Category: Services

Category: Services

Step-by-Step Guide for Partnership Firm Registration

Step 1: Contact our Experts
Book a slot with our experts at Thirdeyed. They will guide you through partnership firm registration, answering your queries and initiating the process.

Step 2: Submit your Documents
Provide the necessary documents for partnership firm registration to our associates at Thirdeyed. Submit the required paperwork as per the outlined specifications.

Step 3: Draft the Partnership Deed
Create a comprehensive partnership deed, detailing the terms and conditions, profit-sharing ratio, business nature, and other essential aspects of the partnership.

Step 4: Choose a Name
Select a unique name for the partnership firm, ensuring it complies with legal naming regulations and is distinct from existing entities.

Step 5: Application for Registration
Apply with the Registrar of Firms, providing details such as the firm’s name, principal place of business, partners’ names, and addresses. The application should also include the duration of the firm.

Step 6: Obtain the Certificate of Registration
Upon verification, the Registrar of Firms will issue a Certificate of Registration, confirming the partnership firm’s legal recognition.

Step 7: Apply for PAN and TAN
Apply for a Permanent Account Number (PAN) and a Tax Deduction and Collection Account Number (TAN) from the Income Tax Department for tax-related matters.

How Thirdeyed Can Help
Thirdeyed offers comprehensive assistance in partnership firm registration, simplifying the process for you. Our experienced team provides expert guidance, aids in document preparation, assists with name selection, and ensures full legal compliance. Whether initiating a new partnership or formalizing an existing one, our services are tailored to your unique needs. Contact us today to take the first step towards a successful partnership.

Category: Services

The micro, small, and medium-sized enterprises (MSMEs) contribute heavily to India’s Gross Domestic Product (GDP). In fact, over 110 million people are employed by MSMEs. Yet, these enterprises face several challenges and issues while growing or expanding their footprints.

To identify and help these MSMEs, the Indian government took the initiative on May 13, 2020 to announce a new metric for classifying MSMEs in India. As per this classification metric, all MSMEs in India would be known as ‘Udyam’ and will have to go through a registration process known as ‘Udyam Registration’. The Union Cabinet approved this classification, and the Udyam registration process became mandatory for all MSMEs from July 1, 2020.

Why was Udyam introduced?

The Ministry of Micro, Small, and Medium Enterprises introduced Udyam Registration to classify MSMEs in India and provide them with the due benefits. The government has set the structure of Udyam registrations such that the registered organisations will automatically start reflecting in other government databases, including PAN, GST, and IT.

Benefits of Udyam registration

As an MSME business owner, there are several benefits of registering your business under the Udyam classification. These include:

  • It will help you in getting government tender
  • You can get business loans from banks and non-banking financial corporations (NBFCs) at lower interest rates.
  • You can avail of various tax rebates available exclusively for Udyam.
  • It will become easy for you to get government approvals, licenses, and registrations for your business.
  • You will get tariff subsidies and capital tax subsidies.
  • You can avail of rebates and concessions for setting up your industry.

How to complete your Udyam registration?

To avail of the benefits mentioned above, you will need to complete the Udyam registration of your business. After completing the registration process, you will get an Udyam Registration Certificate. Below is a step-by-step guide to Udyam registration:

Step 1 – You need to visit the official website for Udyam registration by clicking here.

Step 2 – Click on the ‘New Registration’ tab on the Home Page. You will get an Udyam registration form.

Step 3 – Enter your Aadhar card number and PAN card number, and then validate them by entering the OTP received on your mobile number.

Step 4 – Select your type of business or organisation. Enter the business PAN number attached to your business accounts.

Step 5 – Fill in all other relevant details in the form. Double-check every piece of information before submitting the registration form.

Step 6 – Submit and validate your Udyam registration form by entering your mobile number and the OTP received on it.

Step 7 – After successful registration, you will receive a ‘Thank You’ message on your mobile number and e-mail ID, along with your Udyam registration number.

Step 8 – You can then download and print your Udyam Registration Certificate.

Eligibility criteria for Udyam registration

Any business entity that fulfils the maximum turnover and investment (in equipment and machinery) criteria for MSMEs in India can get the Udyam registration certificate. The table below depicts the eligibility criteria for a business to qualify as an MSME in India:

Category: Services

FSSAI Registration and License Online

If you’re in the food business, getting FSSAI registration is a must. Whether you’re involved in processing, manufacturing, packaging, distribution, or selling, you need a Food License. It is issued by the Food Safety and Standards Authority of India (FSSAI), which oversees food businesses adhering to the regulations in the FSSAI Act of 2006.

Food License Process

  • Step 1: Once you get in touch with our experts, Our agents will set up a call with you later and collect all the necessary documents to start the registration process
  • Step 2: Our expert team will start the registration process for your food business. The process will be completely transparent. You will get timely updates from our experts.
  • Step 3: The officials from the food department will inspect your food business. After successful inspection, your food business is now registered and you will get the 14 digit FSSAI license.

Benefits of FSSAI Registration

The food business owners can benefit from having an FSSAI license by doing the following:

  • Legal advantage
  • Maintain food safety
  • Increase goodwill
  • Make consumers aware
  • It helps with import food regulation, production, storage, distribution, and sale
  • When an entrepreneur holds an FSSAI license, raising money from investors is simple
  • Food goods with FSSAI trademarks assure consumers of the products’ high quality.

The registration number visible on the food premises denotes that the location complies with criteria for cleanliness and quality.

Procedure for Renewal

An FSSAI license is valid for a period of one to five years and can be renewed before it expires. Any person or organisation that has an Food license is eligible to apply for a renewal of their license by submitting an application no later than 30 days before their license expires.The renewal process is similar to the application process and requires the same documents. Any FSSAI renewal application submitted after the expiration date is subject to a ₹100 per day late fee. The Food Business Operator must stop all operations at the location if the food license has expired.

If you want to change your business address or any other details on your license, you will need to apply for a new license. You can do this by filling out the online application form and providing the required documents.

Who is Required to Apply for FSSAI Registration?

From hawkers, home vendors to giant food chains everyone operating in the food industry needs to register with FSSAI. Irrespective of whether you are operating online or offline, or whether you are a local player or into the import or export of food products, you need to register with FSSAI. Based on their size and the places they operate, they have to get one of the 3 types of registration/license that are discussed below.

If your business falls in any one of the below-listed categories, then a food license is mandatory for you:

  • Procurement
  • Manufacture
  • Distribution
  • Processing
  • Packaging
  • Storage
  • Selling

In other words, an individual or a company that operates with food substances from farm to plate must obtain the food license.

Fssai License Government Fees (FoSCoS)

When submitting the form, the applicant or FBO needs to pay the below-mentioned fees.

  • Fee for FSSAI Basic Registration: ₹100
  • Fees for the FSSAI State License range from ₹2,500 to ₹ 3000
  • Fee for FSSAI Central License: ₹7,500.

Documents Required for FSSAI Registration

Based on different types of registration and the food business that you are running, you have to submit different documents required for Food License.

Documents for New FSSAI Registration Certificate

  • Photograph of the Applicant
  • Government-issued photo identities
  • Proof of Address of Businesses activity

Documents for Modification of License/Registration

Changes in the following documents or details from those provided while obtaining the previous food business license:

1. Certificate indicating adoption of Food Safety Management System

2. Medical fitness certificates of all workers in the firm

3. Complete details of technical personnel overseeing the operation

For renewal of registration/license, the following are required:

1. Any changes in documents or information provided during the grant of the previous registration

Documents for FSSAI State/Central License

  • Form-B
  • Address proof for production site
  • Production site layout
  • Proof of premises rent
  • Business certificate
  • Factory license (if any)
  • Power details for the unit
  • Contacts for partners, directors, members
  • ID and address proof for managers or signers
  • Water test report from a certified lab
  • Form IX (if you’re nominated by the business owner)
  • NOC from the manufacturer
  • List of food items to be made
  • Food safety management plan

Manufacturing Units

Including the documents required for Food Licence, manufacturing units have to submit the following documents as well:

  • The blueprint of warehouse, plant, etc.
  • A list of all machinery
  • Report of a water test
  • List of all food categories

Penalty for Non- Compliance

Non-compliance with FSSAI regulations can result in penalties and legal action by the authorities. Here are some of the penalties for FSSAI non-compliance:

  • Penalty for selling unsafe or substandard food is up to ₹5 lakhs
  • Penalty for misleading advertising is up to ₹10 lakhs
  • Penalty for obstructing or failing to cooperate with FSSAI officials is up to ₹2 lakhs
  • Penalty for violating FSSAI regulations is up to₹2 lakhs
  • Penalty for carrying out food business without FSSAI license is up to ₹5 lakhs
  • Penalty for manufacturing or selling misbranded food is up to ₹3 lakhs
  • Penalty for manufacturing or selling food containing extraneous matter is up to ₹1 lakh
  • Penalty for causing injury or death due to the consumption of unsafe food: Imprisonment of up to 6 years and a fine of up to ₹5 lakh

Category: Services

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Shop and Establishment Registration

All states have their own Shop and Establishment Acts but adhere to the same general provisions. State Labour Departments regulate Shop Act. According to this shop act registration, licenses are issued by the respective states, differing slightly from state to state. The shop and establishment registration Act regulates all shops and commercial establishments within the state.

Definition: A shop is where goods are sold or provided, whether retail or wholesale, and services are rendered. Commercial establishments employ people for office work, such as commercial, financial, trading, or insurance companies.

Why Was the Shop Act License Introduced?

  1. Rules Based On Local Culture: Allows states to frame regulations for the labour workforce.
  2. Convert Unorganised Sector Into Organised: Aims to bring rules and regulations to organize the sector.
  3. Mandates Registration: Business registration is mandatory for entrepreneurs, facilitating better assistance.

Benefits of Shop and Establishment License

  1. Legal Right to Conduct Business: Gives legal right to operate within the Act’s jurisdiction.
  2. Ease of Opening Business Bank Account: Allows creating a business account using the certificate.
  3. Hassle-free Inspections: Provides access to government schemes and low-interest bank loans.
  4. Availing Government Benefits: Access to financial plans and programmes.
  5. Encourage Expansion: Strengthens market position for reaching newer consumers.

Documents Required for Shop and Establishment Registration

  1. Shop or business address proof
  2. ID proof
  3. PAN card
  4. Payment challan
  5. Additional business licenses necessary to start a business

Regulations Under The Shop Registration Act

Regulates matters such as work hours, annual leave, weekly holidays, compensation, and wages. It also prohibits employing children, restricts night shifts for women and young people, and enforces rest intervals, hours of operation, record-keeping by employers, and terms of dismissal.

Penalties For Not Acquiring Shop Act License

Penalties vary by state and are typically monetary, operational, or imprisonment-based. Closure of Shop or Establishment may occur if it closes for any reason without informing the Chief Inspector.

Steps Involved In Shop Act Registration

Step-by-Step Guide for Shop and Establishment Registration in Tamil Nadu

Step 1: Contact our Experts
Book a slot with our experts at Thirdeyed. They will address your queries about shop and establishment registration and kickstart the process.

Step 2: Submit your Documents
Provide all the required documents for shop and establishment registration to our associates. Submit the necessary paperwork as per the requirements.

Step 3: Inspection & Approval
The labor department conducts an inspection to verify the information and documents submitted. While inspections are typically not required, authorities may visit your business location. Once approved, your shop act license will be delivered to your doorstep.

Eligibility Criteria to Register Under Shop and Establishment Act 1947

  1. The shop or establishment should be within the territorial limits of Tamil Nadu.
  2. It should not fall under other legislations like the Factories Act, 1948.
  3. Engaged in commercial activities such as trading, banking, insurance, or entertainment.
  4. Should have at least one employee, including the owner, on its payroll.

Documents Required for Registration

  1. Identity documentation for the company, associate, or owner (voter ID card, PAN card, or Aadhaar card).
  2. Address documentation for the store or business (contract or property tax return).
  3. Proof of formation, such as a partnership deed or filing document from the Registrar of Companies.

Validity of Registration Certificate in Tamil Nadu
The registration certificate issued under the Tamil Nadu Shop and Establishment Act, 1947 is valid for five years from the date of issue. Renew the registration before expiry by submitting a renewal application with the prescribed fee to the District Labour Office.

Category: Services

GSTIN stands for Goods and Services Tax Identification Number. It is a unique 15-digit number assigned to every taxpayer registered under the GST regime in India. The GSTIN is used to identify taxpayers and to track their transactions.

The GSTIN is structured as follows:

  • The first two digits represent the state code.
  • The next ten digits are the PAN card number of the taxpayer.
  • The thirteenth digit is an entity code used to distinguish between different types of taxpayers.
  • The fourteenth digit is a fixed alphabet ‘Z’.
  • The fifteenth digit is a check digit, which is used to verify the accuracy of the GSTIN.

What is the GSTN (Goods and Service Tax Network)?

The Goods and Services Tax Network (GSTN) is a non-profit, non-government organisation that provides the shared IT infrastructure and services to the Central and State Governments, taxpayers and other stakeholders to implement the Goods and Services Tax (GST) in India.

The GSTN is responsible for developing and maintaining the GST portal, which is the online platform that taxpayers use to register for GST, file returns, and make payments.

The GSTN also provides several other services, such as:

  • E-invoicing
  • E-way bill
  • Input tax credit reconciliation
  • GST compliance reporting

The GSTN is a critical component of the GST system in India. It provides the IT infrastructure and services that enable taxpayers to comply with the GST laws and the government to administer the GST system.

What is a GST Certificate?

A GST certificate is a document issued by the Government of India to a taxpayer or entity that has registered under the GST system. It is proof of registration and authorises the taxpayer to collect GST from customers on behalf of the government.

The GST certificate contains the following information:

  • GST Identification Number (GSTIN)
  • Name of the taxpayer
  • Address of the taxpayer
  • Date of registration
  • Type of registration (regular, composite, or non-resident)
  • Business category
  • Signature of the authorised officer

Components of GST

The components of Goods and Services Tax (GST) in India are:

Central Goods and Services Tax (CGST)

This is levied by the central government on all intra-state and inter-state supplies of goods and services. The CGST rate is the same for all states and union territories.

State Goods and Services Tax (SGST)

This is levied by the state government on all intra-state supplies of goods and services. The SGST rate varies from state to state.

Integrated Goods and Services Tax (IGST)

This is levied by the central government on all inter-state supplies of goods and services. The IGST rate is the sum of the CGST and SGST rates.

Union Territory Goods and Services Tax (UTGST)

This is levied by the central government on all supplies of goods and services made within a union territory. The UTGST rate is the same as the SGST rate.

Who Needs a GST Registration Service?

  • Any individual or business entity that carries out taxable supplies of goods or services
  • Annual turnover of the business exceeds the prescribed threshold limit (currently ₹20 lakhs for most businesses)
  • E-commerce operators that facilitate the supply of goods and services through their platform
  • Non-resident taxable persons who occasionally supply goods or services in India
  • Businesses that are involved in inter-state supply of goods or services
  • Input service distributors who distribute input tax credit to their branches or units
  • Casual taxable persons who supply goods or services occasionally in India
  • Businesses that were previously registered under the old tax regime (VAT, Service Tax, etc.) and have migrated to GST.

Objectives of GST

The objectives of the Goods and Services Tax (GST) in India are to:

Create a unified and simplified tax system

GST is a single tax that replaces multiple indirect taxes levied by the central and state governments. This makes it easier for businesses to comply with tax laws and reduces the cost of doing business.

Eliminate the cascading effect of taxes

The cascading effect of taxes occurs when a tax is levied on a product or service that already includes other taxes. This can lead to higher prices for consumers. GST eliminates the cascading effect of taxes by allowing businesses to claim input tax credits on the taxes paid on their inputs.

Promote economic growth and development

GST is expected to boost economic growth and development in India by creating a single market for goods and services. This will make it easier for businesses to trade across state borders and will lead to lower prices for consumers.

Increase tax revenue

GST is expected to increase tax revenue for the government by widening the tax base and reducing tax evasion. This will help the government to fund essential public services.

Category: Services

A GST return is a document where a taxpayer reports income, expenses, sales, purchases, and tax liability to tax authorities using their GSTIN. It provides essential details for tax administrative authorities.

The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. Every taxpayer registered under GST has to file GST returns. These returns are used to calculate the tax liability by the government. GST is an evolving system of taxation, and the government keeps updating the rules and regulations around it. So, it is important to stay up-to-date to be able to file your returns correctly. Our GST return filing service at Thirdeyed helps taxpayers to get it done easily. Our professionals will take care of the filings so you don’t have to worry about keeping up with the due dates and staying GST compliant.

Benefits of GST Return Filing

  1. Elimination of Cascading Effect: Earlier, there were instances where tax on tax was paid for a single transaction. With GST eliminating several other taxes like central excise duty, service tax, customs duty, and state-level value-added tax, you no longer are subjected to paying tax on tax, saving you money.
  2. Higher Threshold: The threshold for GST is an aggregate turnover exceeding 40 lakhs for the sale of goods and an aggregate turnover exceeding 20 lakhs for the sale of services. Small businesses falling below this threshold limit are not subject to GST filing.
  3. Easier for Startups and E-commerce Businesses: The GST system has made it easier for startups and e-commerce companies to manage their taxes. E-commerce particularly suffered from different tax laws across different states which are now eradicated by GST.
  4. More Organized System: Before the GST tax return filing system was disorganized. Now, all taxes are paid online, and major hassles that were a part of tax filing have been eliminated in the process of introducing GST.

Documents Required for GST Return Filing

  • Invoices issued to persons with GSTIN or B2B invoices
  • Invoices issued to persons without GSTIN or B2C invoices
  • This needs to be submitted only when its total value is above ₹2.5 lakhs
  • A consolidation of inter-state sales
  • HSN-wise summary of all goods sold
  • Any other debit or credit notes or advance receipts

Upcoming Due Dates to File GST Returns

It is crucial to complete the filing within the due date to file GST. This will help in avoiding late payment charges and interests. The due dates for filing GST returns can be extended as per the issuing order or through notifications. Vakilsearch has gathered a list of due dates to file GST for the financial year 2021- 2022 and 2022 – 2023.

Who Is Eligible for GST Return?

  • Regular enterprises with an annual aggregate revenue of more than ₹5 crore
  • Taxpayers who did not choose the QRMP plan are required to file two monthly returns and one yearly return under the GST system
  • QRMP filers must submit nine GSTR files annually, which include four GSTR-1 and three GSTR-3B forms as well as an annual return. It should be noted that even if QRMP filers submit their returns on a quarterly basis, they must pay tax on a monthly basis
  • Additionally, separate statements and returns must be filed in other circumstances, such as in the case of composition dealers, who must submit five GSTR files annually (4 statement-cum-challans in CMP-08 and 1 annual return GSTR-4).

Steps for Online GST Payment

To make the GST payment post-login to the GST Portal once the challan is generated, perform the following steps:

  • Access the https://www.gst.gov.in/URL. The GST Home page is displayed
  • Login to the GST Portal with valid credentials
  • Access the generated challan. Click the Services > Payments > Challan History command
  • Select the CPIN link for which you want to make the payment

Note: In case you don’t know the CPIN number, you can select the Search By Date option to search the CPIN number by the date on which it was generated.

  • Select the Mode of E-Payment
  • In the case of Net Banking
    1. Select the bank through which you want to make the payment
    2. Select the checkbox for terms and conditions to apply
    3. Click the make payment button
  • In the case of Credit/ Debit Cards
    1. Please select a payment gateway, select the payment gateway option
    2. Select the checkbox for terms and conditions apply
    3. Click the make payment button

Steps for Offline GST Payment

In the case of Over the Counter

  • In the payment modes option, select the over the counter as a payment mode
  • Select the name of the bank where cash or instrument is proposed to be deposited
  • Select the type of instrument as cash/cheque/demand draft
  • Click the generate challan button
  • Take a printout of the challan and visit the selected Bank
  • Pay using cash/cheque/demand draft within the challan’s validity period
  • The status of the payment will be updated on the GST Portal after confirmation from the bank.

Steps for GST Payment Through NEFT/RTGS

In the case of NEFT/ RTGS

  • In the payment modes option, select the NEFT/RTGS as a payment mode
  • In the remitting bank drop-down list, select the name of the remitting bank
  • Click the generate challan button
  • Take a printout of the challan and visit the selected Bank. Mandate forms will also be generated simultaneously
  • Pay using Cheque through your account with the selected bank/branch. You can also pay using the account debit facility
  • The transaction will be processed by the bank and RBI shall confirm the same within <2 hours>
  • Once you receive the Unique Transaction Number (UTR) on your registered e-mail or mobile number, you can link the UTR with the NEFT/RTGS CPIN on the GST Portal. Go to challan history and click the CPIN link. Enter the UTR and link it with the NEFT/RTGS payment
  • The status of the payment will be updated on the GST portal after confirmation from the bank
  • The payment will be updated in the electronic cash ledger in respective minor/major heads.

Category: Services

Understanding Income Tax Returns in India: A Comprehensive Guide

Introduction

Filing income tax returns is a crucial financial responsibility for every eligible citizen in India. The process ensures that the government has the necessary funds to provide public services and infrastructure. However, the intricacies of income tax can often be confusing. This blog aims to demystify the process of filing income tax returns in India, offering a step-by-step guide and highlighting key aspects to consider.

What is an Income Tax Return?

An Income Tax Return (ITR) is a form where taxpayers declare their taxable income, deductions, and tax payments. It is mandatory for individuals and businesses whose income exceeds the exemption limit set by the government to file their ITR annually.

Why is Filing ITR Important?

  1. Legal Requirement: Non-compliance can lead to penalties and legal action.
  2. Financial Documentation: It serves as proof of income and is essential for loan applications, visa processing, and other financial transactions.
  3. Claiming Refunds: If you have paid excess tax, filing an ITR allows you to claim a refund.
  4. Carry Forward Losses: Filing returns allows you to carry forward losses to offset against future income, reducing future tax liabilities.

Who Needs to File an ITR?

  • Individuals with an annual income exceeding ₹2.5 lakh (₹3 lakh for senior citizens aged 60-80, and ₹5 lakh for super senior citizens above 80).
  • Companies and firms, regardless of income.
  • Individuals who want to claim a refund or carry forward a loss.
  • NRIs with income in India exceeding ₹2.5 lakh.
  • Those who own foreign assets or have financial interest outside India.

Types of ITR Forms

India offers several ITR forms tailored to different taxpayers:

  • ITR-1 (Sahaj): For individuals with income up to ₹50 lakh from salary, one house property, and other sources.
  • ITR-2: For individuals and HUFs not having income from business or profession.
  • ITR-3: For individuals and HUFs having income from a proprietary business or profession.
  • ITR-4 (Sugam): For presumptive income from business and profession.
  • ITR-5: For LLPs, AOPs, BOIs, and other entities.
  • ITR-6: For companies other than those claiming exemption under section 11.
  • ITR-7: For entities required to file returns under sections 139(4A) to 139(4F).

Steps to File an Income Tax Return

  1. Collect Documents: Gather all necessary documents such as PAN card, Aadhaar card, Form 16 (for salaried individuals), interest certificates, TDS certificates, investment proofs, and bank statements.
  2. Choose the Right Form: Select the appropriate ITR form based on your income sources and category.
  3. Login to the Portal: Visit the official Income Tax Department website and log in with your credentials.
  4. Fill the Form: Enter your personal details, income details, and tax paid. Ensure accuracy to avoid discrepancies.
  5. Claim Deductions: Declare eligible deductions under sections like 80C, 80D, etc., to reduce your taxable income.
  6. Compute Tax: Calculate your tax liability based on the current tax slabs.
  7. Pay Additional Tax (if any): If your computed tax exceeds the tax paid, pay the difference using online banking.
  8. Verify Return: After filing, verify your return either electronically using Aadhaar OTP, net banking, or by sending a signed physical copy of ITR-V to the Centralized Processing Center (CPC) in Bengaluru.
  9. Acknowledgement: Upon verification, you will receive an acknowledgment receipt from the Income Tax Department.

Key Deadlines

  • For Individuals and HUFs: July 31 of the assessment year.
  • For Businesses Requiring Audit: September 30 of the assessment year.
  • For Transfer Pricing Cases: November 30 of the assessment year.

Penalties for Non-Compliance

  • Filing after the due date but before December 31 attracts a penalty of ₹5,000. After December 31, the penalty increases to ₹10,000.
  • An additional interest rate of 1% per month on the due tax amount is also applicable for delayed filing.

Tips for Hassle-Free Filing

  1. Stay Updated: Keep abreast of the latest tax laws and amendments.
  2. Maintain Records: Organize your financial documents throughout the year to avoid last-minute hassles.
  3. Seek Professional Help: Consult a tax advisor if your financial situation is complex.

Conclusion

Filing an income tax return might seem daunting, but understanding the process and staying organized can simplify it significantly. Ensuring timely and accurate filing not only keeps you compliant with the law but also benefits you financially. Take charge of your financial health by making informed tax decisions and leveraging available resources to file your ITR seamlessly.

Category: Services

Navigating NGO Registration: Society, Trust, and Section 8 Company with Third Eyed Consulting Services

Starting a Non-Governmental Organization (NGO) is a noble endeavor aimed at addressing various social, cultural, economic, and environmental issues. However, the process of registering an NGO can be complex, with different legal structures such as Society, Trust, and Section 8 Company. Third Eyed Consulting Services offers comprehensive assistance in navigating these registration processes, ensuring your NGO is set up correctly and efficiently.

Understanding the Types of NGOs

Before diving into the registration services offered by Third Eyed Consulting, it’s essential to understand the different types of NGOs in India:

1. Society

A Society is a group of individuals who come together for a common charitable purpose. It is governed by the Societies Registration Act, 1860. Societies are suitable for those aiming to promote literature, science, fine arts, or the diffusion of useful knowledge.

2. Trust

A Trust is formed when a settlor (person who creates the trust) transfers property to trustees for the benefit of beneficiaries. Trusts in India are governed by the Indian Trusts Act, 1882. They are commonly used for charitable activities such as education, healthcare, and poverty relief.

3. Section 8 Company

A Section 8 Company is a company registered under the Companies Act, 2013, for promoting commerce, arts, science, sports, education, research, social welfare, religion, charity, protection of the environment, or any such other object. Unlike other companies, a Section 8 Company cannot distribute profits to its members.

Why Choose Third Eyed Consulting Services?

Third Eyed Consulting Services specializes in providing end-to-end NGO registration services, ensuring compliance with all legal requirements. Here’s how they can help:

Comprehensive Guidance

Navigating the legal landscape of NGO registration can be daunting. Third Eyed Consulting offers expert advice on choosing the right type of organization based on your objectives, resources, and scope of work.

Detailed Documentation Assistance

One of the most challenging aspects of NGO registration is the preparation and submission of various documents. Third Eyed Consulting helps in drafting the necessary documents such as Memorandum of Association (MOA), Trust Deed, Articles of Association (AOA), and other requisite papers.

Efficient Processing

The registration process involves multiple steps and can be time-consuming. With Third Eyed Consulting’s expertise, the process is streamlined, ensuring timely submission and approval of your NGO registration.

Compliance and Legal Support

Post-registration compliance is crucial for the smooth functioning of your NGO. Third Eyed Consulting provides ongoing support to ensure your NGO adheres to all statutory requirements, avoiding any legal pitfalls.

The Registration Process with Third Eyed Consulting

For Society
  1. Name Reservation: Assistance in selecting a unique name and reserving it.
  2. Drafting Documents: Preparation of the Memorandum of Association and Rules & Regulations.
  3. Filing with Registrar: Submission of documents to the Registrar of Societies.
  4. Follow-up: Regular follow-ups with the authorities to expedite the registration process.
For Trust
  1. Drafting the Trust Deed: Legal drafting of the Trust Deed with all essential clauses.
  2. Registration with Sub-Registrar: Submission and registration of the Trust Deed with the local Sub-Registrar office.
  3. PAN and TAN Application: Assistance in applying for the Trust’s PAN and TAN.
For Section 8 Company
  1. Digital Signature Certificate (DSC): Assistance in obtaining DSC for the proposed directors.
  2. Director Identification Number (DIN): Application for DIN for the directors.
  3. Name Approval: Filing for name approval with the Registrar of Companies.
  4. MOA and AOA Drafting: Preparation of the Memorandum of Association and Articles of Association.
  5. Incorporation Filing: Filing the incorporation documents with the Ministry of Corporate Affairs.
  6. License under Section 8: Obtaining the license for operating as a Section 8 Company.

Conclusion

Registering an NGO is a significant step towards making a positive impact on society. With the expert guidance of Third Eyed Consulting Services, you can navigate the complexities of NGO registration with confidence and ease. Whether you choose to register as a Society, Trust, or Section 8 Company, Third Eyed Consulting ensures that your organization is set up legally and ready to achieve its mission. Partner with them to make your dream of making a difference a reality.

Category: Services

Unlocking Success with Third Eyed Consulting Services: Your Go-To for Business and NGO Registration

Starting a business or an NGO is an exciting venture, but the registration process can often feel daunting. This is where Third Eyed Consulting Services steps in to streamline your journey from concept to establishment. With a team of seasoned professionals, Third Eyed Consulting Services offers comprehensive registration solutions tailored to meet your unique needs.

Business Registration Services

1. Company Formation

Whether you’re a startup, a small business, or an established company looking to expand, Third Eyed Consulting Services provides expert guidance on company formation. Their services include:

  • Private Limited Company Registration: Ideal for startups and small to medium-sized businesses, this structure offers limited liability and allows for external funding.
  • Public Limited Company Registration: Suitable for larger enterprises planning to raise capital through public offerings.
  • One Person Company (OPC) Registration: Designed for solo entrepreneurs who wish to enjoy the benefits of a corporate structure without needing a partner.
  • Limited Liability Partnership (LLP) Registration: Combines the benefits of a partnership with the advantages of limited liability, perfect for professional services firms.

2. Licensing and Permits

Navigating through the maze of necessary licenses and permits can be challenging. Third Eyed Consulting Services ensures you obtain all required legal authorizations, including:

  • Trade License
  • Shop and Establishment License
  • Import Export Code (IEC)
  • Goods and Services Tax (GST) Registration

3. Compliance and Filings

Staying compliant with ongoing regulatory requirements is crucial for business longevity. The team assists with:

  • Annual Filings: Ensuring timely submission of annual returns and financial statements.
  • Tax Compliance: Managing your corporate tax obligations, including filing returns and handling audits.
  • Secretarial Services: Maintaining statutory records, minutes of meetings, and other compliance documentation.

NGO Registration Services

Non-Governmental Organizations (NGOs) play a vital role in societal development. Third Eyed Consulting Services offers specialized assistance in registering various types of NGOs, ensuring you can focus on your mission while they handle the legalities.

1. Society Registration

Ideal for groups involved in educational, charitable, or public welfare activities, society registration involves:

  • Drafting the Memorandum of Association (MOA)
  • Filing the required documents with the Registrar of Societies
  • Obtaining the Certificate of Registration
2. Trust Registration

For those aiming to establish a trust for charitable purposes, Third Eyed Consulting Services facilitates:

  • Preparation of the Trust Deed
  • Filing with the relevant authority
  • Securing the Trust Registration Certificate
3. Section 8 Company Registration

A Section 8 Company, formed with a charitable objective, benefits from the advantages of a corporate structure. The consulting team assists with:

  • Drafting the MOA and Articles of Association (AOA)
  • Filing with the Registrar of Companies
  • Obtaining the Incorporation Certificate
4. FCRA Registration

For NGOs seeking to receive foreign contributions, Foreign Contribution Regulation Act (FCRA) registration is mandatory. Third Eyed Consulting Services provides:

  • Guidance on FCRA eligibility and documentation
  • Filing the FCRA application
  • Ensuring compliance with FCRA regulations

Why Choose Third Eyed Consulting Services?

Expertise and Experience

With a deep understanding of regulatory frameworks and years of experience, Third Eyed Consulting Services ensures a seamless registration process.

Tailored Solutions

Every business and NGO is unique. The team provides personalized advice and services that align with your specific objectives and needs.

End-to-End Support

From the initial consultation to post-registration compliance, Third Eyed Consulting Services is with you every step of the way, offering comprehensive support and guidance.

Transparent and Cost-Effective

Transparency and affordability are at the core of their services. You’ll receive clear communication about costs and processes, ensuring there are no hidden surprises.

Category: Services

Tax and Compliance with Third Eyed Consulting Services

In today’s complex and ever-evolving regulatory environment, businesses of all sizes face significant challenges in managing tax and compliance obligations. Ensuring that your company adheres to local, state, and federal regulations while optimizing your tax strategies is critical for financial stability and growth. This is where Third Eyed Consulting Services steps in, providing a comprehensive suite of tax and compliance services designed to meet your unique business needs.

Who We Are

Third Eyed Consulting Services is a premier advisory firm specializing in tax, compliance, and business consulting. Our team of experienced professionals brings deep expertise across various industries, ensuring that we offer tailored solutions that align with your strategic goals. We are committed to helping you navigate the complexities of tax regulations and compliance requirements with confidence and ease.

Our Tax Services

1. Tax Planning and Strategy: Effective tax planning is essential for minimizing liabilities and maximizing profitability. Our experts work closely with you to develop robust tax strategies that align with your business objectives. By analyzing your financial situation, we identify opportunities for tax savings and ensure that you are taking advantage of all available deductions and credits.

2. Tax Compliance: Staying compliant with tax laws is crucial to avoid penalties and fines. We offer comprehensive tax compliance services, including preparation and filing of federal, state, and local tax returns. Our team stays updated with the latest tax laws and regulations, ensuring that your filings are accurate and timely.

3. International Taxation: For businesses operating on a global scale, managing international tax obligations can be particularly challenging. Our international tax services include planning and compliance for cross-border transactions, transfer pricing, and foreign tax credits. We help you navigate the complexities of international tax laws to optimize your global tax position.

4. Sales and Use Tax: Sales and use tax regulations vary significantly by jurisdiction, making compliance a daunting task for many businesses. Our specialists provide detailed guidance on sales and use tax obligations, including nexus studies, registration, and filing requirements. We also assist with audits and dispute resolution.

5. Tax Audit Representation: Facing a tax audit can be stressful and time-consuming. Our experienced tax professionals represent you in dealings with tax authorities, ensuring that your interests are protected. We handle all aspects of the audit process, from documentation and correspondence to negotiations and settlements.

Our Compliance Services

1. Regulatory Compliance: Maintaining compliance with industry-specific regulations is critical for operational integrity and reputation. We offer regulatory compliance services tailored to your industry, ensuring that your business adheres to all relevant laws and standards. Our services include compliance assessments, risk management, and the development of compliance programs.

2. Corporate Governance: Good corporate governance is the foundation of a successful business. We assist with the implementation and monitoring of governance frameworks, including board policies, internal controls, and ethical standards. Our goal is to help you foster a culture of accountability and transparency.

3. Environmental, Social, and Governance (ESG) Compliance: As ESG considerations become increasingly important to stakeholders, ensuring compliance with ESG standards is essential. We provide ESG compliance services, helping you integrate sustainable practices into your operations and reporting on your ESG performance.

4. Anti-Money Laundering (AML) and Anti-Bribery: Compliance with AML and anti-bribery regulations is critical for preventing financial crimes. Our experts offer comprehensive AML and anti-bribery services, including risk assessments, policy development, training, and audit support. We help you establish robust systems to detect and prevent illicit activities.

Why Choose Third Eyed Consulting Services?

Expertise and Experience: Our team comprises seasoned professionals with extensive experience in tax and compliance across various industries. We bring a wealth of knowledge and a track record of success to every engagement.

Tailored Solutions: We understand that every business is unique. Our services are customized to meet your specific needs and objectives, ensuring that you receive the most effective solutions.

Proactive Approach: We take a proactive approach to tax and compliance, identifying potential issues before they become problems. Our goal is to help you stay ahead of regulatory changes and minimize risks.

Commitment to Excellence: At Third Eyed Consulting Services, we are committed to delivering excellence in everything we do. We strive to exceed your expectations and provide exceptional value through our services.

Navigating the complexities of tax and compliance can be daunting, but you don’t have to do it alone. Partner with Third Eyed Consulting Services to ensure your business is compliant, efficient, and positioned for growth. Contact us today to learn more about how we can support your tax and compliance needs.

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