Counsel

Yes, You will need to do the ITR filing by the financial year end ( i.e. March 2021). ITR filing is a mandatory compliance even if you have 0 Transaction.

Hi, Here is the list of mandatory compliances for a Private Limited Company in India.

1. Accounting Compliance :
1. One time Accounting Compliance
1. Transfer Pricing Setup (if Applicable)
2. Accounting Practice Setup
2. Monthly Accounting Compliances
1. Book Keeping
2. TDS Calculation and filings
3. PT Calculation and Filings
4. GST Calculation and Filings
5. PF Calculation and Filings ( If has PF registration)
6. ESI Calculation and Filings ( If has ESI registration)
3. Quarterly Accounting compliances
1. TDS Calculation and filings
2. GST Calculation and Filings
4. Annual Accounting Compliances
1. Statutory Audit
2. ITR Filings
3. ROC Filings
4. Transfer Pricing Audit (if applicable)
5. Tax Audit (If revenue crosses 1 crore)
6. GST Annual Return Filings and Audit (if revenue crosses 2 crores)
2. Secretarial Compliance
1. One Time Secretarial Compliance
1. Commencement of Business
2. Appointment of First Auditor
2. Quarterly Secretarial Compliance
1. Board Meeting
3. Half-yearly Secretarial Compliance
1. MSME Filings ( if any outstanding payment to MSME)
4. Annually Secretarial Compliance
1. Filing of Balance sheet
2. Filings of Annual Returns
3. Filing of DPT-3
4. Appointment or re-appointment of Auditor
5. DIR-3 KYC
3. HR Compliance
1. Monthly HR Compliance
1. Payroll Processing
2. Form 16 For every employee and Tax Deduction (if applicable)

We at Wazzeer help companies take care of their all Legal, Accounting, HR, Compliances if you need any support reach out to us at Wazzeer or Enquire@wazzeer.com

MSME - Micro, Small, Medium enterprise

Any enterprise which falls under the above category can register for MSME registration. The government of India provides various subsidiaries, Incentives and benefits for MSME registered enterprises through MSME Act as they are the backbone of the Indian economy. To avail, all the benefits under MSME Act, registration is required from the central or state government and banking sector.

Process of registration

Documents Required

1. PAN Copy of Organization
2. Aadhaar Copy of applicant
3. Certificate of Incorporation Organization (If any)

If you need any help with MSME registration we at Wazzeer specialized in helping startups getting their various registrations and compliance work done, reach out to us at Wazzeer or enquire@wazzeer.com

Difference between Trademark, Copyright an Patent.

Trademark

• Business owners are given rights on their trademarks
• Trademark is essential as it protects any word, name, slogan, design, or image that identifies a business or brand and distinguishes it from others
• It also gives right to the mark and allows the holder to file lawsuit against infringes
• It has an unlimited term but must be renewed after every 10 years

Copyright

• Creative artists are given copyrights for their creations
• Copyright is done to protect original work of authorship including books, articles, photographs and other creative works. An idea itself cannot be copyrighted. A work must be in fixed, tangible form to be protected.
• It gives right by providing legal evidence and public notice of ownership
• It Lasts the author's lifetime, plus an additional 70 years

Patent

• Innovators are given patent for their innovations
• Patent protects original Inventions with a new or improved function like chemical composition, machines, new design for an article of manufacture
• It gives the owner right to prevent others from making, using, selling, or importing the protected invention
• It has a term of 20 years and it cannot be renewed

Wazzeer is vouched by Entrepreneurs as the most reliable Legal and Accounting Partner. We would be super excited to help you. Let’s Connect!