AC CORPORATES
Welcome to AC CORPORATES, your one-stop destination for seamless financial compliance. We specialize in a range of services, including Income Tax Return (ITR) filings, GST returns, firm registrations, and trademark applications for corporate entities.
Income Tax Returns
Individual Tax Returns: Whether you're a salaried individual, freelancer, or self-employed professional, our team is equipped to handle your individual tax returns. We ensure that you maximize your deductions and credits while staying fully compliant with tax laws.
Business Tax Returns: For businesses of all sizes, we offer expert assistance in preparing and filing accurate business tax returns. Our goal is to optimize your tax liability, allowing you to invest more in your growth.
- ITR-1, also known as Sahaj, is one of these types that is especially important. ITR-1 (Sahaj) is applicable to the majority of salaried individuals and is intended for those with incomes up to Rs. 50 lakhs.
As its name suggests, the ITR-1 Sahaj Form provides individual taxpayers with a more straightforward way to file their income tax returns. This form is intended exclusively for Indian residents whose combined income is less than Rs. 50 lakhs and comes from the following sources:
- Income from Salary or Pension.
- Income from a Single House Property.
- Income from Other Sources
- ITR-2 is designed for individuals and HUFs whose income comes from sources other than profits and gains from business or profession.
If your income comes from either of the following: - Salary or pension House property (multiple properties).
- Capital gains or losses from sale of investment or property (long term and short term gains/losses).
- Other sources of income (Lottery winnings, wagers on racehorses and other legally recognised forms of gambling).
- Revenue over Rs 5,000 Agricultural income.
- Foreign income or ownership of foreign assets Status as a RNOR or a Non-resident Position as a Director in listed or unlisted companies.
- The ITR Form 3 can be used for filing an income tax return by individuals or Hindu Undivided Families (HUFs) who meet the following eligibility criteria:
Additionally, taxpayers can use the ITR Form 3 if their total income includes the following:
Meeting these eligibility criteria allows individuals and HUFs to use the ITR Form 3 for filing their income tax returns, provided that their income falls into the specified categories mentioned above.
- The ITR-4 Form, commonly referred to as the Sugam form, is specifically designed for taxpayers who have opted for the presumptive income scheme outlined in Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act. It is mandatory for eligible taxpayers to complete and submit this form.
Goods & Service Tax
GST Registration: We assist businesses in obtaining and managing GST registration, ensuring compliance with the statutory requirements.
GST Filing and Returns: Our experts handle the preparation and filing of your GST returns with precision. From monthly to annual returns, we make sure that your submissions are accurate and timely, minimizing any potential penalties.
- GST Registration of a business with the tax authorities implies obtaining a unique, 15-digit Goods and Service Tax Identification Number (GSTIN) from the GST authorities so that all the operations of and the data relating to the business can be collected and correlated.
- GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government).
- Cancellation of GST registration means that the taxpayer will no longer be a registered person under GST and will not have to pay/collect any GST, claim an input tax credit or file returns. GST registration cancelled is covered under Section 29 of the CGST Act and Rules 20 to 22 of the CGST Rules.
Firm & Trademark Registration
Firm Registrations: Ensure the legitimacy and compliance of your business with our comprehensive firm registration services. From sole proprietorships to partnerships and private limited companies, we guide you through the process, making it seamless and hassle-free.
Trademark Registrations: Protect your brand identity with our trademark registration services. Our experienced legal team will assist you in navigating the complexities of trademark law, ensuring that your brand is safeguarded against infringement.
- Registering a proprietorship in India follows a unique approach, as there isn't a dedicated government-established registration process for this business structure. Instead, a proprietorship gains recognition through tax registrations mandated by relevant laws and regulations.One pivotal tax registration is the GST (Goods and Services Tax) Registration, which must be secured under the proprietor's name to formalize the business's proprietorship status. This registration signifies that the proprietor is conducting business within the framework of a proprietorship.
- A partnership stands as one of the fundamental structures for conducting business. It materializes when two or more individuals collaborate to establish a business venture, sharing profits according to an agreed-upon ratio. This form of business encompasses a broad spectrum of trades, occupations, and professions. A notable advantage is that partnership firms entail relatively fewer regulatory requirements than companies.
A Limited Liability Partnership (LLP) is a unique type of business setup that blends a partnership's and a company's features. In an LLP, partners enjoy limited liability, similar to shareholders in a company, while also benefiting from the flexibility and simplicity of a partnership. This arrangement grants the LLP its legal identity, allowing it to take legal actions and be subject to legal actions separately from its partners.
LLPs have become popular among entrepreneurs in various industries because they shield partners' assets and have more straightforward regulatory requirements than traditional corporations. The concept of LLP was introduced in India in 2008 and is governed by the Limited Liability Partnership Act, offering a dependable and adaptable option for businesses of all sizes.
In India, a private limited company is a privately held entity with limited liability, and it ranks among the nation's most favored business structures. This popularity is primarily attributed to its numerous advantages, including limited liability protection, ease of formation and maintenance, and its status as a distinct legal entity. A private limited company enjoys legal separation from its owners and necessitates a minimum of two members and two directors for its operation.
Following the Indian Trademarks Act of 1999 (Section 2(zb)), a trademark is a distinctive marker that distinguishes products or services from competitors in the market. It encompasses various elements such as symbols, designs, expressions, or any identifiable feature linked to a specific brand. Remarkably, trademarks are open to ownership by individuals, corporations, or legal entities, making them accessible to a broad spectrum of entities and individuals alike.
