Q: Who are the CAs who’ll be filing my return?

A: TaxDean taps into its CA network and puts you in touch with a qualified CA. These CAs bring a combined experience in taxation

Q: How much time is needed to set up a private limited company?

A: The registration process gets completed when you get a certificate of incorporation(COI) issued by the registrar. TaxDean follows the fastest registration route i.e SPICe and ideally the application can processed within 10 working days.

Q: Which form of entity structure is most suitable for a startup?

A: The Private Limited Company format can be seen as the ideal form because its capital structure can incorporate venture capital funding and issue of ESOPs. Moreover since companies are regulatory compliant, banks and other financial institutions like NBFCs prefer granting loans and advances to pvt. ltd. companies over other form such as partnerships, proprietorships etc.

Q: What are the benefits under Presumptive Taxation Scheme?

A: The benefits include :

  • No requirement to maintain books of accounts.
  • No requirement to get accounts audited
  • No need to assess advance tax, advance tax is paid by 15th March of the previous year.

Note: Any amount paid by way of advance tax on or before 31st day of March is also treated as advance tax paid during the financial year ending on that day. Note: The scheme applies only to resident assessee who is an individual, HUF, partnership but not limited liability partnership

Q: Can I obtain two DIN for my two companies?

A: A DIN is individual specific and can be used during a lifetime and there is no need to obtain separate DIN each time a new company is floated. Also, where the ministry finds that you are applying

Q: Is it mandatory to maintain record of all financial transactions?

A:

  • Income tax act requires compulsory audit in certain cases and that is possible only when books have been maintained as per the law.
  • Companies are regulated by the Companies Act and as per the Act every company is required to file annual return with registrar of companies. It is mandatory even if there are losses or no income in a financial year.
  • Helps individuals and businesses keep a track of their expenses, monitor their revenues and take informed financial decisions.