Category: Services

Category: Services

Understanding VAT and Excise Tax: A Comprehensive Guide

In the realm of taxation, two key types often come up: Value Added Tax (VAT) and Excise Tax. Both play crucial roles in a country’s economy, generating revenue for governments and impacting consumers and businesses. Understanding these taxes can help businesses manage their finances better and allow consumers to comprehend how taxes affect prices. This blog aims to explain what VAT and Excise Tax are, how they work, and their implications on everyday life.

What is Value Added Tax (VAT)?

Definition and Scope:
Value Added Tax (VAT) is a consumption tax levied on the value added to goods and services at each stage of production or distribution. It is ultimately borne by the end consumer but collected at each stage of the supply chain. Businesses charge VAT on their sales (output tax) and reclaim VAT on their purchases (input tax), thus passing the net tax to the government.

How VAT Works:

  1. Production and Distribution: At each stage of the supply chain, from raw materials to final product sales, VAT is added to the price of goods and services.
  2. Tax Credit Mechanism: Businesses can claim a credit for the VAT paid on their inputs, offsetting the VAT they collect on sales. This mechanism ensures VAT is effectively paid only on the value added at each stage.
  3. End Consumer: The final consumer bears the full cost of VAT, included in the purchase price.

Benefits of VAT:

  • Revenue Generation: A significant source of government revenue, contributing to public services and infrastructure.
  • Transparency and Fairness: VAT is transparent, showing consumers the tax component of their purchases. It is also fair, as it taxes consumption rather than income.

Challenges of VAT:

  • Complex Administration: Managing VAT can be complex for businesses, requiring detailed record-keeping and compliance with regulations.
  • Regressive Nature: VAT can be regressive, disproportionately affecting lower-income individuals who spend a higher proportion of their income on VAT-inclusive goods and services.

What is Excise Tax?

Definition and Scope:
Excise Tax is a type of indirect tax imposed on specific goods, typically those considered harmful or non-essential, such as alcohol, tobacco, and fuel. Unlike VAT, which is levied on all goods and services, excise taxes target specific products to either generate revenue or discourage certain behaviors.

How Excise Tax Works:

  1. Imposed at Production or Sale: Excise taxes are usually applied at the point of production or sale. The tax is included in the price of the product.
  2. Collected by Businesses: Manufacturers or retailers collect the excise tax and remit it to the government.
  3. Passed to Consumers: The cost of the excise tax is generally passed on to consumers through higher prices.

Benefits of Excise Tax:

  • Revenue Generation: Excise taxes provide a stable revenue source for governments, especially from goods with inelastic demand.
  • Behavioral Influence: By increasing the cost of harmful products, excise taxes can discourage consumption, promoting public health and environmental benefits.

Challenges of Excise Tax:

  • Economic Impact: High excise taxes can lead to decreased demand, potentially impacting businesses and employment in affected industries.
  • Smuggling and Black Markets: Excessive excise taxes can encourage illegal activities, such as smuggling and the creation of black markets for taxed goods.

Implications for Businesses and Consumers

For Businesses:

  • Compliance: Businesses need to ensure they comply with VAT and excise tax regulations, including accurate record-keeping and timely tax remittance.
  • Pricing Strategies: The addition of VAT and excise taxes affects pricing strategies and can influence competitive positioning in the market.

For Consumers:

  • Increased Costs: Consumers ultimately bear the cost of VAT and excise taxes through higher prices on goods and services.
  • Informed Choices: Awareness of these taxes can lead to more informed purchasing decisions, especially regarding products subject to high excise taxes.

Conclusion

Understanding VAT and Excise Tax is crucial for both businesses and consumers. While VAT affects a broad range of goods and services, excise taxes target specific products, each with distinct economic implications. By comprehending how these taxes work and their impact, businesses can better navigate regulatory landscapes, and consumers can make more informed choices. As tax policies continue to evolve, staying informed remains essential for effective financial planning and decision-making.

Category: Services

Understanding TDS and TCS Returns: A Comprehensive Guide

In the world of taxation, the concepts of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) play pivotal roles in ensuring that taxes are collected efficiently and effectively. Both mechanisms help in reducing tax evasion and broadening the tax base. If you’re a business owner or a tax professional, understanding the nuances of TDS and TCS returns is crucial for compliance and efficient financial management.

What is TDS?

Tax Deducted at Source (TDS) is a system introduced by the Income Tax Department where the tax is deducted at the point of income generation. The payer deducts a certain percentage of the amount before making a payment to the receiver, and this deducted amount is then deposited with the government.

Common Scenarios for TDS:

  • Salaries
  • Interest payments by banks
  • Rent payments
  • Payments to contractors and consultants

What is TCS?

Tax Collected at Source (TCS), on the other hand, is a tax collected by the seller from the buyer at the time of sale. The seller then deposits this tax with the government. TCS is generally applicable to specific transactions like the sale of certain goods, transactions in alcohol, forest produce, and scrap.

Common Scenarios for TCS:

  • Sale of liquor, forest produce, and scrap
  • Sale of motor vehicles above a certain value
  • Sale of certain minerals like coal and iron ore

Filing TDS and TCS Returns

Importance of Timely Filing:

Filing TDS and TCS returns on time is crucial for several reasons:

  • Compliance: Avoid penalties and interest for late filing.
  • Accurate Accounting: Ensures that your financial records are up-to-date.
  • Credit for Deductees/Collectors: Allows the recipients of the income or buyers to claim the tax deducted/collected.

Steps to File TDS Returns:

  1. Collect Necessary Information: Gather details such as TAN, PAN of deductees, details of TDS deductions, and deposit details.
  2. Use the Right Forms:
    • Form 24Q: TDS on salaries
    • Form 26Q: TDS on payments other than salaries
    • Form 27Q: TDS on payments to non-resident Indians
  3. Prepare Return: Use government-approved software or the TDS return preparation utility provided by the Income Tax Department.
  4. Validate and Generate: Validate the file using the File Validation Utility (FVU) and generate the .fvu file.
  5. Submit: Upload the .fvu file on the TIN-NSDL website or submit it through a TIN-FC center.

Steps to File TCS Returns:

  1. Collect Necessary Information: Gather details such as TAN, PAN of buyers, details of TCS collection, and deposit details.
  2. Use the Right Form:
    • Form 27EQ: TCS on all specified transactions
  3. Prepare Return: Similar to TDS, use government-approved software or the TCS return preparation utility.
  4. Validate and Generate: Use the File Validation Utility (FVU) for TCS.
  5. Submit: Upload the .fvu file on the TIN-NSDL website or submit it through a TIN-FC center.

Due Dates for Filing:

  • TDS Returns:
    • Quarterly returns: April 30, July 31, October 31, and January 31.
  • TCS Returns:
    • Quarterly returns: April 15, July 15, October 15, and January 15.

Penalties for Non-Compliance:

Failing to file TDS/TCS returns timely can lead to:

  • Late Filing Fees: Rs. 200 per day under Section 234E until the return is filed, subject to a maximum amount of the TDS/TCS payable.
  • Interest: Additional interest under Section 201A for late deduction/deposit of TDS.
  • Penalties: The Assessing Officer may levy a penalty ranging from Rs. 10,000 to Rs. 1,00,000 under Section 271H for incorrect filing.

Conclusion:

Understanding and complying with TDS and TCS return filing requirements is essential for maintaining good standing with the tax authorities and ensuring smooth financial operations. By following the correct procedures and adhering to due dates, businesses can avoid unnecessary penalties and contribute to a transparent tax system.

Remember, while the process may seem complex, utilizing the right resources and tools can simplify the task. Always stay informed and consult with tax professionals if needed to ensure compliance and accuracy in your filings.

Category: Services

Understanding Tax Collected at Source (TCS) Returns: A Comprehensive Guide

Introduction

Tax Collected at Source (TCS) is a concept where the seller collects tax from the buyer at the time of sale. This tax is applicable to certain transactions as specified under the Income Tax Act, 1961, in India. The idea behind TCS is to ensure the government collects tax revenue at the point of transaction, thus making tax evasion more difficult.

For businesses and individuals dealing with transactions covered under TCS, filing TCS returns is a crucial compliance activity. This blog will provide a detailed overview of TCS, including what it is, who is liable, and how to file TCS returns.

What is TCS?

TCS is a tax collected by the seller from the buyer at the time of sale of specified goods or provision of services. The seller then deposits this tax with the government. This mechanism helps in tracking transactions and ensuring tax compliance.

Specified Goods and Services

The following are some of the transactions on which TCS is applicable:

  • Sale of liquor, scrap, minerals like lignite, coal, iron ore
  • Sale of timber obtained under a forest lease or any other mode
  • Sale of any other forest produce not being timber or tendu leaves
  • Sale of bullion and jewelry above a specified amount
  • Providing any service exceeding a specified amount

Rates of TCS

The rates of TCS vary based on the type of goods and services. For example:

  • Scrap: 1%
  • Tendu leaves: 5%
  • Minerals: 1%

The rates are periodically updated, and businesses need to stay informed about the latest rates.

Who is Liable to Collect TCS?

Under the Income Tax Act, sellers of specified goods are required to collect TCS. These sellers include:

  • Central and state government entities
  • Local authorities
  • Statutory corporations or authorities
  • Companies
  • Partnership firms
  • Individuals or Hindu Undivided Families (HUF) whose total sales, gross receipts, or turnover from the business exceeds the monetary limits specified under section 44AB during the preceding financial year.

Filing TCS Returns

Filing TCS returns is a mandatory compliance activity for sellers who collect TCS. The process involves several steps:

Step 1: Collection and Payment of TCS

The first step is collecting TCS from the buyer and depositing it with the government. This should be done using Challan 281, and the payment can be made online or through designated banks.

Step 2: Filing Quarterly TCS Returns

TCS returns need to be filed quarterly. The due dates for filing TCS returns are as follows:

  • Quarter 1 (April to June): 15th July
  • Quarter 2 (July to September): 15th October
  • Quarter 3 (October to December): 15th January
  • Quarter 4 (January to March): 15th May

Step 3: Using Form 27EQ

TCS returns are filed using Form 27EQ. This form includes details of the amount of TCS collected, the PAN of the buyer, and other relevant information. It is crucial to ensure that all details are accurate to avoid penalties.

Step 4: Verification and Submission

After filling out Form 27EQ, it must be verified. This can be done using a digital signature certificate (DSC) or an Electronic Verification Code (EVC). Once verified, the form is submitted online through the TIN-NSDL website or the income tax e-filing portal.

Step 5: Issuing TCS Certificates

After filing TCS returns, the seller must issue TCS certificates to the buyers. This is done using Form 27D, which should be issued within 15 days of filing the TCS return. The TCS certificate acts as proof of the tax collected and deposited.

Penalties for Non-Compliance

Non-compliance with TCS provisions can lead to penalties, including:

  • Late filing fee: A fee of ₹200 per day for the period of delay in filing TCS returns.
  • Penalty for failure to file TCS returns: The Assessing Officer may levy a penalty ranging from ₹10,000 to ₹1,00,000.
  • Interest on late payment: Interest at the rate of 1% per month or part thereof for the delay in payment of TCS to the government.

Conclusion

TCS is an important aspect of the Indian tax system, designed to ensure tax collection at the point of transaction. For businesses and individuals dealing with specified goods and services, understanding and complying with TCS regulations is essential. Regularly collecting and depositing TCS, filing accurate quarterly returns, and issuing TCS certificates are crucial steps to avoid penalties and ensure smooth business operations.

Staying informed about the latest TCS rates and regulations is vital. Businesses should consider consulting with tax professionals to ensure compliance and optimize their tax processes. With the right approach, managing TCS obligations can become a seamless part of your financial operations.

Category: Services

The Importance of Professional Accounting and Bookkeeping Services: A Spotlight on Third Eyed Consulting Servicesusiness

Introduction:
In today’s fast-paced business environment, maintaining precise and up-to-date financial records is more crucial than ever. Whether you’re a small startup or an established enterprise, effective accounting and bookkeeping are foundational to your business’s success. This is where professional services, like those provided by Third Eyed Consulting Services, come into play.

Why Professional Accounting and Bookkeeping Matter

  1. Accuracy and Compliance: Accurate financial records ensure that your business complies with local and international laws. This not only helps in avoiding legal issues but also ensures that you are prepared for audits.
  2. Financial Health Insight: Regular bookkeeping and accounting offer a clear picture of your financial health. This insight is invaluable for making informed decisions, whether it’s about expanding your operations, cutting costs, or investing in new opportunities.
  3. Time and Resource Efficiency: By outsourcing these services, businesses can save significant time and resources. This allows you to focus on what you do best – running and growing your business.
  4. Scalability: As your business grows, your accounting needs will become more complex. Professional services are scalable, meaning they can adapt to the increasing demands of your business.

Third Eyed Consulting Services: Your Partner in Financial Management

Third Eyed Consulting Services offers a comprehensive range of accounting and bookkeeping solutions tailored to meet the unique needs of businesses across various industries. Here’s how they can help:

1. Bookkeeping Services:
  • Daily Transaction Recording: Ensure that every financial transaction is accurately recorded, providing a solid foundation for all your financial reporting.
  • Accounts Payable and Receivable Management: Keep track of your cash flow with efficient management of payables and receivables.
  • Bank Reconciliation: Regular reconciliation of bank statements with your financial records to ensure accuracy and identify discrepancies promptly.
2. Accounting Services:
  • Financial Statement Preparation: Monthly, quarterly, and annual financial statements that provide a clear picture of your business’s performance.
  • Budgeting and Forecasting: Develop realistic budgets and financial forecasts to guide your strategic planning and decision-making.
  • Tax Preparation and Filing: Ensure compliance with tax regulations and optimize your tax liabilities with professional preparation and timely filing.
3. Advisory Services:
  • Financial Analysis and Reporting: In-depth analysis of your financial data to identify trends, opportunities, and areas for improvement.
  • Strategic Financial Planning: Long-term financial planning to align with your business goals and growth strategies.
  • Risk Management: Identifying potential financial risks and developing strategies to mitigate them.

Why Choose Third Eyed Consulting Services?

  • Expertise: With a team of highly qualified accountants and financial experts, Third Eyed Consulting Services brings a wealth of knowledge and experience to the table.
  • Customized Solutions: They understand that each business is unique. Their services are tailored to meet your specific needs and objectives.
  • Technology-Driven: Leveraging the latest in accounting software and technology, they ensure accuracy, efficiency, and security in all their processes.
  • Client-Centric Approach: Their commitment to client satisfaction is evident in their personalized service and proactive approach to addressing your financial concerns.

Final Thoughts

Outsourcing your accounting and bookkeeping to professionals like Third Eyed Consulting Services is not just a smart decision; it’s a strategic move that can drive your business forward. By entrusting your financial management to experts, you can ensure accuracy, compliance, and insightful analysis that supports your business growth.

Embrace the power of professional accounting and bookkeeping services, and partner with Third Eyed Consulting Services to navigate the complexities of financial management with confidence and ease. Your business’s financial health and success are their top priorities.

Category: Services

Empowering Government Bodies with Comprehensive Consulting Services

Welcome to Third Eyed Consulting Services, where we pride ourselves on being a trusted partner to government bodies, offering a diverse range of consulting services tailored to meet the unique needs of public sector organizations. Our mission is to provide exceptional support and guidance across various domains to enhance operational efficiency, ensure compliance, and drive impactful initiatives. Here’s a closer look at the services we offer:

1. Free DSC Registration

In today’s digital era, secure and efficient online communication is paramount. Digital Signature Certificates (DSC) are essential for validating electronic documents and transactions. We offer free DSC registration to government bodies, ensuring that your digital communications are both secure and legally recognized. Our experts handle the entire process, from application to issuance, making it seamless and hassle-free for your organization.

2. Free Legal Consultation

Navigating the complex landscape of legal regulations and compliance requirements can be challenging. Our free legal consultation service is designed to assist government bodies in understanding and adhering to legal mandates. Whether you need advice on regulatory compliance, contract management, or legal risk assessment, our experienced legal consultants are here to provide reliable guidance and support.

3. EPF & ESI Consultation

Employee welfare is crucial for any organization, and government bodies are no exception. We offer comprehensive EPF (Employees’ Provident Fund) and ESI (Employees’ State Insurance) consultation services to help you manage these critical aspects of employee benefits. Our team ensures that your organization complies with statutory requirements and implements best practices for managing EPF and ESI, thereby safeguarding the interests of your workforce.

4. Tax Consultation

Taxation can be a daunting aspect for any organization, but with Third Eyed Consulting Services, you can rest assured that you’re in good hands. Our tax consultation services cover all facets of tax planning, compliance, and optimization. We provide expert advice on GST, income tax, and other relevant taxes, helping government bodies navigate the intricacies of tax regulations and optimize their tax liabilities.

5. Marketing & Branding

Effective communication and a strong brand presence are vital for government bodies to engage with the public and promote their initiatives. Our marketing and branding services are tailored to help you build a compelling brand image and execute impactful campaigns. From strategic planning to creative execution, our team ensures that your message reaches the right audience and achieves the desired impact.

6. Government Campaign Consultation

Running successful government campaigns requires a strategic approach, meticulous planning, and efficient execution. Our government campaign consultation services are designed to assist you in conceptualizing, planning, and implementing campaigns that resonate with the public. Whether it’s a public awareness initiative, a policy promotion, or a community engagement campaign, we provide the expertise and support needed to make your campaign a success.

At Third Eyed Consulting Services, we are committed to empowering government bodies with the tools, knowledge, and expertise needed to thrive in today’s dynamic environment. Our dedicated team of professionals is here to support you every step of the way, ensuring that your organization can achieve its objectives efficiently and effectively.

Get in touch with us today to learn more about how we can assist your government body with our comprehensive consulting services. Together, we can build a brighter future for our communities and the nation.

Category: Services

Unlock Your Business Potential with Third Eyed Consulting ServicesStart your Business

At Third Eyed Consulting Services, we believe that every entrepreneur deserves the best start possible. That’s why we offer a range of free services designed to help you navigate the complex world of business with ease and confidence. Whether you’re just starting out or looking to streamline your operations, our team of experts is here to support you every step of the way. Here’s a closer look at the free services we provide:

Free Business Basic Services

Starting a business can be overwhelming, but it doesn’t have to be. Our Free Business Basic Services are designed to lay a strong foundation for your entrepreneurial journey. We help you understand the essentials of setting up and running a business, ensuring you’re equipped with the knowledge and tools you need to succeed.

Business Requirements & Analysis

Understanding your business needs and analyzing market conditions is crucial for success. Our Business Requirements & Analysis service delves deep into your business model, identifying key requirements and opportunities for growth. We provide tailored recommendations that align with your goals, helping you make informed decisions that drive success.

Business Registrations and Compliance

Navigating the legal landscape is one of the most challenging aspects of starting a business. We simplify this process with our Business Registrations and Compliance service. From registering your business to ensuring compliance with all relevant regulations, we handle the paperwork so you can focus on what you do best – running your business.

Free Udyam Registration

For small and medium enterprises (SMEs), Udyam Registration is essential for accessing various government schemes and benefits. We offer Free Udyam Registration, making it easy for you to register your business and unlock opportunities for growth and development.

Free Agreement Consultation

Contracts and agreements are the backbone of any business relationship. Our Free Agreement Consultation service ensures that your contracts are watertight and protect your interests. Our legal experts review and draft agreements, providing you with peace of mind and allowing you to focus on growing your business.

Free Banking & Finance Consultation

Sound financial management is crucial for any business. Our Free Banking & Finance Consultation service provides expert advice on managing your finances, securing loans, and optimizing your banking relationships. We help you navigate the financial landscape with confidence, ensuring your business has the financial stability it needs to thrive.

Zero Balance Current Account

Managing your business finances has never been easier with our Zero Balance Current Account service. This account offers all the benefits of a current account without the burden of maintaining a minimum balance. It’s the perfect solution for new businesses looking to manage their finances efficiently and cost-effectively.

And Many More

At Third Eyed Consulting Services, our commitment to your success goes beyond these offerings. We continuously expand our range of services to meet the evolving needs of our clients. From marketing support to operational guidance, we’re here to provide the comprehensive assistance you need to achieve your business goals.

Why Choose Third Eyed Consulting Services?

  • Expertise: Our team of seasoned professionals brings a wealth of experience and knowledge to the table, ensuring you receive top-notch advice and support.
  • Tailored Solutions: We understand that every business is unique, and we customize our services to meet your specific needs and objectives.
  • Commitment to Excellence: We are dedicated to helping you succeed, and our free services are just one way we demonstrate our commitment to your business’s growth and prosperity.

Get Started Today

Unlock your business potential with Third Eyed Consulting Services. Contact us today to learn more about our free services and how we can help you achieve your business goals. Let us be your trusted partner on the path to success.

At Third Eyed Consulting Services, we’re not just consultants; we’re your partners in success. Reach out to us today and take the first step towards a brighter business future.

Category: Services

Introduction: fgdjghjgh
Filing your Income Tax Returns (ITR) in India doesn’t have to be a daunting task. This comprehensive guide will walk you through the process, ensuring a smooth experience. Let’s dive into the step-by-step procedure for preparation and filing.

Step 1: Document Collection:

Gather essential documents such as bank statements, investment records, and salary slips.

Step 2: Choose the Right ITR Form:

Depending on your income and tax liabilities, select the appropriate ITR form from the seven available options.

     

      • ITR-1 (Sahaj): For individuals with a single job or business income, no need to declare other income sources if the annual income is below ₹5 lakhs.

      • ITR-2 (Sugam): Suitable for individuals or Hindu Undivided Families (HUF) with multiple income sources.

      • ITR-3: For individuals or HUF engaged in a business or profession separately from other income sources.

    Step 3: Fill in Personal and Income Information:

    Complete the chosen ITR form with accurate personal and income details.

    Step 4: Calculate Tax Liability:

    Use prescribed tax rates to calculate your tax liability after filling out the ITR form.

    Step 5: Choose Filing Method:

    Decide whether to file online or offline based on your preference.

       

        • Online Filing: Visit the e-filing website, register, log in, select the ITR form, fill in details, attach supporting documents, and submit.

        • Offline Filing: Print the ITR form, submit it with supporting documents at the nearest Income Tax office.

      Types of ITR Forms:

      There are seven types of ITR forms in India, each catering to specific taxpayers. All forms, except ITR-7, are e-filed.

      Benefits of E-filing:
      E-filing offers numerous advantages, making the process efficient and error-free.

         

          • Time-Saving: Completing the process online eliminates the need to visit the income tax office, saving time and effort.

          • Error Reduction: The e-filing software checks for errors before submission, minimizing the chances of mistakes.

          • Transparency and Accountability: Electronic storage of information enhances transparency and accountability in the tax filing process.

        Conclusion:
        Filing your Income Tax Returns can be a hassle-free experience when following this step-by-step guide. Embrace the ease of e-filing for a seamless and error-free process, ensuring compliance with India’s tax regulations.

        What are the documents required for filing an income tax return?

           

        The following documents are required for filing an income tax return:Your PAN CardYour bank account details (For electronic filing)Your completed ITR formProof of any advance taxes paid, self-assessment taxes paid, or TDS/TCS creditsAny other relevant supporting documents (Investment proofs, etc.)vjv

        Category: Services

        Thirdeyed: Your Partner in Section 8 Company Registration

        Introduction:
        A Section 8 Company, as defined by the Companies Act, 2013, is a non-profit organization aiming to promote charitable activities, arts, science, education, and sports. At Thirdeyed, we offer end-to-end services for hassle-free Section 8 company registration in India. Our expert team ensures a smooth and efficient process, enabling you to establish your non-profit entity quickly. Contact us today for professional Section 8 company registration services.

        Definition of Section 8 Company:
        According to the Companies Act, 2013, a Section 8 company is an organization dedicated to promoting various activities for social welfare. These activities include arts, commerce, science, research, education, sports, charity, social welfare, religion, environmental protection, or similar objectives. Section 8 companies utilize their profits solely for mission fulfillment and do not distribute dividends to members.

        Overview of Section 8 Company Registration:
        A Section 8 Company is a corporate entity established to promote non-profit activities such as education, social welfare, environmental preservation, arts, sports, and more. This is in line with the provisions of the Companies Act, 2013. Key points to note:

        • Minimum of two directors required.
        • No minimum paid-up capital requirement.
        • Utilizes profits for charitable objectives.
        • No distribution of profits among shareholders.
        • Similar to the erstwhile Section 25 Company under the Company Act, 1956.
        • Mandatory compliance with the Companies Act, 2013, GST, and IT Act.

        Benefits of Opening a Section 8 Company:
        Incorporating a Section 8 company in India offers several advantages:

        1. Tax Exemption: Eligible for 100% tax exemption under section 12AA of the Income Tax Act.
        2. No Minimum Capital Requirement: Flexibility in adjusting capital structure.
        3. Separate Legal Entity: Perpetual existence and separate legal identity.
        4. Increased Credibility: Stringent legal compliance enhances trustworthiness.
        5. No Title Required: Free to choose a name without the term “Section 8” affixed.

        Eligibility Criteria for Incorporation:
        To establish a Section 8 company in India, specific eligibility criteria must be met:

        1. An Indian national or Hindu Undivided Family (HUF) can incorporate.
        2. Requires at least one director.
        3. Primary objective should be related to promoting social welfare activities.

        Mandatory Legal Requirements for Section 8 Company:
        Before applying for Section 8 company incorporation, fulfill these legal requisites:

        1. Number of Directors: Minimum of two for private limited, minimum of three for public limited.
        2. Number of Members: Capped at 200 for private limited, no limit for public limited.
        3. Capital Requirement and Name: No minimum paid-up capital, no requirement to affix terms like private limited.
        4. Company Objects: Objectives must align with non-profit goals and profit utilization for charitable purposes.

        Documents Required for Section 8 Company Incorporation:
        Essential documents needed for Section 8 company incorporation:

        1. Articles of Association (AOA) and Memorandum of Association (MOA).
        2. Declaration by the first director(s) and subscriber(s).
        3. Proof of office address.
        4. Certificate of incorporation (COI) of an overseas corporate body (if any).
        5. Resolution passed by the promoter company.
        6. Consent of Nominee (INC-3).
        7. Residential and identity proof of nominees and subscribers.
        8. Applicant’s identity and residential proof.
        9. Digital Signature Certificate (DSC).
        10. Declaration of unregistered companies.

        Section 8 Company Incorporation Process:
        The process involves the following steps:

        1. Obtain Digital Signature Certificate (DSC):
        • Form: DIR-3, DSC.
        1. Obtain Director Identification Number (DIN):
        • Form: DIR-3.
        1. Reserve the Company Name:
        • Form: INC-1.
        1. File the Application for Incorporation:
        • Forms: INC-32, MOA, AOA.
        1. Obtain a License for Section 8 Company:
        • Form: INC-12.
        1. Obtain a Certificate of Incorporation:
        • Form: INC-16.

        Donations/Funding of Section 8 Company:

        • Cannot collect capital through deposits.
        • Accepts donations from the public.
        • Methods include foreign donations, equity funding, and domestic donations.

        Streamlining Section 8 Company Registration with Thirdeyed:
        Thirdeyed is your trusted partner for seamless Section 8 company registration in India. With our expertise and user-friendly online platform, we simplify the complex registration process. Our dedicated team ensures compliance with all legal formalities, guiding you through documentation to approval. Contact us now to initiate your Section 8 company registration journey.

        Category: Services

        Thirdeyed: Your Trusted Partner in Trust Registration

        Overview:
        A trust is a noble business structure designed to serve various charitable and philanthropic purposes. Trust registration, governed by the Trusts Act of 1882, is a crucial legal step that ensures the trust operates within the legal framework. At Thirdeyed, our dedicated team is ready to guide you through the trust registration process, making it seamless and efficient.

        Contact us today to discuss your trust registration needs and benefit from our expertise in establishing legally compliant and effective trusts.

        Trust & Trust Registration – An Overview:
        Trusts are established with the goal of providing non-commercial services for the betterment of society. A fiduciary relationship between the trustor, trustee, and beneficiary defines a trust. Trust registration under the Indian Trusts Act of 1882 ensures legal recognition and compliance.

        Parties Involved in Trust Registration:

        1. Trustor: Establishes the trust and transfers assets.
        2. Trustee: Manages and administers trust assets.
        3. Beneficiary: Receives benefits as per trust terms.

        Types of Trusts:

        1. Private Limited Trusts
        2. Public Limited Trusts
        3. Public Cum-Private Trust

        Regulatory Authority and Laws:

        • Registrar of Trusts: Primary regulatory authority.
        • Laws:
        • Trusts Act of 1882
        • Income Tax Act of 1961
        • Societies Registration Act of 1860

        Reasons for Trust Registration:

        1. Regulation: Ensures compliance with laws.
        2. Charitable Activities: Promotes non-commercial activities.
        3. Tax Benefits: Access to tax exemptions under sections 12A and 80G.
        4. Public Interest: Ensures public trusts act in the public’s best interests.
        5. License: Provides a license to conduct trust-related businesses.

        Benefits of Trust Registration:

        1. Charitable Involvement: Benefits individuals, beneficiaries, and charities.
        2. Tax Exemptions: Access to tax benefits for donors.
        3. Financial Support: Provides financial assistance to the underprivileged.
        4. Legal Protection: Ensures legal standing and protection.
        5. Family Wealth Protection: Manages and preserves family wealth.
        6. Probate Avoidance: Facilitates asset transfer without probate.
        7. Immigration/Emigration Benefits: Offers advantages during relocation.

        Requirements for Trust Registration:

        1. Trust Deed
        2. Photographs
        3. PAN cards
        4. Address and identity proofs
        5. Authentication (if applicable)
        6. NOC for premises (if applicable)
        7. Utility bill as address proof
        8. Trust registered office address proof
        9. 12A and 80G Certificates (if applicable)

        Trust Deed Contents:

        1. Period of operation
        2. Registered office address
        3. Geographic area of activities
        4. Objectives of the trust
        5. Trustor information
        6. Trustee details
        7. Roles and responsibilities
        8. Amendment and closure provisions

        Trust Registration Procedure:

        1. Name of the Trust: Choose a compliant name.
        2. Settlers: Determine trustor and trustees.
        3. Memorandum of Association: Outline trust objectives.
        4. Trust Deed Drafting: Create a legally binding document.
        5. Submit to Registrar: Submit documents to the registrar.
        6. Certificate Issuance: Obtain the trust registration certificate.
        7. Bank Account Opening: Open a bank account in the trust’s name.

        Winding Up a Trust:

        • Occurs when assets are distributed legally.
        • Involves addressing tax obligations.
        • Compliance with relevant authorities.

        How Thirdeyed Can Help:

        • Comprehensive assistance in Trust Registration.
        • Expert guidance and document preparation.
        • Timely updates and ongoing post-registration support.
        • Cost-effective solutions for hassle-free registration.

        Contact Thirdeyed today to initiate a successful trust registration journey and ensure your trust operates efficiently and complies with legal requirements.

        Category: Services

        Haryana Society Registration: A Step-by-Step Guide

        Purpose of Society Registration

        A society is a group of individuals united to provide a non-profitable service for a specific purpose. Societies registered under the Haryana Societies Registration Act attain legal entity status. The Department of Industries and Commerce oversees the registration process under the Haryana Government.

        Reasons for Registering a Society

        1. Promotion of arts, science, education, literature, philosophy, religion, industries, skill development, fine arts, etc.
        2. Promotion of charity or philanthropic activities.
        3. Promotion of sports, folk arts, handicrafts.
        4. Instruction and diffusion of useful knowledge.
        5. Diffusion of political education.
        6. Establishment of libraries or reading rooms for public use.
        7. Promotion of conservation of natural resources like land, water, forest, and wildlife.
        8. Formation of associations of flats or floor space owners as per the Haryana Apartment Ownership Act, 1983.
        9. Collection of natural history, instruments, or designs.
        10. Implementation and promotion of any government-sponsored scheme in the state.

        Documents Required for Registration

        1. Bye-law of the Society.
        2. Memorandum of Society approved by the President/Secretary on each page.
        3. Resolution of the General Body Meeting.
        4. Copy of the Confirmation of Resolution.
        5. Copy of identification proofs of all members.
        6. Agreement of House rent along with a copy of the R.O.R.

        Applicable Charges

        The applicant needs to pay Rs.100 as the applicable fee.

        Registration Procedure

        Step 1: Visit the official website of the Haryana Government.

        Step 2: Click on the “Online Service” menu displayed on the home page.

        Note: The remaining steps will be provided based on the current interface of the Haryana Government website.

        Step 3: The user has to select “Registration of  Societies” from the drop-down list.

        Step 4: If the user is registering for the first time, one needs to click the “New Registration” option.

        Step 5: Then, the application form will open up for the registration of online services.

        Step 6: After registering the applicant will receive a confirmation to his registered email id.

        Step 7: Now the user redirects to the login page to proceed further create your login ID by entering your mail id and password.

        Step 8: After logging the application form for societies, registration will appear on the screen.

        Step 9: Fill up the application form with the appropriate details and upload the scanned documents.

        Step 10: Click on the “Submit” button for successful registration, and the application will go to the concerned district Registrar office for verification.

        Note: Upon submission, the applicant will receive the acknowledgement number for further reference.

        Track Application Status

        The status of society registration can be verified by using the official portal of the Industries and Commerce department of Haryana.

        Step 1: Click on “Verification of Society” below online service option.

        Step 2: Enter the relevant details of firms such as

        • District name
        • Registration number
        • Society name
        • Location of society
        • State details
        • Registration date.

        Step 3: Now click “Click here to verify” button and then the status of the application will be viewed.

        Note: On approving the status, the applicant will receive the Society registration certificate within seven working days from the date of application submitted.

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