Income Tax Notice
Got a Notice from Income Tax Authorities! Do not worry!
Our professionals can help you deal with Income Tax Notice.
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Why Do You Get an Income Tax Notice?
There can be various reasons for issuance of income tax notice. Income Tax Notice may be received to just request the furnishing of information or may be to start the assessment or any other income tax proceedings.
Reasons can be:-
- Non-filing of Income Tax Return
- Mismatch of Form 26AS with declared income.
- Non- Disclosure of Income
- Not declaring details of assets and investments made.
- Abnormal cash transactions
- For filing the defective return
- If you have done high-value transactions during the year
- If your return is picked for scrutiny
- For tax evasion in earlier years
- and many more……
How to respond when you receive an Income Tax Notice?
An encounter with the income tax department is usually filled with stress.
Ensure the below before taking any further steps:-
Is it really your name on the income tax notice?
Is your Pan Number mentioned correctly?
Which assessment year such notice relates to?
Is there a correct document identification number [DIN]?
If all particulars are correct in the notice then you must need to reply to the notice within time. Our professional can help you understand the nature of notice and assist you draft and file the reply to the income tax authorities.
How can we help you get rid off Income Tax Notice?
- We have income tax experts in our team who can understand the reason for the income tax notice served to you.
- Our professionals not only help you advise what steps to be taken in response to income tax notice but also can represent income tax authorities on behalf of you.
- Our professionals will look into the issue, request supporting documents / information, draft a legal reply to the income tax notice and also file a response to the notice before income tax authorities.
What if not replied to the Income Tax Notice?
If you don’t answer the income tax notices within the specified time, there can be various implications.
Non-compliance of a tax notice not only attracts a penalty of ₹ 10,000 for non-compliance of notice but may lead to the best judgment assessment by the tax officer against you.
In other words, if you choose to be silent then income tax officers may add income based on the information available with them whether correct or wrong and charge a tax along with heavy penalties.
Furthermore, some non-compliances of income tax act contain prosecution punishment also.
Hence we suggest you to file a timely reply to the income tax notice.
TYPES OF INCOME TAX NOTICES
THE VALIDITY OF STARTUP INDIA CERTIFICATE
An entity shall cease to be a Startup on completion of ten [10] years from the date of its incorporation/ registration
OR
If its turnover for any previous year exceeds one hundred [100] crore rupees.
Whichever is earlier.
THE VALIDITY OF STARTUP INDIA CERTIFICATE
Once applied for the startup india registration, you will receive an acknowledgment receipt number (ARN) for tracking your certificate status.
Once your Startup India application is successfully processed, you can easily download your Start-up India certificate.
STARTUP INDIA CERTIFICATE BENEFITS
Tax exemption u/s 80 IAC
Post getting recognition under startup India scheme, you may apply for Tax exemption u/s 80 IAC of the Income Tax Act.
A Startup can avail tax holiday for 3 successive financial years during its first 10 years of startup eligibility.
Criteria for applying to 80IAC Tax exemption :
- Must be a recognized Startup
- Only Private limited or LLP is eligible
- Must be incorporated on or after 1st April, 2016
Angel Tax Exemption u/s 56
After startup india registration, you may apply for Angel Tax Exemption.
Criteria for Angel Tax Exemption u/s 56 of the Income Tax Act 1961:
- The entity must be a DPIIT recognized Startup
- Aggregate amount of paid up share capital & share premium after the proposed issue of shares, must not exceed INR 25 Crore.
Self-Compliance for Labour Laws
Startups can do self assessment for labour law compliances and there will be no inspection or physical visit by public officers during the first 3 years. Startups can self-certify through startup india portal with given below 6 labour laws.
- Inter-State Migrant Workmen laws
- Gratuity Laws
- Provident Fund Laws
- Employees’ State Insurance laws
- Other Constructions Workers’ laws
- Contract Labour laws
Our professionals can assist In order to self-certify labour laws compliances.
Click here to download Self-certification formats for compliance under Labour Laws Startup India.
applying to 80IAC Tax exemption :
- Must be a recognized Startup
- Only Private limited or LLP is eligible
- Must be incorporated on or after 1st April, 2016
Angel Tax Exemption u/s 56
After startup india registration, you may apply for Angel Tax Exemption.
Criteria for Angel Tax Exemption u/s 56 of the Income Tax Act 1961:
- The entity must be a DPIIT recognized Startup
- Aggregate amount of paid up share capital & share premium after the proposed issue of shares, must not exceed INR 25 Crore.
Easy Winding Up of Company
Startups registered under startup India scheme can avail easy exit route for winding up the company within 90 days under Insolvency & Bankruptcy Code, 2016, in case startup business model failed.
Funding Opportunities & Other Government Schemes
Startups registered under Startup India scheme can avail funding under various government or semi government aided schemes such as
Venture Capital Assistance Scheme
Under this scheme, interest free loan is provided by Small Farmers’ Agribusiness Consortium (SFAC) to projects falling short of capital requirement for project completion.
Support to MSMEs for International Patent Protection in Electronics and IT
Stand Up India Scheme bank loan from 10 lakh-1 crore to at least 1 SC/ST borrower and at least one women enterprise per bank branch.
Single Point Registration Scheme (SPRS)
NSIC registers MSEs under SPRS scheme for participation in Government Purchases.
Easier Norms on GeM Portal
Government e-Marketplace [GeM] is an e-commerce portal for public procurement where private sellers including startups can sell products and services to government buyers and participate in government e-tenders.
Get registered as a seller on government e-Marketplace aka GeM portal
A registered startup can enjoy privileges over others private sellers. Separate scheme launched for startup named GeM Startup Runway Scheme.
On Gem Startup Runway scheme, Startups are entitled to avail exemption on:
- Prior Turnover
- Prior Experience
- Earnest Money Deposit
- Minimum criteria for govt. tender
STARTUP INDIA REGISTRATION PROCESS
Provide the required business details and information to our web portal.
Choose a package and pay online with different payment modes available.
On placing an order, Startup India application will be assigned to one of our dedicated professionals.
Our professional shall carefully examine the criteria of startup recognition and file the application.
Our professionals do follow up with the govt. department for issuance of Startup India Certificate.
On successful examination, Startup India Registration certificate shall be provided to you.
INBOX NOW COMPLETE LIST OF DOCUMENT REQUIRED
Plans And Pakeges
Basic
Rs.5499
Plus taxes
- Company Name Approval
- Certificate of Incorporation
- Current Bank Account*
- PAN
- TAN
- 2 DIN
- eMOA
- eAOA
- (2 Indian Directors, 2 Shareholders and Authorised Capital of Rs. 1,00,000)
Standard
Rs. 7499
Plus taxes
- Company Name Approval
- Certificate of Incorporation
- Commencement of Business
- Current Bank Account*
- PAN
- TAN
- 2 DIN
- eMOA
- eAOA
- PF Registration
- ESI Registration
- GST Registration
- GST Invoice software
- Documentation Kit
Premium
Rs. 11499
Plus taxes
- Company Name Approval
- Certificate of Incorporation
- Commencement of Business
- Current Bank Account*
- PAN
- TAN
- 2 DIN
- eMOA
- eAOA
- PF Registration
- ESI Registration
- GST Registration
- GST Invoice software
- Documentation Kit
- Website**
- Online Payment Gateway
- (2 Indian Directors, 2 Shareholders, and Authorised Capital of Rs. 1,00,000)
WE ARE HERE TO HELP
Why ITS Group
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1500+ Startup & SMEs Served Across India
Top 5 Star Google Review & Rating
Record of Highest Company & Trademark Registration
5+ Year of Startup &SMEs Legal Expertise
20+ Expert Team Member At Your Services
250+ Registration Every Month
Best Web Convenience
Frequently Asked Questions
Q. How many people are required to form a private ltd company?
Minimum 2 people are required to incorporate a private limited company
Q. How much time it will take to form private ltd company?
From the date of submission of complete required documents, it will take approximately 14 working days to deliver certificate of incorporation in your hand
Q. Who can be a director of a company?
Any person who attends the age of 18 can be director of the company
Q. Is there any address proof required/mandatory for private ltd company?
Yes to incorporate your company latest utility bill along with NOC from property owner in favor of company is required
Q. How many shareholders can be there in a private ltd company?
Minimum 2 and Maximum 200 shareholders can be added in the company
Q. How many directors can be there in private ltd company?
Minimum 2 Maximum 15 directors can manage the show of a company
Q. What is a DSC?
DSC stands for Digital Signature Certificate. It is basically a pen drive containing your signature in a digital form and is password protected.It is mandatorily required to sign the various incorporation applications by directors and shareholders digitally. It is only issued by government authorized agencies.
Q. What are MOA and AOA?
MOA and AOA are charter documents of the company. It defines the business objectives and rules & regulations of the company. It is drafted by our professionals and delivers to you along with Certificate of incorporation
Q. Will you provide this service in my town?
Yes E-StartupIndia is an online platform serving all over India no matters wherever you are doing business all you need is internet connection on your mobile or desktop and we are ready to get your job done.
Q. I am into a job? Can I start my own company?
Yes you can, but do check your employment agreement before starting, it must be having a proper authorization of it
Q. Do I need to physically present for the process?
No, You don’t need to be physically present for the process, E-StartupIndia is an online catering platform all you need is internet connection in your phone/computer and the required documents with you and we can get the job done no matters even if you are present at remotest location of the India
Still have questions?
I you can’t find answers to your questions in our FAQ section, you can always contact us. We will get back to you shortly.
