Atmanirbhar Bharat Direct Tax Update

Business Compliances
1

Originally published at: Atmanirbhar Bharat Direct Tax Update - Blog by Quicko

Undoubtedly news of Covid-19 will become the schema of 2020 for most of us. Experts are already calling 2020 as the year for Social Distancing. Along with Social Distancing, there’s another word that comes to mind i.e Recession. International Monetary Fund predicts that the world GDP for 2020 has already sunk by 3%. Economists worldwide…

2

@Aishwarya_Shah can you help with this?

3

Hey @Aakash

Few things to keep in mind while incorporating a Private Limited Company are as under:

  1. There should be at least 2 directors and 2 members
  2. Both directors/ members need to have a DSC (Digital Signature Certificate)
  3. Application for name reservation is to be done first, once its approved, 5 forms need to be filed which consist of the information regarding the directors, the proposed company, etc.
  4. Certification from a practicing CA/CS/CMA/Advocate is required

Quicko takes care of all these procedures. You can learn more here:

Taxation: A director can file ITR as an individual, but they can not opt for ITR-1. About presumptive taxation, you can opt for the same as long as your turnover is up to Rs 2 crore and declare at least 8% of the turnover as profit (in case of non-digital transactions) and at least 6% of the turnover as profit (in case of digital transactions).

Compliances after incorporation: Certain mandatory annual compliances are to be made every year by a company. You can read about them in detail here:

Hope this helps!