Shows
Chhota CFOMain Objects For IT Services, Technology, Training And ConsultancyTo carry on the business of Software designing, development, customisation, implementation, maintenance, testing and benchmarking, designing, developing and dealing in computer software and solutions, and to import, export, sell, purchase, distribute, host (in data centers or over the web) or otherwise deal in own and third party computer software packages, programs and solutions, and to provide internet / web based applications, services and solutions, provide or take up Information technology related assignments on sub-contracting basis, offering services on-site/ offsite or through development centers using owned /hired or third party infrastructure and equipment, providing solutions/ Packages/ services through applications services provider mode via internet or o...
2021-11-2704 min
Chhota CFONo need to file ADT-1The first Auditor shall be appointed in the company by Board of Director under Section 139(6) or 139(7) of the Companies Act, 2013. For more details visit our blog : https://bit.ly/3nNRx56
2021-11-2501 min
Chhota CFOFiling Of Financial Statements in XBRL ModeXBRL stands for eXtensible Business Reporting Language, a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. XBRL major benefits include ease in preparation, analysis and communication of business information by the corporates. XBRL offers cost savings, greater efficiency, improved accuracy as well as reliability to all those involved in supplying or using financial data. For more details visit our blog : https://bit.ly/3DJ30bU
2021-11-2200 min
Chhota CFOPAN – Types and RequirementsPAN is an electronic system through which, all tax related information for a person/company is recorded against a single PAN number. This acts as the primary key for storage of information and is shared across the country. Hence no two tax paying entities can have the same PAN. For more details visit our blog : https://bit.ly/3Do0l7b
2021-11-1800 min
Chhota CFOFormat of Resignation Letter of DirectorEvery Director resigning from the Board of the Company must submit his resignation letter to the Board of the Company for their acceptance. For more details visit our blog : https://bit.ly/3ot8bWG
2021-11-1300 min
Chhota CFONew Definition of Small CompanyThe Ministry of Corporate Affairs has notified an amendment in the Companies (Specification of Definitions Details) Rules, 2014 that came into force on 1st April 2021. For more details visit our blog : https://bit.ly/3n2RBh8
2021-11-1101 min
Chhota CFOGolden Rules of AccountingEvery entity must present its financial information to all its stakeholders. The information provided in the financials must be accurate and present a true picture of the entity. For this presentation, it must account for all its transactions. Since economic entities are compared to understand their financial status, there has to be uniformity in accounting. For more details visit our blog : https://bit.ly/3qbX6vU
2021-11-0800 min
Chhota CFOHow to avoid notices from Income Tax Department?“Prevention is better than cure”, Well ! All of us have heard this quote very often, taking preventive measures to avoid notices from department is definitely a better way-out than curing the defects with consequences. Planning your taxes well will elucidate the matter than thinking to evade taxes. “Tax Planning is better than Tax Evasion” For more details visit our blog : https://bit.ly/3w0pXEr
2021-10-3000 min
Chhota CFOHow to make money from selling on amazon and flipkart?You’ve always wanted to sell something on the internet, right? Accept the fact that not everyone can build a successful ecommerce business like Amazon’s Jeff Bezos or Flipkart’s Sachin Bansal, but anyone can join their journey and make it big. For more details visit our blog : https://bit.ly/3DApXgH
2021-10-1301 min
Chhota CFODifference Between ESOP and Sweat Equity SharesEmployees Stock Option Scheme and Sweat Equity Shares are two methods of issuing shares by a company to its employees and also can increase the share capital of the Company.As per Section 2(37) of the Companies Act, 2013 employees stock option means the option given to the directors, officers or employees of a company or of its holding company or subsidiary company or companies, if any, which gives such directors, officers or employees, the benefit or right to purchase, or to subscribe for, the shares of the company at a future date at a pre-determined price....
2021-09-2700 min
Chhota CFOProvisions Relating to Advance TaxEvery person whose estimated tax liability for the year is Rs.10,000 or more is required to pay advance tax. (Section 208).A resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax. (Section 207).Assessee has to estimate his income for the current financial and compute tax there on as per rates in force for the financial year. This computed tax shall be reduced by taxes deducted or collected at source. (Tax referred...
2021-09-2301 min
Chhota CFOForeign Company Registration BangaloreA complete guide on Incorporation of a Foreign Subsidiary Company/ Registration of a Foreign Subsidiary Company in India without any hassle, get in touch with us at Chhota CFO.PRE-REQUISITES FOR INCORPORATION OF FOREIGN SUBSIDIARY IN INDIA AS PER COMPANIES ACT, 2013: Minimum 2 Directors – – Out of the two Directors, at least one director should be ‘Resident of India’. Minimum 2 Shareholders. ‘Resident of India’ means a person who has stayed in India for more than 182 days in the last Calendar year.Call us at +91 973 973 6999 | +91 991 666 8146 for Foreign Company Registration in India!
2021-09-2200 min
Chhota CFOAll about Articles of Association (AOA) under Companies Act, 2013The Articles of Association is similar to a rule book, within a company. This document contains internal detailed governing aspects of the company’s organisation. These include shares, details in manner of holding the company meetings, the role and powers of the directors.Every company formed in India under Companies Act is required to have articles, without which a company cannot legally be formed. This requirement applies to all types of Companies.Features of Articles of Association:1. It is a part of the constitution of an organization.2. A contract between the me...
2021-09-2101 min
Chhota CFOProcedure For Filling Form FCTRSThe literal meaning of Form FC-TRS is Foreign Currency Transfer of Shares. This form is filed in case of transfer of shares of an Indian Company from a resident to a Non-Resident/Non-Resident Indian or body corporate outside India and vice versa through its authorised dealer bank.Time Limit: The form FC-TRS shall be filed with the Authorised Dealer bank within Sixty days of transfer of capital instruments or receipt/remittance of funds whichever is earlier.Step 1: Registration under FIRMS Portal of RBI as entity user and Creation of Master Data in Single Master Entity...
2021-09-2001 min
Chhota CFODEPOSITS AND EXEMPTED DEPOSITSAny company can accept amount from a person who is its director at the time of receipt of the amount out of his own funds or from the existing Directors. For this purpose, the director will have to submit a declaration with the Company that amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others. Such amount are not deposits as per Companies (Acceptance of Deposit) Rules, 2014. For more details visit our blog : https://bit.ly/3hBsKO6
2021-09-1501 min
Chhota CFOFORM- DIR-3 KYC FOR FOREIGN DIRECTORDIR 3 KYC Filing is a yearly compliance to be filed by all the DIN holders irrespective whether the DIN holder is a Director in any Company or not/Designated Partner in an LLP or not.The following shall not be able to do KYC web-based verification service and will be required to e file the E-Form DIR 3 KYC: Those who have been allotted DIN during the FY 2020-21 Those who did not file their KYC last year even though they were required to do so. In such cases penalty of Rs 5000 must be paid. Those who...
2021-08-2403 min
Chhota CFOOnline FSSAI License in IndiaFood Licensing and Registration System provides the Food License also known as FSSAI License, which authorises to sell food under the Company or Brand name for which license is being obtained. As per Section 31(1) of FSS Act 2006 Food Licensing is mandatory for Food Business Operators in India.Types of Food Safety License Basic FSSAI Registration FSSAI State License Central FSSAI LicensePenalty for selling food without a license Quality of food not in-abidance as per the Act: up to Rs. 2 Lakhs, Rs. 25000 for petty manufacturers For misbranded food products: up to Rs. 3 Lakhs For...
2021-08-2302 minChhota CFOOne person company (OPC)A one-person company (OPC) is a business formed by a single individual. A single person could not form a business prior to the implementation of the Companies Act of 2013. If a person wished to start a business, he or she could only do so as a sole proprietorship because forming a company required a minimum of two directors and members.OPC registration process:Step 1: Apply for DSCStep 2: Apply for DINStep 3: Application of name approvalStep 4: Documents needed The Memorandum of Association (MOA) outlines the company’s go...
2021-08-1601 minChhota CFOTop Income tax exemptions in IndiaWhat is income tax exemption?A tax exemption is the right to have all or part of one’s income free from federal or state taxation. The majority of taxpayers are eligible for numerous exemptions that lower their taxable income and select persons and organisations are fully tax free.Tax exempt organizations:When organizations serve the public good, such as religious or philanthropic groups, the government usually exempts them altogether from paying income taxes. The government relieves certain organizations of their tax burdens, allowing them to continue to promote public welfare.In...
2021-08-0402 minChhota CFOWhat is Income tax return (ITR)The Income Tax Return (ITR) is a document that must be submitted to the Income Tax Department of India. It comprises information on a person’s earnings and the taxes that must be paid on those earnings throughout the year. The information in an ITR must be for a certain financial year, which begins on April 1st and ends on March 31st of the following year.Documents required for filing ITR:1. Form-162. Interest certificates from banks and post office3. Form-16 A/ Form-16 B/ Form-16 C4. Form-26AS.Th...
2021-08-0401 min
Chhota CFOCorporate taxesWhat is a corporate tax?A corporate tax is a tax imposed on a company’s profits. Taxes are levied on a company’s taxable income, which comprise revenue less the cost of goods sold (COGS) general and administrative (G&A) expenses, selling and marketing, R & D, depreciation and other operating costs.Understanding corporate taxes:As a result of the tax cuts and jobs act (TCJA), which president Donald Trump signed into law in 2017 and took effect in 2018, the federal corporate tax rate in the United States is now a flat 21%. Previously, the maxi...
2021-07-3001 minChhota CFOHow to hire the best bookkeeping services?The technique of recording and keeping track of your business’s financial transactions is known as bookkeeping. Your bookkeepers are required to compile financial resorts based on your company’s activity on a regular basis. These reports indicate your company’s financial situation as well as its performance.In addition to managing financial records, bookkeeping services include:1. Tax return preparation2. Invoicing3. Keeping track of performance indicators4. Tidying up financial records5. Keeping track of accounts owned and receivable6. Management reportingA bookkeeper’s job is to de...
2021-07-2701 min
Chhota CFOHow to register a blogging company in IndiaYou would register a company that runs a blog if you have a money-making blog. A blogging company must first be registered as a limited liability company, limited partnership, limited liability partnership, etc. it is not required that you use a Pvt ltd company or an LLP; you can also establish a simple solo firm, which is the finest legal entity for testing your ideas. You must register your trademark for your blog., even though it is not required.There are 5 types of business registration:1. Sole proprietorship firm2. Partnership firm3. Private...
2021-07-2201 min
Chhota CFOHow to file income tax by NRIsEssential points while filing income tax returns by NRIs:1. The residential status of an NRI must be specified when it comes to ITR.When filing ITR, NRIs must identify their residence tax status in India based on their time of stay throughout the fiscal year.2. Selecting the correct ITR return form for NRIsThe ITR-1 form was created by the Indian government to make compliance saiser for taxpayers in the country. NRIs can also use the ITR-1 form to file their tax returns.3. Aadhar number is not compulsory for...
2021-07-2001 min
Chhota CFOStep by step procedure to register company in Bangalore?Before we get to know about the Step by step procedure to register company in Bangalore let’s understand different types of company formations. Here are some of them listed for your reference:Types of Company Registration- Pvt Ltd Company OPC Company Limited Liability Foreign Company Nidhi Company Limited Company NBFC Producers Micro-Finance Section 8 CompanyThe process of registration of companies with the permission of MCA is an online company registration process. It will help to make a way to the company and also saves time and energy.Once you register with our co...
2021-07-1901 min
Chhota CFOTop 10 ways to save tax in FY 2020-21People are always looking for ways to pay less taxes and they look for all possible ways – like getting in touch with the best tax consultants, hiring the best CA firm, or getting the information available on the internet.Directions to save tax in India:1. By claiming expensesTo save money on income taxes, you will have to claim the expenses you have incurred.2. Investing in tax-exempt securitiesHere are Top 10 ways to save tax in FY 2020-21:1. Income from agriculture:2. HUF and extra income:
2021-07-1501 min