NEW REGISTRATIONS

PAN/TAN APPLICATION

a. PAN Application

Note: *7-10 Working Days are required to Obtain Registration*
  • PAN stands for Permanent Account Number issued by Income Tax Department under Income Tax Act, 1961.
  • Individuals, Firm, Company, Association of persons, Body of Individual, Hindu Undivided Family, co-operative society, Government Agencies, Artificial Juridical Person, Local Authority, Limited Liability Partnership, Trust and all those whose income are taxable under the Income Tax Act, 1961 are required to acquire a PAN Card.
  • PAN has become almost mandatory, as its not just a reference number for income tax purpose but over a period it has became mandatory for many other utilities say other tax registrations, bank account opening, foreign travels, obtaining loan from Bank/NBFC, buying Mutual Funds, mandatory for making payment for more than Rs.50,000/- for many utility payments, buying and selling securities, property purchase, etc.
  • PAN application must be made for allotment of TAN in Form 49A along with the required supporting documents

b. TAN Application

Note: *7-10 Working Days are required to Obtain Registration*
  • TAN or Tax Deduction and Collection Number (TAN) is mandatory 10-digit alpha numeric number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government.
  • Tax deducted at source (TDS) ensures that the Government's collection of tax is proposed and the responsibility for paying tax is diversified.
  • The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government - quoting the TAN number.
  • Application must be made for allotment of TAN in Form 49B along with the required supporting documents.
  • Based on the application, the TAN will be allotted to the entity and the entity must quote the TAN in all TDS/TCS returns, TDS/TCS payment challans and all TDS/TCS Certificates

GST REGISTRATION

Note: *5-7 Working Days are required to Obtain Registration*
  • Registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.
  • Without GST registration would not be allowed to collect GST from a customer or claim input tax credit of GST paid or could be penalised
  • Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST
  • Application must be made in Form GST REG-01 along with the required supporting documents.

PROFESSIONAL TAX REGN (PTEC & PTRC)

Note: *3-5 Working Days are required to Obtain Registration*
  • Professional Tax (Maharashtra) is the tax levied by the Maharashtra State Government on business entities or in practice of any profession, such as Chartered Accountants, Lawyers, Doctors, etc.
  • Carry out some form of business & they are required to pay this professional tax. Its tax to be paid by business entity itself and need to obtain PTEC Registration certificate
  • There is another Professional Tax which is also levied on various salaried individuals, working in government or non-government entities
  • The owner of a business is responsible to deduct professional tax from the salaries of his employees and pay the amount so collected to the government department
  • The required entities need to apply for and obtain PTRC Registration

MSME REGISTRATION

Note: *3-5 Working Days are required to Obtain Registration*
  • MSME stands for Micro, Small and Medium Enterprises. In a developing country like India.
  • The MSME is established to promote, facilitate and develop the competitiveness of the micro, small and medium enterprises.
    • MSME are classified into two categories:
    1. Manufacturing Enterprise
    2. Service Enterprise
  • They are defined in to Micro, Small or Medium based on amount of investment in Plant and Machinery/Equipment.
  • This registration is not yet made mandatory by the Government, but it is beneficial to get one’s business registered under this because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc

REGISTRATION WITH REGISTRAR OF FIRMS

Note: *3-5 Working Days Required to Apply for Registration* *Around 2 Years Required to Obtain Registration*
  • Registering a firm under the Partnership Act is not mandatory as in the case of setting up a company.
  • You get a legal proof of the firm's existence.
  • Apart from that, the Act provides various benefits and rights to every partner - filing a suit in case of disputes, settling claims against third/external parties, etc.
  • In case of any disputes, a court of law would first check the terms and conditions under which the partnership was formed Registration of Partnership Deed takes care of this

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