FAQ's

No, you don’t need commercial office space to register your company. You can start with your residential address whether rented or owned. Company’s addressed can be changed at any time and it’s an easy online process. You can ever add one more address for your company.

• Once you decide which type of company is best for you then the following is the process for registration-
• Private limited company or LLP, you need Minimum 2 people to act as a director/shareholder in the case of Pvt Ltd or 2 Partners in the case of LLP. at least one person must be an Indian resident and should have a Valid Indian ID:
  • Pan Card
  • Valid Address Proof (List Of Documents)

  The minimum capital requirement is Rs 1,00,000 and it can be contributed by shareholders in their ownership ratio.

  The Process of Pvt Ltd OR LLP

• You need to provide preferable name options to check and verify the name is not used or registered by any other person.
• Both person need to register their details and will receive a Director Identification Number (DIN) from the registrar of companies. DIN is your unique ID number in the registrar of companies directory. This DIN can be used to become a director in other companies as well.

  This is a 1-time registration and all further compliances are connected to this Number.

  The digital signature is also created and registered to your DIN

  This digital signature is used to sign all your documents digitally. Stored in a password protected pen drive for future use. Digital signature (DSC) is valid for two or three years.

  Once the DIN and Digital Signature are ready, the next step is filling for company registration with the DIN and digital signature, Company Name Options, Along with the MOA and AOA (which includes objects and by-laws of your company).

  The AOA and MOA are created by the taxwalla team.

  After the filling, within approximately 10 to 15 working days a registration certificate of the company is sent to your email address by the registrar of companies along with a company pan card.

  The company pan card is individual to the company only.

  With the registration certificate and company pan card, you are eligible to open a bank account also known as a current account with which you can start taking payments in your company’s name.

  The registration process of Proprietorship firm, You need a pan card and proof of address for registering a proprietorship firm. With the help of this document, we can register a proprietorship firm with your choice of name.

  Once you have a proprietorship registration certificate, also known as the shop act license, you are eligible to open your business bank account, also known as a current bank account.

  • A current account enables you to take payments in the name of your company

Once a company is registered then we need to comply with various Indian laws such

• Profession tax
• TDS (withholding tax)
• Goods and service tax
• Annual filing of a company with ROC
• Income Tax
• Audit of books of accounts under The Companies Act
• Provident Fund, ESIC, and other laws depending on the nature and size of the company

If you have registered a company then there are certain compliances that are mandatory to be done within due dates. Even if you have not taken any revenue in the company or not started the operations/business, you must file all mandatory forms on time to avoid hefty fees and penalties.

PAN is issued by the Income Tax Department, Government of India. PAN stands for Permanent Account Number. You need to submit your PAN for almost all finance-related activities such as the opening of a bank account, registering a business, filing your Income-tax return, buying or selling of property and many more.

TAN stands for Tax Deduction And Collection Account Number and it is used to comply with Tax Deducted at Source and Tax Collected at Source (TDS & TCS). TDS is also known as Withholding Tax in some countries.

Any Manufacturer or Traders whose turnover is more than Rs 40 lakh or any service provider whose turnover is more than Rs 20 lakh should compulsorily register for GST. If you are exporting goods or services, then GST registration is mandatory. If you are wanting to sale in another state or sale through e-commerce portal, then GST registration is compulsory irrespective of turnover.

Once you are registered under GST then irrespective of your turnover, you are liable to charge the GST on your sales. If you have GST number then even if your sale of goods is less than Rs 40 lakh or sale of service is less than Rs 20 lakh, you are supposed to charge GST on invoice.

GST liability is created on the date of raising of an invoice or getting an advance towards your services. Once you raise an invoice, then GST is payable to the government even if you haven’t received the payment from your customer. Or in case you haven’t raised an invoice but received the advance payment towards your services, then also you are liable to pay GST to the government.

GST is payable on or before 20th of the next month through by way of challan. For eg if you raised the invoice or received the advance on 2nd August then GST is payable on or before 20th of September. Challan can be paid conveniently through government portal, www.gst.com by login to your GST account. We at Taxwalla are committed to provide you reliable and expert services in filing your taxes on time.