A Private Limited Company must have at least 2 directors and 2 shareholders.

PAN, Aadhaar, Address proof, photo of all directors/shareholders, registered office proof (rent agreement/ownership doc), and utility bill.

There is no minimum capital requirement; even ₹1 can be shown as paid-up capital.

MOA defines the company’s main objectives and powers; AOA defines internal rules, rights, and duties of directors/shareholders.

Open a bank account, deposit capital, issue share certificates, appoint auditor within 30 days, and file INC-20A.

ROC filing means submitting annual forms like AOC-4 (financials) and MGT-7 (annual return) with the Registrar of Companies, usually by November 30.

Yes, an OPC (One Person Company) can be formed by a single person with one nominee.

An auditor ensures the accuracy of financial statements and compliance with accounting standards and law.

Late filing attracts ₹100 per day penalty per form and can also lead to disqualification of directors.

Yes, they can form a company with one Indian resident director under FEMA and Companies Act provisions.

Any business with turnover exceeding ₹40 lakh (₹20 lakh for services) must register. Voluntary registration is also possible.

GSTR-1 (sales), GSTR-3B (summary return), GSTR-9 (annual return), and GSTR-9C (audit, if applicable).

No. ITC cannot be claimed on personal expenses, motor vehicles (except for specific businesses), and goods/services used for exempt supplies.

Generally, the 20th of the following month, though it varies by state and turnover.

Under RCM, the recipient pays GST instead of the supplier — for notified goods/services or imports.

Via GST portal (Form REG-16) in case of business closure or turnover below threshold. Proper filing till cancellation is mandatory.

Businesses above prescribed turnover must issue invoices electronically with IRN from the GST portal.

Corrections can be made in subsequent returns before September of next FY or annual return filing, whichever is earlier.

Audits ensure correctness of turnover, ITC, tax paid, and refund claimed — applicable to entities crossing turnover thresholds.

Late fees and interest apply; continuous non-filing may lead to suspension or cancellation of GST registration.

Every individual, firm, or company with income above the basic exemption limit or having foreign assets must file a return.

For individuals: 31st July; for audit cases: 31st October; for companies requiring transfer pricing: 30th November.

You can file a belated return before 31st December with a late fee. However, losses cannot be carried forward.

It is a TDS certificate issued by the employer showing salary paid and tax deducted.

Yes, before 31st December of the assessment year or completion of assessment, whichever is earlier.

Tax paid in installments during the year if total tax liability exceeds ₹10,000.

Login to incometax.gov.in and view Form 26AS or AIS for all TDS entries.

80C (LIC, PF, ELSS), 80D (Mediclaim), 80G (Donations), 80TTA (Savings interest) etc.

After filing, return must be verified within 30 days either digitally or by posting ITR-V to CPC.

Forms for remittance outside India — 15CA by remitter, 15CB by CA certifying tax compliance under FEMA/IT laws.

Bookkeeping records daily transactions; accounting summarizes and prepares financial statements for decision-making.

Balance Sheet, Profit & Loss Account, Cash Flow Statement, and Notes to Accounts.

Daily entries and monthly reconciliations are recommended for accuracy.

An independent examination of financial records to ensure accuracy and legal compliance.

All companies under the Companies Act must undergo statutory audits annually.

When turnover exceeds prescribed limits under Section 44AB of the Income Tax Act.

Books of accounts, bank statements, invoices, GST returns, loan statements, fixed asset register, and reconciliations.

Usually 3–10 days for small entities and longer for large businesses depending on records and complexity.

Unmodified (clean), Qualified (exceptions), Adverse (not reliable), and Disclaimer (insufficient evidence).

Keep books reconciled, verify invoices, maintain vouchers, update fixed asset details, and share board minutes and loan details.