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  31. <title>New TDS Rates FY 2024-25</title>
  32. <link>https://teamindia.co.in/tds-rates-fy-2024-25/</link>
  33. <comments>https://teamindia.co.in/tds-rates-fy-2024-25/#respond</comments>
  35. <dc:creator><![CDATA[prakash cr]]></dc:creator>
  36. <pubDate>Mon, 25 Mar 2024 05:31:50 +0000</pubDate>
  37. <category><![CDATA[Blogs]]></category>
  38. <guid isPermaLink="false">https://teamindia.co.in/?p=18198</guid>
  39.  
  40. <description><![CDATA[The Finance Act, 2024, has introduced a new Tax Deducted at Source (TDS) rate for the financial year 2024-25 (from April 1, 2024, to March 31, 2025). Using the correct TDS rate is important for businesses to ensure proper tax compliance and avoid penalties. New TDS chart &#8211; Financial Year 2024-25 Section Nature of Payment [&#8230;]]]></description>
  41. <content:encoded><![CDATA[
  42. <figure class="wp-block-image size-full is-resized"><img fetchpriority="high" decoding="async" width="800" height="320" src="https://teamindia.co.in/wp-content/uploads/2023/10/tds-rate-chart-for-ay-2021-22-e1711341811692.jpg" alt="Tds Rate" class="wp-image-16181" style="width:906px;height:auto" title="New TDS Rates FY 2024-25 1" srcset="https://teamindia.co.in/wp-content/uploads/2023/10/tds-rate-chart-for-ay-2021-22-e1711341811692.jpg 800w, https://teamindia.co.in/wp-content/uploads/2023/10/tds-rate-chart-for-ay-2021-22-e1711341811692-300x120.jpg 300w, https://teamindia.co.in/wp-content/uploads/2023/10/tds-rate-chart-for-ay-2021-22-e1711341811692-768x307.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>New TDS Rates FY 2024-25 2</figcaption></figure>
  43.  
  44.  
  45.  
  46. <p>The <a href="https://www.indiabudget.gov.in/doc/Finance_Bill.pdf" target="_blank" rel="noopener">Finance Act, 2024,</a> has introduced a new Tax Deducted at Source (TDS) rate for the financial year 2024-25 (from April 1, 2024, to March 31, 2025). Using the <strong>correct TDS </strong>rate is important for businesses to ensure proper tax compliance and avoid penalties.</p>
  47.  
  48.  
  49.  
  50. <p><strong>New TDS chart &#8211; Financial Year 2024-25</strong></p>
  51.  
  52.  
  53.  
  54. <figure class="wp-block-table"><table><tbody><tr><td><strong><u>Section</u></strong></td><td><strong><u>Nature of Payment</u></strong></td><td><strong><u>Threshold</u></strong></td><td><strong><u>Individual&#8217;s Tds</u></strong></td><td><strong><u>Others-Tds</u></strong></td></tr><tr><td>194C</td><td>Payments to the <strong>contractor</strong> – Aggregate Payment</td><td>Rs. 30,000</td><td>1%</td><td>2%</td></tr><tr><td>194C</td><td>Payments to contractor – Aggregate Payment</td><td>Rs. 1,00,000</td><td>1%</td><td>2%</td></tr><tr><td>194I</td><td><strong>Rent</strong> of land, building, or furniture</td><td>Rs. 2,40,000</td><td>10%</td><td>10%</td></tr><tr><td>194I</td><td>Rent of plant and machinery</td><td>Rs. 2,40,000</td><td>2%</td><td>2%</td></tr><tr><td>194IA</td><td>Payment for transfer of immovable property other than agricultural land</td><td>Rs. 50,00,000</td><td>1%</td><td>1%</td></tr><tr><td>194IB</td><td>Rent payment that is made by an individual or HUF not covered under payment 194I</td><td>Rs. 50,000 (per month)</td><td>5%</td><td>NA</td></tr><tr><td>194J</td><td>Fees paid for <strong>professional</strong> services</td><td>Rs. 30,000</td><td>10%</td><td>10%</td></tr><tr><td>194J</td><td>Amount paid for<strong> technical services</strong></td><td>Rs. 30,000</td><td>2%</td><td>2%</td></tr><tr><td>194Q</td><td>Payments made for the purchase of goods</td><td>Rs. 50,00,000</td><td>0.10%</td><td>0.10%</td></tr><tr><td>194H</td><td><strong>Commission</strong> or brokerage</td><td>Rs. 15,000</td><td>5%</td><td>5%</td></tr><tr><td><mark style="background-color:rgba(0, 0, 0, 0)" class="has-inline-color has-ast-global-color-1-color">192</mark></td><td>Salary tax/Tds depends as per income-slab</td><td><strong>Income-Slab</strong></td><td><strong>Old-Rate</strong></td><td><strong>New-Rate</strong></td></tr><tr><td>192</td><td><strong>Salary Income</strong></td><td>from 2,50,001 to 3,00,000</td><td>5%</td><td>NIL</td></tr><tr><td>192</td><td>Salary Income</td><td>from 3,00,001 to 5,00,000</td><td>5%</td><td>5%</td></tr><tr><td>192</td><td>Salary Income</td><td>from 5,00,001 to 6,00,000</td><td>20%</td><td>5%</td></tr><tr><td>192</td><td>Salary Income</td><td>from 6,00,001 to 7,50,000</td><td>20%</td><td>10%</td></tr><tr><td>192</td><td>Salary Income</td><td>from 7,50,001&nbsp; to&nbsp; 9,00,000</td><td>20%</td><td>10%</td></tr><tr><td>192</td><td>Salary Income</td><td>from 9,00,001 to 10,00,000</td><td>20%</td><td>15%</td></tr><tr><td>192</td><td>Salary Income</td><td>from 10,00,001 to 12,00,000</td><td>30%</td><td>15%</td></tr><tr><td>192</td><td>Salary Income</td><td>from 12,00,001 to 12,50,000</td><td>30%</td><td>20%</td></tr><tr><td>192</td><td>Salary Income</td><td>from 12,50,001 to 15,00,000</td><td>30%</td><td>20%</td></tr><tr><td>192</td><td>Salary Income</td><td>above 15,00,000</td><td>30%</td><td>30%</td></tr><tr><td>192</td><td><strong>Zero-tax on Salary Income</strong></td><td>Rebate (zero tax)</td><td>Upto 5Lac</td><td>upto 7.27 Lac</td></tr><tr><td>192A</td><td>Premature PF withdrawal*</td><td>Rs. 50,000</td><td>10%</td><td>10%</td></tr><tr><td>193</td><td>– TDS on interest on securities***</td><td>Rs. 10,000</td><td>10%</td><td>10%</td></tr><tr><td>194</td><td>Payment of dividend</td><td>Rs. 5,000</td><td>10%</td><td>10%</td></tr><tr><td rowspan="2">194A</td><td rowspan="2">Interest from Bank, post office&#8217;s FD</td><td>Rs. 40,000</td><td rowspan="2">10%</td><td rowspan="2">10%</td></tr><tr><td>Rs. 50,000 (For senior citizens)</td></tr><tr><td>194A</td><td>Interest by others apart from on securities</td><td>Rs. 5,000</td><td>10%</td><td>10%</td></tr><tr><td>194B</td><td>Amounts you won through lotteries or games</td><td>Aggregate of Rs. 10,000**</td><td>30%</td><td>30%</td></tr><tr><td>194BB</td><td>Amounts you won from horse races</td><td>Rs. 10,000</td><td>30%</td><td>30%</td></tr><tr><td>194DA</td><td>Maturity of Life Insurance Policy</td><td>Rs. 1,00,000</td><td>5%</td><td>5%</td></tr><tr><td>194EE</td><td>Payment of an amount standing to the credit of an individual under National Savings Scheme</td><td>Rs. 2500</td><td>10%</td><td>10%</td></tr><tr><td>194IC</td><td>Payment that are made under Joint Development Agreement (JDA) to Individual/HUF</td><td>No Limit</td><td>10%</td><td>10%</td></tr><tr><td>194J</td><td>Amounts paid as royalty for sale/distribution/exhibition of cinematographic films</td><td>Rs. 30,000</td><td>2%</td><td>2%</td></tr><tr><td>194K</td><td>Payment of income for units of a mutual fund, for example- dividends</td><td>Rs. 5,000</td><td>10%</td><td>10%</td></tr><tr><td>194LA</td><td>Payment made for compensation for acquiring certain immovable property</td><td>Rs. 2,50,000</td><td>10%</td><td>10%</td></tr><tr><td>194LB</td><td>Payment of interest on infrastructure&nbsp; bonds to Non-Resident Indians</td><td>NA</td><td>5%</td><td>5%</td></tr><tr><td>194N</td><td>cash withdrawal over 1 Cr, and ITR is filed</td><td>Rs. 1,00,00,000</td><td>2%</td><td>2%</td></tr><tr><td>194N</td><td>Cash withdrawal 20 Lakh &amp; 1 Cr&nbsp; and ITR not filed</td><td>Rs. 20 Lac to 1 Cr</td><td>5%</td><td>5%</td></tr><tr><td>194O</td><td>Amount paid for the sale of products/services by e-commerce service providers via their digital platform</td><td>Rs. 5,00,000</td><td>1%</td><td>1%</td></tr><tr><td>194S</td><td>TDS on the payment of any crypto or other virtual asset</td><td>NA</td><td>1%</td><td>1%</td></tr><tr><td rowspan="5">206AA</td><td rowspan="5">TDS for non-availability of PAN</td><td rowspan="5">NA</td><td>At a rate higher of</td><td rowspan="5">20%</td></tr><tr><td>&nbsp;</td></tr><tr><td>1. Specified rate as per the act</td></tr><tr><td>2. 20%</td></tr><tr><td>3. Rate in force</td></tr><tr><td rowspan="5">206AB</td><td rowspan="5">TDS on non-filers of Income tax return</td><td rowspan="5">NA</td><td>Rate higher of:</td><td>&nbsp;</td></tr><tr><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>1. 5%</td><td>&nbsp;</td></tr><tr><td>2. Twice the mentioned rate in provision</td><td>&nbsp;</td></tr><tr><td>3. Rate in force</td><td>&nbsp;</td></tr></tbody></table><figcaption class="wp-element-caption">TDS Chart</figcaption></figure>
  55.  
  56.  
  57.  
  58. <p><strong>why using the right TDS rate matters</strong></p>
  59.  
  60.  
  61.  
  62. <p><strong>TDS Compliance</strong>: The government relies on TDS as a way to collect taxes at the source of income. Using the correct rate ensures you meet your tax obligations and avoid the hassle of dealing with notices or penalties from the Income Tax department</p>
  63.  
  64.  
  65.  
  66. <p><strong>Accuracy in Tax Payment:</strong> Applying the appropriate TDS rate helps you deduct the right amount of tax from your payments, like salaries, rent, or professional fees. This ensures you pay the correct amount of tax to the government and reduces any potential tax liability at the end of the year.</p>
  67.  
  68.  
  69.  
  70. <p><strong>Benefits for Businesses:</strong> Businesses that deduct and deposit TDS accurately can claim tax credits on their tax returns. This can lead to tax savings and improved cash flow.</p>
  71.  
  72.  
  73.  
  74. <p><strong>Using the correct TDS Rate</strong></p>
  75.  
  76.  
  77.  
  78. <pre class="wp-block-preformatted">So, how do you ensure you're using the correct TDS rate?</pre>
  79.  
  80.  
  81.  
  82. <ol start="1">
  83. <li><strong>Refer to the TDS Chart:</strong>&nbsp;The Finance Act publishes a TDS chart outlining the applicable rates for various types of transactions. You can find this chart above or consult a tax professional.</li>
  84.  
  85.  
  86.  
  87. <li><strong>Identify the Transaction Type:</strong> The TDS rate depends on the nature of your payment. For example, the TDS rate for rent payments differs from the rate for salary payments.</li>
  88.  
  89.  
  90.  
  91. <li><strong>Consider Taxpayer Details:</strong> Some rates may vary depending on the recipient&#8217;s tax status (individual, company, etc.).</li>
  92.  
  93.  
  94.  
  95. <li><strong>Stay Updated:</strong> TDS rates are subject to change in subsequent Finance Acts. Make sure you consult the latest chart for the applicable financial year.</li>
  96. </ol>
  97.  
  98.  
  99.  
  100. <p><strong>Tds Compliance and Legal Obligations</strong></p>
  101.  
  102.  
  103.  
  104. <ul>
  105. <li>Deducting TDS at the correct rates is a legal obligation imposed by the Income Tax Department.</li>
  106.  
  107.  
  108.  
  109. <li><strong>Timely TDS Remittance:</strong> The TDS deducted needs to be deposited with the government by the prescribed due date. Generally, the due date falls on the 7th of the month following the month of deduction, except for the last quarter of the financial year.</li>
  110.  
  111.  
  112.  
  113. <li><strong>Quarterly TDS Return Filing:</strong> Businesses are required to file quarterly TDS returns with the Income Tax department. These returns summarize the TDS deducted and deposited during the quarter.</li>
  114.  
  115.  
  116.  
  117. <li>Non-compliance can lead to penalties, fines, and legal proceedings, impacting the financial health and reputation of businesses and individuals.</li>
  118. </ul>
  119.  
  120.  
  121.  
  122. <p><strong>Accurate Tax Deductions</strong></p>
  123.  
  124.  
  125.  
  126. <ul>
  127. <li>Using the correct TDS rates ensures accurate deduction of taxes at the source, aligning with the provisions of the Income Tax Act, 1961.</li>
  128.  
  129.  
  130.  
  131. <li>It prevents under or over-deduction of taxes, avoiding discrepancies in tax payments and subsequent adjustments.</li>
  132. </ul>
  133.  
  134.  
  135.  
  136. <p><strong>Financial Impact of Wrong TDS Rates</strong></p>
  137.  
  138.  
  139.  
  140. <ul>
  141. <li>Incorrect TDS rates can result in underpayment or overpayment of taxes, affecting cash flow and financial planning.</li>
  142.  
  143.  
  144.  
  145. <li>Underpayment may lead to interest charges and penalties, while overpayment could result in unnecessary financial strain until refunds are processed.</li>
  146. </ul>
  147.  
  148.  
  149.  
  150. <p><strong>Importance of TDS Rate Guidance</strong></p>
  151.  
  152.  
  153.  
  154. <ul>
  155. <li>Seek guidance from <a href="https://teamindia.co.in/ca-bangalore/">tax experts</a> to determine the appropriate TDS rates applicable to specific transactions.</li>
  156.  
  157.  
  158.  
  159. <li>Consultation with <a href="https://prakashaandco.com/" target="_blank" rel="noopener">legal and tax advisors</a> can help navigate complex tax regulations and ensure compliance with the latest provisions.</li>
  160. </ul>
  161.  
  162.  
  163.  
  164. <p><strong>Utilizing of Tds Resources</strong></p>
  165.  
  166.  
  167.  
  168. <ul>
  169. <li>Leverage online resources, such as TDS rate charts provided by government authorities or reputable financial platforms, to verify applicable rates.</li>
  170.  
  171.  
  172.  
  173. <li>Stay updated with changes in TDS rates through official notifications and circulars issued by the Income Tax Department.</li>
  174. </ul>
  175.  
  176.  
  177.  
  178. <p><strong>Maintaining TDS Documentation</strong></p>
  179.  
  180.  
  181.  
  182. <ul>
  183. <li>Maintain comprehensive records of TDS deductions, including transaction details, TDS certificates, and supporting documents.</li>
  184.  
  185.  
  186.  
  187. <li>Proper documentation facilitates smooth audits and inquiries by tax authorities, demonstrating diligent compliance with TDS regulations.</li>
  188.  
  189.  
  190.  
  191. <li>Adhering to the correct TDS rates is paramount for fulfilling tax obligations and maintaining financial integrity.</li>
  192. </ul>
  193.  
  194.  
  195.  
  196. <blockquote class="wp-block-quote">
  197. <h2 class="wp-block-heading">For assistance in navigating <strong>TDS regulations</strong> and ensuring compliance with tax obligations, Team IN Filings. offers expert TDS advisory services tailored to your needs.</h2>
  198. <cite>TeamIndia.co.in</cite></blockquote>
  199. ]]></content:encoded>
  201. <wfw:commentRss>https://teamindia.co.in/tds-rates-fy-2024-25/feed/</wfw:commentRss>
  202. <slash:comments>0</slash:comments>
  205. </item>
  206. <item>
  207. <title>The Importance of Trademark Registration for Businesses</title>
  208. <link>https://teamindia.co.in/trademark-registration-in-bangalore-2/</link>
  209. <comments>https://teamindia.co.in/trademark-registration-in-bangalore-2/#respond</comments>
  211. <dc:creator><![CDATA[prakash cr]]></dc:creator>
  212. <pubDate>Fri, 22 Mar 2024 12:50:31 +0000</pubDate>
  213. <category><![CDATA[Blogs]]></category>
  214. <guid isPermaLink="false">https://teamindia.co.in/?p=18195</guid>
  215.  
  216. <description><![CDATA[Building a strong business? Don&#8217;t forget to register your trademark. In the busy hub of Bangalore&#8217;s business landscape, ensuring the protection of your business brand name is paramount. One crucial step towards securing your brand&#8217;s identity and reputation is through trademark registration. Whether you&#8217;re a startup or an established enterprise, understanding the significance of trademark [&#8230;]]]></description>
  217. <content:encoded><![CDATA[
  218. <figure class="wp-block-image size-full is-resized"><img decoding="async" width="800" height="266" src="https://teamindia.co.in/wp-content/uploads/2023/10/trademark-registration-in-bangalore-e1711110555785.png" alt="Trademark" class="wp-image-16223" style="width:906px;height:auto" title="The Importance of Trademark Registration for Businesses 3" srcset="https://teamindia.co.in/wp-content/uploads/2023/10/trademark-registration-in-bangalore-e1711110555785.png 800w, https://teamindia.co.in/wp-content/uploads/2023/10/trademark-registration-in-bangalore-e1711110555785-300x100.png 300w, https://teamindia.co.in/wp-content/uploads/2023/10/trademark-registration-in-bangalore-e1711110555785-768x255.png 768w" sizes="(max-width: 800px) 100vw, 800px" /><figcaption>The Importance of Trademark Registration for Businesses 4</figcaption></figure>
  219.  
  220.  
  221.  
  222. <p><strong>Building a strong business? Don&#8217;t forget to register your trademark</strong>. In the busy hub of Bangalore&#8217;s business landscape, ensuring the protection of your business brand name is paramount. One crucial step towards securing your brand&#8217;s identity and reputation is through trademark registration. Whether you&#8217;re a startup or an established enterprise, understanding the significance of trademark registration is indispensable for safeguarding your business interests.</p>
  223.  
  224.  
  225.  
  226. <p><strong>Why Trademark Registration Matters for Businesses</strong></p>
  227.  
  228.  
  229.  
  230. <p>Trademark registration serves as a fundamental shield against unauthorized usage of your brand&#8217;s identity. It not only distinguishes your offerings from competitors but also solidifies your presence in the market. Regardless of size, it should prioritize trademark registration.</p>
  231.  
  232.  
  233.  
  234. <p><strong>Trademark is the Shield of Your Success</strong></p>
  235.  
  236.  
  237.  
  238. <p>Trademark registration isn&#8217;t just a formality; it&#8217;s an investment in your business&#8217;s future. Here&#8217;s why:</p>
  239.  
  240.  
  241.  
  242. <p><strong>Brand Protection and Reputation Management</strong></p>
  243.  
  244.  
  245.  
  246. <p>A registered trademark becomes your legal shield. It prevents competitors from using confusingly similar marks, safeguarding your brand identity and customer trust. Imagine the confusion if another company used a logo slightly resembling yours! Trademark registration ensures your brand remains distinct</p>
  247.  
  248.  
  249.  
  250. <p><strong>Prevention of Confusion and Market Clutter</strong></p>
  251.  
  252.  
  253.  
  254. <p>In bustling business, clarity is key. A registered trademark delineates your products or services, averting consumer confusion and market clutter. It ensures that customers can unequivocally identify your brand amidst a sea of offerings, fostering brand loyalty and trust.</p>
  255.  
  256.  
  257.  
  258. <p><strong>Legal Muscle</strong></p>
  259.  
  260.  
  261.  
  262. <p>Facing trademark infringement? A registered trademark empowers you to take legal action against unauthorized use. This protects your intellectual property and discourages copycats.</p>
  263.  
  264.  
  265.  
  266. <p><strong>Legal Protection and Enforcement</strong></p>
  267.  
  268.  
  269.  
  270. <p>Trademark registration empowers businesses to take swift legal action against infringers, preserving their intellectual property rights. With a registered trademark, you have the leverage to enforce exclusivity and combat counterfeit products or unauthorized usage. This proactive approach shields your business from potential revenue losses and reputational damage.</p>
  271.  
  272.  
  273.  
  274. <p><strong>Business Value Booster</strong></p>
  275.  
  276.  
  277.  
  278. <p>A registered trademark is an intangible asset that enhances your business&#8217;s overall value. It can attract investors and make franchising or licensing your brand a breeze.</p>
  279.  
  280.  
  281.  
  282. <p><strong>Asset Appreciation and Business Expansion</strong></p>
  283.  
  284.  
  285.  
  286. <p>Beyond legal safeguards, trademark registration bolsters your business&#8217;s asset portfolio. A registered trademark augments the overall value of your enterprise, rendering it more attractive to investors and stakeholders. Moreover, it facilitates seamless expansion opportunities, such as licensing or franchising, amplifying your market reach and revenue streams.</p>
  287.  
  288.  
  289.  
  290. <p><strong>Beyond Protection: The Perks of Registration</strong></p>
  291.  
  292.  
  293.  
  294. <h2 class="wp-block-heading">The benefits go beyond legal protection. A registered trademark</h2>
  295.  
  296.  
  297.  
  298. <ul>
  299. <li><strong>Builds Trust:</strong> Customers recognize a registered trademark as a symbol of quality and authenticity. It fosters brand loyalty and trust in your products or services.</li>
  300.  
  301.  
  302.  
  303. <li><strong>Marketing Edge:</strong> A strong trademark becomes a powerful marketing tool. It creates a memorable brand identity that sets you apart in Bangalore&#8217;s competitive market.</li>
  304. </ul>
  305.  
  306.  
  307.  
  308. <p><strong>Finding Your Trademark Support in Bangalore</strong></p>
  309.  
  310.  
  311.  
  312. <p>Navigating the trademark registration process in Bangalore can seem daunting. <strong>This is where Team IN Filings steps in!</strong> We are your one-stop shop for all your trademark registration needs. Our team of experts will:</p>
  313.  
  314.  
  315.  
  316. <ul>
  317. <li><strong>Conduct a thorough trademark search:</strong>&nbsp;Ensure your desired trademark is available before you invest time and resources.</li>
  318.  
  319.  
  320.  
  321. <li><strong>Guide you through the application process:</strong> We&#8217;ll simplify the legalese and handle the paperwork, ensuring a smooth application experience.</li>
  322.  
  323.  
  324.  
  325. <li><strong>Offer expert advice:</strong> Our Legal services in Bangalore go hand-in-hand with trademark registration. We&#8217;ll ensure your application aligns perfectly with your business goals.</li>
  326. </ul>
  327.  
  328.  
  329.  
  330. <p><strong>To register a trademark, you&#8217;ll need to provide the following details</strong></p>
  331.  
  332.  
  333.  
  334. <ul>
  335. <li><strong>Trademark name</strong>: Clearly specify the name you wish to trademark. Optionally, include a logo if applicable.</li>
  336.  
  337.  
  338.  
  339. <li><strong>Business objective as per Nice-trademark class</strong>: Define the scope of your business activities according to the Nice Classification system, ensuring alignment with the chosen trademark class(es).</li>
  340.  
  341.  
  342.  
  343. <li><strong>Proprietor name, address</strong>, and Power of Attorney: Furnish the proprietor&#8217;s full name, complete address, and a duly signed Power of Attorney document authorizing the registration process.</li>
  344. </ul>
  345.  
  346.  
  347.  
  348. <p><strong>Affordable Professional Fees for Trademark Registration</strong></p>
  349.  
  350.  
  351.  
  352. <p>Government fees for trademark registration, along-with the advantages of MSME Udyam Aadhar, <strong>amount to only Rs. 4500.</strong></p>
  353.  
  354.  
  355.  
  356. <p>Our professional fees for Trademark search and Registration is Rs. 2000, finely tuned to reflect the dedication and expertise of our trademark attorneys. Safeguard your brand affordably – it&#8217;s a win-win situation!</p>
  357.  
  358.  
  359.  
  360. <div class="wp-block-columns is-layout-flex wp-container-core-columns-layout-1 wp-block-columns-is-layout-flex">
  361. <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:100%">
  362. <h3 class="wp-block-heading"><strong>Don&#8217;t let your brand&#8217;s potential be overshadowed. Contact Team IN Filings today and register your trademark in Bangalore!</strong> </h3>
  363.  
  364.  
  365.  
  366. <h3 class="wp-block-heading">We&#8217;ll help you build a powerful, protected brand ready to conquer the market.</h3>
  367. </div>
  368. </div>
  369.  
  370.  
  371.  
  372. <p><strong>Remember, a registered trademark is an investment in your business&#8217;s future. Protect your brand, empower your growth, and unlock the true potential of your Bangalore success story!</strong></p>
  373.  
  374.  
  375.  
  376. <p>Secure your business&#8217;s future today with trademark registration in Bangalore.</p>
  377.  
  378.  
  379.  
  380. <div style="height:30px" aria-hidden="true" class="wp-block-spacer"></div>
  381.  
  382.  
  383.  
  384. <h5 class="wp-block-heading">For expert guidance on trademark registration and legal support, contact <strong><mark style="background-color:rgba(0, 0, 0, 0)" class="has-inline-color has-ast-global-color-0-color">Team IN Filings</mark></strong></h5>
  385. ]]></content:encoded>
  387. <wfw:commentRss>https://teamindia.co.in/trademark-registration-in-bangalore-2/feed/</wfw:commentRss>
  388. <slash:comments>0</slash:comments>
  391. </item>
  392. <item>
  393. <title>GST Filing for Startups: Common Challenges and Solutions</title>
  394. <link>https://teamindia.co.in/gst-service-in-bangalore/</link>
  395. <comments>https://teamindia.co.in/gst-service-in-bangalore/#respond</comments>
  397. <dc:creator><![CDATA[prakash cr]]></dc:creator>
  398. <pubDate>Fri, 22 Mar 2024 07:24:19 +0000</pubDate>
  399. <category><![CDATA[Blogs]]></category>
  400. <category><![CDATA[GST]]></category>
  401. <guid isPermaLink="false">https://teamindia.co.in/?p=18193</guid>
  402.  
  403. <description><![CDATA[For any new business, navigating the difficulties of GST (Goods and Services Tax) filing can feel overwhelming. While GST streamlines various indirect taxes, adhering to its regulations can be a challenge, especially for startups with limited resources and tax expertise. Understanding Your Eligibility for GST Registration Not all startups require GST registration. As per the GST [&#8230;]]]></description>
  404. <content:encoded><![CDATA[
  405. <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="312" src="https://teamindia.co.in/wp-content/uploads/2023/10/gst-return-bangal-e1711089804476-1024x312.png" alt="Gst" class="wp-image-15055" title="GST Filing for Startups: Common Challenges and Solutions 5" srcset="https://teamindia.co.in/wp-content/uploads/2023/10/gst-return-bangal-e1711089804476-1024x312.png 1024w, https://teamindia.co.in/wp-content/uploads/2023/10/gst-return-bangal-e1711089804476-300x91.png 300w, https://teamindia.co.in/wp-content/uploads/2023/10/gst-return-bangal-e1711089804476-768x234.png 768w, https://teamindia.co.in/wp-content/uploads/2023/10/gst-return-bangal-e1711089804476-1536x468.png 1536w, https://teamindia.co.in/wp-content/uploads/2023/10/gst-return-bangal-e1711089804476.png 1640w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>GST Filing for Startups: Common Challenges and Solutions 6</figcaption></figure>
  406.  
  407.  
  408.  
  409. <p>For any new business, navigating the <strong>difficulties of GST</strong> (Goods and Services Tax) filing can feel overwhelming. While GST streamlines various indirect taxes, adhering to its regulations can be a challenge, especially for startups with limited resources and tax expertise.</p>
  410.  
  411.  
  412.  
  413. <p><strong>Understanding Your Eligibility for GST Registration</strong></p>
  414.  
  415.  
  416.  
  417. <p>Not all startups require GST registration. As per <a href="https://www.gst.gov.in/" target="_blank" rel="noreferrer noopener">the GST Act</a>, businesses with an annual turnover exceeding ₹20 lakh for Services and 40 Lakh for Goods must register for GST. <strong>Consulting a GST advisor in Bangalore</strong> is crucial to determine your eligibility and understand the implications of registration. They can guide you through the intricacies of the Composition Scheme, a simplified lesser GST tax payment option available for startups with a turnover below ₹ 50 Lakh for Services and 1.5 crore for Goods.</p>
  418.  
  419.  
  420.  
  421. <p><strong>Common Challenges Faced by Startups During GST Filing</strong></p>
  422.  
  423.  
  424.  
  425. <ul>
  426. <li><strong>Lack of Awareness:</strong>&nbsp;The ever-evolving nature of GST regulations can leave many startups confused. A comprehensive understanding of filing procedures, tax rates, and invoice formats is essential.</li>
  427.  
  428.  
  429.  
  430. <li>Determining the correct GST rates for each service or goods is often challenging for startups due to the diverse nature of their offerings and frequent changes in tax regulations.</li>
  431.  
  432.  
  433.  
  434. <li>Complying with LUT (Letter of Undertaking) requirements for export services adds complexity to GST filing processes.</li>
  435.  
  436.  
  437.  
  438. <li><strong>Documentation Hurdles:</strong>&nbsp;Gathering the necessary documents for registration, such as proof of address, bank statements, and PAN cards, can be a time-consuming task.</li>
  439.  
  440.  
  441.  
  442. <li><strong>Technical Glitches:</strong>&nbsp;The online GST portal can experience occasional technical issues, causing delays in filing and frustration for businesses.</li>
  443.  
  444.  
  445.  
  446. <li><strong>Maintaining Records:</strong>&nbsp;Accurate record-keeping of invoices, receipts, and financial transactions is paramount for filing accurate returns and avoiding penalties.</li>
  447.  
  448.  
  449.  
  450. <li>Segregating fees and reimbursements is crucial for startups to minimize GST charges while ensuring proper compliance with tax laws, necessitating clear accounting practices and transparent reporting mechanisms.</li>
  451. </ul>
  452.  
  453.  
  454.  
  455. <p><strong>Overcoming the Hurdles: Strategies for Smooth GST Filing</strong></p>
  456.  
  457.  
  458.  
  459. <ul>
  460. <li><strong>Seek Professional Guidance:</strong>&nbsp;Partnering with <a href="https://teamindia.co.in/startup/">professionals</a> of GST Service In Bangalore in Bangalore can significantly ease the burden of GST compliance. Their expertise can ensure accurate registration, timely filing of returns, and adherence to all regulations.</li>
  461.  
  462.  
  463.  
  464. <li><strong>Embrace Technology:</strong>&nbsp;Utilize user-friendly accounting software or consider outsourcing bookkeeping services. Streamlining your record-keeping processes minimizes errors and simplifies data retrieval during filing.</li>
  465.  
  466.  
  467.  
  468. <li><strong>Stay Updated:</strong> Subscribe to government updates and notifications to stay informed about any changes in GST regulations. Proactive awareness ensures a smooth compliance journey.</li>
  469. </ul>
  470.  
  471.  
  472.  
  473. <pre class="wp-block-preformatted"><strong>Get <a href="https://teamindia.co.in/startup-registration-mistakes-corporate-should-avoid/" data-type="post" data-id="15349">Startup India Registration</a> for Self-Certification and Compliance Relief from Labor Laws for Your New Business Today</strong></pre>
  474.  
  475.  
  476.  
  477. <p><strong>The Benefits of a Tax Advisor in Bangalore for Startups</strong></p>
  478.  
  479.  
  480.  
  481. <p>A qualified <a href="https://teamindia.co.in/">tax advisor</a> in Bangalore acts as your trusted partner, offering the following:</p>
  482.  
  483.  
  484.  
  485. <ul>
  486. <li><strong>Expert Guidance:</strong>&nbsp;They provide in-depth explanations of complex GST rules, helping you make informed decisions for your business.</li>
  487.  
  488.  
  489.  
  490. <li><strong>Error-Free Filing:</strong>&nbsp;Their knowledge ensures accurate return filing, minimizing the risk of penalties and audits.</li>
  491.  
  492.  
  493.  
  494. <li><strong>Time-Saving Efficiency:</strong>&nbsp;They handle the complexities of GST filing, allowing you to focus on core business activities.</li>
  495.  
  496.  
  497.  
  498. <li><strong>Peace of Mind:</strong> Knowing your GST compliance is in capable hands allows you to operate with confidence.</li>
  499. </ul>
  500.  
  501.  
  502.  
  503. <p><strong>Benefits of GST Registration for Startups</strong></p>
  504.  
  505.  
  506.  
  507. <p>GST registration gives many benefits to startups, for growth and competitiveness in the market. Here&#8217;s a comprehensive list of the advantages:</p>
  508.  
  509.  
  510.  
  511. <ol>
  512. <li><strong>Input Tax Credit (ITC</strong>): Startups registered under GST can claim ITC on taxes paid on inputs, enabling them to reduce their tax liability. This helps in optimizing costs and improving cash flow management.</li>
  513.  
  514.  
  515.  
  516. <li>Enhanced <strong>Credibility</strong>: GST registration enhances the credibility of startups, making them more trustworthy in the eyes of customers, suppliers, and investors. It establishes transparency and compliance with tax regulations, bolstering business relationships.</li>
  517.  
  518.  
  519.  
  520. <li>Business <strong>Opportunities</strong>: Many businesses and corporate entities prefer to engage with GST-registered startups to avail input tax credit themselves. Being GST-compliant opens doors to new partnerships and contracts, expanding market reach and revenue streams.</li>
  521.  
  522.  
  523.  
  524. <li>Seamless<strong> Inter-State Operations</strong>: GST eliminates the complexities of multiple state taxes, enabling startups to conduct business seamlessly across different states. This fosters scalability and facilitates market penetration beyond geographical boundaries.</li>
  525.  
  526.  
  527.  
  528. <li><strong>E-Commerce</strong> Integration: GST registration is essential for startups operating in the e-commerce sector. It allows them to list their products or services on online platforms, ensuring compliance with tax laws and enhancing visibility to a wider audience.</li>
  529.  
  530.  
  531.  
  532. <li>Fair Competition: GST creates a level playing field for startups by standardizing tax rates and regulations across industries. This fosters fair competition, enabling startups to compete on merit rather than tax advantages.</li>
  533.  
  534.  
  535.  
  536. <li>Compliance Simplification: GST replaces multiple indirect taxes with a single, unified tax regime, simplifying compliance requirements for startups. This reduces administrative burdens and allows startups to focus more on core business activities.</li>
  537.  
  538.  
  539.  
  540. <li><strong>Export Promotion</strong>: Startups engaged in export activities benefit from GST registration as they can claim refunds on taxes paid on exported goods or services. This promotes export-led growth and enhances competitiveness in the global market.</li>
  541.  
  542.  
  543.  
  544. <li><strong>Supply Chain Efficiency</strong>: GST promotes efficiency in the supply chain by eliminating cascading taxes and reducing logistics costs. Startups can streamline their procurement processes and forge stronger relationships with suppliers.</li>
  545.  
  546.  
  547.  
  548. <li>Government Initiatives: GST-registered startups may be eligible for various government schemes and incentives aimed at promoting entrepreneurship and economic development. This includes tax exemptions, subsidies, and access to credit facilities.</li>
  549. </ol>
  550.  
  551.  
  552.  
  553. <p><strong>Ensuring GST Compliance</strong></p>
  554.  
  555.  
  556.  
  557. <p>Once your startup is GST-registered, adhering to ongoing compliance requirements is crucial. <strong>Team IN Filings GST service provider in Bangalore</strong>, can streamline this process for you. Here&#8217;s what you can expect:</p>
  558.  
  559.  
  560.  
  561. <ul>
  562. <li><strong>Monthly Compliance:</strong>&nbsp;Team IN Filings will handle your monthly GST filing obligations, including GSTR-1 (recording outward supplies) and GSTR-3B (reconciling outward and inward supplies with tax liability). They&#8217;ll ensure timely submissions and accuracy to avoid penalties.</li>
  563.  
  564.  
  565.  
  566. <li><strong>Annual Return Filing:</strong> They&#8217;ll take care of your annual GST return filing, encompassing a detailed summary of your business&#8217;s entire year of transactions.</li>
  567.  
  568.  
  569.  
  570. <li><strong>Expert Guidance:</strong> Their team of GST consultants will provide ongoing support, answer your questions, and address any complexities that may arise throughout the year.</li>
  571. </ul>
  572.  
  573.  
  574.  
  575. <p><strong>Gst Non-Compliance: The Impact of Ignoring GST Regulations</strong></p>
  576.  
  577.  
  578.  
  579. <p>Non-compliance with GST regulations can have severe repercussions for startups. From hefty penalties to disrupted cash flow, the consequences are detrimental to business growth. Ignoring GST compliance is akin to sailing a leaky boat – it&#8217;s only a matter of time before facing turbulent waters.</p>
  580.  
  581.  
  582.  
  583. <p><strong>Professional help for Startups Gst.</strong></p>
  584.  
  585.  
  586.  
  587. <p>Seeking professional assistance is important for startups embarking on the GST registration and compliance journey. Expert consultants provide clarity on regulations, optimize tax planning strategies, and ensure compliance with GST laws. Their expertise minimizes errors and safeguards startups against costly mistakes.</p>
  588.  
  589.  
  590.  
  591. <p>GST filing needn&#8217;t be a roadblock for your startup. By equipping yourself with the right knowledge, leveraging technology, and partnering with a reliable Gst service provider, you can navigate the process with ease.</p>
  592.  
  593.  
  594.  
  595. <pre class="wp-block-preformatted"><strong>For any further clarification on the Gst Services in Bangalore, reach out to Team IN Filings, Bangalore, leading Legal and tax advisory services in Bangalore.</strong></pre>
  596. ]]></content:encoded>
  598. <wfw:commentRss>https://teamindia.co.in/gst-service-in-bangalore/feed/</wfw:commentRss>
  599. <slash:comments>0</slash:comments>
  602. </item>
  603. <item>
  604. <title>How Businesses Can Benefit from Company Secretary Services?</title>
  605. <link>https://teamindia.co.in/company-secretary-services/</link>
  606. <comments>https://teamindia.co.in/company-secretary-services/#respond</comments>
  608. <dc:creator><![CDATA[prakash cr]]></dc:creator>
  609. <pubDate>Thu, 21 Mar 2024 08:33:12 +0000</pubDate>
  610. <category><![CDATA[Blogs]]></category>
  611. <guid isPermaLink="false">https://teamindia.co.in/?p=18190</guid>
  612.  
  613. <description><![CDATA[In modern business, the Company Secretary (CS) emerges as a strategic partner, guiding businesses from inception to sustained success. CS professionals play a pivotal role in shaping robust business plans, ensuring regulation for seamless registration, and ongoing compliance. CS professionals play a multifaceted role in ensuring regulatory compliance, governance, and strategic decision-making within a company. [&#8230;]]]></description>
  614. <content:encoded><![CDATA[
  615. <figure class="wp-block-image size-full"><img decoding="async" src="https://teamindia.co.in/wp-content/uploads/2023/09/practicing-company-secretary-image-e1711008142210.jpg" alt="Company Secretary" class="wp-image-6966" title="How Businesses Can Benefit from Company Secretary Services? 7"><figcaption>How Businesses Can Benefit from Company Secretary Services? 8</figcaption></figure>
  616.  
  617.  
  618.  
  619. <p>In modern business, the <strong>Company Secretary (CS)</strong> emerges as a strategic partner, guiding businesses from inception to sustained success. CS professionals play a pivotal role in shaping robust business plans, ensuring regulation for seamless registration, and ongoing compliance.</p>
  620.  
  621.  
  622.  
  623. <p>CS professionals play a multifaceted role in ensuring regulatory compliance, governance, and strategic decision-making within a company.</p>
  624.  
  625.  
  626.  
  627. <p><strong>Ensuring Regulatory Compliance</strong></p>
  628.  
  629.  
  630.  
  631. <p>One of the primary responsibilities of a Company Secretary is to ensure that the company complies with all applicable laws, regulations, and corporate governance requirements. With the ever-evolving regulatory landscape, staying abreast of changes can be challenging for businesses. However, by engaging the services of a Company Secretary, businesses can rest assured that they are adhering to all legal and regulatory obligations.</p>
  632.  
  633.  
  634.  
  635. <p>Our <strong>Team IN Filings expert CA CS</strong> handle filings for worry-free operations.</p>
  636.  
  637.  
  638.  
  639. <p><strong>Facilitating Board Governance</strong></p>
  640.  
  641.  
  642.  
  643. <p>Effective corporate governance is essential for maintaining transparency, accountability, and trust within an organization. Company Secretaries play a pivotal role in facilitating board governance by assisting in the organization and conduct of board meetings, ensuring compliance with corporate governance guidelines, and advising on best practices.</p>
  644.  
  645.  
  646.  
  647. <p>By providing structured support to the board of directors, Company Secretaries contribute to the efficient functioning of the company&#8217;s decision-making processes.</p>
  648.  
  649.  
  650.  
  651. <p><strong>Enhancing Corporate Communication</strong></p>
  652.  
  653.  
  654.  
  655. <p>Clear and transparent communication fosters trust among stakeholders, including shareholders, investors, regulators, and employees. Company Secretaries act as a bridge between the company and its stakeholders, ensuring timely and accurate dissemination of information.</p>
  656.  
  657.  
  658.  
  659. <p>From drafting annual reports and regulatory disclosures to managing shareholder communication, support for company Audits, and annual return filings, CS professionals help businesses maintain open and effective communication channels, there by enhancing transparency and credibility.</p>
  660.  
  661.  
  662.  
  663. <p><strong>Risk Management and Strategic Planning</strong></p>
  664.  
  665.  
  666.  
  667. <p>In today&#8217;s volatile environment, identifying and mitigating risks is paramount for long-term sustainability. Company Secretaries play a crucial role in risk management by conducting risk assessments, developing robust compliance frameworks, and advising on strategic planning initiatives. By leveraging their expertise in corporate governance and regulatory compliance, CS professionals assist businesses in identifying potential risks and implementing proactive measures to mitigate them, thereby safeguarding the company&#8217;s interests.</p>
  668.  
  669.  
  670.  
  671. <p>In today&#8217;s business, compliance failures can have severe repercussions, as evidenced by real-world examples such as Paytm Payment Bank&#8217;s license cancellation by the Reserve Bank (RBI) due to poor compliance (Reference <a href="https://bfsi.economictimes.indiatimes.com/news/policy/rbi-bans-paytm-payment-bank-from-onboarding-customers-due-to-non-compliance-issues/107297899" target="_blank" rel="noopener">Economic Times</a>). Additionally, statutory auditors often face notices from the Registrar of Companies (RoC) for non-compliance or inadequate adherence to Companies Act provisions, Schedule III requirements, or management reporting standards.</p>
  672.  
  673.  
  674.  
  675. <p>However, engaging Company Secretary services can mitigate these compliance risks significantly. Company Secretaries, with their expertise and qualifications from the Institute of <strong>Company Secretaries of India (ICSI)</strong>, play a crucial role in ensuring that businesses adhere to all regulatory requirements and governance standards.</p>
  676.  
  677.  
  678.  
  679. <p><strong>ICSI&#8217;s Role in Elevating CS Professionals</strong></p>
  680.  
  681.  
  682.  
  683. <p>The Institute of Company Secretaries of India (ICSI) plays a pivotal role in shaping the future of Company Secretaries and enhancing their relevance in the corporate world. Through rigorous education, training, and continuous professional development programs, ICSI ensures that CS professionals are equipped with the relevant knowledge, skills, and competencies required to provide sustainable support to businesses in all aspects.</p>
  684.  
  685.  
  686.  
  687. <p><strong>How Company Secretary Services Can Empower You</strong></p>
  688.  
  689.  
  690.  
  691. <p>Running a business is an exciting journey, filled with immense potential. But with great opportunities come great complexities. While you&#8217;re busy crafting exceptional products and services, ensuring meticulous compliance and ethical governance can easily fall by the wayside.</p>
  692.  
  693.  
  694.  
  695. <p>This is where company secretary services step-in as your knight in shining armour. They go beyond the traditional notion of a secretary, acting as a strategic partner who safeguards your company&#8217;s well-being.</p>
  696.  
  697.  
  698.  
  699. <p><strong>Understanding Corporate Governance in India</strong></p>
  700.  
  701.  
  702.  
  703. <p>The Companies Act, of 2013, outlines the framework for corporate governance in India. It emphasizes transparency, accountability, and adherence to regulations. This ensures a level playing field, protects investor interests, and fosters business growth.</p>
  704.  
  705.  
  706.  
  707. <p>However, navigating this complex web of regulations can be overwhelming. Here&#8217;s where the challenges often lie:</p>
  708.  
  709.  
  710.  
  711. <ul>
  712. <li><strong>Intricacy:</strong>&nbsp;Corporate governance involves various stakeholders and departments, demanding a deep understanding of diverse legal and regulatory requirements.</li>
  713.  
  714.  
  715.  
  716. <li><strong>Compliance Burden:</strong>&nbsp;From filing statutory returns to maintaining share capital records, staying compliant is a time-consuming and resource-intensive task.</li>
  717.  
  718.  
  719.  
  720. <li><strong>Risk Management:</strong>&nbsp;Identifying and mitigating potential risks requires a robust strategy, which can be challenging for companies solely focused on core operations.</li>
  721.  
  722.  
  723.  
  724. <li><strong>Cultural Shift:</strong> Building a culture of ethical behaviour and transparency requires dedicated effort.</li>
  725.  
  726.  
  727.  
  728. <li><strong>Board Composition:</strong> Finding qualified and diverse board members who can effectively guide the company is crucial.</li>
  729.  
  730.  
  731.  
  732. <li><strong>Resource Constraints:</strong> Dedicating a whole team to corporate governance might not be feasible for many businesses, especially startups and SMEs.</li>
  733. </ul>
  734.  
  735.  
  736.  
  737. <p><strong>How Company Secretary Services helps You</strong></p>
  738.  
  739.  
  740.  
  741. <p>Company secretary services offered by qualified professionals from ICSI, can alleviate these burdens and empower your business to thrive:</p>
  742.  
  743.  
  744.  
  745. <ul>
  746. <li><strong>Compliance Champions:</strong>&nbsp;They ensure your company adheres to all relevant provisions of the Companies Act and other applicable regulations. This minimizes the risk of penalties and legal actions.</li>
  747.  
  748.  
  749.  
  750. <li><strong>Governance Gurus:</strong>&nbsp;They advise the board of directors on best practices for corporate governance, fostering ethical and transparent operations.</li>
  751.  
  752.  
  753.  
  754. <li><strong>Record Keepers:</strong> They meticulously maintain accurate records of your company&#8217;s capital and financial transactions, ensuring timely reporting to the authorities like MCA, Roc, Sebi, Banks, Gst, Income-tax etc.</li>
  755.  
  756.  
  757.  
  758. <li><strong>Filing Faces:</strong> They handle statutory return filings and other regulatory submissions, saving you valuable time and resources.</li>
  759. </ul>
  760.  
  761.  
  762.  
  763. <p><strong>The Benefits of Partnering with a Company Secretary</strong></p>
  764.  
  765.  
  766.  
  767. <pre class="wp-block-preformatted">The advantages of engaging a company secretary service are manifold:</pre>
  768.  
  769.  
  770.  
  771. <ul>
  772. <li><strong>Peace of Mind on Compliance:</strong>&nbsp;Focus on your main business activities with the confidence that a team of CS experts is managing your compliance needs.</li>
  773.  
  774.  
  775.  
  776. <li><strong>Time Efficiency:</strong>&nbsp;Delegate administrative tasks and free up your time for strategic decision-making.</li>
  777.  
  778.  
  779.  
  780. <li><strong>Expertise at Your Fingertips:</strong> Benefit from the deep knowledge and experience of qualified professionals, avoiding costly mistakes due to non-compliance.</li>
  781.  
  782.  
  783.  
  784. <li><strong>Cost-Effectiveness:</strong> Hiring a company secretary service on a contract basis can be more economical than employing a full-time professional, especially for smaller businesses.</li>
  785. </ul>
  786.  
  787.  
  788.  
  789. <p><strong>Why Company Secretary Services Matter</strong></p>
  790.  
  791.  
  792.  
  793. <p>In today&#8217;s dynamic business landscape, good corporate governance is not just a legal obligation; it&#8217;s a strategic imperative. It fosters trust with investors, stakeholders, and the public, paving the way for sustainable growth.</p>
  794.  
  795.  
  796.  
  797. <p>Company secretary services empower businesses of all sizes to navigate the complexities of corporate governance. They ensure you stay compliant, operate ethically, and focus on what matters most – propelling your business to new heights.</p>
  798.  
  799.  
  800.  
  801. <p>Example, in the recent case of Payment Bank, had they availed the services of a competent Company Secretary, they could have proactively identified and rectified compliance gaps, thus avoiding the severe consequences of license cancellation. Similarly, statutory auditors facing scrutiny from regulatory authorities could benefit from the strategic guidance and oversight provided by Company Secretaries, ensuring full compliance with all legal and reporting obligations.</p>
  802.  
  803.  
  804.  
  805. <div class="wp-block-group alignfull has-text-color has-background is-layout-flow wp-block-group-is-layout-flow" style="color:#000000;background-color:#ffffff">
  806. <p class="has-text-align-center has-small-font-size" style="line-height:.9"><strong><strong>Take the first step towards empowered growth. Explore the benefits of company secretary services today.</strong></strong></p>
  807.  
  808.  
  809.  
  810. <h2 class="wp-block-heading has-text-align-center" id="schedule-a-visit" style="font-size:59px;line-height:1.15"><strong>Schedule a Visit</strong></h2>
  811.  
  812.  
  813.  
  814. <div class="wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-layout-1 wp-block-buttons-is-layout-flex">
  815. <div class="wp-block-button has-custom-width wp-block-button__width-50"><a class="wp-block-button__link has-text-color has-background wp-element-button" href="https://teamindia.co.in/contact-us/" style="border-radius:50px;color:#ffffff;background-color:#000000">Contact us</a></div>
  816. </div>
  817. </div>
  818.  
  819.  
  820.  
  821. <p>The services of a Company Secretary are invaluable for businesses seeking to navigate the complexities of regulatory compliance, governance, and strategic decision-making. By engaging the expertise of a CS professional, businesses can benefit from enhanced compliance, improved governance practices, and strategic risk management.</p>
  822.  
  823.  
  824.  
  825. <p>Moreover, <strong>ICSI&#8217;s efforts in elevating CS professionals</strong> further underscore the importance of this role in today&#8217;s business landscape. Embracing Company Secretary services is not just a legal requirement but a strategic investment in the long-term success and sustainability of a business</p>
  826.  
  827.  
  828.  
  829. <pre class="wp-block-preformatted"><strong>For any support from Company Secretary services, contact Team IN Filings.</strong></pre>
  830. ]]></content:encoded>
  832. <wfw:commentRss>https://teamindia.co.in/company-secretary-services/feed/</wfw:commentRss>
  833. <slash:comments>0</slash:comments>
  836. </item>
  837. <item>
  838. <title>Small Business Tax Audit Process: A Comprehensive Guide</title>
  839. <link>https://teamindia.co.in/tax-auditor-bangalore-44ab/</link>
  840. <comments>https://teamindia.co.in/tax-auditor-bangalore-44ab/#respond</comments>
  842. <dc:creator><![CDATA[prakash cr]]></dc:creator>
  843. <pubDate>Tue, 19 Mar 2024 08:22:52 +0000</pubDate>
  844. <category><![CDATA[Blogs]]></category>
  845. <guid isPermaLink="false">https://teamindia.co.in/?p=18187</guid>
  846.  
  847. <description><![CDATA[In the practicality of business operations, especially for small and medium enterprises, navigating through tax obligations and audits can be difficult. The Indian Income Tax Act of 1961 lays down the rules for taxation procedures, and understanding this process is crucial for every business owner. Knowing about tax auditors and CA services in Bangalore becomes [&#8230;]]]></description>
  848. <content:encoded><![CDATA[
  849. <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="374" src="https://teamindia.co.in/wp-content/uploads/2023/10/tax-audit-e1710836384723-1024x374.jpg" alt="tax audit" class="wp-image-16201" title="Small Business Tax Audit Process: A Comprehensive Guide 9" srcset="https://teamindia.co.in/wp-content/uploads/2023/10/tax-audit-e1710836384723-1024x374.jpg 1024w, https://teamindia.co.in/wp-content/uploads/2023/10/tax-audit-e1710836384723-300x110.jpg 300w, https://teamindia.co.in/wp-content/uploads/2023/10/tax-audit-e1710836384723-768x280.jpg 768w, https://teamindia.co.in/wp-content/uploads/2023/10/tax-audit-e1710836384723-1536x561.jpg 1536w, https://teamindia.co.in/wp-content/uploads/2023/10/tax-audit-e1710836384723.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Small Business Tax Audit Process: A Comprehensive Guide 10</figcaption></figure>
  850.  
  851.  
  852.  
  853. <p>In the practicality of business operations, especially for small and medium enterprises, navigating through tax obligations and audits can be difficult. The Indian Income Tax Act of 1961 lays down the rules for taxation procedures, and understanding this process is crucial for every business owner. Knowing about tax auditors and CA services in Bangalore becomes indispensable, particularly in the city of Bangalore, where the business landscape is thriving.</p>
  854.  
  855.  
  856.  
  857. <p>This comprehensive guide will delve into the intricacies of the small business tax audit process, specifically tailored for the financial year 2023-24, within the context of Indian tax.</p>
  858.  
  859.  
  860.  
  861. <p><strong>Understanding the Tax Audit Process in India</strong></p>
  862.  
  863.  
  864.  
  865. <p>Under the Income Tax Act, businesses meeting certain criteria are mandated to undergo a tax audit. For the financial year 2023-24, the threshold for tax audit for small businesses has been revised.</p>
  866.  
  867.  
  868.  
  869. <p>Now, businesses with an annual turnover exceeding Rs. 10 crores are subject to tax audit requirements. Subject to transactions in cash should not exceed 5% of the total transaction amount, which includes receipts and payments in cash.</p>
  870.  
  871.  
  872.  
  873. <p><strong>Criteria for Tax Audit for Small Businesses</strong></p>
  874.  
  875.  
  876.  
  877. <p>The criteria for tax audit for small businesses in the financial year 2023-24 are as follows:</p>
  878.  
  879.  
  880.  
  881. <ol start="1">
  882. <li><strong>Business Turnover:</strong> Businesses with an annual turnover exceeding Rs. 10 crores are liable for tax audit.</li>
  883.  
  884.  
  885.  
  886. <li><strong>Cash Transactions:</strong> Cash transactions should not exceed 5% of the total transaction amount, including receipts and payments.</li>
  887. </ol>
  888.  
  889.  
  890.  
  891. <p><strong>Additional Aspects of Tax Audit</strong></p>
  892.  
  893.  
  894.  
  895. <p>Apart from turnover and cash transactions, the tax audit process also involves:</p>
  896.  
  897.  
  898.  
  899. <ol start="1">
  900. <li><strong>Disallowance of Non-Compliance:</strong> Tax auditors scrutinize compliance with various statutory payments such as TDS (Tax Deducted at Source), PF (Provident Fund), ESI (Employee State Insurance), and other statutory payments. Non-compliance with these provisions can lead to disallowances and penalties.</li>
  901.  
  902.  
  903.  
  904. <li><strong>Nature of Business:</strong> The nature of the business and its operations are thoroughly examined during the tax audit process. This includes assessing the legitimacy of expenses, revenue recognition practices, and adherence to accounting standards.</li>
  905.  
  906.  
  907.  
  908. <li><strong>Personal Payments:</strong> Any personal payments made by the business are scrutinized to ensure they are not claimed as business expenses. Personal expenses disguised as business expenditures are typically disallowed during the audit.</li>
  909. </ol>
  910.  
  911.  
  912.  
  913. <p>A clean audit report, prepared with the assistance of a <strong>qualified CA like Team In filings</strong>, can hold significant value for your business. Financial institutions, such as banks, view a well-prepared audit report favorably during the loan disbursement or sanction process. The meticulous classification of income and expenses by Team In filings CA ensures transparency and strengthens your credibility as a borrower.</p>
  914.  
  915.  
  916.  
  917. <p>Furthermore, the Income Tax Department itself considers reports from qualified tax auditors in Bangalore during the assessment process. This can lead to a <strong>smoother assessment</strong> and potentially minimize the risk of future audits. Beyond these immediate benefits, a thorough tax audit can also uncover areas for improvement in your financial record-keeping and tax planning strategies.</p>
  918.  
  919.  
  920.  
  921. <p><strong>Team In filings CA</strong> can leverage their expertise to identify opportunities to maximize tax benefits within the legal framework and recommend applicable income tax plans that can lead to significant tax savings in the long run. By partnering with Team In filings CA, you gain peace of mind throughout the audit process, while also securing a report that enhances your financial standing and paves the way for future growth.</p>
  922.  
  923.  
  924.  
  925. <p><strong>Recent Update on Presumptive Tax-Audit</strong></p>
  926.  
  927.  
  928.  
  929. <p>In addition to the tax audit process, recent budget updates have introduced presumptive taxation schemes under Sections 44AD and 44ADA of the Income Tax Act. These schemes offer simplified methods for calculating taxable income for certain categories of taxpayers:</p>
  930.  
  931.  
  932.  
  933. <ul>
  934. <li><strong>Section 44AD:</strong> This provision offers presumptive taxation for businesses such as proprietorships and firms with a turnover limit of Rs. 3 crores for FY 2023-24. However, it is subject to the condition that 95% of the transactions are conducted online.</li>
  935.  
  936.  
  937.  
  938. <li><strong>Section 44ADA:</strong> Professionals including engineers, lawyers, medical practitioners, etc., can opt for presumptive taxation under this section with a turnover limit of Rs. 75 lakhs for FY 2023-24. Similarly, 95% of transactions must be online to qualify for this scheme.</li>
  939. </ul>
  940.  
  941.  
  942.  
  943. <p><strong>Role of Tax Auditors and CA Services in Bangalore</strong></p>
  944.  
  945.  
  946.  
  947. <p>Tax auditors play a crucial role in ensuring compliance with tax laws and regulations. They conduct detailed examinations of financial records, verify transactions, and identify areas of non-compliance. In Bangalore, the demand for competent tax auditors and CA services is on the rise, reflecting the city&#8217;s dynamic business environment.</p>
  948.  
  949.  
  950.  
  951. <p><strong>Key Steps in the Tax Audit Process</strong></p>
  952.  
  953.  
  954.  
  955. <p>The tax audit process entails several key steps, including:</p>
  956.  
  957.  
  958.  
  959. <ol start="1">
  960. <li><strong>Preparation of Financial Statements:</strong> Businesses prepare their financial statements in accordance with accounting standards and relevant regulations.</li>
  961.  
  962.  
  963.  
  964. <li><strong>Appointment of Tax Auditor:</strong> A qualified tax auditor is appointed to conduct the audit as per the provisions of the Income Tax Act.</li>
  965.  
  966.  
  967.  
  968. <li><strong>Submission of Documents:</strong> The taxpayer submits necessary documents and records to the tax auditor for examination.</li>
  969.  
  970.  
  971.  
  972. <li><strong>Audit Procedures:</strong> The tax auditor performs various audit procedures, including vouching, verification of assets and liabilities, and reconciliation of financial data.</li>
  973.  
  974.  
  975.  
  976. <li><strong>Audit Report:</strong> Upon completion of the audit, the tax auditor prepares an audit report containing findings, observations, and recommendations.</li>
  977.  
  978.  
  979.  
  980. <li><strong>Filing of Tax Return:</strong> Based on the audit report, the taxpayer files their income tax return along with the audit report within the specified due date.</li>
  981. </ol>
  982.  
  983.  
  984.  
  985. <p><strong>Importance of Compliance and Documentation</strong></p>
  986.  
  987.  
  988.  
  989. <p>Compliance with tax laws and meticulous documentation are essential for small businesses to avoid penalties and legal repercussions. Maintaining accurate records, adhering to accounting standards, and seeking professional assistance from CA services in Bangalore are crucial for ensuring a smooth tax audit process.</p>
  990.  
  991.  
  992.  
  993. <p>Navigating through the small business tax audit process requires a thorough understanding of the Income Tax Act and diligent compliance with its provisions. In Bangalore, the services of competent tax auditors and CA firms are indispensable for businesses aiming to meet their tax obligations efficiently. By adhering to the prescribed criteria, maintaining meticulous records, and seeking professional guidance, small businesses can navigate through tax audits seamlessly and focus on their core operations.</p>
  994.  
  995.  
  996.  
  997. <p><strong>Important Due Dates for Tax Audits</strong></p>
  998.  
  999.  
  1000.  
  1001. <ul>
  1002. <li><strong>For businesses under section 44AB:</strong> It&#8217;s important to note that the due date to get your accounts audited is <strong>September 30th</strong> of the relevant assessment year. So, for the financial year 2023-24, the audit report should be obtained on or before <strong>September 30, 2024</strong>.</li>
  1003.  
  1004.  
  1005.  
  1006. <li><strong>For the Tax Auditor:</strong> The tax auditor then has until <strong>November 30th</strong> of the same assessment year to upload the report. This ensures the report is submitted after the assessee has filed their Income Tax Return</li>
  1007. </ul>
  1008.  
  1009.  
  1010.  
  1011. <p>A small business tax audit can be a daunting experience, but with proper preparation and the help of a qualified tax professional like Team In filings CA, a well-established Chartered Accountant firm in Bangalore, you can navigate the process smoothly.</p>
  1012.  
  1013.  
  1014.  
  1015. <p>Team In filings CA possesses the expertise to meticulously classify your business income and expenses, ensuring all deductions and exemptions are claimed rightfully. Their meticulous approach will involve gathering and organizing every necessary detail to finalize your report, maximizing your tax benefits within the legal framework.</p>
  1016.  
  1017.  
  1018.  
  1019. <p>Furthermore, we can advise on and implement applicable <strong>income tax plans</strong> best suited for your business, potentially leading to significant<strong> tax savings</strong> in the long run. By partnering with Team In filings CA, you gain peace of mind knowing your business is in capable hands throughout the audit process, allowing you to focus on running your business successfully.</p>
  1020.  
  1021.  
  1022.  
  1023. <p></p>
  1024. ]]></content:encoded>
  1026. <wfw:commentRss>https://teamindia.co.in/tax-auditor-bangalore-44ab/feed/</wfw:commentRss>
  1027. <slash:comments>0</slash:comments>
  1030. </item>
  1031. <item>
  1032. <title>Navigating Tax Season: How Professional Accountants Can Simplify Your Financial Journey</title>
  1033. <link>https://teamindia.co.in/tax-season-ca-accountants-help/</link>
  1034. <comments>https://teamindia.co.in/tax-season-ca-accountants-help/#respond</comments>
  1036. <dc:creator><![CDATA[prakash cr]]></dc:creator>
  1037. <pubDate>Fri, 08 Mar 2024 04:52:55 +0000</pubDate>
  1038. <category><![CDATA[Blogs]]></category>
  1039. <guid isPermaLink="false">https://teamindia.co.in/?p=18135</guid>
  1040.  
  1041. <description><![CDATA[Professional Help for Stress-Free Tax Season Filing income tax returns (ITRs) can be a difficult venture for business proprietors and individuals alike. For the duration of Tax Season, we Professional Accountants Can Simplify Your Financial Journey explores the benefits of looking for professional help to ensure compliance, maximize deductions, and in the end, reap peace [&#8230;]]]></description>
  1042. <content:encoded><![CDATA[
  1043. <figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="267" src="https://teamindia.co.in/wp-content/uploads/2023/10/ca-servic-1024x576-1-e1709872286522.jpg" alt="ca-service" class="wp-image-16507" style="width:906px;height:auto" title="Navigating Tax Season: How Professional Accountants Can Simplify Your Financial Journey 11" srcset="https://teamindia.co.in/wp-content/uploads/2023/10/ca-servic-1024x576-1-e1709872286522.jpg 1024w, https://teamindia.co.in/wp-content/uploads/2023/10/ca-servic-1024x576-1-e1709872286522-300x78.jpg 300w, https://teamindia.co.in/wp-content/uploads/2023/10/ca-servic-1024x576-1-e1709872286522-768x200.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Navigating Tax Season: How Professional Accountants Can Simplify Your Financial Journey 12</figcaption></figure>
  1044.  
  1045.  
  1046.  
  1047. <h2 class="wp-block-heading">Professional Help for Stress-Free Tax Season</h2>
  1048.  
  1049.  
  1050.  
  1051. <p>Filing income tax returns (ITRs) can be a difficult venture for business proprietors and individuals alike. For the duration of Tax Season, we Professional Accountants Can Simplify Your Financial Journey explores the benefits of looking for professional help to ensure compliance, maximize deductions, and in the end, reap peace of thoughts in the course of tax season.</p>
  1052.  
  1053.  
  1054.  
  1055. <p><strong>Streamlining the Process for Businesses</strong></p>
  1056.  
  1057.  
  1058.  
  1059. <p>For organizations, tax submitting may be especially stressful due to complexities like:</p>
  1060.  
  1061.  
  1062.  
  1063. <p>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applying the summarized taxable earnings under correct tax sections</p>
  1064.  
  1065.  
  1066.  
  1067. <p>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reviving the AIS, 26as and report the accurate into ITR</p>
  1068.  
  1069.  
  1070.  
  1071. <p>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identifying and claiming eligible deductions to maximize the IT Return</p>
  1072.  
  1073.  
  1074.  
  1075. <p><strong>How a expert accountant can streamline the tax method:</strong></p>
  1076.  
  1077.  
  1078.  
  1079. <p>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate Personal and Business Finances: Keeping price range separate lets in for simpler identity of deductible enterprise costs. A devoted business financial institution account and credit score card simplify monitoring and reporting.</p>
  1080.  
  1081.  
  1082.  
  1083. <p>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embrace Technology: Utilizing on-line cloud-based totally accounting systems or spreadsheets like Google Sheets allows categorize costs, record receipts, and enhance economic reporting.</p>
  1084.  
  1085.  
  1086.  
  1087. <p><strong>For demonstrated Tax plannings</strong></p>
  1088.  
  1089.  
  1090.  
  1091. <p>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consider registering as an LLP for personal asset safety and accelerated tax deductions.</p>
  1092.  
  1093.  
  1094.  
  1095. <p>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Explore services like Team IN Filings, which mixes accounting software with human bookkeeping for green financial management.</p>
  1096.  
  1097.  
  1098.  
  1099. <pre class="wp-block-preformatted"><strong>How Professional Accountants Can Simplify Your Financial Journey for Individuals</strong></pre>
  1100.  
  1101.  
  1102.  
  1103. <p>Sole corporations and individuals promoting products or services online can face particular demanding situations in the course of tax season, especially with:</p>
  1104.  
  1105.  
  1106.  
  1107. <p>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting enterprise transactions on on-line systems like Zoho or PayPal.</p>
  1108.  
  1109.  
  1110.  
  1111. <p>•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Understanding new tax regulations and rules.</p>
  1112.  
  1113.  
  1114.  
  1115. <p><strong>Here’s how a professional accountant can help:</strong></p>
  1116.  
  1117.  
  1118.  
  1119. <p>Gather Important Documents: Start collecting receipts and other documents early. Consider developing a safe toolkit for use.</p>
  1120.  
  1121.  
  1122.  
  1123. <p>• Maximize tax savings: A professional can ensure you apply for the right tax credits, deductions, and exemptions, potentially saving you thousands. • we reduce you tax filing stress: The IT department can be controlled by using our services on tax filings, freeing you up to focus on your main business.</p>
  1124.  
  1125.  
  1126.  
  1127. <pre class="wp-block-preformatted"><strong>Another personal ITR update:</strong></pre>
  1128.  
  1129.  
  1130.  
  1131. <p>• we have been with tax plan services: we Review your tax savings and consider adjustments to avoid year-end surprises on the higher taxes.</p>
  1132.  
  1133.  
  1134.  
  1135. <p>• we make best usage of separation of personal expenses from business expenses: This could save time in tax preparation.</p>
  1136.  
  1137.  
  1138.  
  1139. <p><strong>How we Accounts make your financial journey easier &#8211; Understanding tax season</strong></p>
  1140.  
  1141.  
  1142.  
  1143. <p>The tax season generally begins in June and ends in late July. During this period, individuals had to submit documents like ITR-1, ITR 2 statements, supporting documents like TDS receipts and deposit records</p>
  1144.  
  1145.  
  1146.  
  1147. <p><strong>Key things to consider:</strong></p>
  1148.  
  1149.  
  1150.  
  1151. <p>• Collect documentation: This includes Form 16, tax-deferred investments, paychecks, and proof of estimated quarterly taxes (if applicable).</p>
  1152.  
  1153.  
  1154.  
  1155. <p>• Consider professional assistance: An accountant can make sure all the necessary paperwork is collected, determine the deductions you qualify for, and set up a system to track expenses.</p>
  1156.  
  1157.  
  1158.  
  1159. <p>• E-filing makes it more efficient: E-filing your return speeds up the process and allows you to file your refund directly.</p>
  1160.  
  1161.  
  1162.  
  1163. <blockquote class="wp-block-quote">
  1164. <p><strong>How Professional Accountants Can Make Your Financial Journey Easier &#8211; Ensuring IT Filing Proper</strong></p>
  1165. <cite>Ref: best <strong>Ca office <a href="https://teamindia.co.in/top-chartered-accountants-ca-bangalore/" data-type="page" data-id="15822">Team IN Filings</a> Bangalore</strong></cite></blockquote>
  1166.  
  1167.  
  1168.  
  1169. <p>Essentials for a comprehensive IT file:</p>
  1170.  
  1171.  
  1172.  
  1173. <p>• All necessary documents are readily available.</p>
  1174.  
  1175.  
  1176.  
  1177. <p>• To understand and claim all applicable deductions.</p>
  1178.  
  1179.  
  1180.  
  1181. <p>• Transmitted electronically with Income-tax portal</p>
  1182.  
  1183.  
  1184.  
  1185. <p><strong>Benefits of working with a professional accountant:</strong></p>
  1186.  
  1187.  
  1188.  
  1189. <p>• Ensures all required documentation is collected and filed.</p>
  1190.  
  1191.  
  1192.  
  1193. <p>• Identify items that can be reduced to maximize tax savings.</p>
  1194.  
  1195.  
  1196.  
  1197. <p>• Establishes a structured process for tracking and recording expenses.</p>
  1198.  
  1199.  
  1200.  
  1201. <p>Having the help of a professional accountant makes tax season navigation a stress-free experience, and allows you to focus on what matters most &#8211; running your business and achieving your financial goals.</p>
  1202.  
  1203.  
  1204.  
  1205. <p><strong>Why do you need <em>Team IN Filings</em> to file taxes?</strong></p>
  1206.  
  1207.  
  1208.  
  1209. <p>Tax season is pain point? but it don’t worry with us, we have team to manage your pain point with easy way. Here’s how Team IN Filings, a team of qualified experienced accountants in Bangalore, can turn practical tax returns from a headache into a process for your business:</p>
  1210.  
  1211.  
  1212.  
  1213. <p><strong>Reduced risk of exposure:</strong></p>
  1214.  
  1215.  
  1216.  
  1217. <p>• Expert ITR knowledge:</p>
  1218.  
  1219.  
  1220.  
  1221. <p>Navigating the tax laws can done by our experienced accountants keep you up-to-date on all the latest regulations, ensuring that your filings are accurate and compliant. This reduces the risk of receiving alarming information from the Income Tax Office later on. • by Comprehensive diligence, Our accountants thoroughly review each points on the your financial statements like 26as, Ais report to identify potential discrepancies and ensure all necessary documentation is included. This proactive approach catches errors before they snowball into larger issues with the IT department.</p>
  1222.  
  1223.  
  1224.  
  1225. <p><strong>Maximum ITR payment:</strong></p>
  1226.  
  1227.  
  1228.  
  1229. <p>• Deduction Detective: Our team has a keen eye for identifying all applicable deductions and discounts your business qualifies for. This gives you a huge refund on your income tax return (ITR).</p>
  1230.  
  1231.  
  1232.  
  1233. <p>• Planning: In addition to special filing, we can discuss tax planning options to optimize your tax burden throughout the year. This proactive approach can result in significant savings at tax time.</p>
  1234.  
  1235.  
  1236.  
  1237. <pre class="wp-block-preformatted"><strong>Benefits of working with Team IN Filings:</strong></pre>
  1238.  
  1239.  
  1240.  
  1241. <p>• we save your time, you make money: Free yourself and your employees from the time-consuming task of preparing your tax return. We handle everything, so you can focus on core business activities.</p>
  1242.  
  1243.  
  1244.  
  1245. <p>• we make your life easy and peace of mind: Knowing that your taxes are in the hands of the right professionals gives you peace of mind and allows you to focus on your work.</p>
  1246.  
  1247.  
  1248.  
  1249. <p>• we Streamlined resources: We offer a range of services including accounting software solutions and bookkeeping to help you organize and access financial information throughout the year. This makes it easier to pay taxes in the future.</p>
  1250.  
  1251.  
  1252.  
  1253. <p><strong>Examples of how we’ve helped professionals</strong></p>
  1254.  
  1255.  
  1256.  
  1257. <p>• We identified a loss of accumulated TDS in the previous year for a customer in the service sector, resulting in a substantial tax refund.</p>
  1258.  
  1259.  
  1260.  
  1261. <p>• By implementing a cloud-based accounting system for a growing startup, we simplified their expense tracking and streamlined their tax process. • Our team’s tax planning advice helped the client avoid potential tax penalties later.</p>
  1262.  
  1263.  
  1264.  
  1265. <pre class="wp-block-preformatted"><mark style="background-color:rgba(0, 0, 0, 0)" class="has-inline-color has-ast-global-color-1-color">Don't worry. <strong>Team IN Filings</strong> is your tax partner to manage the complex tax issues including department notices if any. Contact us today to learn how our experienced accountants can help you minimize tax risk, maximize your IT refund returns.</mark></pre>
  1266. ]]></content:encoded>
  1268. <wfw:commentRss>https://teamindia.co.in/tax-season-ca-accountants-help/feed/</wfw:commentRss>
  1269. <slash:comments>0</slash:comments>
  1272. </item>
  1273. <item>
  1274. <title>Nidhi Company</title>
  1275. <link>https://teamindia.co.in/nidhi-company/</link>
  1276. <comments>https://teamindia.co.in/nidhi-company/#comments</comments>
  1278. <dc:creator><![CDATA[Damodharaa Rajgopal]]></dc:creator>
  1279. <pubDate>Fri, 20 Oct 2023 04:45:20 +0000</pubDate>
  1280. <category><![CDATA[Blogs]]></category>
  1281. <guid isPermaLink="false">https://teaminfilling.epicglobal.co.in/?p=16758</guid>
  1282.  
  1283. <description><![CDATA[Nidhi means a treasure, where money has been borrowed from its Members by way of issuing Fixed Deposit (FD), RD, Savings accounts etc. In India, to start the Nidhi Business is very easy and no need to take any License from Reserve Bank of India (RBI).  Nidhi business is popular in few States Like Tamilnadu, AP, [&#8230;]]]></description>
  1284. <content:encoded><![CDATA[ <div data-elementor-type="wp-post" data-elementor-id="16758" class="elementor elementor-16758">
  1285. <section class="elementor-section elementor-top-section elementor-element elementor-element-4953b11 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="4953b11" data-element_type="section">
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  1289. <div class="elementor-element elementor-element-578f2ad elementor-widget elementor-widget-image" data-id="578f2ad" data-element_type="widget" data-widget_type="image.default">
  1290. <div class="elementor-widget-container">
  1291. <style>/*! elementor - v3.19.0 - 05-02-2024 */
  1292. .elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=".svg"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}</style> <img loading="lazy" decoding="async" width="300" height="147" src="https://teamindia.co.in/wp-content/uploads/2023/10/Nidhi-alternate-to-Bank-1-300x147.jpg" class="attachment-medium size-medium wp-image-16759" alt="Nidhi-alternate-to-Bank" srcset="https://teamindia.co.in/wp-content/uploads/2023/10/Nidhi-alternate-to-Bank-1-300x147.jpg 300w, https://teamindia.co.in/wp-content/uploads/2023/10/Nidhi-alternate-to-Bank-1-768x376.jpg 768w, https://teamindia.co.in/wp-content/uploads/2023/10/Nidhi-alternate-to-Bank-1.jpg 944w" sizes="(max-width: 300px) 100vw, 300px" title="Nidhi Company 14"> </div>
  1293. </div>
  1294. </div>
  1295. </div>
  1296. </div>
  1297. </section>
  1298. <section class="elementor-section elementor-top-section elementor-element elementor-element-c8cb9eb elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="c8cb9eb" data-element_type="section">
  1299. <div class="elementor-container elementor-column-gap-default">
  1300. <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-38fae3a" data-id="38fae3a" data-element_type="column">
  1301. <div class="elementor-widget-wrap elementor-element-populated">
  1302. <div class="elementor-element elementor-element-07ae99d elementor-widget elementor-widget-text-editor" data-id="07ae99d" data-element_type="widget" data-widget_type="text-editor.default">
  1303. <div class="elementor-widget-container">
  1304. <style>/*! elementor - v3.19.0 - 05-02-2024 */
  1305. .elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}</style> <p>Nidhi means a treasure, where money has been borrowed from its Members by way of issuing Fixed Deposit (FD), RD, Savings accounts etc.</p><p>In India, to start the Nidhi Business is very easy and no need to take any License from Reserve Bank of India (RBI).  Nidhi business is popular in few States Like Tamilnadu, AP, where it has highly been localized., where they run the Nidhi business by taking deposit and lending the money to members by taking collateral as Gold/ jewellery, property, Fixed Deposit, Insurance policy etc.</p><p><b>Registration of Nidhi </b>Company:</p><p>Nidhi Company has been regulated by the Ministry of Corporate Affairs (MCA), under section 406 of the Company Act, 2013. With initial 7 members, by registering with MCA.</p><p>The registration can be done within 7 working days, and business can start within 15 days post opening a current account with any Bank.</p><p><b>Details are documents required for registration of Nidhi</b></p><p>Proposed Nidhi business Name ending with Nidhi Limited.</p><p>7 members Pan, aadhar, photo, address proof, and email, mobile number</p><p>Rent agreement and electric bill of the business place</p><p>Digital signature of 7 members</p><p>DIN number of 3 directors</p><p>Conditions before starting of Nidhi Company.</p><p>Since Nidhi company is a Public Limited company, it has compiled the below:</p><p>Minimum 3 directors and 7 members are required to register the Nidhi Business.</p><p>Minimum capital Rs.5 Lac required</p><p>Within one year from registration, the minimum of 200 members and subscribed capital is Rs.10 Lac.</p><p>Advantages under Nidhi Business:</p><p>Encourage the members the habit of savings</p><p>Receive deposits and lend them to its members with favourable interest rates.</p><p>Provide an opportunity to run like banking system as per  Nidhi rules.</p><p>Easy to start with an initial capital of Rs. 5 Lac by subscribing from its members.</p><p>No RBI license or permission required to run the business, hence its lesser compliance</p><p>It provides easy access of loans to its members without much documentation.</p><p>restrictions under Nidhi Business:</p><p>To undertake hire purchase, chit fund, leasing finance, acquisition of securities or insurance.</p><p>To issue preference debentures or shares.</p><p>To open the current account of the company member.</p><p>To issue any type of advertisement, fore business rule.</p><p>Yearly Filings under Nidhi Business:</p><p>Filings with MCA and Income-tax as follows</p><p>Half-yearly return NDH-3 with MCA (within 30 days from close of half year)</p><p>yearly return NDH-1  with MCA 9wihtin 90 days from close of year-end)</p><p>Annual return Aoct-4, MGT-7</p><p>Annual Income-tax return</p><p>Reporting of Resolutions passed during the year as a Public Company.</p><p>Since Nidhi Company has been regulated by the Ministry of Corporate Affairs MCA, and the rule framed are mainly to protect the members and benefits where commercial bank’s are not accessible to common people, and the Nidhi company plays a vital role as financial intermediation, and it has been servicing Nidhi Micro finance Company is an alternative to Bank. with less compliance, easy to start with few members.</p><p>As there is no special license or regulation from RBI, so it can be managed with a few people for the betterment of their members and improve the economy by taking deposits and lending.</p><p><b>Team IN Filings</b>, is Business management. helping people to run the companies/Businesses, support them in Audit, CA (Chartered Accountant) services. Provide Business plan, setup, registration, Maintain the services with affordable fee.</p><p>Team IN Filings is a top Business consultant in Bangalore, an expert in Business and Tax Planning, Registration of trademark, Fssai, ISO, startup India, Dpit, eKarmika, Gst, Ca service, company Registration, PF, EPF filing, Esi, Tds management etc, For more about the Nidhi Company and its registration, please reach us support@teamIndia.co.in</p><p>Reach our site at.https://teamindia.co.in/</p><p>Get the Best Service</p> </div>
  1306. </div>
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  1310. </section>
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  1314. <wfw:commentRss>https://teamindia.co.in/nidhi-company/feed/</wfw:commentRss>
  1315. <slash:comments>4</slash:comments>
  1318. </item>
  1319. <item>
  1320. <title>CA is a partner to Business</title>
  1321. <link>https://teamindia.co.in/ca-is-a-partner-to-business-2/</link>
  1323. <dc:creator><![CDATA[Damodharaa Rajgopal]]></dc:creator>
  1324. <pubDate>Sat, 07 Oct 2023 14:49:44 +0000</pubDate>
  1325. <category><![CDATA[Blogs]]></category>
  1326. <guid isPermaLink="false">https://teaminfilling.epicglobal.co.in/?p=14985</guid>
  1327.  
  1328. <description><![CDATA[CA is a partner to Business Team IN Filings January 13, 2023 Team IN Filings, The Chartered Accountancy (CA) office is one of the most respected and sought-after professions in the business world. Our Chartered Accountants (CAs) are highly skilled professionals who provide a wide range of services to businesses, including financial management, tax compliance, [&#8230;]]]></description>
  1329. <content:encoded><![CDATA[ <div data-elementor-type="wp-post" data-elementor-id="14985" class="elementor elementor-14985">
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  1335. <div class="elementor-widget-container">
  1336. <div class="elementor-element elementor-element-4e74415e elementor-widget elementor-widget-post-info" data-id="4e74415e" data-element_type="widget" data-widget_type="post-info.default"><div class="elementor-widget-container"><ul class="elementor-inline-items elementor-icon-list-items elementor-post-info"><li class="elementor-icon-list-item elementor-repeater-item-cc7d79b elementor-inline-item"> </li></ul></div></div><div class="elementor-element elementor-element-fef5b52 elementor-widget elementor-widget-text-editor" data-id="fef5b52" data-element_type="widget" data-widget_type="text-editor.default"><div class="elementor-widget-container"> </div></div> </div>
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  1340. </div>
  1341. </section>
  1342. <section class="elementor-section elementor-top-section elementor-element elementor-element-308dbd6 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="308dbd6" data-element_type="section">
  1343. <div class="elementor-container elementor-column-gap-default">
  1344. <div class="elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-0ec7edf" data-id="0ec7edf" data-element_type="column">
  1345. <div class="elementor-widget-wrap elementor-element-populated">
  1346. <div class="elementor-element elementor-element-08460b4 elementor-widget elementor-widget-heading" data-id="08460b4" data-element_type="widget" data-widget_type="heading.default">
  1347. <div class="elementor-widget-container">
  1348. <style>/*! elementor - v3.19.0 - 05-02-2024 */
  1349. .elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}</style><h2 class="elementor-heading-title elementor-size-default"> CA is a partner to Business</h2> </div>
  1350. </div>
  1351. <div class="elementor-element elementor-element-bfbcc22 blogsec elementor-widget elementor-widget-text-editor" data-id="bfbcc22" data-element_type="widget" data-widget_type="text-editor.default">
  1352. <div class="elementor-widget-container">
  1353. <div class="elementor-element elementor-element-4e74415e elementor-widget elementor-widget-post-info" data-id="4e74415e" data-element_type="widget" data-widget_type="post-info.default"><div class="elementor-widget-container"><ul class="elementor-inline-items elementor-icon-list-items elementor-post-info"><li class="elementor-icon-list-item elementor-repeater-item-cc7d79b elementor-inline-item"><a href="https://teamindia.co.in/author/admin/"><span class="elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-author">Team IN Filings</span></a></li><li class="elementor-icon-list-item elementor-repeater-item-80ee941 elementor-inline-item"><a href="https://teamindia.co.in/2023/01/13/"><span class="elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date">January 13, 2023</span></a></li></ul></div></div><div class="elementor-element elementor-element-8e2de64 elementor-widget elementor-widget-text-editor" data-id="8e2de64" data-element_type="widget" data-widget_type="text-editor.default"><div class="elementor-widget-container"><p>Team IN Filings, The Chartered Accountancy (CA) office is one of the most respected and sought-after professions in the business world. Our Chartered Accountants (CAs) are highly skilled professionals who provide a wide range of services to businesses, including financial management, tax compliance, business consulting, and auditing. They are known for their expertise in accounting and finance, and for their ability to provide valuable insights and advice to help businesses make informed decisions.</p><p>The role of our CA in a business is multifaceted, and they can provide a wide range of services to help a company operate more efficiently and effectively. Some of the key benefits of having a CA as a partner for a business include:</p></div></div><div class="elementor-element elementor-element-2eee2864 elementor-widget elementor-widget-text-editor" data-id="2eee2864" data-element_type="widget" data-widget_type="text-editor.default"><div class="elementor-widget-container"><ol><li>Financial management: our CA can help a business to improve its financial management by providing accurate and timely financial statements, budgeting, and forecasting. This can help a business to make more informed decisions about where to invest its resources.</li><li>Tax compliance: our CA can assist a business to stay compliant with local tax laws and regulations, which can help to avoid costly fines and penalties.</li><li>Business consulting: our CA can provide valuable advice and guidance on a wide range of business matters, including financial planning, risk management, and strategic planning.</li><li>Auditing and assurance: A CA can conduct independent audits to provide assurance to stakeholders on the financial statements and compliance of the company.</li><li>GST compliance: our CA can assist a business in registering and filing GST returns, and ensuring compliance with GST laws and regulations.</li><li>Fund raising: our CA can assist in various fundraising activities, be it equity or debt, and also assist in valuations and due-diligence activities.</li><li>Corporate Secretarial: our CA in associate with CS can assist in compliance of the company laws, and also act as a company secretary.</li><li>Cost accounting: our CA can assist the company in cost accounting and cost management.</li></ol></div></div><div class="elementor-element elementor-element-7670ec4 elementor-widget elementor-widget-text-editor" data-id="7670ec4" data-element_type="widget" data-widget_type="text-editor.default"><div class="elementor-widget-container"><p>In addition to these benefits, our CA also has a significant responsibility to ensure that a business is operating in an ethical and legal manner. They are responsible for ensuring that the financial statements of a company are accurate and comply with all relevant laws and regulations. Our CAs are also responsible for maintaining the confidentiality of client information and for adhering to the highest standards of professional conduct.</p></div></div><div class="elementor-element elementor-element-4c391675 elementor-widget elementor-widget-text-editor" data-id="4c391675" data-element_type="widget" data-widget_type="text-editor.default"><div class="elementor-widget-container"><p>One of the practical example how our CA can help to improve cash flow and prevent internal fraud in a company is through implementing an effective internal controls system. This can include:</p><ol><li>Cash flow management: our CA can assist in creating a cash flow forecast and budget, which can help the company to manage its cash flow more effectively and avoid cash flow shortages.</li><li>Accounting controls: our CA can assist in setting up a robust accounting system, which can ensure that all financial transactions are recorded accurately and in a timely manner. This can help to prevent errors and fraud in the financial statements.</li><li>Internal audit: our CA can conduct regular internal audits, which can help to identify any potential fraud or mismanagement in the company. This can include review of the company’s financial statements, accounts payable, accounts receivable, and inventory.</li><li>Fraud prevention: our CA can help to identify potential areas of fraud within the company and implement controls to prevent it. For example, implementing a “segregation of duties” policy where separate individuals are responsible for recording, approving and reconciling transactions can help to prevent fraud.</li><li>Compliance: our CA in associate with CS can assist in ensuring compliance with laws and regulations, which can help to prevent fraud and protect the company from legal liability.</li></ol><p>By implementing these measures, our team CA can help to improve cash flow and prevent internal fraud in a company. This can help to ensure the long-term financial health of the company and protect the company’s reputation and assets</p></div></div><div class="elementor-element elementor-element-fef5b52 elementor-widget elementor-widget-text-editor" data-id="fef5b52" data-element_type="widget" data-widget_type="text-editor.default"><div class="elementor-widget-container"><p>In conclusion, our office of Chartered Accountancy (CA) and CS profession is a vital part of the business world. Our Team CAs are highly skilled professionals who provide a wide range of services to businesses, including financial management, tax compliance, business consulting, and auditing. They play a crucial role in the growth and expansion of a business, and can provide valuable insights and advice to help businesses make informed decisions. Their responsibilities to ensure that the business is operating in an ethical and legal manner and maintaining confidentiality of client information, are the hallmarks of their profession.</p></div></div> </div>
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  1361. <img loading="lazy" decoding="async" width="1024" height="1024" src="https://teamindia.co.in/wp-content/uploads/2023/10/Creative-Business-Agency-Instagram-Post-1024x1024-1.png" class="attachment-large size-large wp-image-14953" alt="Creative Business Agency Instagram Post 1024x1024 1" srcset="https://teamindia.co.in/wp-content/uploads/2023/10/Creative-Business-Agency-Instagram-Post-1024x1024-1.png 1024w, https://teamindia.co.in/wp-content/uploads/2023/10/Creative-Business-Agency-Instagram-Post-1024x1024-1-300x300.png 300w, https://teamindia.co.in/wp-content/uploads/2023/10/Creative-Business-Agency-Instagram-Post-1024x1024-1-150x150.png 150w, https://teamindia.co.in/wp-content/uploads/2023/10/Creative-Business-Agency-Instagram-Post-1024x1024-1-768x768.png 768w" sizes="(max-width: 1024px) 100vw, 1024px" title="CA is a partner to Business 16"> </div>
  1362. </div>
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  1364. <div class="elementor-widget-container">
  1365. <h2 class="elementor-heading-title elementor-size-default">About Us</h2> </div>
  1366. </div>
  1367. <div class="elementor-element elementor-element-4deb7dc elementor-widget elementor-widget-text-editor" data-id="4deb7dc" data-element_type="widget" data-widget_type="text-editor.default">
  1368. <div class="elementor-widget-container">
  1369. <p>Team IN Filings is a Tax &amp; Law house in Bengaluru specializing in company matters, income Tax Gst, Trademarks Startup India, etc.</p><p>Our expert company secretary, tax consultant, CA, and Trademark agent provide Taxation, Registration for Companies Accounts Audit, Legal compliance, etc.</p> </div>
  1370. </div>
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  1374. <a class="elementor-button elementor-button-link elementor-size-sm" href="https://teamindia.co.in/index.php/contact-us/">
  1375. <span class="elementor-button-content-wrapper">
  1376. <span class="elementor-button-text">Contact Us</span>
  1377. </span>
  1378. </a>
  1379. </div>
  1380. </div>
  1381. </div>
  1382. </div>
  1383. </div>
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  1385. </section>
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  1393. <title>ESIC : Registration Process and Benefits</title>
  1394. <link>https://teamindia.co.in/esi-registration-esi-filing/</link>
  1396. <dc:creator><![CDATA[Damodharaa Rajgopal]]></dc:creator>
  1397. <pubDate>Sat, 07 Oct 2023 14:21:50 +0000</pubDate>
  1398. <category><![CDATA[Blogs]]></category>
  1399. <guid isPermaLink="false">https://teaminfilling.epicglobal.co.in/?p=15583</guid>
  1400.  
  1401. <description><![CDATA[ESIC : Registration Process and Benefits Employee State Insurance (ESI) is administered by the ESIC (a governmental body, independent from the Government of the Ministry of Labour and the Government of India), which was established by statute under the Ministry of Labour and the Government of India. We want to provide new opportunities for people [&#8230;]]]></description>
  1402. <content:encoded><![CDATA[ <div data-elementor-type="wp-post" data-elementor-id="15583" class="elementor elementor-15583">
  1403. <section class="elementor-section elementor-top-section elementor-element elementor-element-078f85c elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="078f85c" data-element_type="section">
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  1409. <h2 class="elementor-heading-title elementor-size-default"> ESIC : Registration Process and Benefits
  1410. </h2> </div>
  1411. </div>
  1412. <div class="elementor-element elementor-element-937945a blogsec elementor-widget elementor-widget-text-editor" data-id="937945a" data-element_type="widget" data-widget_type="text-editor.default">
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  1414. <section class="elementor-section elementor-top-section elementor-element elementor-element-481bbe19 elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="481bbe19" data-element_type="section"><div class="elementor-container elementor-column-gap-default"><div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e86ca7" data-id="6e86ca7" data-element_type="column"><div class="elementor-widget-wrap elementor-element-populated"><div class="elementor-element elementor-element-3365228 elementor-widget elementor-widget-text-editor" data-id="3365228" data-element_type="widget" data-widget_type="text-editor.default"><div class="elementor-widget-container"><p>Employee State Insurance (ESI) is administered by the ESIC (a governmental body, independent from the Government of the Ministry of Labour and the Government of India), which was established by statute under the Ministry of Labour and the Government of India. We want to provide new opportunities for people in India by implementing this program. The employees enjoy benefits including generous healthcare, paid time off, and vacation.</p><p>Regardless of the number of employees, which earns more than Rs.21,000 a month, any business must register with the Employees State Insurance Corporation of India.</p><p>The employer would contribute 3.25% under this plan, while the employee would only pay 0.75% of his monthly salary under this method. To make an exception to this law, this contribution has to be under 176 Rupees a day.</p><h2 class="fusion-responsive-typography-calculated" data-fontsize="23" data-lineheight="34.5px"><strong>What is the process of ESIC Registration?</strong></h2><p>Previously, registration was done manually. ESIC registration is now entirely online. The steps involved in ESIC Registration are as follows:</p><figure class="wp-block-image size-large"><figcaption><strong>ESIC process</strong></figcaption></figure><h3 class="fusion-responsive-typography-calculated" data-fontsize="18" data-lineheight="27px"><strong>Step 1: ESIC Portal</strong> <strong>Login</strong></h3><p>Employers must register with the ESIC portal. They can create an account by<strong> <a href="https://www.esic.in/ESICInsurance1/ESICInsurancePortal/PortalLogin.aspx" target="_blank" rel="noreferrer noopener">logging on to the ESIC portal</a> </strong>by clicking the ‘Sign Up’ button located underneath the ‘Employer Login’ option on the home screen. Employers must complete the form after pressing the ‘Sign up’ button.</p><h3 class="fusion-responsive-typography-calculated" data-fontsize="18" data-lineheight="27px"><strong>Step 2: Avail Confirmation Mail</strong></h3><p>After filling the application for portal registration, the employer will receive an email confirmation of the email address and mobile number provided during registration. The email will contain the login details needed to register as an ESIC employer or employee.</p><h3 class="fusion-responsive-typography-calculated" data-fontsize="18" data-lineheight="27px"><strong>Step 3: Employer Registration Form-1</strong></h3><p>In the third stage, use the username and password given in the mail to log into the ESIC portal. This will change to “New Job” on the next page. New company registration: Choose the ‘New Employer Registration’ option. When you’ve done, select ‘Unit Form from the drop-down list and press ‘Submit’ on the button. A ‘Register of Employers’ form will appear, and the employer should be sure to enter the information. This register has information about the boss, as well as workers in it. Once all has been filled out, the employer must click on the ‘Submit’ button to complete the application form.</p><h3 class="fusion-responsive-typography-calculated" data-fontsize="18" data-lineheight="27px"><strong>Step 4: Registration Payment </strong></h3><p>After submitting the Employer Registration Form-1, the employer will be directed to the ‘Payment of Advance Contribution’ tab, where they must enter the amount to be paid and choose the payment mode. Employers would be required to pay the deferred contribution for six months.</p><h3 class="fusion-responsive-typography-calculated" data-fontsize="18" data-lineheight="27px"><strong>Step 5: Registration Letter</strong></h3><p>After the employer successfully pays the six-month advance contribution, the ESIC department sends the employer a system-generated Registration Letter (C-11) that contains a 17-digit Registration Number. The Registration Letter (C-11) is legal evidence of the employer’s registration.</p><div class="blog-cta-box "><div class="bcb-col-1"><div class="bcb-title">LOOKING FOR ESI REGISTRATION FOR THE BUSINESS?</div><div class="bcb-sub-title">Connect to experts at Team In Filings and begin ESIC registration.</div><div class="bcb-description"> </div></div><div class="bcb-col-2"><a class="btn btn-lg btn-cta btn-block" href="https://teamindia.co.in/esi-registration/">Contact Now</a></div></div><h2 class="fusion-responsive-typography-calculated" data-fontsize="23" data-lineheight="34.5px"><strong>Documents required for ESIC Registration</strong></h2><p>No paperwork will be needed for registration; all can be done online. The papers required while registering must be given while applying for the online application.</p><p><strong>1. A registration certificate obtained either under the:</strong></p><ul><li>Factories Act, or</li></ul><ul><li>Shops and Establishment Act</li></ul><p><strong>2. Certificate of Registration in case of Company, and Partnership deed in case of a Partnership</strong></p><p><strong>3. Memorandum of Association and Articles of Association of the Company</strong></p><p><strong>4. A list of all the employees working in the Establishment</strong></p><p><strong>5. The Business Entity’s PAN Card, as well as the PAN Cards of all its workers</strong></p><p><strong>6. Salary information for all workers</strong></p><p><b>7. A cancelled check is drawn on the Company’s bank account</b></p><p><strong>8. The Company’s Board of Directors</strong></p><p><strong>9. List of the Company’s Shareholders</strong></p><p><strong>10. Register of employee attendance</strong></p><h2 class="fusion-responsive-typography-calculated" data-fontsize="23" data-lineheight="34.5px"><strong>Benefits of availing of ESIC registration?</strong></h2><p>The advantages of enrolling in this program are various. Among them are the following:</p><p>1. Seventy percent (in the form of salary) sick pay in the event of any certified illness lasting a maximum of 91 days in any calendar year.</p><p>2. Medical benefits for employees and their dependents.</p><p>3. Maternity Benefits for Pregnant Women (paid leaves).</p><p>4. If an employee dies while on the job, 90 percent of his salary is paid to his dependents in the course of a monthly pay-out after the employee’s death.</p><p>5. The same as above in the event of an employee’s impairment.</p><p>6. Costs of funerals.</p><p>7. Costs associated with elderly medical treatment.</p><h2 class="fusion-responsive-typography-calculated" data-fontsize="23" data-lineheight="34.5px"><strong>How many returns are filed each year following the completion of registration?</strong></h2><p>ESI Returns must be filed twice a year after registration. The following documents must be sent with the returns:</p><p>1. Employee Attendance Register</p><p>2. Type 6 – File 3. Wage register</p><p>4. Keep a record of all incidents that occur on the business’s grounds.</p><p>5. Receipts and challans every month</p><p> </p></div></div></div></div></div></section><div class="elementor-element elementor-element-0d6702e e-flex e-con-boxed e-con e-parent" data-id="0d6702e" data-element_type="container" data-settings="{&quot;content_width&quot;:&quot;boxed&quot;}" data-core-v316-plus="true"> </div> </div>
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  1453. <item>
  1454. <title>Gst Reconciliation</title>
  1455. <link>https://teamindia.co.in/gst-reconciliation-gst-audit/</link>
  1457. <dc:creator><![CDATA[Damodharaa Rajgopal]]></dc:creator>
  1458. <pubDate>Sat, 07 Oct 2023 14:19:07 +0000</pubDate>
  1459. <category><![CDATA[Blogs]]></category>
  1460. <guid isPermaLink="false">https://teaminfilling.epicglobal.co.in/?p=15577</guid>
  1461.  
  1462. <description><![CDATA[Gst Reconciliation Reconciliation under GST- 11 Essential Points to note before the Annual GST Audit! Form GSTR-9C is one of the two annual return forms that businesses with a turnover of more than Rs.2 Crores need to file at the end of each financial year. Although the dates of filing this return have extended over [&#8230;]]]></description>
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  1482. <h2 class="elementor-heading-title elementor-size-default"> Gst Reconciliation</h2> </div>
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  1501. </header><header class="elementor-section elementor-top-section elementor-element elementor-element-3de6cf82 elementor-section-full_width elementor-section-height-min-height elementor-section-content-middle elementor-section-height-default elementor-section-items-middle elementor-sticky elementor-sticky__spacer" data-id="3de6cf82" data-element_type="section" data-settings="{&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;],&quot;sticky_offset&quot;:0,&quot;sticky_effects_offset&quot;:0}">
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  1509. </header></div>
  1510. <strong>Reconciliation under GST- 11 Essential Points to note before the Annual GST Audit!</strong>
  1511.  
  1512. Form GSTR-9C is one of the two annual return forms that businesses with a turnover of more than Rs.2 Crores need to file at the end of each financial year.
  1513.  
  1514. Although the dates of filing this return have extended over the past few years but taxpayers will have to file it eventually, more sooner than later.
  1515.  
  1516. These annual return forms are significant as they are the summary returns of all the transactions &amp; business activities done in the entire year.
  1517.  
  1518. But also because these are the final declarations and cannot be amended since there is no provision yet to amend the annual return forms.
  1519.  
  1520. You can also file form GSTR-9C using <strong><em>GST Return Filing Software</em></strong>
  1521.  
  1522. In this article, we will talk about Form GSTR-9C &amp; the role of reconciliation in filing the form. We will also address a few points you must note while or before filing the form GSTR-9C
  1523. <h1>What is Form GSTR-9C</h1>
  1524. Form GSTR-9C is an annual return reconciliation form that all taxpayers having an annual aggregate turnover of more than Rs. 2 Crores need to form.
  1525.  
  1526. Form GSTR-9C is the reconciliation statement between Form GSTR-9 form &amp; the audited account statement of your business. Any mismatch or differences occurring during the reconciliation activity will have to be justified with reasons by the taxpayer in the form itself.
  1527.  
  1528. It is clear from the above explanation that the government’s motive here is transparency &amp; clarity. GSTR-9C will throw light on any differences in- what has been declared in the returns all year long and what has been accounted in your records.
  1529.  
  1530. While filing the form an audit of all your business accounts by a professional CA or Cost Accountant is required mandatory. And further off a certificate of audit or Audit report must also be furnished along with Form GSTR-9C.
  1531.  
  1532. GSTR-9C is filed on a GSTIN level &amp; not PAN level, so there can be multiple GSTR-9C Forms for one PAN.
  1533.  
  1534. The taxpayers will have to release any balance tax liability that arises upon the reconciliation through Form DRC-03, which is available on the GST Portal.
  1535. <h2>GSTR-9C Format &amp; structure</h2>
  1536. Form GSTR-9C comprises of two parts, Part A: the reconciliation Statement, which is again divided in 5 Tables &amp; Part B: Certification, which is a certificate declaration filed &amp; signed by a CA or a Cost Accountant.
  1537.  
  1538. <strong>Let us look into each Part &amp; tables one by one-</strong>
  1539. <h2>Part A: Reconciliation Statement</h2>
  1540. <strong>Part- I </strong>Basic Details
  1541.  
  1542. In this part, you need to fill, the Financial Year, GSTIN, Legal Name, Trade Name, &amp; Turnover (to see if you are liable to audit)
  1543.  
  1544. <strong>Part-II</strong> Reconciliation of turnover declared in audited Annual Financial Statement with turnover declared in Annual Return (GSTR9)
  1545. <ul>
  1546. <li><strong>Table 5</strong> (A-R) <em>Reconciliation of Gross Turnover</em></li>
  1547. <li><strong>Table 6</strong> (A-C) <em>Reasons for Un-Reconciled difference in Annual Gross Turnover</em></li>
  1548. <li><strong>Table 7</strong> <em>(A-G) Reconciliation of Taxable Turnover</em></li>
  1549. <li><strong>Table 8</strong> <em>(A-C) Reasons for Un-Reconciled difference in taxable turnover</em></li>
  1550. </ul>
  1551. <strong>Part-III</strong> Reconciliation of tax paid
  1552. <ul>
  1553. <li><strong>Table 9</strong> (A-R)<em> Reconciliation of rate wise liability and amount payable thereon</em></li>
  1554. <li><strong>Table 10</strong> (A-C) <em>Reasons for un-reconciled payment of amount</em></li>
  1555. <li><strong>Table 11</strong> <em>Additional amount payable but not paid (due to reasons specified under Tables 6,8 and 10 above)</em></li>
  1556. </ul>
  1557. <strong>Part-IV</strong> Reconciliation of Input Tax Credit (ITC)
  1558. <ul>
  1559. <li><strong>Table 12 (</strong>A-F) <em>Reconciliation of Net Input Tax Credit (ITC)</em></li>
  1560. <li><strong>Table 13</strong> (A-C) <em>Reasons for un-reconciled difference in ITC</em></li>
  1561. <li><strong>Table 14 (</strong>A-T) <em>Reconciliation of ITC declared in Annual Return (GSTR9) with ITC availed on expenses as per audited Annual Financial Statement or books of account</em></li>
  1562. <li><strong>Table 15 </strong>(A-C)<em> Reasons for un-reconciled difference in ITC</em></li>
  1563. <li><strong>Table 16 </strong><em>Tax payable on un-reconciled difference in ITC (due to reasons specified in 13 and 15 above)</em></li>
  1564. </ul>
  1565. <strong>Part-V </strong>Auditor’s recommendation on additional Liability due to non-reconciliation
  1566. <h2>Part B: Certification</h2>
  1567. To be filled &amp; signed by the Auditor or a CA and filed by the taxpayer along with the reconciliation statement.
  1568.  
  1569. The significant role of reconciliation in GSTR-9C
  1570.  
  1571. Reconciliation from a very micro-level is required to acquire a perfect &amp; accurate GSTR-9C filing &amp; audit. Reconciliation of older returns plays a vital role while reconciling all the returns throughout the year, you can take help from <strong><em>reconciliation software</em></strong> to manage &amp; carry out accurate reconciliation.
  1572.  
  1573. Form GSTR-9 is nothing but the compilation of forms GSTR-1, GSTR-3B, &amp; GSTR-2A from the entire year. Any mismatches or discrepancies in any of these forms from any month of the year can cause a misbalance &amp; mismatch in the form GSTR-9 which will directly affect the audit.
  1574.  
  1575. Form GSTR-9C in nothing but the reconciliation statement between what you have filed in your annual return &amp; what you have declared or mentioned in your personal books of accounts.
  1576.  
  1577. Both the above must match &amp; that is how the Government will have full transparency of whether you are a regular &amp; righteous tax-filer or not. It clears up your business with respect to taxes, in the eyes of the Government.
  1578.  
  1579. Hence reconciliation on a monthly basis is a highly recommended &amp; clever idea for businesses &amp; accountants. This will help you in keeping your accounts &amp; returns neat &amp; organized &amp; will ensure accuracy in the annual reconciliation.
  1580.  
  1581. Another important task for taxpayers, businesses, &amp; accountants can be data preparation, it is very important to store &amp; maintain the reports of the various returns &amp; transactions throughout the year.
  1582.  
  1583. These reports can serve as a great &amp; simple option to reconcile the annual returns easily.
  1584.  
  1585. Team In Filings can help your business with both of these tasks &amp; more so that you can stay assured that your annual return filings &amp; audits shall be error-free &amp; organized.
  1586.  
  1587. Team In Filings provides solutions to file GST returns (GSTR-1, GSTR-2A (reconciliation), GSTR-3B, GSTR-9 &amp; GSTR-9C), extract &amp; maintain various important reports, &amp; Advanced reconciliation. These 3 major tools are guaranteed to make your monthly as well as annual filing &amp; reconciliation better, more accurate, &amp; more organized, in minimal efforts &amp; time consumption.
  1588. <h2>11 Major Points to note before filing the form GSTR-9C</h2>
  1589. By now, you know the meaning of Form GSTR-9C, it’s objective &amp; format.
  1590.  
  1591. In this final section, we are going to shed some light on some highly important aspects that you must consider before filing form GSTR-9C and conducting the audit of the accounts of your Business.
  1592.  
  1593. So we have analysed &amp; stated down for you 10 most important things to consider before filing GSTR-9C &amp; audit-
  1594. <ol>
  1595. <li><strong>Reconciliation and Tallying the accounts-returns monthly- </strong>Before auditing the accounts &amp; filing the annual returns it is important to reconcile the accounts &amp; the returns on a micro-level. This will help you &amp; your business immensely to make the annual audits error &amp; mismatch-free. Since you already reconcile the GSTR-2A with your purchase records to calculate ITC, you only need to reconcile the GSTR-3B &amp; GSTR-1 with your accounts. When any changes are made in the transaction ensure to make the changes to the accounts as well as your returns.</li>
  1596. <li><strong>Maintenance of Reports and Documents- </strong>Be very careful while dealing with documents especially when the volume is high it may be overwhelming to handle the documents. For this, you can have a system set-up dedicated just to the documents. There may be multiple documents behind a transaction, challans, credit notes, debit notes, invoices, other applications &amp; forms, etc. But these documents cannot be neglected if you are willing to achieve accuracy in audits &amp; reconciliation. Apart from the documents, you must also focus on maintaining the various reports &amp; excels of transactions that you carry out, this too ou can do on a monthly basis to avoid confusion.</li>
  1597. <li><strong>Tax Liability Calculation- </strong>While you calculate the tax liabilities, make sure to keep in mind, the tax type (CGST, SGST, IGST, UTGST), the tax rate slab (%), the changes in the rate (if any), HSN-wise classification of goods, and the supply type, (zero-rated, nil-rated, exempt, exports, RCM, etc.)</li>
  1598. <li><strong>ITC availment- </strong>ITC availment &amp; calculation every month, plays a vital role in the annual Audit &amp; Reconciliation of the returns with the accounts, your monthly reconciliation must be accurate &amp; organized. Make sure to claim only the eligible credits, &amp; reverse the ineligible credits if you have already claimed. You can take help from <strong><em>GST Suvidha Provider</em></strong> such as Team In Filings to manage &amp; avail correct and maximum ITC.</li>
  1599. <li><strong>Reverse Charge Mechanism- </strong>Focusing on the inward supplies liable to reverse charge, since it has the self-declaration type of invoices, preserving the documents for annual returns &amp; accurately declaring them in the monthly returns is important. Also, there are many provisions under RCM that you need to understand &amp; comply with, for example, you cannot adjust the tax under RCM with ITC. You must release the tax in cash &amp; then you can claim the ITC on it.</li>
  1600. <li><strong>Other Income Header- </strong>While filing the annual returns pay special attention to the other income header, ensure that you have released all the tax liabilities. There can be various types of other incomes that a business can have &amp; each of them may levy different types of GST. Clear all the penalties, late-fees, interests, etc. to keep the accounts clear.</li>
  1601. <li><strong>Compliance with the 180 Days payment rule- </strong>a taxpayer as both supplier &amp; recipient, must comply with Section 16(2) of the CGST Act, 2017, that requires you to make payment against the invoice within 180 days from the date of generation on the invoice.</li>
  1602. <li><strong>Sales &amp; purchases of Assets and Capital Goods- </strong>The sales &amp; purchases of assets &amp; capital goods also fall under the GST roof, hence these transactions should also be considered while filing returns &amp; auditing the accounts.</li>
  1603. <li><strong>The entry of Transitional Credits- </strong>Even though it has been a while since the implementation of the GST regime, transitional credit issues still pertain, &amp; need to be considered very carefully while filing returns &amp; auditing.</li>
  1604. <li><strong>Management of GST Refunds- </strong>For businesses dealing with exports or any other transactions where they are eligible for refunds, must account the refunds carefully, &amp; maintain their supporting documents for internal as well as for annual audits. Organized accounting &amp; calculation of these refunds is</li>
  1605. <li><strong>Turnover, Income, Tax paid/payable, ITC availed- </strong>The reconciliation statement requires the matching if turnovers, income amount/Taxable amount, Tax paid/payable &amp; ITC availed. Focus on these aspects primarily before the audit &amp; before filing GSTR-9C</li>
  1606. </ol>
  1607. <h2>Conclusion</h2>
  1608. The annual accounts audit &amp; reconciliation of the GSTR-9 with accounts have only one objective- transparency to avoid the tax leakage &amp; clear what taxpayers are actually earning, what they are disclosing, what tax amount they are paying &amp; what amount of ITC they have claimed.
  1609.  
  1610. Taxpayers must focus on reconciling their GSTRs monthly rather than compiling them.
  1611.  
  1612. Even if the year has ended &amp; you have to reconcile &amp; audit now you can take help from GSPS &amp; <strong>software solution providers</strong> such as Team In Filings, which will help you in filing the returns &amp; in auditing.
  1613.  
  1614. With Team In Filings, you can save your time &amp; most of all the efforts that this tedious task of reconciliation &amp; audit requires. You can enhance your productivity, &amp; accuracy in the tasks that you are performing </div>
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