Features of Private Limited Company
Procedure for Incorporation of Company
Requirements for Form DIR-3
⇒ Passport Size Photograph
⇒Identity Proof: PAN (mandatory) duly attested by Practicing Chartered Accountant / Practicing Company Secretary / Practicing Cost Accountant
⇒Address Proof: Passport / Aadhar / Telephone Bill / Electric Bill (not older than 2 Months) duly attested by Practicing Chartered Accountant / Practicing Company Secretary / Practicing Cost Accountant
⇒ Email Id and Mobile Number
⇒ Form INC-7
⇒ Form INC-22
⇒ Form DIR-12
Note: Certificate of Commencement of business is not required to be filed in Form INC-21 as the same has been omitted by the Companies (Amendment) Act, 2015.
Requirements for Form INC-7, Form INC-22, Form DIR-12
Note: For Incorporation fees please refer Table of Fees Rules and Stamp duty will be levied as per prevailing stamp rate of the concerned State.
Taxation of Companies
Corporate Tax Rates
|Rate of Tax||
30% of the Total Income
· 5% of Income Tax, if taxable income exceeds Rs. 1 crore upto Rs. 10 crore
· 10% of Income Tax, if taxable income exceeds Rs. 10 crore
Minimum Alternate Tax (MAT) @ 18.5% on Book Profits plus surcharge and cess, as applicable.
Due date for filing of returns: September 30 of the relevant Assessment year
Note: Maximum of MAT or Income Tax should be considered.
Service Tax Registration is mandatory if the annual turnover exceed Rs. 9 Lakhs Service Tax is charged at 14% (notified) plus 2% Swachh Bharat Cess (not yet notified) as per Finance Act, 2015.
VAT is levied on goods sold by the Company. The criteria for registration and charging VAT varies from State to State based on the rules and regulations formulated by the concerned state.
Sharma Financial Services
+91 8080 75927; +91 99690 07526
Disclaimer: The article has been prepared considering the relevant provisions of the Companies Act, 2013 and the rules made thereunder. The contents of the article are personal views of the author and the readers are requested to cross-check the provisions before acting upon the same. The author is not responsible for any damages or penalties caused.