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TMI BlogIncorporation of Private Limited CompanyX X X X Extracts X X X X X X X X Extracts X X X X ..... Incorporation of Private Limited Company - By: - Parth Sharma - Corporate Laws / IBC / SEBI - Dated:- 14-9-2015 - - Features of Private Limited Company Separate Legal Status Capacity to borrow Easy Transfer of shares Minimum number of Members : 2 ; Maximum number of Members : 200 Minimum Capital : Nil { omitted by Companies (Amendment) Act, 2015} Limited Liability Mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nimum number of Directors : 2 Foreign investment permitted (subject to applicable Sectoral Cap as per FDI guidelines) Capacity to sue or to be sued Procedure for Incorporation of Company Obtain Digital Signature Certificate (DSC) for the proposed Director / Promoter not having DSC; Obtain Directors Identification Number (DIN) for proposed Director / Promoter not having DIN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by applying to Ministry of Corporate Affairs (MCA) in Form DIR-3; 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 Practici ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Chartered Accountant / Practicing Company Secretary / Practicing Cost Accountant Educational Qualification Email Id and Mobile Number Apply for Reservation of Name in Form INC-1 along with the prescribed fees On approval of Name of the proposed Company is received, the following Forms need to be filed; Form INC-7 Form INC-22 Form DIR-12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On scrutiny and examination of the aforesaid forms, the concerned Registrar of Companies (ROC) shall issue Certificate of Incorporation of Company along with Corporate Identification Number (CIN). 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... INC-7, Form INC-22, Form DIR-12 Memorandum of Association Articles of Association (MOA AOA) along with subscribers sheet INC-8 duly notarized INC-9 duly notarized INC-10 duly verified by Banker or notarized Affidavit for non - acceptance of deposit Full address of Police Station under whose jurisdiction the registered office is situated Utility Bill (not older th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an two months) of the registered office premise Conveyance/Lease deed/Rent Agreement NOC from the owner of the premise, if taken on lease Form DIR-2 Directors Directorship details in other Companies / LLPs, if any. 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Companies Direct Tax Corporate Tax Rates Particulars Domestic Company Rate of Tax 30% of the Total Income Surcharge 5% of Income Tax, if taxable income exceeds ₹ 1 crore upto ₹ 10 crore 10% of Income Tax, if taxable income exceeds ₹ 10 crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Education Cess 2% S.H.E.C. 1% 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. Indirect Tax Service Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Service Tax Registration is mandatory if the annual turnover exceed ₹ 9 Lakhs Service Tax is charged at 14% ( notified ) plus 2% Swachh Bharat Cess ( not yet notified ) as per Finance Act, 2015 . VAT 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... state. Mandatory Compliances Quoting of CIN on all letterheads, invoices, notices etc. Printing of share certificate and MOA AOA Opening Bank Accounts Maintaining Books of Accounts Appointment of First Statutory Auditor Board Meeting Compliances as per Companies Act, 2013 and rules made thereunder Maintaining Minutes Book Annual General Meeting every year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Annual Filings with the MCA Appointment of Company Secretary in whole-time employment if paid up capital exceeds ₹ 5 Crore Maintaining Statutory Registers Keeping Books of Accounts and Statutory Registers at the Registered Office of the Company - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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