Starting business is easy for us

 Indian Entrepreneurs who wish to set up a new business seek our advice  on the type of the entity to set up. There are many types ranging from  proprietary concerns to private limited companies. It is really  confusing to choose among them for a start-up business. This is where  our expertise comes into play. We are providing services in the area of  setting up business for over three decades! On a personal interaction  with the prospective clients, we suggest the most suitable model for  their type of business. 

• Proprietary Concern
• Partnership Firm
• Private Limited Company
• Limited Liability partnership (LLP)
• One Person Company (OPC)
• Trusts and Societies
• Association of Persons (AOP)

• Incorporation of the business 

Equity Share capital structuring

Preference Share capital structuring

Loan Structuring

Opening Bank Account

Commencement of Business

•  Seed capital, long term and short term requirements .   
• Funding through government grants and assistance.

Three year Tax exemption for start-ups to help them grow and meet their working capital requirements. Exemption is subject to non distribution of dividend. To be eligible for exemption conform the eligibility criteria as per start-up India action Plan. We have initiated start-ups in this model 

 Register with various tax and statutory regulatory authorities 

Business Support Services 

 Help set up Internal control processes 

 Income Tax is levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961. Income-tax is levied on the annual income of a person. The year considered under the Income-tax Law is the period starting from 1st April and ending on 31stMarch of next calendar year. 

Permanent Account Number (PAN): Permanent Account Number (PAN) is a ten-digit alphanumeric identification number allotted to every taxpayer. It is mandatory to quote PAN on return of income and other important financial transactions. 

 TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax Deduction Account Number (TAN) allotted by the Income Tax Department (ITD) on all TDS returns. 

 A resident taxpayer can file an application in Form 10FA to the Assessing Officer (‘AO’) for obtaining a TRC in India. The application form along with supporting documents has to be submitted to the AO. The New Rule provide that the AO, on receipt of the application and on being satisfied of the particulars contained therein, should issue the TRC to the resident assessee in Form 10FB. 

 As per the provisions of the Income Tax Act, TDS/ TCS is required to be deducted at the prescribed rate at the time of making the payment. In case, the estimated tax liability of a person is lower than the TDS amount, then he has an option of applying to the department for a certificate directing TDS deductor to deduct tax at a lower/nil rate than the prescribed rate. 

 According to section 36(1)(v) read with section 40A(7) of Income-tax Act, 1961, any sum paid by the employer by way of contribution towards gratuity fund is allowable as expenditure if the gratuity fund is approved by the tax authorities. In practice, the employer files an application with tax authorities to obtain approval for the gratuity trust. 

 Non-Resident Indians (NRIs) have a good investment portfolio in India. Often, to repatriate funds abroad or reinvest in an alternate property, they decide to sell their immovable property (inherited or self-acquired) in India.

NRIs are free to sell their assets, but any sale of assets attracts Capital gain taxes! The buyer of such properties are obliged to deduct taxes (popularly known as ‘withholding tax’ or ‘TDS

 What is the procedure to set up a firm or a proprietary concern by NRIs? Do you need our presence to start a venture in India? etc., are some of the questions asked by our Non Resident friends.

In order to reach out to our NRI friends, we have a dedicated team at our office to guide, consult and assist in setting up a venture in India. Over the years, we have understood that each requirement is unique and needs a tailor-made solution.

 Goods and Service Tax (GST) is a destination based tax on consumption of goods and services. It is levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer. 

Every supplier whose aggregate turnover exceeds Rs. 20 Lacs in a financial year is liable to get himself registered within 30 days, in a State from where he makes taxable supplies. Further, a casual taxable person or a non-resident taxable person shall apply for registration at least 5 days prior to the commencement of business. Our team is well versed with GST matters. In case, you need these services, we would be glad to assist you 

 Generally, the person effecting taxable supplies is liable to pay taxes. However, Import of service will be taxable in the hands of the recipient i.e., importer. 

THE KARNATAKA SHOPS AND COMMERCIAL ESTABLISHMENTS ACT 1961 provides for the regulation of conditions of work and employment in Shops & commercial establishments in the State of Karnataka.  

Who has to register?

Every Shop or Establishment carrying trade, business or services within the notified areas of State of Karnataka, compulsorily, within 30 days from starting the business shall register his establishment under this Act.

 Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy. MSMEs not only play a crucial role in providing large employment opportunities but also help in industrialization of rural & backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth. MSMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country.MSMEs need assistance and help from the Government as they are not equipped with technology and resources like big companies. Hence, the government provides schemes, incentives and rebates to this sector of the economy. 

 Profession Tax is levied by State Governments in India. We are covering the details of Karnataka Tax on Profession, Trade, Callings and Employment Act, 1976 (Call it as PT Act). We at Balakrishna and Co., Bangalore help the entities to obtain new registration, amendment of existing registrations, filing of monthly and annual returns, etc.  

Yes. Every person who is engaged in any profession or business in the State of Karnataka has to get PT registration. This means, the following entities have to get PT registrations.

• Hindu undivided family (HUF).
• Firm.
• Company (Public or Private Limited).
• Other Corporate bodies.
• Any Society.
• Any Club or Association.

 The Employees' Provident Fund (EPF) Organization, a statutory body under the Ministry of Labour and Employment, Government of India administers social security schemes framed under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 Provident Fund, Pension and Insurance to industrial employees.  Any business/establishment with 20 or more employees working in any specified industries should register with EPFO. The establishments can get voluntary registration if the employee strength is less than 20 

 Employees’ State Insurance Scheme of India is a multi-dimensional Social Security Scheme tailored to provide Socio-economic protection to the 'employees' in the organized sector against the events of sickness, maternity, disablement and death due to employment injury and to provide medical care to the insured employees and their families.  All business or establishments employing 10 or more persons during any part of the year has to get themselves registered under Employee State Insurance (ESI) Act. The ESI coverage extends to all the employees who earns a monthly salary upto Rs.21000/ 

 Software Technology Park of India (STPI), an autonomous society under the Ministry of Communication and Information Technology, Dept. of Electronics and Information Technology, Govt. of India has been set up with a distinct focus to boost up Software export from the country. STPI is constantly working with an objective to implement STP/EHTP scheme formulated by Govt. of India, to set up and manage infrastructural facilities. 

• An Indian company.
• A Subsidiary of a Foreign Company.
• A branch office of Foreign Company.

 Importer Exporter Code (IEC) is a unique 10 digit code issued by Director General of Foreign Trade (DGFT), Ministry of Commerce, Government of India. To import or export in India, IEC is mandatory without which, no person or entity shall make any Import or Export.However, Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture are exempt from obtaining IEC. 

 Importer Exporter Code (IEC) is a unique 10 digit code issued by Director General of Foreign Trade (DGFT), Ministry of Commerce, Government of India. To import or export in India, IEC is mandatory without which, no person or entity shall make any Import or Export.However, Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture are exempt from obtaining IEC.