Follow the Steps If you’re Yet to Receive Your Income Tax Refunds

After filing your Income Tax Return, If there was an excess tax paid by you then the Income Tax Department goes for a procedure to return and hence issues refunds. The refund of the amount of excess tax payment is credited to your bank account. Inaccurate Bank account details can lead to a delay in the tax refunds. An email will be sent to your registered email id after the process of Income Tax Refund. To keep a keen track of the refund status, one should check the status of your refund by logging into www. Incometaxindia.gov.in. The Government portal shows the status of your income Tax refund status. After login to your e-filing account by using your PAN number as your user ID and then put the password. Click the tab of Status of Tax Refunds, enter your PAN and the financial year for which you are checking. The details of your outstanding tax demand will be reflected on your screen. Following the instructions on demand as per your criteria should be chosen seeing the options in the screen. The Income tax department will process your income tax refund and get the amount credited to your bank account, if it is pending after the adjustment of amount. Taxpayers must check the emails properly and surely reply to any emails received from the Income tax office so that the refund of income tax is processed as fast as possible.

What is the Public Limited Company?

A Public Limited Company in India has all the benefits of a corporate organization jointly with the characteristics of Limited Liability. Registration of a Public Ltd. Company is under the provisions that are specified under the Companies Act, 2013. A public Limited Company can offer shares to the public. A public Limited company gets listed with the stock exchange to increase capital from the common pubic. Directors manage the business in a public limited company and it is possessed by shareholders. The rules and the regulations of a Public Limited company are inflexible and strict as compared with a Private Limited Company. To register a Public Limited Company, it is important to tally all the legal requirements. The number of Directors, Number of shareholders, minimum paid-up share capital is needed to be noticed while registration of a Public Ltd. Company. There are growth opportunities on registration of a Public Limited Company. It is observed to be a separate legal body from the shareholders. The company is controlled by the Board of Directors. The investors elect the Board of Directors.  A Public Limited Company has an everlasting existence and can have its PAN, bank account, licenses, assets and liabilities.

How to Reactivate a Cancelled GST?

Reactivation of a Cancelled GST Registration is possible. An application for reversal of cancellation of GST registration can be done by applying under Form GST Reg-21. Within 30days of receiving the cancellation note of GST Registration the application has to be submitted. If a GST officer has cancelled the GST Registration for the reason of non-filing of tax returns, the re-application of GST can only be filed, after the payment of interest and penalty and paying the pending returns. On investigating a re-filing form of GST Registration, if the concerned officer is not satisfied with the revocation application, then a show cause notice is sent in Form GST Reg-23 to the tax payer, elaborating the reason of rejecting the cancellation application. The officer will question the tax payer that why the refusal application should not be rejected. Within 7 working days the applicant should respond from the date of issue of the notice.. The tax payer has to mention the reason for revocation and submit the application on the website. If the officer finds the reasons satisfactory then the GST number will be revoked by the officer. All the formalities can be done online easily by visiting the GST official website.

New GST Registration Mandatory for Companies under IBC

GST Registration of a Company or LLP under the Insolvency and Bankruptcy Code (IBC) is mandatory. This will be with effect from the date of appointment of Invoice Registration Portal / Resolution Professionals (IRP/RP) and will be treated as a definite person of corporate debtors. They shall be liable to take a new registration in each state or union territory, where the debtor was registered before. The registration has to be done 30 days from the date of appointment of Invoice Registration Portal / Resolution Professionals ( IRP/RP). Any corporate debtor who is going through bankruptcy is responsible to furnish its GST returns, may tax payment and undergo all other GST formalities as per the GST law during the CIRP period. Those Corporate debtors will be considered as different person and they are responsible to for New GST Registration through IRP/RP. If a corporate debtor has not defaulted in providing the return under GST may not be required to take a separate registration. All statements in form GSTR-1 which have been provided under the registration of Corporate Debtor, the IRP/RP will not be required to take a fresh registration. For this special case, the IRP/RP is the authorised Signatory and they can keep using the same GSTIN.

How is FSSAI License Beneficial for Your Food Business?

Every food business operator in India requires an FSSAI Licence to do business. It is truly difficult to gain people’s trust on a new food business. People have a myth that a new business have a possibility of food adulteration, usage of cheap and toxic products on the food, usage of chemicals, unsanitary ways of food preparations, the list goes on. A FSSAI Certificate is like a guard to clear all these doubts on a food business, be it a restaurant or food supplier. Once you have a Fssai Registration, you may implement the FSSAI Logo in your menu cards to announce the authenticity and quality of your food. A Food License Registration certifies that your food is safe to eat, and there is no effect to the health, and thus there is a everlasting bonding between the customer and owner. Expansion of your food outlet or restaurant to another part of the state or may be country is highly possible if you have a FSSAI Licence. The FSSAI Logo can be used as a marketing game plan to capture a huge market share in new business venues. The logo can help implant trust in your services and render your goodwill.

What is the Applicability of the internal audit procedure?

A private Limited Company (Pvt.Ltd) are applicable for internal audit procedures when at some point of time during the financial year, they have outstanding loans or have borrowed from other banks or may be from other financial organizations in that case the internal audit procedure is held. The Applicability of the internal audit procedure can also be held fi the Pvt Ltd Company have a turnover of 100 crore or may be more during the foregoing financial year. An Internal audit procedure refers to the inspection of its books of account to guarantee that they are correct. An auditor is appointed to supervise the audit. The aim of an audit of the Pvt Ltd Company is to allow the auditor to express his or her point of view. In the procedure of an internal audit, the auditor will have to check various books of accounts, vouchers slips and bills or invoices to check if they are accurately and properly maintained. Internal Audits are mostly done to check the status of the company’s finances and examine its operational effectiveness. The internal audit helps the internal management to make required changes to increase the efficiency in their operations of the Company.

What is the Applicability of Corporate Social Responsibility for Private Limited Company?

Corporate Social Responsibility is mostly the concept of Trusteeship. Corporate Social Responsibility is needed for all companies from private Limited company to limited companies.  For the development of the stakeholders, the Corporate Social Responsibility plays a vital role. When an entrepreneur had taken fund from the public, it should be returned back in the same condition as taken from them to run their business. Companies who have a net worth of 500 crore or more, and a turnover of 1000 crore or more, and the net profit of 5 crore or more are those companies who come under the applicability of Corporate Social Responsibility law.  If the amount to be spend for Corporate Social Responsibility does not outdo Rs. 50 lakhs, in that case there is no requirement for the formation of Corporate Social Responsibility, and the function of such committee can be held by the board of the company. The motive of Corporate Social Responsibility is to secure of some activity for the society. Eradicating poverty, hunger, availability of clean drinking water, special education for children, promoting gender equality, women empowerment, setting up of old age home, proper sanitation are some of the policies which fall under the Corporate Social Responsibility.

Difference Between a Partnership Company And a Pvt Ltd Company

The vital difference between the Pvt Ltd Company and Partnership Company is that there is no minimum capital requirement for starting a partnership company and to start a Pvt. Ltd Company minimum Rs. 1 lakh is required to begin.A Partnership Company has no separate identity from its partners, whereas a Private Ltd Company has a separate establishment to own assets in its name. Registration of the private limited company is mandatory to set up a business. Whereas in case of a Partnership company both the registered and unregistered partnerships are legal. A Pvt.Ltd company requires maximum 200 shareholders and minimum 2 to form. A Partnership Company can be formed with 2 partners and members not exceeding above 50 members. If there is any change in members or directors in a Pvt ltd. Company it does not affect the company’s existence. Formation of another partnership firm has be done in case there is any change in partner in a Partnership Firm.  Statutory audit is not applicable in case of a Partnership Firm. The tax audit can be done based on the turnover. A Pvt. Ltd company should appoint an auditor within 30 days of its formation. The ownership in a Pvt Ltd Company can be transferred easily through shares if the shareholders give their permission. In a Partnership firm the ownership is not transferable easily.

How is (OPC)One Person Company different from Sole Proprietorship?

The conception of One Person Company permits a single person to run a company limited by shares. In case of sole Proprietorship body, there is no difference between owner and the business. It is run and owned by one individual. In case of One person Company, the owner and the business are observed as two different organization whereas in case of Sole Proprietorship the owner and the business are characterized as a single organization. The owner’s liability is limited to his or her investment in the company in a One Person Company (OPC). The liability is unlimited in the case of Sole proprietorship. If there is a loss in the organization then the owner is liable for all the loss. A OPC is registered as a Private Limited Company hence tax has to paid under the Income Tax Act based for private companies. In the situation of tax payment for a Sole proprietorship, the tax is based on an individual’s income, as the income generated by the company is treated as the owner’s income. On the death of a member of the One Person Company, a nominee can be allocated to run the company, who should be a Indian Citizen an a resident of India. In the case of Sole Proprietorship, with the death of the owner, the business ends there. However, ownership can be passed only with the Will of the owner, if he had executed such Will.

Difference between Mutual Funds and Nidhi Company

Mutual Fund and Nidhi Company are two definite form of business. They are different from each other in terms of their aim, and the nature of the business. Mutual fund and Nidhi Company has a major divergence which is that the Nidhi Company is entitled to deal only with its members. In the case of mutual fund, there is no such restriction. Nidhi Company nature of business is lending and borrowing of money in between its members only. In Mutual fund business, the money can be received from any investors, henceforth welcoming the deposits and making investments. To build up a profitability savings, self-reliance among the individuals, individuals choose Nidhi Company. To win on the investments, individuals put resources into Mutual Funds. A Nidhi Company develops the habit of savings amongst its members. In the case of Mutual Fund, its main objection is to increase the wealth of the depositors. The deposits received from lending the money to the members of the Nidhi Company can only be used by the Nidhi Company. In the case of Mutual Fund, it can use the amounts of deposits received for making investments or use in chit funds, hire purchase, leasing finance.