Registering Your Private Limited Company: A Comprehensive Guide

Setting up a Private Limited Company (PLC) is an important step for any business in India. It is important to understand the entire process and the various requirements for registering a Private Limited Company before venturing into it. This article seeks to provide an overview of all the necessary information about Private Limited Company registration.

What is a Private Limited Company?

A Private Limited Company, also known as a PLC, is a business entity that is registered under the Indian Companies Act, 2013. It is a type of corporate structure that is owned and managed by its shareholders, who have limited liability and limited control over the company. Private Limited Companies can have up to 200 shareholders and are ideal for businesses that need to be structured professionally.

The biggest advantage of a Private Limited Company is that it provides limited liability protection to its shareholders, meaning that they are not personally liable for the debts and obligations of the company. This means that the shareholders cannot be held liable for any losses incurred by the company.

Another advantage of a Private Limited Company is its flexibility. Unlike other corporate structures, a PLC is not bound by the same rigid regulations and can be more easily restructured and adapted to changing market conditions.

Finally, a Private Limited Company is the most popular corporate structure for businesses in India. It is a popular choice for entrepreneurs, as it provides the necessary protection and flexibility to help grow their businesses.

Benefits of Registering a Private Limited Company

There are various advantages to registering a Private Limited Company. The most significant benefit is the limited liability protection it provides to its shareholders. As mentioned previously, this means that they cannot be held liable for any losses incurred by the company.

Another benefit of registering a Private Limited Company is that it can help businesses attract investment. Investors are more likely to invest in a company that is registered as a PLC, as they can be assured of the limited liability protection that it provides.

Furthermore, registering a Private Limited Company can help businesses gain credibility and increase their visibility. A PLC is seen as a more professional and reliable business entity, and registering one can help to give potential customers and partners more confidence in the company.

Finally, registering a Private Limited Company can help businesses to access various government schemes, grants, and subsidies that are only available to registered companies.

Steps for Registering a Private Limited Company

Registering a Private Limited Company is a relatively simple process. The first step is to obtain the Digital Signature Certificate (DSC) and Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA).

The next step is to select the company name and reserve it with the MCA. After the name is approved, the company must be registered with the MCA. This process involves submitting the necessary documents, such as the Memorandum of Association (MOA) and Articles of Association (AOA).

Once the company is registered, the next step is to obtain a Permanent Account Number (PAN) and Tax Deduction Account Number (TAN). Finally, the company must apply for GST registration and obtain the GSTIN.

Documents Required for Private Limited Company Registration

Certain documents must be submitted to the MCA for a Private Limited Company Registration. These include:

Memorandum of Association (MOA): This document outlines the objectives and purpose of the company and the rules governing its operations.
Articles of Association (AOA): This document outlines the rights, responsibilities, and powers of the shareholders, directors, and officers of the company.
Proof of registered office: This can be a rent agreement, utility bill, or any other document that proves the existence of the company’s registered office.
Identity and address proof of the directors: This can be a copy of the Aadhaar card, PAN card, or any other valid government-issued identity document.
Photographs of the directors: This can be a passport-sized photograph or any other photograph that clearly shows the face of the director.
Declaration of compliance: This is a declaration that the company complies with the Companies Act, 2013 and all applicable laws.

Private Limited Company Registration Consultants

For entrepreneurs who are setting up a Private Limited Company, it is important to seek professional help from experienced Private Limited Company Registration Consultants. An experienced consultant can provide valuable advice and guidance on the entire registration process and can ensure that the company is registered in a timely and efficient manner.

Consultants can also help to ensure that all the necessary documents are filed correctly and that all applicable laws and regulations are complied with. Furthermore, they can provide advice on the best corporate structure for the company and can help to ensure that the company is set up in a manner that is most beneficial to its shareholders.

Private Limited Company Registration Online

In recent years, the process of Private Limited Company registration Online has become much simpler and easier thanks to the introduction of online portals. These portals allow entrepreneurs to complete the entire registration process online, without having to physically submit any documents.

The online portals provide step-by-step instructions on how to register a Private Limited Company and can help to ensure that the process is completed in a timely and efficient manner. Furthermore, the portals provide access to experienced consultants who can provide valuable advice and guidance on the entire process.

Private Limited Company Registration in India

The process of a Private Limited Company Registration in India is relatively straightforward and can be completed in a few simple steps. The first step is to obtain the Digital Signature Certificate (DSC) and Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA).

Online Private Limited Company Registration

The emergence of internet portals in recent years has greatly simplified and made easy the process of online private limited company registration. These portals enable business owners to complete the entire registration procedure online without submitting any paper paperwork.

The online portals can help to guarantee that the procedure is done in a timely and effective manner by providing detailed instructions on how to establish a Private Limited Company. Additionally, the portals give users access to knowledgeable advisors who may offer insightful counsel and direction on the entire process.

Private Limited Company Registration Fees

Depending on the kind of business and the jurisdiction where it is incorporated, different Private Limited Companies require different registration fees. In general, registering a Private Limited Company costs between Rs. 10,000 and Rs. 30,000.

The costs for getting the Director Identification Number (DIN) and Digital Signature Certificate (DSC) from the Ministry of Corporate Affairs (MCA) are also included in the fees for registering a Private Limited Company. The registration fees do not include the costs associated with getting a PAN, TAN, or GSTIN.

Conclusion

Pvt Ltd Company Registration is a relatively simple process and can be completed in a few simple steps. It is important to understand the entire process and the various requirements for registering a Private Limited Company before venturing into it. This article has provided an overview of all the necessary information about Private Limited Company registration.

If you are looking to register a Private Limited Company, it is important to seek professional help from experienced consultants. They can provide valuable advice and guidance on the entire process and can help to ensure that the company is set up in a manner that is most beneficial to its shareholders.

If you have any further questions about Private Limited Company registration, please do not hesitate to get in touch with us. Our team of experienced consultants is here to answer any questions you may have and to help you with the entire registration process.

Read Our Other Blog on What’s the Role of MOA and AOA in Private Limited Company to Know More About Private Limited Company Registration in India

February 2, 2023February 2, 2023

How to Opt for GST and PAN Registration for Partnership Firm

Partnership Firm Registration in India means registering a form of business that empowers at least two people to co-own an association, and they consent to share the benefits and misfortunes of the organization. Every individual from such a business is known as a Partner, and on the whole, they are known as a partnership firm.

In an organization, each proprietor contributes something to the government assistance of the firm. These can be as thoughts, property, cash, and in some cases a mix of every one of these. Proprietors of the Partnership share benefits and misfortunes in relation to their separate ventures.

What are the major Types of Partnership offered by a Partnership firm Registration Consultant?

Types of Partnership Offered by a Partnership Firm Registration Consultant are

Partnership By Will: Partnership by will is a Partnership where there is no arrangement made by contract between the accomplices for the term of their organization or the assurance of their Partnership.
Particular Partnership: A particular partnership is a point at which an individual turns into collaborates with one more person in a specific business endeavor or for a specific undertaking or undertaking, for example, the development of a street, laying a rail route line, and so on. This kind of partnership will reach a conclusion on the finish of the errand for which it was at first shaped.

How to apply for GST and PAN after Partnership Firm Registration in India is Done?

Partnership Firm Registration in India can be framed by anybody either by composed or oral understanding. Under this arrangement, at least two individuals consent to share the benefits procured through the business which is controlled by all Partners or any of them. With the end goal of Personal Duty, Partnership firms are expected to present a Partnership deed as evidence of its presence. Alongside this, a Skillet card application is likewise required. In this article, we have examined the Methodology for Skillet application and GST enrollment of a Partnership Firm.

What is the Process of PAN Registration Followed By Partnership Firm Registration Consultant?

After the Partnership firm Registration Online is Done a Process is followed for PAN Registration are

Online use of Skillet can be made on the NSDL site OR UTIITSL site.
Present the PAN card application Structure 49A accessible on the NSDL.
Installment of application fee can be made through credit/debit card, request draft, or net banking.
When the application and installment are acknowledged, the candidate is expected to send the supporting records through dispatch/post to NSDL.
In the event of a Partnership Firm, the partnership deed should be sent alongside the application to NSDL.
Upon the receipt of archives, the PAN application is handled by NSDL, and PAN is given.

What all Document is Required for GST Registration for a Partnership firm?

After the Partnership firm Registration Online in India is done some documents required for GST Registration are

Photographs of all the partners in the partnership firm
PAN and Aadhaar Card of all Partners
PAN Card of partnership Firm
Confirmation of Constitution of Business (Partnership deed)
Confirmation of Guideline business environment (Anyone – Power Bill/Lease or Rent agreement/Most recent Bank Statement – At the very least 2 months old)
Letter of Authority in favor of any Partner
When the application is recorded, an Application Reference Number (ARN) will be created to follow the situation with the application
When the application is supported by the Duty Official, the Authentication of Enrollment is generated online

What is the Process of GST Registration followed by Partnership Firm Registered in India?

Partnership firm Registration in India follows a simple Process for GST Registration are:

Any organization Firm or individual trading merchandise or offering types of assistance needs to enlist themselves under Goods and Services Tax (GST) to profit from the advantages of the information tax break.

Enrollment for GST should be possible web-based on the site of Goods and Services Tax www.gst.gov.in wherein a Temporary Reference Number (TRN) for the application is created.

Login to the GST Online Website
Fill Form Section A (PAN, Mobile No, and Email)
The Gateway confirms your detail by OTP/Email
Transfer the expected reports
Access and fill form part B utilizing the received number
You will get the Application Reference Number
The GST Official beginnings confirming your records
The GST Official either dismisses or acknowledges your application within 7 working days
In the event of any further confirmations or explanations required, one should give something very similar.
After every one of the explanations, the GSTN number will be allocated to you.

January 3, 2023January 3, 2023

Know all about Public Limited Company Registration in India

Public limited company Registration is the structure for those business people who maintain that should carry on with work for enormous scope. This organization appreciates many honors with additionally the element of restricted responsibility. There are numerous guidelines and compliances of the Public authority to begin any Private Limited Company. This organization can raise capital from general society by the issuance of offers.

Public Limited Company Registration in India can be started with at least three Directors who are people (up to 15 Directors without Exceptional Goals), and seven supporters (investors) who might be People or corporate substances. Both, the Directors include sorters who might be similar individuals. The Companies Act 2013 draws no base capital line, so the base capital could be Re 1 for every investor. A Public Limited Company has highlights like separate lawful element which empowers it to be unmistakable from its individuals and Directors. The individuals hold a restricted risk in the organization and can’t be held obligated past the offers held by them.

Public Limited Company Registration Online is started principally if the investors/financial backers are enormous in number. The portions of a public restricted organization can be moved easily and guarantee a reasonable construction for raising capital. Before starting enrollment in a public Company, one should know about additional severe administrative necessities when contrasted with other corporate element structures.

Benefits of Public Ltd Company in India

Here are the Benefits given to the Public Ltd Company in India

Restricted liabilities for the investors of the Company
Unending Progression
Worked on the capital of the organization
Acquiring Limit
Fewer Risks
Better open doors for the development and extension of the organization

What all Documents are Required for Public Limited Company Registration Online in India?

The list of Documents Required for Public Limited Company Registration Online are:

Identity Proof such as Aadhar card, PAN card, Driving License, and Voter Id of all the designated directors and shareholders.
Address Proof of all the proposed directors and shareholders of the company.
PAN card details of all the directors and shareholders
Utility bills such as telephone, gas, water, or electricity bill of the registered office as residential proof of the business place. It should not be older than 2 months.
A NOC or No Objection Certificate from the landlord of the business place.
DSC or Digital Signature Certificate of the designated directors
Memorandum of Association (MOA) and Article of Association (AOA)

What are the minimum Requirements for a Public Limited Company Registration Online?

Minimum Requirements for a Public Limited Company Registration Online

Minimum 7 shareholders
At least 3 directors
At least one resident director
A registered business/office address
A unique and valid name for the company
Some amount of paid-up capital

What is the process of Public Limited Company Registration in India?

The Process of Public Limited Company Registration in India Includes the:

Digital Signature Certificate (DSC)- Since the registration procedure of a company is entirely online, a digital signature will be required for filing the forms on the MCA portal. For all proposed directors as well as the subscribers of the memorandum and articles of association, DSC is compulsory.
Director Identification Number (DIN)-It is an identification number concerning a director; it has to be procured by anyone who intends to become a director in a company. The DIN of a proposed director in addition to the name and address proof has to be mentioned in the company registration form.
Registration on the MCA Portal- A completed SPICe+ form has to be submitted on the MCA portal to apply for company registration. To fill out the SPICe+ form and submit the required documents, the Director of a company needs to register on the MCA portal. After the registration process is completed, the director will get access to the MCA portal services which comprise filing e-forms as well as viewing public documents.
Certificate of Incorporation-After the registration application is submitted along with the concerned documents, the Registrar of Companies will inspect the application. After the application is verified, he will issue the Certificate of Incorporation of the Public Company.

What are the Advantages of Public Limited Company Registration in India?

The advantages of Public Limited Company Registration in India are

Separate Legal Entity
Uninterrupted Existence
Borrowing Capacity
Easy Transferability
Owing Property
Limited Liability

Why Choose BiatConsultant as a Public Limited Company Registration Consultant?

Public Limited Registration in India is a simple process but it requires professional guidance. We at BiatConsultant help you to take a step forward in owning your company by providing you with a hassle-free process of company registration. Our team of experts will guide you.

Also Choosing Biatconsultant as a Public Limited Company Registration Consultant offer multiple advantages:

Team of Experts CA and CS for smooth processing
Multiple Happy Customers from all over India
Dedicated Customer Support for all your Queries
Dedicated Customer Support for all your Queries
Smooth Online process without traveling anywhere
Year of Experience and still counting.

December 15, 2022April 18, 2023

Things To Know Before Registering for a Private Limited Company

What is a Private Limited Company?

A Private Limited Company is a sort of Little association claimed by investors and overseen by Chiefs with restricted obligation for business obligations, which lessens individual gambling. you can get up-positioned to maintain your business with a minimum of 2 directors and a maximum of 15 directors and the furthest reaches of the individuals is 50/200 all over the age of 18. The obligation of the individuals in a Pvt ltd Company is restricted to the offers held by that individuals. Here the company needs to pay enterprise charges out of any benefits and can then circulate the excess benefits among investors. At the point when a Business person frames a company, he must keep his Register Office in India.

The proprietors of private limited Companies are known as investors and each holds a specific number of offers in the business. This implies you can set up a restricted company yourself – you’d claim 100 percent of the multitude of offers – or with others, splitting the accessible divides among the investors.

What are the Benefits of a Private Limited Company?

Some of the Benefits of a Private Limited Company are:

Ease in Raising Funds: A PVT LTD Company can have up to 200 investors and another 200 individuals. As a result of these enormous numbers and the standing of the confidential restricted company, raising capital assets over different kinds of businesses is more straightforward. Thus, we can guarantee that when a confidential restricted business is shaped, the extent of development is more noteworthy. Taking obligations from banks and other monetary companies is likewise basic.

Separate Legal Entity: Individuals and investors of a PVT LTD company are unmistakable from the firm, suggesting that the company is a different legitimate substance from which the individuals or chiefs are not obligated to assume the company can’t reimburse a credit.

Dual Relationship: A partnership can make a real and compelling agreement with any of its individuals under the company type of association. It is likewise doable for an individual to all the while being the CEO of a firm and working for it. Thus, an individual can be a lender, investor, worker, and head of the company all simultaneously.

Existence without Interruption: As recently expressed, the partnership stays a legitimate substance until it is legally shut down, and it keeps on working even after the passing or takeoff of any of its individuals. Likewise, the Offer exchange system in PVT LTD company is less chaotic when contrasted with the other business elements.

What are the Types of Private Limited Companies?

According to the Member’s liabilities, a Private Limited Company can be sorted into three classes:

Limited by shares: Under this situation, individuals’ obligation is restricted to the sum neglected to the company concerning the offers held by them.

Limited By Guarantee: Under this, part’s liabilities are restricted to how much cash they are assured to pay if there should be an occurrence of company windup.

Unlimited Liability: Here the risk of individuals is limitless and individual assets can be seized and sold during company twisting up.

What is the Procedure for Private Limited Company Registration in India?

Process of Private Limited Company Registration in India are:

Request a DSC and DPIN: Requesting a digital signature is the first step. plus DPIN. This is carried out by the group’s accomplices. A web-based signature is a digital signature. It is used to create documentation. The Director’s PIN is represented by DPIN. The Ministry of Corporate Affairs provided the number. This stage is bypassed if the chiefs already have their advanced mark and DPIN.

Two distinct names must be submitted to the Service of Corporate Undertakings as options for your organization’s name in order for it to be approved. They pick one of these. As a result, the suggested name must be intriguing and unique, and it must not be used by another organization. It is helpful to assume that the name of the organisation suggests its line of work.

Send in the Memorandum of Association and Articles of Association: Following the Service’s approval of the Corporate Undertakings name, the essential agreements are expressed in the Memorandum of Association (MoA) and Articles of Association (AoA). The Ministry of Corporate Affairs has documented these two archives as well as the Digital Signature Certificate (DSC) that links them both.

Obtain a certificate of incorporation: A certificate of incorporation serves as proof that your business has been established. There is a CIN number on it. Setting up a Pvt. Ltd. Organisation with Consolidation Authentication requires a period of time of 15 to 25 days.

The final step is to submit an application for a PAN, TAN, and bank. This is anticipated to take 7 working days to receive. You can take this massive collection of records to the bank and check your account balance once you have them. A Fuse Declaration, Reminder of Affiliation, Articles of Affiliation, and Skillet number are needed for the financial balance. Currently, along with the joining endorsement, we receive PAN, TAN, and different enrollments through our New Flavour structures.

Read Our Other Blog on Private Limited Company Registration in India to Know More About Private Limited Company Registration in India

November 22, 2022November 22, 2022

Thing To Know Before Registering for a Limited Liability Partnership Company In India

LLP Registration is a type of association structure like a partnership firm however with an element of limited liability of partners. It is compulsory to record yearly LLP gets back to the Ministry of Corporate Affairs (MCA). LLP has a ton of advantages when contrasted with a Partnership firm or Sole Proprietorship firm. Our objective at Biat Consultant is to finish your enlistment in a Powerful, Proficient, and Practical way. This type of association ought to have no less than 2 accomplices (assigned accomplices) and no less than one assigned accomplice ought to be an occupant of India to instate the most common way of laying out a private limited company. Proworktree provides you most effective services for Limited Liability Partnership Registration.

What are the Benefits of LLP Company Registration In India?

The benefits of Limited liability Partnership Company Registered In India are:

Separate Legal Identity
Limited Liability Benefits
Minimal Registration Cost
Other Benefits of LLP Registration

What is the Meaning of a Limited Liability Partnership?

LLP is a Limited Liability Partnership and is a corporate business vehicle that gives the advantages of limited liability of an organization to its individuals and furthermore permits them to deal with their interior administration based on commonly shown-up understanding as in the event of a partnership firm. Accomplices have lower liabilities than any obligation which might emerge in the future in maintaining the business. It contains components of both a corporate design’ as well as ‘an organization firm construction’ and is known as a half-and-half between an organization and an organization. The Accomplices are expected to contribute towards the LLP as determined in the LLP Understanding. Their portion can be in any structure for example unmistakable or theoretical, versatile or enduring property, monies and money.

As far as a responsibility under a Limited Liability Partnership the Company is at risk for misfortunes or obligations if emerges in maintaining the business where the singular individuals from the LLP will not be at risk for such misfortunes or obligations.

Example

XYZ LLP has 2 accomplices J and K, and XYZ takes credit of Rs.20 lakhs and can’t reimburse the advance. Its capital is Rs. 10 lakhs where J should contribute Rs. 6 lakhs and K Rs. 4 lakhs however both the accomplices contribute s. 5 lakhs as J contributed Rs. 3 lakhs and K contributed Rs. 2 lakhs. In such a case LLP will be responsible for up to how much Capital for example Rs. 10 lakhs and J and K will be responsible for Rs. 5 lakhs according to their portion of the commitment. The Leaders can’t recuperate more sums, assuming such sum is lacking to get the obligations free from the LLP.

What are the Advantages and Disadvantages of a Limited Liability Partnership Company Registered in India?

The advantages of a limited liability partnership Company Registered in India are

The principal benefit of an LLP is that an LLP is more straightforward to begin and oversee and the cycle has fewer conventions.
It has a lesser expense of enrollment when contrasted with an Organization.
LLP resembles a corporate body having a different presence other than its accomplices.
LLP can be begun with any measure of least capital.
The accomplices would have limited liability to their concurred commitment in the LLP.
No prerequisite for mandatory Review.
Contrasted with Private Limited Companies, the yearly ROC consistency in LLP is lesser.
Attributable to adaptability in its construction and activity, the LLP is a reasonable vehicle for little undertakings and for speculation by funding.

The disadvantages of a Limited Liability Partnership Company Registered in India are

The primary downside or burden of an LLP is that regardless of whether an LLP has any action, it is expected to document a personal government form and MCA yearly return every year. In the event that it neglects to do as such, it might need to cause a weighty punishment.
If an accomplice has any desire to move his/her proprietorship privileges then he/she needs to get the assent of the relative multitude of accomplices.
A limited liability partnership should have no less than two individuals. Assuming that one party decides to leave the organization, the LLP might need to be broken up.
It is critical to recall that FDI in LLP is permitted exclusively with the earlier endorsement of the Save Bank of India (RBI).

What all Documents are Required for The LLP Company Registration in India?

Documents Required for LLP Company Registration in India are

Documents of Partners

ID Proofs/PAN Cards of Partners
Address Proof of Partners
Resident Proof of Partners
Photographs
Passports of NRI Partners

Documents of LLP

Address Proof of the Registered Office
Digital Signature Certificate

What is the Process Of LLP Company Registration in India?

The Process of a Limited Liability Partnership Company Registered in India are:

Obtain DSC– A digital signature certificate of the assigned individual of the proposed LLP should be gotten prior to applying for LLP enrollment. The principal purpose for acquiring DSC is that every one of the reports for the enrollment of the LLP is recorded on the web. Consequently, a digital signature is required. A DSC can be gotten from an administration-coordinated guaranteeing organization.
Apply for DIN– The subsequent stage is to apply for the Director Signature Number of the multitude of assigned accomplices of the proposed LLP. The application for Racket can be made with Structure DIR-3 and the examined duplicates of the Aadhaar or PAN Card should be appended with it.
Name Reservation- The third step is to save a name for the LLP which will be checked by the Focal Enlistment Community. It is suggested that you run an LLP enlistment name check, assuming the name you are choosing is free or not before you quote a name on the LLP registration MCA portal. The framework there will suggest other intently looking names in light of the name you are looking for. This will help in picking a name that isn’t like any current name or reserved name. Also, consequently, your LLP name would be supported in the first go. The Structure RUN-LLP should be filled to hold the name. On the off chance that the name is dismissed, the re-accommodation structure should be submitted in 15 days or less. Likewise, there is an arrangement to propose 2 names in the RUN-LLP Structure
Incorporation of LLP-

The Structure for consolidation of Limited Liability Partnership (FiLLiP) will be recorded with the Recorder having purview in the state where the enrolled office of the LLP is arranged.
Pay the charges according to Annexure ‘A’.
With the consolidation structure, an individual can likewise apply for the designation of DPIN, on the off chance that he/she is named as the planned accomplice in the LLP and doesn’t have a Commotion or DPIN.
The application for designation of DPIN is taken into consideration by two people as it were.
On the off chance that the proposed name is supported by the Central Registration Centre, the endorsed name will be filled as the name of the LLP.

File LLP Agreement–

This understanding states the mutual duties and rights among the accomplices of the LLP. Additionally, between the LLP and the accomplices.
The LLP agreement should be recorded in Form 3 online on the MCA gateway. Outstandingly, the Structure must be filed within 30 days of joining the LLP.
Finally, the LLP arrangement should be imprinted on the Stamp paper.

May 14, 2021May 14, 2021

Comprehensive Guide: Process of UAN Registration and Activation

UAN is known as Universal Account Number. It is important because the entire process related to Employee Provident Fund (EPF) services now operates online. UAN has become one of the important things as the entire process of Employees Provident Fund Services is now conducted online. With UAN, it is easy to access your provident fund account services such as withdrawals, check EPF balance and apply PF loan. In this article, we will discuss UAN registration and activation.

Universal Account Number (UAN)

The UAN is a 12-digit unique number. It is entrusted to employees who contribute to the Employees Provident Fund. It is allocated and produced by the Employees Provident Fund Organization and certified by the Ministry of Labor and Employment, Government of India.

This number provided to employees remains the same throughout their lives, even if such individuals switch. When an employee changes their job, the EPFO allocates a new member identification number that is associated with the UAN. As an employee, you can request a new member ID by providing a UAN to the new employer. When a member ID is created, it is linked to the employee’s UAN. Thus, the UAN acts as an umbrella for more than one member Ids allocated to the employee.

How to Generate UAN?

Typically, you are allocated a UAN by your employer. Some employers also print this number in the salary slip. If you are unable to get your UAN from the employer, do not worry that you can also get it through the UAN portal. Follow the steps given below:

Visit UAN portal – https://unifiedportalmem.epfindia.gov.in/memberinterface/
Click on the option and know your UAN status, and a page will appear.
Select your state and EPF office from the dropdown menu. Other documents like name, date of birth, phone number, etc. must be entered by entering your PF number with details. After which the selection authorization PIN will be received.
A PIN will be sent to your phone number from the main website. Enter the PIN and click on the option which will result in OTP and UAN being validated.
After which your UAN will be received on your mobile number.

Procedure of Activation & login to EPFO Website with UAN

To activate your UAN, you must have a UAN and PF member ID ready. The following steps can be followed to activate the UAN on the EPFO portal:

Go to the EPF homepage and click for staff under our services on the dashboard.
Follow the option of clicking on Member UAN / Online Services in the Services section. After which the UAN portal will open.
Enter Universal Account Number, Mobile Number and PF Member ID. Next, click on the option from which to get the authorization PIN. You have to fill the PIN on the registered mobile number.
Select the option I agree under the disclaimer box and enter the OTP you receive and then click on the option Validate the OTP and activate the UAN.
Upon activation of UAN, you will get a password on the registered mobile number to access your account.

Features & Benefits of UAN Registration

The following points should be considered as benefits and features of UAN registration:

UAN helps centralize employee data in the country;
This unique number reduces the burden of employee verification from companies and employers;
This has made it possible for EPFO to obtain bank account details and KYC of member without the assistance of KYC and employers;
It helps the EPFO track multiple job changes of an employee;
With the introduction of this UAN, the incidence of premature and premature EPF withdrawal has been reduced.

Employees receive certain benefits with the use of UANs. They are:

Easy to extract PF online with this number
Employees use this unique account number to easily transfer PF balance from old to new.
Whenever you need a PF statement, you can download it immediately by logging in through Member ID or UAN.
If the UAN is already verified, new employers are not required to validate your profile.
With UAN, employers cannot access or hold their employees’ PF money.
It becomes easier for employees to ensure that their employer regularly deposits their contribution to the PF account.

Documents required for UAN Registration

These documents are required to get your unique account number:

Bank account details like account number, IFSC code etc are required.
ID proof like driving license, Aadhaar card etc.
Address Proof
Pan Card
Aadhar Card
ESIC Card

UAN Helpdesk for Any Other Information

A UAN helpdesk is available on the EPFO website, which contains various sections. There are two broad sections – Help and Claim. EPFO helps in meeting employee and employer queries regarding office locations, services etc. The claim complements the various claim forms available to users. Members can use this UAN helpdesk at any time to gain clarity against questions and doubts.

Conclusion

UAN registration and activation is a process done online, and there is no need to pay any fees for it. Universal account number has become one of the important things as the entire process of Employees Provident Fund Services now operates online. If you have any query related to UAN registration or activation, use the UAN helpdesk, and get the solution easily.

May 4, 2021May 4, 2021

Rules of SEBI (Stock Broker) Amendment Regulations Act, 2021

The SEBI (Stock Broker) Amendment Regulations, 2021 had been notified by the Securities and Exchange Board of India, the last date of March 30, 2021. In this, regulations were issued to amend the SEBI (Stock Broker) Regulations, 1992. Regulations were introduced in the exercise. Powers conferred under Section 30 of SEBI Act 1992. In this article, we will discuss the major changes brought about by the amendment.

Definition of SEBI (Stock Broker) Amendment Regulations, 2021

As per the amendments brought in SEBI Scheme, the definitions are inserted in Regulation 2 of SEBI (Stock Brokers) Regulations. These include the following definitions, which are as follows:

Underwriter

The underwriter is a person, a body who engages in the business of underlining the issue of corporate securities.

Underwriting

This means that there is a contract to acquire a subscription for issued securities, or to subscribe for an issued sale, which is presented for sale without balance.

Issue

Issue means the sale or purchase of securities by a body corporate or any other individual or any person or group of such persons on their behalf, such as from the holder or holders of a merchant banker or the holder of such body corporate’s securities or persons. Or a group of people etc.

Important Changes in SEBI (Stock Brokers) Amendment Regulations, 2021

Some of the important changes includes in SEBI (Stock Brokers) Amendment Regulation Act, 2021, as follows:

As per Regulation 3, it has been provided that every stockbroker holding a valid certificate of registration will be entitled to act as an underwriter.
In addition, each stock broker acting as an underwriter will enter into a contract that is valid with the body on the basis of which he acts as an underwriter.
Each share broker acting as an underwriter must maintain the following books of account and documents, including:

An entity is corporate in relation to the underwriter

Copy of the balance sheet and profit and loss account at the end of the accounting period and the auditor’s report on the accounts for that period.

The body is not corporate in relation to underwriting

Records in relation to the funds received and expended by them and in respect of which receipts and expenditure are held and their assets as well as liabilities.

Each stockbroker, acting as an underwriter, must enter into an agreement with each body corporate, on whose behalf it acts as an underwriting authority, and the said agreement shall, among other things, provide for –

The period for which the rule for the agreement is applied.
Allocation of duties as well as responsibilities between the underwriter and the client.
Number of underwriting obligations.
The period within which the underwriting issue should be subscribed after notice from or on behalf of a corporate body of that kind.
Commission amount or brokerage payable to the underwriter.
Particulars of arrangements made by the underwriter to fulfill the underwriting obligations, if any.

Moreover, SEBI (Stock Brokers) Amendment Regulations, 2021, lays down the responsibilities and duties of a stock broker acting as an under-broker.

Responsibilities of a stock broker as an under broker

The following responsibilities should be fulfilled by the stock broker as an underwriter:

Not every share broker acting as an underwriter should receive any direct or indirect profit from underwriting other than the commission or brokerage payable under the agreement for underwriting.
According to all agreements, the total underwriting obligations should not exceed 20 times the net worth, which is under the rule.
Each share broker acts as an underwriter, who is asked to subscribe to the securities of an entity corporate for a contract, must subscribe to such securities within 45 days of receiving such notice from such body corporate.

Underwriter’s Duty

Further, the responsibilities provided above, the stock broker acting as an under-broker shall follow the points indicated below:

The stock broker will make all efforts to protect the interests of its customers.
He will ensure that it and its personnel act in an unethical manner in all its deals in which the body is an issue of corporate securities.
He shall not make any statement, oral or written, which may misrepresent:

Service that the underwriter is able to perform for his client or has been provided to another issuing company.
His commitment to underwriting.

A stock broker has to avoid a conflict of interest and disclose his interest adequately.
He should put in place a mechanism to resolve conflicts of interest situations that may arise in the conduct of his business or, if it arises, take appropriate steps to resolve them in an equitable manner.
He must make reasonable disclosures about his potential source or duties to the client and potential areas of conflict of interest when he acts as an underwriter that may hinder his ability to provide impartial, objective and impartial services .
He should not give any confidential information about his issuing company to the other issuer, press, or any other party that came to his knowledge of the issuing company without disclosing it to the director and director of the board of directors and directors. .
The stock broker should ensure that any change in the status of registration / any punitive action by the board or any material change in the financial which could adversely affect the interests of the clients / investors and the customers are informed immediately, And any outstanding balance is transferred to any business. Other registered persons as per any instructions of the affected customers / investors.
The stock broker or any of the employees should not submit any investment advice regarding any security in publicly accessible media in real time or non-real time, unless its interest is disclosed, including the said security. Includes his long / short position. While giving such advice.

If an employee of a stockbroker gives such advice, the stockbroker must ensure that when giving such advice, it is mandatory for the stockbroker to disclose his interest based on the interests of the family member and employer of the employee.

A stockbroker or its director, partner, manager, who manages business affairs in whole or to a large extent, is not required to engage in insider trading either through his accounts or his associates or family members, relatives or friends. needed.

Although he will not engage in any unfair competition, which may be detrimental to entities acting in the interest of the underwriters as the underwriter may carry on the business or, likely, while competing, may put other such underwriters in a disadvantageous position related to the underwriter. Assignments.

There should not be a party or instrument for the underwriter:

Create false market
Ragging price or manipulation
Passing of unpublished price-sensitive information in relation to securities that is listed on or proposed to an individual or intermediary to a stock exchange.

Conclusion

Thus, It is clear that the SEBI (Stock Broker) Amendment Regulations, 2021 contains provisions relating to agreements with customers, which have been inserted as underwriters with common responsibilities and duties. For accurate or more information or understanding, please visit SEBI notification.

April 29, 2021April 29, 2021

Form 10BA: Filling Up Income Tax Form

A declaration has been filed by the Form 10BA taxpayer claiming the deduction under section 80GG of the Income Tax Act for rent paid on rental property. This article focuses on how to file Form 10 BA before claiming deduction under Section 80GG.

About Form 10BA

Form 10BA is a statement documented by the taxpayer, which is required to claim deduction under section 80GG for rent paid on rental property. It is mandatory for taxpayers to meet two requirements to claim deduction under section 80GG.

These requirements are as follows:

The first requirement as per the requirements is that the taxpayer should not obtain a House Rent Allowance (HRA) from any organization.
The second requirement is that HUF should not keep any self-occupied dwelling. In the case of taxpayer, spouse and minor children, or the assessee be a part of HUF (Hindu Undivided Family).

A taxpayer can submit the statement in Form 10BA if both of the above requirements are met, and it will be mandatory to file the form before filing the Income Tax Return.

Section 80GG of the Income Tax Act,1961 talks about the reduction in rent paid on rental property, whether it is furnished or unfounded. The taxpayer should not receive any HRA (House Rent Allowance) from his organization. The above mentioned condition is necessary for the taxpayer to claim deduction under Section.

Conditions For Deduction Under Section 80GG

Following are the conditions for claiming deduction under section 80GG:

A self-governing person can claim deduction only under section.
The person claiming the deduction can be a salaried or self employed person.
In case of a salaried person, one should not get HRA (House Rent Allowance) from his organization.
From 10BA has to be submitted to the Income Tax Department.
The assessee should not in any case have self-occupied property like a house.
Assessment of spouse, minor children or taxpayer, a member of the HUF should not have a comfortable living space where he or she is living under employment or offering occupation or service.

Let’s Understand by examples:

The following are understood through an example of this concept.

One person worked for the initial six months, and after that, he started working as a freelancer. He lived on rented property for the entire year and took HRA, and has no self-owned property. He can claim deduction under Section 80GG and in the present case files Form 10BA for the rent of the last 6 months paid by him.

Purpose of Deduction Under Section 80GG & Filing Form 10BA

For FY 2018-19 and AY 2019-20, the deduction under the section should be at least:

Payment of full rent which is less than 10% of the entire income.
25% annual payroll deduction
Rupee. 5000 monthly (this means it is Rs. 60,000 annually)

Here is a list of requirements for claiming deduction:

The assessee should not in any case have self-occupied property like a house.
A self-governing person can claim deduction only under section.
In case of a salaried person, the person should not obtain HRA (House Rent Allowance) from his organization.
The person claiming the deduction can be a salaried or self employed person.
Assessment of spouse, minor children, or taxpayer, a member of the HUF should not have a comfortable living space where he or she is living under employment or offering occupation or service.
Form 10BA must be submitted to the Income Tax Department.

List of ITR Forms Applicable Under Section 80GG

The list of ITR forms implemented under Section 80GG are as follows:

ITR 1
ITR 2
ITR 3
ITR 4

The expected date for filing ITR has been set as July 31 of the next financial year.

Documents required for filing Form 10BA

Further, to documents including Form 16 and PAN details, file forms are the documents required for filing:

Rent Agreement and Rent Voucher

PAN details of the landlord, if the value of rent is more than Rs. 1 lakh.

Form 10BA is therefore filed which ensures that the landlord is not declaring the benefit of the self-occupied house at the same or any other place.

Procedure for filing Form 10BA

10BA is required to be filed online through an e-filing portal, which is very easy. Following are the online steps to fill the form:

Go to the Income Tax e-filing portal and login through credentials.

Go to the e-file option and choose the income tax form.

Choose Form 10BA from the drop-down menu, and then choose the corresponding assessment year.

Select the submission mode and submit it online.

Then click on Continue.

Enter all the details including the name of the landlord, how much rent has been paid, rent property address etc.

Preview the form and then submit it.

Details required in Form 10BA

The following details are required in Form 10BA:

Taxpayer name

PAN Details

Rental Property Address

Paid the rent

Landlord’s name and address

Conclusion

Form 10BA is a statement that should be filed on the Income Tax website under the e-filing portal. The form is filed to claim deduction under Section 80GG of the Income Tax Act. Thus, it is preferable to file Form 10BA before filing ITR and claim deduction from rent under Section 80GG.

April 29, 2021April 29, 2021

Get Yourself Registered on TDS TRACES Website

The Income Tax Department has introduced the concept of TDS TRACES, in which taxpayers and deductors have explained the entire process as well as can easily download the challan details from here. Apart from this, the mistakes made in the previously filed returns can also be rectified.

Know About TDS TRACES

TRACES, TDS Reconciliation Analysis and Correction Enabling System is in fully expanded form. The Income Tax Department has introduced this online facility to make the process efficient and to rectify the already filed TDS returns. This avoids the task of filing revised returns for the process of rectification, which is a time-consuming process. Taxpayers and deductors can easily access the TRACES website through an online process. One can refer to TDS and TCS paid while filing the return to ask for further details and to check the details.

TDS TRACES Registration

Registration on TDS TRACES can be done as both taxpayers and deductors.

As a Taxpayer

Go to the website (www.tdscpc.gov.in).
Select the taxpayer option and then click Register as a new user.
It is necessary to provide the following details to the applicant:

Name
In case of date of birth or company date of incorporation
PAN Details
Verification Code

After filling in these details, click on proceed.
In addition, the following details are required:

TDS or TCS details through Form 26AS or Form 16 / 16A
Details through Form 26QB
Statement of advance tax, self-assessment tax, TDS on the property paid from the challan.

Go ahead and then provide the applicant’s communication details.
Then create an account and verify the details entered, and click proceed.
The taxpayer will receive an activation link. The message will be sent to the registered email and mobile number by the taxpayer. In this message, click on the link and activate the account from OTP.
After this, TDS TRACES login.

As a Deductor

Visit website (www.tdscpc.gov.in)
Select the deductor option and then click Register as a new user.
Fill in the required details:

TAN
Verification Code.

The system will automatically detect details such as form type, fiscal year and quarterly.

The deductor will be required to enter a TDS Return Token Number or PRN (Provisional Receipt Number).

A valid CIN, BSR code, date of deposit, invoice amount and CD record number are provided along with the challan number.

A maximum of 3 PAN-amount combinations are filed by the deductor and a TDS file has to be submitted against the PAN as well.

The deductor will then have a validation code valid for the previous financial year, quarter and type of form. Enter the authentication code to proceed.

Go ahead and then provide the applicant’s communication details.

Then create an account and verify the details entered, and click proceed.

An activation link will be received on the deductor’s registered email and mobile number. Click on the link that came in the email and mobile messages. Activate the account by receiving OTP.

Then login TDS TRACES and take advantage of the services offered in it.

Use of TDS TRACES

The TDS TRACES website allows taxpayers as well as TDS Deductor to perform various activities, but has some limitations:

TCS / TDS file for rectification

View challan status

Submit refund request online

View and download Form 26AS

Complete online correction of previously filed TDS returns

Check the status of various tax details online

Download the consolidated file, justification report and both Form 16 and 16A.

Online correction of OLTAS challan.

TDS TRACES has transformed the complex and paper-based system that allows taxpayers and deductors to take advantage online.

Facilities available at TDS TRACES

The following are the main facilities offered by TDS TRACES to the taxpayer:

Download Form 26AS and Form 16B

TDS Certificate Verification

The collected TDS compliance report can be studied and downloaded from here.

The facilities offered by TDS TRACES to deductors are:

The status of the challan can be seen

Download Form 16 and Justification Report

Online improvement

TDS Refund

View TDS / TCS Credit against PAN

Declaration of non-filing statement.

TDS Challan Checking Process on TRACES

It is of utmost importance to check the TDS details while filing your quarterly TDS or TCS return. Checking can easily be done by logging into the TRACES account. The status of the challan can be seen by CIN (Challan Identification Number) or BIN (Book Identification Number). By providing a CIN or BIN, the status of the invoice can be seen by the duration of the payment.

Following are the steps to check TDS Challan on Trucks, which are:

Step 1: Log in to the TRACES portal using credentials.

Step 2: Then move the cursor over the statement or payment link in the top menu. Click the status of the invoice from the drop-down menu on it.

Step 3: Check the status of the challan by CIN or BIN.

CIN

In case of CIN, select the CIN option to check the status of the challan. After that choose the payment term and click proceed. A list will appear for the status of the movement, where the details will be found.

BIN

In the case of BIN, select the BIN option to check the status of the challan. Choose the payment term, then click Go. After clicking enter BIN details on the open page, then view consumption details and click on it.

Conclusion

The Income Tax Department has introduced the concept of TDS TRACES, in which taxpayers and deductor can study the challan, as well as download the challan details. TRACES taxpayers can rectify mistakes made in previously filed returns with this new concept and also provide a number of features for deductions on its taxpayers.

April 20, 2021April 20, 2021

RBI Extends Timeline To Comply With Directions On Recurring Online Transactions

The Reserve Bank of India announced an extension of the timeline for the processing of recurring transactions from six months to 30 September 2021. With many banks failing to comply with the directives, including the top lenders, the Reserve Bank decided to extend the implementation date of the guidelines for recurring online transactions. In this article, let’s take a look at this development.

Background

RBI issued a framework for processing e-mandate on recurring online transactions. This framework initially applied to cards and wallets, but in January last year the framework was also extended to cover integrated payment interface transactions.

The additional factor of authentication requirement has made digital payments safe and secure in India. With customer security and convenience in the use of recurring online transactions, the framework extended the use of the additional factor of authentication during registration and earlier transactions (to the extent of Rs 2000, with rest for subsequent transactions, up to Rs 5000), and prior Transaction notification, mandate withdrawal facility, etc.

The major motive behind this framework was to protect customers from fraud and to hear about customer convenience. Extending the timeline to 31 March 2021, based on the request of the Association of Indian Banks to allow banks to complete migration, RBI advised stakeholders to migrate to the framework by 31 March 2021 in December last year. Therefore, sufficient time was provided to the stakeholders to follow the guidelines.

Although, it was noted that the framework was not fully implemented even after extending the deadline. The RBI stated that this compliance has been noted with grave concern and will be dealt with separately. It is further noted that implementation delays by some stakeholders led to potential large-scale customer inconvenience and default conditions. Therefore the Reserve Bank, with the aim of preventing any inconvenience to the customers, decided to push the timeline for stakeholders to migrate to the framework by six months by 30 September 2021.

RBI Required Mandatory Points for Recurring Online Transactions

The following mandatory points may be noted:

Beginning in October, if you have set the option of auto payment for recurring transactions, you will need additional authentication as per the rules issued by the Reserve Bank.

As a relief for bank customers, RBI has raised the limit of recurring transactions to Rs 5000.

This means that if you have a recurring auto payment of more than Rs 5000, you will receive an OTP from your bank, and once the OTP is certified, the payment will be deducted.

The new RBI rules will apply to transactions made using all types of cards. This means that when you have a registered debit card or credit card for auto payment, you will need an additional factor of authentication if the transaction is worth more than Rs 5000.

All types of prepaid payment instruments, including wallets, are included in the scope of the new RBI regulations. This means that any recurring payment of more than Rs 5000 through it will require additional authentication.

The Reserve Bank has in the past introduced a number of security and security measures for payment via card, and now the UPI has also been included under the requirement for additional authentication.

As the new RBI rule, it will allow banks to send notifications to their customers 24 hours for auto payments for recurring transactions.

Customers will be provided with the option to select the mode of notification they wish to receive at the time of registering the e-mandate for recurring auto payments.

Banks Ready for the Change of Recurring Online Transactions

For banks and payment institutions, this change is nothing short of a tough challenge where they need to overhaul existing recurring payment flows and maintain standardization for easy execution of payments.

Officials at fintech firms said the industry sought a further expansion because of the infrastructure burden on merchant partners, banks and payment processors. He said that banks have a difficult task with the infrastructure population already upgrading their systems and standardizing payment flows for the Reserve Bank’s new mandate for recurring payments. In addition, the payment failure risk increases in case of any fault in the system, which will affect customer confidence on recurring payments.

HDFC claimed that it completed the development of a common e-mandate platform and is working jointly with merchants to enable it to live for its customers as soon as possible. An official of the State Bank of India said that the bank does not have an auto-charge facility on its debit card and is now installing a new structure.

Conclusion

The Reserve Bank of India, as a one-time measure, has extended the timeline to ensure full compliance with the new framework. It may be noted that during the extended timeline, no new mandates for recurring online transactions will be registered by stakeholders unless the mandates are in line with the framework. The RBI warned that any further delay in following the framework beyond the above timeline would attract stringent supervisory action.