BUSINESS ENTITIES CA. Kishor Rajeshirke

Different entities Proprietorship Proprietorship Partnership Firms Partnership Firms Limited Companies Limited Companies Hindu Undivided Family (HUF) Hindu Undivided Family (HUF) Association of Persons (AOP) Association of Persons (AOP)

Proprietorship No Registration formalities. No Registration formalities. Opening of Bank Account. Opening of Bank Account. Obtaining PAN. Obtaining PAN. Shop and Establishment License. Shop and Establishment License. VAT – CST – Service Tax Registration VAT – CST – Service Tax Registration

Proprietorship – Tax Slabs Income between – Rs. Income between – Rs. 0 to 1,60,000/- NIL 1,60,000 to 3,00,00010 % 3,00,000 to 5,00,00020 % 5,00,000 and above30 % Rs. 1,90,000/- for women assessees Rs. 1,90,000/- for women assessees Rs. 2,40,000/ - for senior citizen. Rs. 2,40,000/ - for senior citizen. Cess 3% on Tax plus SC. Cess 3% on Tax plus SC.

Partnership Firms Partnership Deed. Partnership Deed. Stamp Fees Rs. 500 for capital contribution of Rs. 50,000/- each. Stamp Fees Rs. 500 for capital contribution of Rs. 50,000/- each. Opening of Bank A/c Opening of Bank A/c Obtaining PAN / TAN Obtaining PAN / TAN Shop & Establishment registration Shop & Establishment registration VAT / ST / Excise Registration VAT / ST / Excise Registration

Content of Partnership Deed Name and Address of Partners Name and Address of Partners Date of commencement of partnership Date of commencement of partnership Object of partnership Object of partnership Place of business Place of business Capital Capital Duration Duration Profit / Loss Sharing Ratio Operation of Bank A/c Retirement / Death Duties of partners Remuneration Interest of capital Arbitration clause

Partnership - Registration Marathi Translation of Deed Marathi Translation of Deed Form No. A Form No. A Stamp Papers for True Extract Stamp Papers for True Extract Filing Fees Filing Fees

Partnership Firm – Tax Rate 30 % on Profit during the year. 30 % on Profit during the year. 3 % on Tax and SC. 3 % on Tax and SC.

Companies – Formation procedure DIN for proposed Directors. DIN for proposed Directors. Application for availability of name Application for availability of name Preparation of Memorandum and Articles of Association. Preparation of Memorandum and Articles of Association. Stamping of MOA & AOA. Stamping of MOA & AOA. Submitting necessary forms along with MOA and AOA with Registration Fees with Registrar of Companies ( ROC) Submitting necessary forms along with MOA and AOA with Registration Fees with Registrar of Companies ( ROC) Obtaining certificate of Registration Obtaining certificate of Registration

Companies – Rate of Tax 30 % on Profit during the year. 30 % on Profit during the year. 3 % on Tax and SC. 3 % on Tax and SC.

Various Taxes DIRECT TAXES DIRECT TAXES Income Tax Income Tax Wealth Tax Wealth Tax Gift Tax Gift Tax FBT FBT INDIRECT TAXES Excise VAT CST Service Tax

Due date of filing IT Returns 31 st July for business assessees 31 st July for business assessees 30 th September for assessees liable for Tax Audit 30 th September for assessees liable for Tax Audit 30 th September for Companies. 30 th September for Companies.

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