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.

Financial Accounting Outsourcing Services

Corporate registration comes under the Ministry of Corporate Affairs where the Registrars of Companies (ROC) appointed under Section 609 of the Companies Act covering the various States as well as Union Territories and are vested with the primary duty of registering companies. These ROCs have administrative control over the offices granted by the Central Government and function through the respective Regional Directors on regional levels.

The ministry of Corporate affair after registering a company ensures the protection and security of the investors, partners as well as other stakeholders of a company.

It might have come to you to register your company but if it has not; let us tell you why is Corporate Registration the primary thing after setting up your business. If you have been running an unregistered business or you are on the pathway to setting up a business in the coming months or years, this article will help you and clear your doubts about company registration.

First things first, if you own an unregistered business that is now a big name in the market but unregistered then someone else could use your company’s name, logo, goodwill etc. without your knowledge and run their own business. Identity theft is a major problem when your business is unregistered. Someone could take all your hard work of years that you put into your business and use it for their benefits without your knowledge. And if at all that person fails in catering the Financial Accounting Outsourcing Services of your business, all your goodwill could go for a toss. Hence, to avoid identity theft, thus goodwill theft and risking your business and name in the market, registration is extremely important. It is legally accepted and registered with the law so if you have anyone claiming to be you, you could sue them legally and not have them reap the benefits of your sole hard work. It not only saves you but your investors, stakeholders and your loyal customers.

Moving further on in the article, we will tell you what are the types of business entities that exist and this will give you a clear idea about what you want to register your company under.

There is a concept of “limited liability” and as the name suggests it gives you the freedom to choose the amount you want to be liable to paying/losing in terms of any losses to the company. Your “limited liability” is generally the sum of money you invest in the company/business. The major benefit of a “limited liability” is that in case of any losses your personal assets are not taken into consideration for any recovery. It solely concentrates on the assets of the business and nothing else. This agreement does not only ensure the safety of your money but also keeps your personal assets safe.

Then we have “sole proprietorship” in which the business or the company is solely owned by only and only one person. There are no partners, stakeholders, investors other than the owner them self. Although sole proprietorship is simple and cheap in terms of registration with the government, it has one major downfall. In terms of sole proprietorship there is no distinction between the owner’s personal and business assets and hence he is liable to pay everything in cases of debts/losses.

Next is a “partnership firm” and it involves two or more partners. The partners in a partnership firm do not enjoy limited liability. However, they get to decide the investment percentage which will also be their loss and profit percentage in the company. Furthermore, partnership firms can have different types of partners namely – active/managing partner, dormant/sleeping partner, nominal partner, estoppels partner, etc.

Lastly we have “private limited (pvt.ltd)” which is another business entity usually owned by a small group of people (more than two). The members are also the shareholders and the owners of the business. Businesses and startups that aspire to grow big in the market and gain popularity leave a mark, etc. mainly go for a private limited company registration. A private limited It Company Registration allows you to buy/sell stocks/shares in the name of the company and not an individual and thus remains unchanged even if a member joins or leaves the company.

In conclusion, the process of registration might sound a bit too much and cost some money but it is the best step for you to keep your business and name safe and secured legally. It is a little effort and some investment right now to save you from any losses in future. Registering a business in today’s world is extremely important and a smart move. And with this article we hope you have gained some clarity on the registration! Stay tuned for more.

How To Do LLP Registration in India?

Limited Liability Partnership (LLP) came into existence in 2010 after the Limited Liability Partnership Act, 2008 passed. LLP refers to a partnership firm in which liabilities are limited for each partner.

Why LLP registration?

• All the partners of LLP can directly manage the operations of the LLP business.
• All the partners stand equally liable for the debts of the LLP.
• The personal assets of a partner are separate from liability in LLP.

LLP Registration Process:

1. Digital Signature Certification

The first step of LLP Registration is Digital Signature Certification. Each partner needs to provide a digital signature for the online application filed with the Ministry Of Corporate affairs. The 2 years valid DSC requires a PAN card, address proof, and Passport size photo.

2. Approval of Name

The applicants can apply for two names of LLP by filling an online form named RUN-LLP. It may happen that both of the options got rejected. In that scenario, they can resubmit the form again. But if it gets approved, the name remains valid for 90 days from the date it got approved.

3. Form FiLLiP Application

In this step, the filling of the Form FiLLiP application which is used for incorporation of the LLP.

A maximum of 2 designated partners can apply for DPIN, if the partners who are appointed as a designated partner does not have a DPIN on DIN & fill up this application at a time and hold DIN. You need to attach the subscriber’s sheet, consent letter & proof of office address. Their digital signature and certification of CA/CS/CWA are mandatory. Form has to be submitted to ROC online after the payment of prescribed fees.

4. Approval and Rejection

In this step of LLP Registration, two situations may arise:

• Approval of LLP application

The partners will be handed over a Certificate of Incorporation and DIN. You will become the authorized owner of the Limited Liability Partnership Identification Number.

• Resubmission of LLP application

The applicant will have to resubmit the application after correcting the discrepancies intimated by the department within 15 days of intimation.

1. PAN Application

The partners need to apply for PAN separately by filling form 49A to the Income Tax Department. However, both the option of online and offline applications is available. The certificate of Incorporation needed to show as proof.

2. TAN Application (Tax Deduction and Collection Account Number)

The partners are now needed to fill-up the form 49B either online or offline to apply for TAN.

3. LLP Agreement

This step includes the following:

• Name of business, its place, the objective of incorporation is primarily taken care of.
• Duties of the partner, their rights, capital, and profit-sharing ration should also be considered sincerely.
• The agreement must be filed within 30 days of incorporation.
• The LLP partners carefully go through and agree on each clause.
• After making the payment of stamp duty the agreement gets stamped.
• The agreement gets attested by the signature of two witnesses.

4. GST Registration

GST registration is crucial if LLP is meant to enter in Inter-state transactions. No matter whether you are a Small or Medium business owner, LLP registration is professionally handled by the expertise of MyTaxAdvisor.

Advantages of Corporate registration

Ministry of Corporate Affairs regulates Corporate Registration in India through the Companies Act, 1956, 2013 and other allied Acts, Bills and Rules. MCA also protects investors and offers many important services to stakeholders.

If you have recently started a business or have an unregistered existing business it is important for you to know the necessity of registering your business and what benefits it brings you.

•  Helps establish a business bank account

If you have a registered corporate business it equips you to be able to open a bank account under your business name. A business bank account helps you separate your personal and business transactions from one another and gives a more professional outlook when you approach other people, etc.

• Reduce personal risk or liability

A registered business helps you limit your liabilities etc. to the number of shares you hold in the company. It separates your personal and business assets, thus keeping your personal assets safe in case of debts. Your registered business is a separate entity.

• Grant loans

Having a registered business number/account makes it easier for investors and/or banks to believe that your business is not a fraud. It helps you attain loans from banks for your business when and if needed. Even independent lenders and investors would ask for paperwork, registered documents, etc. before lending you any amount of money.

• Helps build reputation

One major benefit of registering your business is that it stimulates customer-owner trust. When you have a registered business people think of investing in your company’s services, products because they ought to know it is not a fake business. It also enhances the prestige and reputation of your business as your customers; investors will perceive you as a more stable business than an unregistered one.

• Hiring employees

When you have a registered business it becomes easier to hire employees for your business. You can put up advertisements about openings on various sites and people will consider your business if it is registered because they know it is a legitimate business. It also enables you to pay your employees in accordance with the law and also file for other taxes, etc.

• Helps with continuity

When a business is registered it is an asset. You can later pass on the name, sell it to investors or assign it to someone under the same name in order to maintain the continuity of your business after years and for years to come. When a business is registered a name is built and so is its goodwill, this makes it easier for others to continue on an already well-established business.

• Legal protection

Once when your business is registered with the Ministry of Corporate Affairs no one can use the same business name for whatsoever purposes without your knowledge or approval. Thus registering your business protects you and your business and from anyone using it illegally. You can sue them legally in case of false use of your name.

As you can see, there are multiple advantages to business registration and it works in your favour only. It might cost you some money and have you invest your time at the initial stages of your business but it will help you for years to come.

Top GST Return Consultant in Mumbai

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 My Tax Advisor 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.

Compliance Outsourcing Companies

The increasing complications in compliance are the main reason behind the trend of outsourcing compliance. Compliance management is a priority for a business to survive. Because it can be problematic when ignored. And we’re sure that you don’t want to let this bother you in the long run. So there, we’re introducing outsourcing compliance.

Outsourcing Compliance

What is Outsourcing Compliance?

Outsourcing compliance is an act of allowing professionals to look into the chief functions of compliance. When a business organization outsourced the responsibility of identifying risk, actions for prevention, monitoring and detecting the activities, resolving the complication, and providing future advice on that, it is known as Outsourcing Compliance.

According to the surveys and reports, about 24% of business firms believe in outsourcing compliance. The reason being the in-house members lack the skills. And the firms need assurance about all their compliance requirements.

Why Outsource Compliance?

A large portion of business owners follows the trend of outsourcing compliance. A firm indeed wants to be sure about all the compliance activities.

However, there are reasons that make it a wise step:

•  It saves you time, and you can focus on generating more leads rather than compliance. 
•  It will save money because outsourcing compliance is available at a lower cost than what you may have to pay while doing everything by yourself. 
• Professionals will be performing all the activities.
• The professionals will always have updates on all the changes in rules and regulations.

When to Outsource Compliance?

Before deciding on it, first, you must know when to Outsource and when not to. Your in-house experts can also perform some compliance tasks. And there’s nothing wrong with that. After all, You need experts for resolving complications. 

Outsourcing compliance is a wise choice when a particular compliance task needs a unique approach, specific understanding, and expert knowledge.

Besides, when you want to have an all-time online system, you can go with the choice of outsourcing compliance.

Want to Outsource Compliance, but How?

You know the specific requirements of your firm. And you have decided the compliance to outsource. Now, the question is, how? Believe us. It is way too easy than you might be thinking right now.

For outsourcing compliance, all you need to do is send us a proposal with your message. And My Tax Advisor will get back to you within 24 hours.

And the best part is, apart from offering lite, basic, and standard packages, we also offer customized packages for outsourcing compliance.