PAN card is a permanent account number provided by income tax department in India to every tax payer including Indian citizens, foreigners, domestic and international corporate firms having taxable income accrued in India.

Significance of a PAN in India

One needs to present a copy of PAN while applying for a bank account in India. It is also required for applying for debit and credit cards in India. Similarly, it is also mandatory to have PAN number for making any premium payment to insurance companies for amount exceeding Rs. 50,000 in any year or for depositing cash in a bank account exceeding Rs. 50,000 at a time. If you are planning to buy or sell vehicle costing more than Rs. 5,00,000 then it is compulsory to deposit a copy of a PAN.

Getting assistance from PAN card agencies

Gone are the days when people used to wait on their hand and foot outside government agencies to get a new pan number or renewing the existing pan or to know the new PAN card status. It used to be tedious and time consuming task. With reputed and renowned private agencies in India providing online assistance from start till end, it has become easy and quick to get assistance for your PAN. Whether you are Indian citizen or a foreigner and whether you are domestic firm or an international company, these pan agencies cater to the varied needs of individuals and corporate firms. Here are some of features of PAN card agencies:

• Pan card agencies cater to the needs of the Indian community living around the world as well as foreigners willing to apply for PAN in India.
• These agencies provide assistance to PAN number seekers with varied needs such as new, lost, duplicate, correction etc.
• They usually take care of everything from start to finish including submitting application to the center to tracing PAN card status & coordinating with authority.
• They provide online assistance to people willing to have a pan number. They also provide samples, forms & instructions on how to fill them.
• In most of the cases, foreigners don’t need to get their documents attested by the Indian embassy in most cases.

These agencies make it easy fast and hassle free to get your pan number issued. You don’t need to stand in queues to know about new pan card status or to make a demand draft (DD) from the bank. They take care of everything from start to finish and deliver pan at your desired address within shortest span of time. They usually charge one flat fee including everything such as government processing & mailing, DD and service charges. It is advisable to conduct through research to find a reliable agency for quick, reliable and adequate assistance. 

To make India a financial super power, the introduction of GST implementation is must. There’s much apprehension concerning proposed GST regime regarding the growth in Indian Economy and it is effects thereof. As we all know in India economic system, destination based taxation calls for high compliance cost and efficient administration.

Taxation both one on one and indirect plays an essential role in promoting economic growth as well as justifiable distribution. As we are facing the cascading system of oblique taxes in India, a sufficient reason for the introduction of GST Tax, most of the cascading ramifications of Cenvat and service tax could be more comprehensively removed which has a continuous chain set far away from the producer’s point out the retailer’s position. Moreover, certain major Central and State taxes may also be subsumed in GST.

We have also experienced the advantages of the Vat reform such as the growth in economics of States and business local community.

The structure of GST will be based on the destination principle. As a result, the tax basic will shift from production to consumption where imports will soon be liable to levy and exports will be relieved of the burden of the goods and service levy. International exports must be zero rated. On one other hand, International imports must be susceptible to SGST during the time of importation regardless of whether or not the imported items are produced domestically. Furthermore, GST will reallocate the burden of taxation justifiably in between manufacturing and services bringing in regards to a qualitative change within the tax system. It will lower the levy rate by broadening the tax basic and minimizing exemptions.

The greatest effect of the GST implementation is it would create a common market and decrease compliance costs and consequently, create an impartial distribution. In the absence of significant fiscal alternatives, incentivized policy to attract investors to states would mean greater emphasis on structural reforms. The over macroeconomic aftereffect of decrease in economic distortions as a result of GST would be to provide an impetus to monetary growth.

The implementation of a thorough GST will lead to efficient allocation associated with factors of production and definitely will lead to gain in GDP in addition to exports. It’d enhance economic wellbeing and returns for the factors of manufacturing, i.e. property, labor and cash.

The implementation of GST across products and services is expected, to supply gains to India’s GROSS DOMESTIC PRODUCT somewhere from 0.9 to at least one.7 per cent.

The manufacturing sectors would take advantage of economies of range. Output of industries including textiles in addition to readymade garments; minerals apart from coal, petroleum, gas and ore; organic major chemicals; industrial systems for food and textiles; beverages; miscellaneous manufacturing is anticipated to increase. The sectors by which output is anticipated to decline comprise of natural gas and iron ore; crude petroleum; coal tar products; in addition to nonferrous metal sectors. “The outcomes of the NCAER Study also suggested of GST’s positive environmental effect on the economy.

PAN card is one of the most essential documents required for a varied range of financial and other transactions in India. It is generally required for filing IT returns, identity proof, telephone connections, opening a bank account, cash deposits in bank, foreign currency exchange for international holidays, payment at hotels and much more. PAN card is issued under Section 139A of the Income Tax Act to all individuals and judicial entities identifiable under the Indian Income Tax Act 1961. It also worth to know that PAN is unique to each individual and is valid for the life time of the holder, throughout India. But what if you have lost your PAN?

Get the right assistance for lost pan card India

PAN card is an important document and you must handle it carefully. However, if you lose it accidentally, the first thing that you must do is to file a FIR at the local police station and keep a copy of this FIR with you. However, the FIR copy is not a mandatory document for applying a duplicate PAN.

If you have lost your PAN, you can get assistance from the official site of income tax pan services (https://tin.tin.nsdl.com/pan/).  At this site, there are different choices such as application for a new PAN, enquiry and tracking status, reprint of PAN and changes or correction in the PAN details. One needs to use form 49A to apply for a new PAN. You can follow the instructions given on the official site to get a new PAN card. Once you have provided all the information, you will be required to provide certain documents such as proof of address and identity. You will also need to transfer the processing fees as applicable. The duplicate PAN is usually issued within fifteen days and it can also be delivered abroad or to any international location. All the details, including the PAN number will remain unchanged.

However, many people find it tough and complex procedure to go through all the instructions and complete all the formalities for getting a new pan.Gone are the days when there was lack of information and assistance for getting a new PAN or renewing the existing one. With online assistance offered by many service providers, now it has become easy, fast and hassle free to get your PAN card issues resolved.

These PAN agents take care of everything from getting information to submitting it to the center& coordinate with them. They also send all required samples, forms & instructions to the individuals. Also, you don’t need to get your documents attested by the Indian embassy if you are a foreigner applying for a PAN. These agents take care of everything from fulfilling lost pan card application form to submitting and coordinating with appropriate authorities. They also provide multiple payment options to pay online. Thus, if you have lost PAN card India, you can rely on experienced and reputed PAN card agents to get your PAN reissued within shortest span of time.

A Permanent Account Number aka Pan Card is a 10 digit alpha numeric number issued by the Department of Income tax on behalf of Government of India. Pan card is a card which consists of pan number and other information of any person.

According to rules and regulations, it is obligatory to state the pan number while making any financial transactions in India.  It is necessary for completing the norms of KYC (know your customer) without which no bank will allow you to open a bank account, money cannot be remitted outside India, investments cannot be done etc.

At the present time applying pan card turn out to be much easier when making comparison with previous years due to the online application portability. NRI inhabitants can apply with the help of passport as an address and identity proof; this made the NRI citizens to apply for PAN Card without going India. Except passport there are many more things that work as an ID proof while applying such as graduation certificate, ration card or any legal driving license.

The Department of Income Tax has made sure that applying for a PAN is an effortless and a very convenient procedure. Just submit the obligatory Application Form No. 49A. This form is accessible online and the applicant can provide details of PAN Card online and can be acknowledged. This recognition consists of a 15 digit number which is obligatory for tracking the status of PAN Card at any point of time. To obtaining the new PAN Card, there is a fee prescribed, which can either be acquitted online or be sent along later with the attached documents.

Along with this you should put together a recent passport size color photograph (stamp size: 3.5cm x 2.5cm) on the form. You have to mention the code and designation of the concerned Assessing Officer of the department of Income Tax in Form 49A.

It has turn out to be mandatory for the holders of foreign passport as well as NRI (Non Resident Indian) to quote the figure in financial transactions and if doing any investment in the country. This has come into effect from year 2007. The NRI can easily apply PAN Card Online and get it within couple of week’s time. The rudiments are overseas Passport size color passport, address proof, photo copy of passport as ID proof and a charge to be paid to NSDL as relevant at that time.

The status of PAN Card can easily be traced online using fifteen digit interim number acknowledged during the application. Opposite to popular idea that the number benefits the holders and it is useful on numerous instances. It accords reliability as well identification. The cost is very low but the advantages are very valuable applying for this Pan card.

Permanent Account Number is a unique ten digit alphanumeric number issued by the Income Tax Authorities of India under the supervision of Central Board of Direct Taxes or CBDT. It is assigned to an individual or a corporate firm to track the financial transactions carried out by them, so as to avoid tax evasion. It is mainly used for filing income tax return; however, there is multitude of circumstances when you need toapply for PAN card in India if you don’t have one. Here are some of the common uses of a PAN in India:

Filing returns

Permanent account number is issued by income tax department to individuals and corporate units forassisting them in filing income tax returns, which is also the foremost purpose of a PAN. Most of the employers in India ask new employees to provide PAN number for taxation purposes. It is used for deducting taxes from salary as applicable under Income tax law in India.

Identity document for utility services

It is used and accepted as legitimate identity proof in most of the cases such as applying for phone connection, gas and electricity connection and other such utility services. It is also accepted in India as identity proof for applying for ration card and Aadhar card in India. 

Opening a bank account

PAN card is required for opening a bank account in India. Banks need to keep check on high cash transactions by individuals or organisations and report it to the RBI as per RBI norms.

Foreign exchange

It is also required for the purpose of foreign exchange by foreign travellers in India. They need to show their copy of PAN for foreign currency exchange.

Investment in fixed deposits and shares

You also need to apply for pan card in India to quote PAN card number when you invest in fixed deposits of worth Rs.50, 000 or more for deducting TDS on interest earned on fixed deposits. Similarly, it is required to be quoted for investment in shares and mutual funds and post office savings in excess of Rs.50, 000 each.

Miscellaneous

PAN is mandatory to be shown for applying for loans and credit cards in India. It is also required for sale or purchase of motor vehicles, excluding two wheelers and sale or purchase of immovable properties valued at Re. 5 lakhs and above.

In order to apply for PAN card in India, you need to submit all of your details in form no. 49A to any of the PAN facilitation centers, locatedin all cities and major towns across India. The UTI Investors Services Ltd (UTIISL) and National Securities Depository Limited (NSDL) are the authorised agencies for issuing PAN cards in India. However, there are also many agents and companies nowadays engaged in providing PAN card services to make the process easy, fast and hassle free. You can easily apply for pan card online India through these agencies and get your pan card delivered to your door within shortest span of time.

KLC & Co. has a very experienced team which has handled the International Taxation and Transfer Pricing issues in foreign entities How To Register A Business in India. The clients include those from USA, UK, Holland, Japan, Korea and Canada

There are various modes / structures in which an entity abroad can register a business in India. The choice of the entity is a strategic decision. A structure may be favourable  for one entity and may not be favorable for the other depending upon the nature of the entit . A graphical representation of the various modes / structures that can be used to register a business in India are given below

Steps / Process / Procedure for ( LLP) Limited liability partnership Formation in India.

The following steps are required to be undertaken for forming LLP in India

Step I  : Deciding the Partners and Designated Partners

1.Atleast Two Partners are required for forming a LLP. These can be Individuals or Body    Corporate  through individual nominees.

2.The LLP should have Minimum of Two Individuals as Designated Partners, out of the total no.  of  Partners.

3.Atleast One Designated Partner in the LLP should be Resident Indian.

Step 2: Digital Signature Certificate:

1. As all the documents and forms required for incorporating an LLP in India to be filed electronically and under the signatures of Designated Partners

2 The signatures shall also be required for signing and filing of all relevant forms and documents to be filed, annually or event based after incorporation of the LLP, asking for approvals or as intimation

Step 3: Checking the Name Availability

1. The next step is to decide the name for the proposed LLP to be incorporated, anyone intending to incorporate an LLP has to evaluate his proposed name under the prescribed parameters and make an application in Form 1of Rule 18(5) of the Limited Liability Partnership Act 2008, for reservation of the desired name

2. The name of the limited liability partnership shall not be similar or identical with Company or LLP already registered in India

Step 4: Drafting of LLP Agreement

The next pertinent step is drafting of Limited Liability Partnership Agreement governing the mutual rights and duties among the partners and among the LLP and its partners.

The basic contents of Agreement are:

Name of LLP

Name of Partners & Designated Partners

Form of contribution

Profit Sharing ratio

Rights & Duties of Partners

Proposed Business

Rules for governing the LLP

Step 5: Certificate of Incorporation

After the Registrar is satisfied that all the formalities with respect to the incorporation has been complied , he will issue a Certificate of Incorporation as to formation of the LLP within maximum of 14 days from date of filing of documents. The Certificate of Incorporation issued shall be the conclusive evidence of formation of the LLP  all details click register a business in India

Before going for registration of a firm, a person should understand the number of business formations and registrations in India.

Proprietorship Firm is a one man firm. It is not considered a company that means that the liability of the owner is unlimited .it is often considered a simple way to start the business. In this type of business, the person must have service tax registration certificate or value added tax certificate. Besides these requirements, the owner also has to open a current account in any bank. It is ideal formation for start ups.

Partnership Firm has same features as the proprietorship firm but it often involves two or more people or partners. The liability is also unlimited in the partnership firm. For registration it needs partnership deed with current account with any back. The VAT or service tax registration depends on the nature of the business 

Private limited company is the major business formation. From 2015, it has become easy to register the limited companies with INC 29 form. Earlier there were some requirements for minimum fund but now there is no need for having limited fund at the time of registration of the company. At the time of registration Sales Tax Registrations in Gurgaon of private limited company, two directors at least must be there with current account with any Indian back.

Limited Liability Partnership has mixture of private limited company and partnership firm features. At the time of registration it, it must have at least two partners. This formation was quite popular before 2015, because the cost of formation was less in limited liability partnership. The minimum requirement is only one lakh rupees as capital. One person company is same as private limited company and has same features as well.

The formation of Company registration consultant in Gurgaon  business and registration of business in any of the formations depends on the line of business and capital at the hands of promoters.  If the person has some idea and want to test them in the business of internet service provider, he could go for proprietorship firm registrations. The cost of registration is low and need only payment gateways and current account with any back.

If some people want to come together and test some idea, then they could go for partnership registration. Some of the person may want to continue their current jobs with other companies during the initial period of new business.

One can go for registration as private limited company if the idea on which business is being launched in already tested in the market and owners are looking for long term investments from investors such as angle firms.One person company registration is the best for the person who does not want to include others in the company but wants to get the company features.