What & how to manage after company formation/registration

Pvt ltd 1072 views 6 replies

Kumar

Founder

63 Points Joined May 2012

Hi All Epxerts,

I am running a solo propretership IT company (service industry) of having turnover of around 20 Lacs and most of my business belongs outside India, most of the payment received in Dollars. Now, I am planning to convert it into a Pvt. Ltd. company, I know it takes hardly 15 days to register it but I have heard that there will be lot of hassles after company registration. Hence I have questions to clearify:

What kind of taxes I am liable to pay to goverment?
How & when I need to pay them?
Can I charge service to my clients outside India and if yes than how much?
Do I need to keep the invoice for the proof and do I need to ask my clients to sign it?
We are selling digital products too, so are we liable to pay VAT on them and service too?
How frequently I need to pay taxes?
Do I need CA services to file service tax or I can do myself?
How income tax I need to from the company's account?
I am the owner of the company, so am I also considered as the employee of the company?
How much salary I can withdraw and how to calculate that what will be the correct amount?
What about TDS and when I need to pay?

Your help much appriciated and can you help me company registration, how much will you charge? and what I will get in return?

Thanks you so much! Looking forward to your responses.

Replies (6)

Ashish M

Chartered Accountant

2731 Points Joined January 2008

you have a lot of questions...!!!

And you require a proper guidance after considering details about what will be your business model..!!!

Consulting a professional will only pay off in long run..!!!

You can get in touch in case you need advise.!!

Ashish

9999971774

ARUN KUMAR MAITRA

Practicing Company Secretary

1016 Points Joined May 2012

Immediately after incorporation of the Company, you should hold a first board meeting inter-alia to appoint the first auditors and directors and also to authorise persons to obtain various statutory registrations viz.under the Shops & Establishment Act, CST/Vat/Central Excise,Service -Tax,Trade License etc.Further , you should also apply for PAN aqnd TAN. Applicabilty of the various statutes depend upon the type of Organisation and nature of its business.

You can draw any remuneration subject to compliance with the provisions of the Companies Act,1956.

For proper compliance of the laws, it will be helpful, if you consult a professional.

Sowmya S

CAO

214 Points Joined December 2010

Dear Sir,

Can anyone let me know what are all steps to be taken up in order to commence a Pvt. Ltd., company.

Plz guide me at the earliest.

Thanking you,

Sowmya S

Kumar

Founder

63 Points Joined May 2012

Hi Arun,

Thank you very much for your advice, i not sure whom I should appoint as auditors?, do I need hire CA for this?.

nitin

55 Points Joined January 2009

Dear,

You can contract for any help in financial field.

Warms Regards

Sachin

09910822027

Tanveer Md Masood

Indispensable

361 Points Joined July 2012

DEAR MR.SOWMYA..

PRIVATE COMPANY CAN BE ESTABLISHED WITHA PAID UP CAPITAL OF 100,000 , MINIMUM 2 MEMBERS. YOU NEED TO OBTAIN CETIFICATE OF INCORPORATION FROM THE ROC - ONCE YOU GET HOLD OF THIS CERTIFICATE YOU CAN START YPUR BUSINESS. AGAIN, YOU NEED TO HOLD BOARD MEETING WITH IN 1 MONTH OF THE DATE OF INCORPORATION OF THE COMPANY.

APPOINT AUDITOR IN THAT BOARD MEETING .

REGARDS..

TANVEER MD MASOOD

CALCUTTA.