Corporate Law & Business Registration
What are the different types of business entities in India?
Businesses can be registered as:
- Sole Proprietorship
- Partnership Firm
- Limited Liability Partnership (LLP)
- Private Limited Company
- Public Limited Company
- One Person Company (OPC)
- Section 8 Company (Non-Profit Organization)
How long does it take to register a company in India?
The registration process typically takes 7-10 working days, depending on documentation and government approvals.
What is the minimum capital required to start a Private Limited Company?
There is no minimum capital requirement; you can start with ₹1,000 as paid-up capital.
Can a foreign national or NRI register a company in India?
Yes, an NRI or foreign national can register a company, but they must appoint at least one Indian resident director.
Taxation & Income Tax
What are the different types of taxes applicable to businesses?
Businesses are subject to:
- Income Tax (Corporate or Individual)
- GST (Goods & Services Tax)
- TDS (Tax Deducted at Source)
- Professional Tax (in some states)
What is the corporate tax rate in India?
The corporate tax rates are:
- Domestic companies: 25% (without exemptions)
- New manufacturing companies: 15%
- Foreign companies: 35%
When is the due date for filing Income Tax Returns (ITR) for companies?
- Companies requiring audit: October 31
- Companies not requiring audit: July 31
What happens if I miss the tax filing deadline?
You may be liable for late filing penalties and interest on outstanding tax amounts.
Corporate Law & Business Registration
Is GST registration mandatory for all businesses?
GST registration is required if:
- Annual turnover exceeds ₹40 lakh (for goods) or ₹20 lakh (for services).
- You engage in interstate trade.
- You sell through e-commerce platforms (Flipkart, Amazon, etc.).
What are the different GST return forms?
Common GST returns include:
- GSTR-1 (Sales details)
- GSTR-3B (Summary return)
- GSTR-9 (Annual return)
What is the penalty for late GST return filing?
- A late fee of ₹50 per day (₹20 for NIL returns) applies, plus 18% interest on tax liability.
Audit & Compliance
When is an audit mandatory for a business?
Audit is required if:
- Business turnover exceeds ₹1 crore (for regular businesses).
- Professional income exceeds ₹50 lakh.
- Certain companies and LLPs as per Companies Act, 2013.
What are the different types of audits?
- Statutory Audit (Companies Act, 2013)
- Tax Audit (Income Tax Act)
- GST Audit (For businesses with turnover above ₹5 crore)
- Internal Audit (For risk assessment & compliance)
Intellectual Property (IP) – Trademark, Copyright & Patent
How can I protect my business brand name?
You can apply for a Trademark Registration under the Trade Marks Act, 1999.
What is the difference between a trademark, copyright, and patent?
- Trademark – Protects brand names, logos, and slogans.
- Copyright – Protects literary, artistic, and musical works.
- Patent – Protects inventions and new processes.
How long does a trademark registration last?
A trademark is valid for 10 years and can be renewed indefinitely.
Licenses & Registrations
What are the common business licenses required in India?
Depending on the industry, businesses may need:
- Shops & Establishments Act Registration
- FSSAI License (For food businesses)
- Import Export Code (IEC)
- MSME Registration (For small businesses)
- Factory License (For manufacturing units)
Is MSME registration mandatory?
No, but it provides benefits like subsidized loans, lower interest rates, and priority government tenders.
NGO & Section 8 Companies
What is a Section 8 company?
A non-profit organization registered under the Companies Act, 2013, to promote social welfare, charity, or education.
What is the tax exemption benefit for NGOs?
NGOs can apply for 80G and 12A registrations to get tax exemptions and allow donors to claim deductions.
Business Filing & Returns
What are the annual compliance requirements for a Private Limited Company?
A company must file:
- AOC-4 (Financial Statements)
- MGT-7 (Annual Return)
- Income Tax Return
What is the penalty for not filing ROC returns?
Late filing attracts penalties of ₹100 per day until compliance is completed.
What are the due dates for major tax filings?
- GST Filing – Monthly or quarterly
- Income Tax Return (ITR) – July 31 (Individuals & small businesses), October 31 (Audit cases)
- TDS Return – Quarterly
Business Advisory & Consultancy
What are the benefits of hiring a business consultant?
A consultant helps in:
- Business structuring & strategy
- Compliance management
- Tax planning & risk assessment
- Investment & funding guidance
How can I get funding for my startup?
You can explore:
- Government startup schemes (Startup India, MSME loans)
- Angel investors & venture capitalists
- Bank loans & overdraft facilities
