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BUSINESS ENTITIES

BUSINESS ENTITIES. CA. Kishor Rajeshirke 2009. Different entities. Proprietorship Partnership Firms Limited Companies Hindu Undivided Family (HUF) Association of Persons (AOP). Proprietorship . No Registration formalities. Opening of Bank Account. Obtaining PAN.

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BUSINESS ENTITIES

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  1. BUSINESS ENTITIES CA. Kishor Rajeshirke 2009

  2. Different entities • Proprietorship • Partnership Firms • Limited Companies • Hindu Undivided Family (HUF) • Association of Persons (AOP)

  3. Proprietorship • No Registration formalities. • Opening of Bank Account. • Obtaining PAN. • Shop and Establishment License. • VAT – CST – Service Tax Registration

  4. Proprietorship – Tax Slabs • Income between – Rs. 0 to 1,60,000/- NIL 1,60,000 to 3,00,000 10 % 3,00,000 to 5,00,000 20 % 5,00,000 and above 30 % • Rs. 1,90,000/- for women assessees • Rs. 2,40,000/ - for senior citizen. • Cess applicable @ 3% on Tax plus SC.

  5. Partnership Firms • Partnership Deed. • Stamp Fees Rs. 500 for capital contribution of Rs. 50,000/- each. • Opening of Bank A/c • Obtaining PAN / TAN • Shop & Establishment registration • VAT / ST / Excise Registration

  6. Name and Address of Partners Date of commencement of partnership Object of partnership Place of business Capital Duration Profit / Loss Sharing Ratio Operation of Bank A/c Retirement / Death Duties of partners Remuneration Interest of capital Arbitration clause Content of Partnership Deed

  7. Partnership - Registration • Marathi Translation of Deed • Form No. A • Stamp Papers for True Extract • Filing Fees

  8. Partnership Firm – Tax Rate • 30 % on Profit during the year. • Cess @ 3 % on Tax and SC.

  9. Companies – Formation procedure • DIN for proposed Directors. • Application for availability of name • Preparation of Memorandum and Articles of Association. • Stamping of MOA & AOA. • Submitting necessary forms along with MOA and AOA with Registration Fees with Registrar of Companies ( ROC) • Obtaining certificate of Registration

  10. Companies – Rate of Tax • 30 % on Profit during the year. • Cess @ 3 % on Tax and SC.

  11. DIRECT TAXES Income Tax Wealth Tax Gift Tax FBT INDIRECT TAXES Excise VAT CST Service Tax Various Taxes

  12. Due date of filing IT Returns • 31st July for business assessees • 30th September for assessees liable for Tax Audit • 30th September for Companies.

  13. Thank you

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