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Service tax is tax on services provided in India except state of Jammu and Kashmir. It is an Indirect tax on all taxable services except those in the negative list of services. Generally, service provider collects the tax from service recipient and pays the same. Current rate of service tax is 14%. Additional Swatch Bharat Cess @ 0.50% is also applicable.
Tax deducted/collected need to be paid for each month by the 7th of the next month. Correct code need to be mentioned of payment type while making such payment.
Every person/entity having TAN need to file quarterly TDS/TCS return by 15th Jul, Oct, Jan, May.
Non submission or late submission of Service Tax returns results into Late Fees, Interest and also Penalty. This all taken together could be substantial amount if returns are not filed or filed late or filed incorrectly on incomplete. Hence, it is advisable to submit the correct and complete service tax returns on time with the Department.
In case of financial distress in company business, the personal assets of owner shareholders will not be at risk of being liquidated.
Private Limited Company has got separate legal in case of proprietorship and partnership where business and owners are the same.
Company Business not affected by the death of Company continues to exists till the time it is wound up as per the provisions of the Law.
In today’s era more and more capital is required Private Limited Company always institution and other investors.
Mandatory statutory audit is required to be conducted by the appointed Statutory Auditor as per the provisions of the Companies Act, 2013.
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