How to Setup a Company without being Physically Present In India?

 In this video, I have shared How to setup a Company without being Physically Present In India?

MAG Team Training Session

 We successfully organized an Excel Training Session for our team at MAG! 😍 Looking forward to organizing more such sessions in the future for everybody to grow together!

Save Taxes with 10F Form | NRI Income | DTAA Benefit

 In this video, I have shared How an NRI can Save Taxes with a 10F Form.

Maximize your Share Market Investment Returns with Better Income Tax Planning

 In this video, I have shared How you can Maximize your Share Market Investment Returns with Better Income Tax Planning?

How to Save Tax Without Claiming Depreciation?

 In this video, I have shared How to Save Tax Without Claiming Depreciation?

Three Tips to Avoid Income Tax and GST Notice While dealing in UPI transactions in Business

 In this video, I have shared Three Tips to Avoid Income Tax and GST Notice While dealing in UPI transactions in Business

Secret to Save 2X Tax | Tax Saving Tool | HUF Benefits | CA Manish Gupta

 In this video, I have shared about How to Save Tax on Gift Received on Marriage?

Income Tax on Wedding Gift _ How to Save Tax on Gift Received on Marriage

 In this video, I have shared about How to Save Tax on Gift Received on Marriage?

HUF: A Tax Planning Tool | How to save tax by forming a HUF?

 Do you want to know how you can save up to 4Lac tax by doing this?

Then Watch this video!👇

https://lnkd.in/dPDV2kWN

E-Invoicing Applicability of Business | New Updates from 1st Oct-2022

What changes have been made in the e-invoicing applicability in business from 1st Oct, 2022?

Check this video to know more!

https://youtu.be/KmwH2pLQZMc

 In this video, I have Shared about a GST notification on Rent. Tenants now have to pay 18% GST

Customer Excellence is the Focus _ 7 Years of Manish Anil Gupta & Co.

 In this video, I have Shared how Manish Anil Gupta & Co is focusing on achieving customer excellence!

What is a Public Limited Company (PLC) Registration?

Introduction

A Public Limited Company (PLC) is a type of company that is limited by shares and offers shares to the public; register a new company in India as a PLC will have many certain tax benefits over others.

Specific prerequisites exist for a company to be registered as a PLC, such as minimum capital requirements, number of shareholders, etc. After a company is registered as a PLC, it can raise funds from the public by issuing shares. PLCs are usually large companies that are listed on stock exchanges. PLCs are governed by the Companies Act, 2013, under section 2(71), laying down the company's rules and regulations and the Securities and Exchange Board of India (SEBI) Act 1992, which regulates India's securities market and protects investors' interests.

Characteristics Of PLC

The list of characteristics of registering a firm as a PLC is as follows:

     * Boards Of Directors and Shareholders

                 * A PLC must have a board of directors consisting of a minimum of three directors.

                 * The directors and shareholders must be natural persons who are not less than 18 years of age.

                 * The directors must have the requisite skills, experience, and knowledge to discharge their duties.

                * A PLC must have a minimum of 7 shareholders with no limit on the maximum number of shareholders.

           *   According to the Amendment Act, 2015, registering a company under PLC doesn’t require any minimum requirement capital.

     * Company Name        

The end name of the company must end with "PLC" or "Public Limited Company". A PLC must have the word "Limited" as its name. A PLC must have a registered office in India.

     *  The Company’s Prospectus

 A PLC must prepare a prospectus before it raises funds from the public. A prospectus is a document that contains all the relevant information about the company, such as the company’s business, financial position, etc.

The prospectus must be registered with the Securities and Exchange Board of India (SEBI). A PLC can raise funds from the public by issuing shares, debentures, or bonds. A PLC must comply with the Companies Act 2013 and the SEBI Act 1992.

     Advantages Of Registering PLC

          * Independent Legal Entity

A PLC is an independent legal entity. It can own properties, enter contracts, sue, or be sued in its name. 

         *  Liability Of Shareholders

They are limited to the amount of capital invested in the company, and the company’s debt is not the liability of the shareholders. 

        *  Long-Term Capital

A PLC can raise long-term capital by issuing shares and debentures. The long-term capital helps the company to expand its business and increase its profits. 

        *   Transferability Of Shares

The shares of a PLC are freely transferable. Shareholders of the respective incorporation can sell their stake to anyone, even to third parties, without permission from the company.

         *   Continuity Of Existence

A PLC has a perpetual succession. The death of directors or shareholder insolvency does not affect the company's continuity.

          *  Multiple Financing Sources

PLCs have access to multiple financing sources, such as banks, financial institutions, and the capital markets. The costs of compliance with the regulatory requirements and listing on stock exchanges are high.

          *  Company With Limited Liability

A PLC is a company with limited liability. This means that the shareholders' liability is limited to the amount of capital invested in the company. This can also protect shareholders from being held liable for the company's debts. 

       *     Expansion Prospects

A PLC can expand its business by issuing new shares. The shareholders may also provide additional capital to the company.  The company can also raise long-term capital by issuing debentures and bonds.  The long-term capital helps the company to expand its business and increase its profits. PLCs have many advantages, such as the limited liability of shareholders, multiple financing sources, and the ability to expand Prospects.

          *  Management

The management of a PLC is responsible for the company's day-to-day running.  The management must comply with the Companies Act 2013.  The management must also disclose the financial position of the company to the shareholders.  The management may also appoint auditors to audit the company's financial statements.

Income Tax Refund Not Received? | What to do?

 In this video, I have Shared about Income Tax Refund Not Received?

Document Required for Registration of the Company

 If you’re considering setting up a company in India, the first step is the company registration; the process is very hectic and lengthy, and it will take time to register if you are unfamiliar with the documents registering, and these required documents may vary as you register your company as an Indian resident or foreign resident; here, we discuss all kinds of documents required while registering:

1. For Indian Nationals Directors

1.1 Pan Card

A permanent Account Number or PAN card is an essential document while registering a company in India, as it is required to open a bank account, file taxes, and perform other financial activities. The Indian Income Tax department has issued this document with a unique 10-digit code under Company’s Director name.  

1.2 Address Proof:

Along with the Pan Card, Address verification proof is the most crucial document for registering the company if you're Indian Nationals; In address proof, you must have the name of the proposed Director of the registering company as it appears on your PAN Card, your current address, and can't be older than two months. As proof of address, you can use the following documentation:

1. Aadhaar Card
2. Passport
3. Driving License
4. Election Card or Voter Identity Card
5. Telephone Bill
6. Ration Card
7. Electricity Bill

1.3 Residential Proof:

 The residential proof of the proposed director of the company is required to be submitted while registering the company. It should not be more than two months old from the date of submission, and the director's name should be written exactly as it is on the PAN card.

In case of foreign national Director, all the documents must be notarised or appostillised. The Foreign directors are required to acquire DIN before proceeding for the company registration in India.

2. Indian & Foreign National Shareholders

2.1 Passport

 A passport is necessary for foreign nationals to prove their identity. Additionally, the passport must be apostilled or notarized in the nation where it was issued. If the document is written in a language other than English, it must be translated into English by a certified translator and then notarized or apostilled. In the event that the passport does not include the holder's date of birth, it is required to be legally certified, attested, notarized, or apostilled.

2.2 Address Proof

 The proposed Director must also submit a notarized or apostilled address proof in addition to a copy of their passport. The Director's name as it appears in the passport and the Director's most recent address must both be included in the submitted address proof. Additionally, the document is not more than a year. These are the acceptable address proof documents for foreign nations:

1. Bank Statement
2. Driving License
3. Residence Card
4. A form of identification issued by the government that includes the address.

2.3 Residential Proof

 In order to validate the current address of the Director, you must submit both an address proof and a residential proof when incorporating your company.

The Director's name must appear on the residential proof, and neither proof may be more than one year old. The following documents are recognized as residential proof:

• Mobile Bill
• Bank Statement
• Telephone Bill
• Electricity Bill

2.4 Apostillised Enclosures

 In the event that any of the subscribers or shareholders to the MOA and AOA are corporate entities (like a Company or Limited Liability Partnership, LLP), then Then, together with the decision made by the Body Corporate, enabling them to subscribe to the shares of the company under incorporation, their Certificate of Incorporation must be attached.

Along with the above documentation and proof, a professional would draught various documents like AAO, MOA, and INC-9. The Company's founders need to sign and notarize these incorporation documents in order to formalize the company's formation.

If a foreign national who is a subscriber has a valid business visa, In that case, they must also submit a linked filing of an eMOA (INC-33) and an eAOA (INC-34) along with their valid business visa. By any means, if business visa is not available, then an apostilled MOA and AOA must be attached; in this situation, eAOA (INC-34)  and eMOA (INC33) are NOT acceptable as proof.

7 Reasons Why your GST Registration Might Susped?

 Do you have a fear…

That your #GST Registration will get #suspended?

Don’t worry!

No registration is cancelled without valid reasons.

Here I have mentioned #7 reasons why your GST registration may be suspended.

Swipe to See 👉

Want to know what you can do if your GST Registration is suspended?

Tax Audit Applicability on F&O Transactions of Share Market

 Are you dealing in shares?

Are you worried about Tax Audit Applicability on F&O Transactions of Share Market?

Then this video is for you! 👇

Error in Filling Income Tax returns? | New ITR-U allows it to amend within 2 years | MAG

 

There are many things to remember while filing income tax returns, and even the slightest mistake can result in penalties. 

In Budget 2022, the IT department introduced the ITR-U form for filing updated Income tax returns. This form permits taxpayers to make changes to their ITRs within two years from the end of the applicable assessment year, assisting taxpayers who made mistakes or omissions.

Who can File ITR-U Form?

👉 Not filed previous ITR

👉 Incorrectly Reported Earnings

👉 Unsuitable choice for head of income

👉 Lessening the loss that was carried forward

👉 Lower unabsorbed depreciation

👉 Tax credit reduction under sections 115JB or 115JC

👉 Incorrect tax rate, others

What's the Catch?

This form not only bring the best use of enormous data by IT department thus will leads towards additional revenue, but also it will make it simpler for the taxpayer to comply in a situation devoid of law suits.

If the amended ITR is not filed within 12 months, an additional 25% of the tax and interest due must be paid. If the application is submitted between 12 and 24 months after the application assessment year has ended, the rate rises to 50%. If a taxpayer files a revised return but doesn't pay the extra taxes, the return is considered invalid.

To know more you can visit www.manishanilgupta.com

Celebrating 6 Years of Success 2015 - 2021

 On this blissful and charming day of 23.07.2021, we have completed our journey of 6 years.

Thank you very much for being part of our company's success over the years. We greatly appreciate the trust that our clients showed on us and all the hard work by each and every individual of MAG in those 6 years.

Hoping for the same love and support in the years to come!

Foreign Company Registration in India | Branch Office Setup Process - MAG

 Starting up a branch office of a foreign company in India is subject to going through a few processes. These processes may include opening a branch office on the approval of RBI, their activities lie under RBI guidelines, being profitable for at least five years in their home country, and much more. Watch this video to know the complete procedure of Foreign Company Registration in India, and for more detail, log on to www.manishanilgupta.com.

How NRI Save Taxes While Selling Property in India?

 Are you an NRI, who end up paying extra taxes while selling the property in India?

Then watch this video; 👇