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Unveiling the LLP as Startup Advantages and Disadvantages
LLP as Startup advantages and disadvantages is an interesting topic to understand and this blog focus on this topic. A startup has an opportunity, it can either incorporate into a Private Limited Company or Limited Liability Partnership (LLP).
There are also other two options for the incorporation
(1)One Person Company (OPC)
(2) Sole Proprietorship
These two options are mostly excluded, the reason is that they are not that good in attracting the investment of the company and also in Sole Proprietorship, the proprietor enjoys the most personal unlimited liability which is not highly appreciable.
LLP is one of the options for the startups to get incorporated under it, as it will provide various advantages to the startups like flexibility and limited liability in the partnership firm. One of the most important things to be kept in mind is that LLP can enter into a contract by itself and it can hold or purchase the property of its own which is highly beneficial.
The LLP has a great advantage in that it can continue its existence irrespective of the changes in partners. The Limited Liability Partnership is a separate legal entity, where it is liable to the full extent of its assets but the liability of the partners of that particular firm is limited to their agreed contribution towards the Limited Liability Partnership.
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Old Tax Regime Vs. New Tax Regime
The Indian income tax system has seen a significant shift with the introduction of a new tax regime in the financial year 2020-21. The government aimed to simplify the tax structure and attract taxpayers towards the new system by offering lower tax rates and fewer exemptions. However, this has led to confusion among taxpayers regarding the choice between the old and new tax regimes. To help you make an informed decision, this article comprehensively compares the old and new tax regimes in India, considering the changes introduced in the Union Budget 2023.
Old Tax Regime
The old tax regime is the tax system that existed before the introduction of the new regime. Under this regime, taxpayers could avail of numerous exemptions and deductions, including House Rent Allowance (HRA), Leave Travel Allowance (LTA), deductions under Sections 80C, 80D, and more. These deductions helped in reducing the taxable income and minimizing the overall tax liability.
New Tax Regime
The new tax regime was introduced in the financial year 2020-21, with the aim of simplifying the tax structure and offering lower tax rates to taxpayers. However, to avail themselves of the concessional tax rates in the new regime, taxpayers had to forgo several exemptions and deductions that were available under the old rule. This led to a dilemma among taxpayers regarding the choice between the two tax regimes.
In the Union Budget 2023, the government made several changes to the new tax regime to make it more attractive to taxpayers.
The Key Changes in the New Tax Regime are
The government introduced various incentives in the Budget 2023 to encourage taxpayers to adopt the new tax regime. Some of the key changes are as follows:
The tax rebate limit under Section 87A has been increased to INR 7 lakh from the earlier INR 5 lakh. This means that individuals earning up to INR 7 lakh annually will not have to pay any tax under the new regime.
The tax exemption limit has been raised to INR 3 lakh, and the new tax slabs have been revised. The new tax slabs range from 0% to 30%, with the lowest slab starting at INR 3 lakh and the highest tax rate applicable on income above INR 15 lakh.
The standard deduction of INR 50,000, previously available only under the old regime, has been extended to the new tax regime as well. Additionally, those receiving a family pension can claim a deduction of INR 15,000 or 1/3rd of the pension, whichever is lower.
The surcharge rate on income over INR 5 crore has been reduced from 37% to 25%. This change reduces the effective tax rate for such individuals from 42.74% to 39%.
The exemption limit for non-government employees has been increased from INR 3 lakh to INR 25 lakh.
Tax Rates: Old vs New
The tax rates under both the old and new tax regimes are different. The old tax regime had four tax slabs, ranging from 5% to 30%, while the new tax regime has five tax slabs, ranging from 0% to 30%. Here’s a comparison of the tax rates under both regimes for the financial year 2023-24:
Exemptions and Deductions: Old vs New
The availability of exemptions and deductions is a crucial factor in deciding between the old and new tax regimes. Here’s a comparison of some popular exemptions and deductions under both regimes:
Which Tax Regime is Better?
The choice between the old and new tax regimes depends on an individual’s income level, deductions, and exemptions. It’s essential to evaluate and compare the tax liability under both regimes before making a decision.
If a taxpayer has investments in tax-saving instruments, pays premiums on life or medical insurance policies, has children’s school fees, home loan principal repayment, etc., and avails the benefit of deductions for HRA, LTA, etc., it may be more beneficial to opt for the old tax regime since the benefits of deductions and exemptions can be availed.
On the other hand, if a taxpayer does not have significant tax-saving investments or deductions, the new tax regime with its lower tax rates and simpler structure might be more beneficial.
Break-even Threshold for Deciding Between Old and New Tax Regimes
The break-even threshold is the point where the tax liability under both the old and new tax regimes is the same. If your total eligible deductions and exemptions under the old tax regime are higher than the break-even threshold for your income level, it is advisable to stay in the old regime. On the other hand, if the break-even threshold is higher, then moving to the new tax regime is more beneficial.
Here’s a table to help you understand the break-even threshold for different income levels:
Switching Between the Tax Regimes
Taxpayers have the option to switch between the old and new tax regimes. However, the frequency of switching depends on the source of income during the year.
Where income includes business or professional income: If an individual or HUF has income from a business or profession, once they opt for the new tax rates for a financial year, the new rates shall apply for subsequent years. However, they have a single option to switch back to the old tax regime if their circumstances change. This switch-back option is available only once in a lifetime unless the taxpayer ceases to have any income from a business or profession.
Where income does not include business or professional income: If an individual or HUF does not possess income from a business or profession, the selection can be made on a year-on-year basis. For individuals with salaried income, the employer is required to withhold tax before the payment of the salaries. The employee is, however, required to inform the employer regarding their preferred tax rates.
An employee may choose between the old and new tax regimes at the beginning of the year and intimate the employer, or at the time of joining new employment during the year. However, at the time of filing the personal tax return, the employee can change the tax regime.
Reference :
https://scripbox.com/tax/old-vs-new-tax-regime/
https://groww.in/blog/old-vs-new-tax-regime-which-is-better
https://www.forbes.com/advisor/in/tax/old-vs-new-tax-regime/
https://www.bankbazaar.com/tax/income-tax-slabs.html
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Best Mobile App Development Services Mohali - Midriff info Solution Pvt.Ltd
Midriff info Solution Pvt.Ltd is proficient in providing the Best Mobile App Development Services Mohali that fulfill almost every business’s demand in the present era. In order to help our clients meet their business goals, we offer a wide range of mobile app development services to them.
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Most Promising Company With Ayurveda & Natural Concepts - Dr. Sudesh Kumar
भारत में डायरेक्ट सेलिंग इंडस्ट्री लगातार बढ़ रही है और बुलंदी के नए आसमान छू रही है।
कई रिपोर्ट्स की माने तो इंडस्ट्री आने वाले समय में भारत की अर्थव्यवस्था में अहम् भूमिका अदा करने वाली है। ऐसी बढ़ती हुई इंडस्ट्री को और आगे बढ़ाने में और इसे एक सकारात्मक दिशा की और ले जाने के मकसद से नेटवर्क मार्केटिंग अवॉर्ड्स ने दिल्ली के ताज पैलेस में इसके दूसरे सीजन का आयोजन किया।
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Audit Firm In Chennai Kanakkupillai.Com, Booked For Document Forging: Registrar Of Companies Raid On Company's Registered Office
Kanakkupillai.com, in connivance with CA Kiruthiga, created fake address proofs and fabricated bank statements for getting the companies incorporated with the ROC.
A search and seizure operation conducted by the Registrar of Companies (ROC) on Friday, in the registered office of Kanakkupillai.com, a popular audit and legal firm in Chennai, has resulted in the busting of a racket involved in forgery and creation of fake documents for incorporating over 1500 companies all over India, including the infamous Aarudhra Gold and their group of companies.
The search and seizure operations were conducted simultaneously at the registered office of Kanakkupillai.com and the residence of the chartered accountant, Smt. K. Kiruthiga, who is found to have signed and certified the fake incorporation forms used for registration of over 1500 companies via the web portal Kanakkupillai.com.
Audit firm’s CA helped registering fake companies
Kanakkupillai.com, in connivance with CA Kiruthiga, created fake address proofs and fabricated bank statements for getting the companies incorporated with the ROC. The same professional was also appointed as the statutory auditor for Aarudhra Gold and its group companies, which were recently in the news for defrauding the public an amount of over 2100 crore rupees.
During the raids, the ROC seized physical documents and various electronic gadgets, computers, etc. which were used for the creation of fabricated and forged documents. About 50 employees associated with the portal Kanakkupillai.com are also under the lens of the authorities.
Office of ROC being vigilant on audit firms
It is learned that the office of the ROC is stepping up its watch on the chartered accountants and audit firms filing such fake documents with MCA, and stringent action against these kinds of malpractices shall follow in the light of increasing economic offenses in the state. Fake companies incorporated are being rampantly abused by the promoters and directors for money laundering and other serious financial crimes after luring the public to invest/deposit in these fraud entities. The public is also advised to be cautious while investing their money in various schemes that promise unrealistic returns.
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Document Forging And Malpractice: Kanakkupillai.Com Creates Fake Documents For Illegal Incorporation Of 1500+ Companies
Kanakkupillai.com, in connivance with CA Kiruthiga, created fake address proofs and fabricated bank statements for getting the companies incorporated with the ROC.
A search and seizure operation conducted by the Registrar of Companies (ROC) on Friday, in the registered office of Kanakkupillai.com, a popular audit and legal firm in Chennai, has resulted in the busting of a racket involved in forgery and creation of fake documents for incorporating over 1500 companies all over India, including the infamous Aarudhra Gold and their group of companies.
The search and seizure operations were conducted simultaneously at the registered office of Kanakkupillai.com and the residence of the chartered accountant, Smt. K. Kiruthiga, who is found to have signed and certified the fake incorporation forms used for registration of over 1500 companies via the web portal Kanakkupillai.com.
Audit firm's CA helped registering fake companies
Kanakkupillai.com, in connivance with CA Kiruthiga, created fake address proofs and fabricated bank statements for getting the companies incorporated with the ROC. The same professional was also appointed as the statutory auditor for Aarudhra Gold and its group companies, which were recently in the news for defrauding the public an amount of over 2100 crore rupees.
During the raids, the ROC seized physical documents and various electronic gadgets, computers, etc. which were used for the creation of fabricated and forged documents. About 50 employees associated with the portal Kanakkupillai.com are also under the lens of the authorities.
Office of ROC being vigilant on audit firms
It is learned that the office of the ROC is stepping up its watch on the chartered accountants and audit firms filing such fake documents with MCA, and stringent action against these kinds of malpractices shall follow in the light of increasing economic offenses in the state. Fake companies incorporated are being rampantly abused by the promoters and directors for money laundering and other serious financial crimes after luring the public to invest/deposit in these fraud entities. The public is also advised to be cautious while investing their money in various schemes that promise unrealistic returns.
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Understanding minimum Paid up Capital of One Person Company
In this article, we shall discuss the minimum Paid up Capital of One Person Company.
An entity created under law or by consent of law to carry on business for profit is called a company. Its shareholders own the shares. In One Person Company, an individual owns all the assets, liabilities, and profits and bears all the company’s risks. It is a relatively quick and easy process to set up a One Person Company.
What is a One Person Company?
A One Person company is a company formed by only one person. A One Person Company is a one owner based independent business. To set up OPC, you’ll need to complete some paperwork and pay a filing fee. After this, you can advertise your business and field customers.
When setting up a One Person Company you need to know the following
The business has only one owner.
All financial decisions made by the business owner.
When registering your business with the state, a proof of insurance is required.
A registered business name and address is essential to start an OPC.
The sole director is responsible for filing taxes.
How is a One Person Company started?
An OPC is a business owned and operated by One Person.
Digital Signature Certificate is required to set up a One Person Company.
The following documents are needed to apply for a DSC.
Business Address
PAN of applicant
Aadhaar of applicant
Photo
Applicant’s email and phone number
Once the documents for DSC are submitted, apply for Director Identification Number or DIN and then the company’s name is decided. After finalizing the name, apply for MOA and AOA in Ministry of Corporate Affairs (MCA) along with the Incorporation Certificate.
Benefits of Starting a One Person Company
In a One Person Company an individual or business owner is the Sole Proprietor, with all the business’s rights and responsibilities.
One Person Company has many advantages:
Complete control over your own business.
The company can be run exactly the way you want.
Middlemen who take advantage of you are absent.
OPC is more profitable than other types of businesses due to fewer overhead costs (e.g. salaries, rent, etc.) to cover.
OPC is a legally recognized business, hence easy to obtain funds and has fewer compliances.
Minimum Paid up Capital of One Person Company
Starting One Person Company is a relatively inexpensive procedure and it involves few simple steps. First, a business entity called One Person Company is created using the paid-up capital of INR 1 lakh in India.
Next, file your business registration and the DSC and proof of address. This DSC and DIN are generated in a day, and the certificate of Incorporation is issued within a week.
A One Person Company can be completely setup within 10 days.
Who is eligible to set up and manage a One Person Company?
The member should be an Indian citizen and have stayed in India for not less than 180 days in the preceding calendar year. More than one OPC cannot be incorporated by a single person. A member of One Person Company shall nominate name of another person with his consent. In case there is death of the member or his incapacity to contract, the nominee becomes the member of One Person Company. There has to be one Director in the formation of a One Person Company.
In a One Person Company, One Person (the sole director) owns and operates the company. All the business dealings are the sole responsibility of the Director.
One Person Company is a great way to start your own business, but it’s also risky because you alone will be responsible for any mistakes, hence you need to be very organized and ready to handle all the business responsibilities independently.
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Rs 2,400 crore trading scam connected with auditing firm Govche India Pvt Ltd Chennai
Registrar of Companies and team of ICLS Officers conducted search and seizure operations from 4 p.m. at the registered office of Govche India at West Karikalan Street, Adambakkam, and at the residence of K. Kiruthiga, a CA, at Velachery.
The Registrar of Companies, Chennai, on Friday conducted raids on Chennai headquartered Kanakkupillai.com, an online platform of Govche India Private Ltd., a virtual accounting firm.
It is alleged the firm was involved in forging and creating fake documents for incorporation of around 1,500 companies across India, including the recently defaulted illegal deposit fraudulent company Aarudhra Gold and their group of companies.
Registrar of Companies and team of ICLS Officers (Indian Corporate Law Service) from the Ministry of Corporate Affairs started the search and seizure operations from 4 p.m. at the registered office of the audit firm Govche India at West Karikalan Street, Adambakkam, and at the residence of K. Kiruthiga, a Chartered Accountant at Velachery, who has signed and certified the fake documents in the incorporation forms for registration of around 1,500 companies and is working on behalf of Kanakkupillai.com. Of the 1,500 companies it is learnt that 700 are in Chennai. The searches continued until late night on Friday.
Kanakkupillai.com is managed by a group of business analysts, company secretaries, chartered accountants, corporate lawyers and financial professionals. The Registrar of Companies is empowered to conduct search and seizure operations under Section 209 of Companies Act 2013.
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Latest Batches Information Of The Margshree Classes
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Are you confused about which company type suits your business plan the most? Here’s a complete guide to Company registration.
Reach us for Company Registration Online in India, We'll be more than happy to help you !
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