New company - private limited company (software services)

 

Dear Professionals,

I have registred my company as private limited company on 30th october 2012.

We have received workorder, work  will start from january 5th.

I have also regitred company as Small Scale Industry with MSME.


Regarding accounts, and filing of taxes i dont know what to do and when to do.

The financial year is from April to March every year. In your case from 30th October 2012 to March 2013 and then April 2013 to March 2014 and will go on.

Yes you have to maintain books of accounts if you have gross turnover ( sales ) of more than 1 crores. If you have sales is less than 1 crores , and if you want to show a profit of less than 8% , then books have to be maintained . If your are going to show profits of 8% on less than turnover of 8 crores , then you are no books of accounts to be maitained.

Filing of Tax depends on the type of tax :

VAT - Monthly

Service Tax - Quarterly

TDS - Quarterly

Should i go for tally. why tally is used? 

Tally is used to maintain Accounts. if you think your accounts are not that much , you can maintain records in excel or manually also.

Where and how shall tally be usefull for me ? Should i file taxex every month or quarter or yearly.

Tally will be useful as the accounts are maintained in it and you will know your financial position .

For tax filing refer the 1st point. 

Some where i have read that, new companies dont need to pay service tax in first year. is that true. if not what is the procedure.

In the first year there is a exemption , but if you have services sales reaches 9 lakhs , then you will have to apply for Service Tax Reg. No . And if you are services sales is or more than 10 lakhs in this financial year , then from the next financial year , you are liable to pay ST .

 
I have not applied for service tax registration and VAT registration. Shall i apply now or wait for 6 months.

For Service tax refer the above answer.

As yours is a software company , you will be renndering services and if you sale something , then VAT will come. So VAT Registration will be required.

How about  tax deductions to employees salary. any format is their ? WHo much should i deduct and where to show ?

When the employee salary crosses Rs.2 Lakhs , you are liable to deduct TDS , If he has 80 C deductions and if he furnishes the same documents , then the same limit will be increased to Rs.3 Lakhs.

s their any salary breakup formule ? i.e if 20,000 is salary the- basic -5000, TA dA-2000, Educational -2000 and so on /

Salary Structure depends on how you plan for tax exemptions. Like HRA expemtion and all.

Should i take labour licence ? 

Depends on the state and the industry you are in.

PF is applied when ? 

When you have more than 20 employees.

What are the governament promotions for newly started entrprise 

SME / MSME and other incentives , depending on the industry you are in.

BEnifts that the company can enjoy in 1st year

AS a small scale industry (MSME) can i get any benfits from service ?

Subsidy for machinery purchase and lesser rate of interest on loan from banks.

Shall i contact CA at this junction or after 6-8 months when i start receiving money from my clients Actually, why CA is involved and where he is required and why CA is required ?

CA is required for finalisation of your accounts and to advise on the issues which you have asked above . And if you maintain books of accounts as per point 1 , then he must sign your balance sheet and do a tax audit.
 

I request compitent persons to kindly reply and clarify the above mentioned doubts.

Few of These doubts may look silly. But doubt is doubt.

I am technical guy. I can hadle projects technically. but these doubts are related to corporate law.

I request intellectuals like you to guide me.

Hope this sorts your issues .