can access virtual company secretary services to assist you in handling organizational assignments. It will save your time and efforts to earn higher business profits.

Avail of Online Company Secretary Services

There is a huge demand for virtual company secretary services as it does not need physical working space. An online company secretary is available to assist in business functions regularly. It will help you when you are in your company or out on holidays. It is the best practice to employ a virtual CS as it is economical and efficient.   You can improve your business by hiring expert Secretarial Services through MyTaxAdvisor. Browse http://www.mytaxadvisor.co.in/ for more details.