BUSINESS ENTITIES CA. Kishor Rajeshirke 2009
Different entities n n n Proprietorship Partnership Firms Limited Companies Hindu Undivided Family (HUF) Association of Persons (AOP)
Proprietorship n n n No Registration formalities. Opening of Bank Account. Obtaining PAN. Shop and Establishment License. VAT – CST – Service Tax Registration
Proprietorship – Tax Slabs n Income between – Rs. 0 to 1, 60, 000/1, 60, 000 to 3, 00, 000 to 5, 00, 000 and above n n n 10 % 20 % 30 % Rs. 1, 90, 000/- for women assessees Rs. 2, 40, 000/ - for senior citizen. Cess applicable @ 3% on Tax plus SC. NIL
Partnership Firms n n n Partnership Deed. Stamp Fees Rs. 500 for capital contribution of Rs. 50, 000/- each. Opening of Bank A/c Obtaining PAN / TAN Shop & Establishment registration VAT / ST / Excise Registration
Content of Partnership Deed n n n Name and Address of Partners Date of commencement of partnership Object of partnership Place of business Capital Duration n n n Profit / Loss Sharing Ratio Operation of Bank A/c Retirement / Death Duties of partners Remuneration Interest of capital Arbitration clause
Partnership - Registration n n Marathi Translation of Deed Form No. A Stamp Papers for True Extract Filing Fees
Partnership Firm – Tax Rate n n 30 % on Profit during the year. Cess @ 3 % on Tax and SC.
Companies – Formation procedure n n n DIN for proposed Directors. Application for availability of name Preparation of Memorandum and Articles of Association. Stamping of MOA & AOA. Submitting necessary forms along with MOA and AOA with Registration Fees with Registrar of Companies ( ROC) Obtaining certificate of Registration
Companies – Rate of Tax n n 30 % on Profit during the year. Cess @ 3 % on Tax and SC.
Various Taxes n n n DIRECT TAXES Income Tax Wealth Tax Gift Tax FBT n n n INDIRECT TAXES Excise VAT CST Service Tax
Due date of filing IT Returns n n n 31 st July for business assessees 30 th September for assessees liable for Tax Audit 30 th September for Companies.
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