#Tax Consulting

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Taught his dog sit, stay, and shake, but still needs some practice on changing a tire and general tax consulting

[bcshettyandco]

International Taxation | Top International Tax Consultants in Bangalore - Bc Shetty & Co

BC Shetty & Co, a top-rated CA company in Bangalore, provides international trade tax services and accounting support for global businesses. Get Your International Taxation done by accounting professionals. Contact Now

[syriaccpataxaccounting]

Innovative, Reliable, and Tailored Tax Solutions by Syriac CPA. Let Our CPA Experts Simplify Your Tax Season. Get in touch with us. Phone: +1 562-202-9697 For more info visit www.syriaccpa.com

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https://decidim.calafell.cat/profiles/yegtaxmasters/timeline

[eduberg]

What is Nidhi Company Registration and its processes?

In India, a Nidhi Company is a particular kind of non-banking financial company (NBFC) that specializes in member-to-member lending and borrowing. The Hindi word "Nidhi" means "treasure," and these firms aim to instill a culture of frugality and saving in their members.

In India, registering a Nidhi Company entails following the guidelines provided by the Ministry of Corporate Affairs (MCA) and is a methodical procedure. A thorough overview of the Nidhi Company registration procedure may be found below:

Step 1: Obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN)

Digital Signature Certificate (DSC): To digitally sign documents during the registration process, directors must receive a DSC.

Director Identification Number (DIN): Directors need to apply for DIN by filing Form DIR-3 on the Ministry of Corporate Affairs website.

Step 2: Choose a Unique Name for the Company

Choose a distinctive name for the Nidhi Company in compliance with the Ministry of Corporate Affairs criteria.

Visit the  Ministry of Corporate Affairs website to see if the selected name is available.

Step 3: Draft Memorandum of Association (MOA) and Articles of Association (AOA)

Write down the company's goals, policies, and procedures in the Memorandum of Association and Article of Association.

Make sure that the main goal of the Memorandum of Association is to encourage members to borrow and lend money and to develop a culture of thrift and saving.

Step 4: Apply for Name Approval

Submit the application for name approval to the Registrar of Companies (RoC) through the Memorandum of Association portal.

If the name meets the requirements, the Registrar of Companies will authorize it; the approval is usually good for 20 days.

Step 5: File Incorporation Documents

Get the necessary declarations, the Article of Association, and the Memorandum of Association ready for incorporation.

Submit the incorporation application to the RoC via the Ministry of Corporate Affairs site. Provide information on the directors, shareholders, and registered office of the firm.

Pay the prescribed filing fees.

Step 6: Obtain a Certificate of Incorporation

The Certificate of Incorporation will be issued by the RoC upon their satisfaction with the documentation and compliance.

The Nidhi Company is now a recognized legal body, as confirmed by the Certificate of Incorporation.

Step 7: Apply for PAN, TAN, and Bank Account

Obtain the Tax Deduction and Collection Account Number (TAN) and Permanent Account Number (PAN) for the business.

Open a bank account in the name of the Nidhi Company.

Step 8: Post-Incorporation Compliance

Organize the inaugural board meeting in less than 30 days after formation.

Two months after incorporation, provide share certificates to the stockholders.

Within 30 days after formation, appoint the first auditor.

To proclaim the start of business, file the statutory form INC-20A.

Rules and regulations of Nidhi company registration

It must contain a minimum of 7 members & minimum of 3 directors.

A Digital Signature Certificate (DSC) and Director Identification Number (DIN) are required for each director and member.

The name of the Nidhi Company must include the words "Nidhi Limited."

The Memorandum of Association (MOA) states that the main goals are to foster a culture of thrift and saving among its members as well as to facilitate money lending and borrowing amongst them.

A minimum of Rs. 10 lakh should be the paid-up equity share capital.

The Ministry of Corporate Affairs (MCA) stipulates that net-owned funds must be at least Rs. 10 lakh or more.

Within a year of its registration, a Nidhi firm must have 200 members at a minimum. Deposits cannot be accepted by a firm that is larger than 20 times its Net Owned Funds (NOF).

For their operations, Nidhi Companies must have a core banking solution (CBS) or a comparable system.

Nidhi Companies are prohibited from operating a business that involves chit funds, leasing, hire-buy, insurance, or the purchase of securities from any corporate entity. issuing any kind of loan instrument, including debentures and preference shares.

A minimum of two persons must serve as directors. The regulations state that independent directors have to be on the board.

The Nidhi Rules, 2014, which specify the requirements and standards for Nidhi Companies, must be followed by Nidhi Companies.

Within 30 days after incorporation, Nidhi Companies must designate an auditor and the Registrar of Companies (RoC) must receive annual returns (Form NDH-4).

Nidhi Companies can declare dividends to their members but are subject to certain restrictions.

According to the MCA's definition of a "district," Nidhi Companies must operate inside one and are not permitted to open branches outside of it without permission.

As per the MCA's definition of a "district," Nidhi Companies are required to function inside one and are not allowed to establish branches inside it without authorization.

There are consequences for breaking the Nidhi Rules and Companies Act, including fines, penalties, and perhaps losing the Nidhi status.

It's significant to remember that the Ministry of Corporate Affairs regulates Nidhi Companies, and their ability to operate depends on their adherence to the rules. For the most recent information and advice on Nidhi Company registration, it is advised to speak with professionals or legal experts as legal and regulatory requirements are subject to change. It is advisable to seek expert guidance from chartered accountants or company secretaries during the Nidhi Company registration procedure due to the intricate nature of the process and compliance requirements. They can help you navigate the legal and administrative requirements to guarantee a seamless registration procedure and continuous compliance.

[samsondavis056]

What is the Difference Between Tax Consulting and Accounting?

Tax consulting and accounting are two distinct fields that play essential roles in helping individuals and businesses manage their finances and meet their financial obligations. While they may seem similar on the surface, they serve different purposes and require unique skill sets. In this article, we will explore the differences between tax consulting and accounting, shedding light on their respective roles and how they can benefit individuals and businesses.

Core Functions

Accounting primarily involves the systematic recording, analysis, and reporting of financial transactions. Accountants are responsible for maintaining financial records, preparing financial statements, and ensuring compliance with financial regulations. They play a crucial role in tracking the financial health of a business and providing the data necessary for decision-making.

Tax consulting, on the other hand, focuses on optimizing tax strategies. Tax consultants are experts in tax laws and regulations. Their primary goal is to minimize the tax liabilities of individuals or businesses while remaining compliant with the law. Tax consultants provide advice and strategies to help clients make informed decisions about their tax planning, which can ultimately lead to significant cost savings.

Scope of Work

Accountants have a broader scope of work. They handle various financial aspects, such as bookkeeping, financial analysis, budgeting, and financial reporting. Their role is essential for maintaining accurate financial records, assessing a business's financial performance, and providing insights for improving financial management.

Tax consultants, in contrast, have a more specialized focus. They concentrate specifically on tax-related matters, including tax planning, tax compliance, and resolving tax issues. They are well-versed in the ever-evolving tax laws and regulations and can identify opportunities for tax savings or exemptions.

Qualifications

Accountants typically hold a degree in accounting or a related field and may also have professional certifications such as Certified Public Accountant (CPA) or Chartered Accountant (CA). They are required to stay updated with accounting standards and regulations.

Tax consultants often hold degrees in accounting, finance, or taxation. They may also possess specialized tax certifications, such as Enrolled Agent (EA) or Certified Tax Planner (CTP). Given the complexity of tax laws, staying current with tax regulations is a critical part of their profession.

Timing of Services

Accounting services are typically ongoing and continuous throughout the year. Accountants are responsible for day-to-day financial activities, including recording transactions, reconciling accounts, and preparing regular financial statements.

Tax consulting services are more project-based and often have a defined timeline. Tax consultants provide guidance on tax planning, help clients meet tax deadlines, and offer support during audits or disputes with tax authorities.

End Goals

The end goal of accounting is to provide accurate financial data for decision-making, financial analysis, and reporting. Accountants aim to maintain the integrity and transparency of a company's financial records.

For tax consulting, the primary goal is to minimize tax liabilities and ensure compliance with tax laws. Tax consultants aim to help clients legally reduce their tax burdens, potentially leading to significant cost savings.

Conclusion

In summary, while both tax consulting and accounting deal with financial matters, they serve different purposes and require distinct skill sets. Accountants focus on maintaining financial records and providing financial insights, while tax consultants specialize in optimizing tax strategies to minimize tax liabilities. Understanding the differences between these two fields can help individuals and businesses make informed decisions about their financial needs and goals. Whether you need assistance with general financial management or specific tax-related matters, it's essential to choose the right professional for the job, such as professional accounting and tax services, to ensure your financial well-being and compliance with regulations.

[kpmgng]

tax - KPMG

Attitudes to tax are changing. Organizations of all sizes are ever more exposed to new trends in tax regulation, not just locally but globally.

KPMG is at the forefront of an evolving tax landscape As a leading tax network, we believe that we – as individual tax professionals have a duty to engage in the discussion and debate surrounding Tax Transparency and Responsibility. As the tax strategies of multinationals and domestic companies continue to be examined by both tax authorities and the public alike, we work with our clients to develop tax strategies that are fit for purpose in the tax system of tomorrow.  

Working with clients to define the tax department of tomorrow. To keep pace with the reporting changes, multinational corporations will need to evaluate their in-house resources to determine if they will be able to manage additional requirements and responsibilities. They will also need to assess their systems to ensure that they can meet new requirements for multijurisdictional reporting. 

Our tax professionals are also bound by our Principles for a Responsible Tax Practice, which set out additional fundamental ethical principles and behaviours.

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🌍 Navigating Dubai's business realm demands tax expertise. Tax consultants are your compass in the intricate tax landscape. Discover how tax consultancy services in Dubai ensure compliance, optimize structures, and drive success in the dynamic Dubai market. 🏙️💼

Read more at https://tinyurl.com/2zxehkdj

[pricekongcpas]

Discover top-notch tax consulting and accounting services in Phoenix, AZ, tailored to meet your specific needs. Price Kong offers a dedicated team of professionals equipped with extensive knowledge and experience. Maximize your financial opportunities and minimize tax liabilities with our trusted experts.

[bcshettyandco]

Tax Consulting Services In Bangalore - BC Shetty & Co

Looking for Professional Tax Consulting? Get guidance on Income Tax advisory from one of the renowned Income Tax Consultancy in Bangalore. Contact us now for smooth assistance.

[oconnor2024]

The Commercial Property Tax Protection Program™ is powered by O’Connor & Associates: -

The largest and most aggressive tax consulting firm in the country! O’Connor provides commercial property tax appeal services in 45 states in the US. To know more detail about Commercial Property Tax Reduction experts in Texas visit:- https://www.poconnor.com/commercial-property-tax-protection-program/

[nsktglobaltax]

Ways to Maximize Your 401(k) or IRA Plan Contributions

It is always advisable to not contribute beyond the limit otherwise one has to pay double the taxes. For an Individual Retirement Arrangement (IRA), the contribution limits for 2021 and 2022 are $6,000 ($7,000 for any taxpayer aged 50 or older at the end of the tax year).