How to start CA Practice in India - A Comprehensive Guide

How to Start a CA Practice in India: A Comprehensive Guide

Starting a Chartered Accountancy (CA) practice in India can be a rewarding yet challenging endeavor. With the growing demand for compliance, tax planning, and financial consulting, establishing a successful practice requires strategic planning, effective tools, and the right team. This comprehensive guide will walk you through the steps to kickstart your CA practice and ensure long-term success.

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1. Setting Up Your CA Practice

Obtain Necessary Registrations

Before starting, ensure compliance with the necessary registrations and certifications:

• ICAI Membership: Obtain a Certificate of Practice (COP) from the Institute of Chartered Accountants of India (ICAI).

• Firm Registration: Register your firm with ICAI under a suitable name.

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2. Using Practice Management Tools

Streamline Operations with Turia

Efficiency is key in managing a CA practice. Tools like Turia help automate and organize various aspects of your practice:

• Task Management: Assign, track, and manage client tasks with ease.

• Compliance Tracking: Keep track of due dates for tax filings, audits, and other statutory requirements.

• Timesheets: Monitor employee productivity and billable hours.

• Data Rooms: Maintain a centralized repository for client documents.

Importance of Timesheets

Implementing timesheets ensures:

• Accurate billing for clients.

• Insights into team productivity.

• Better resource allocation and planning.

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3. Hiring Interns and Building a Team

Recruit the Right Talent

Hiring Articleship interns and assistants is crucial for your practice. Look for candidates who:

• Are proactive and eager to learn.

• Have strong technical skills.

• Exhibit good communication and teamwork abilities.

Training and Development

Invest in training programs to:

• Enhance technical knowledge of accounting standards, tax laws, and compliance.

• Build expertise in using tools like Turia.

• Develop soft skills for client interaction.

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4. Acquiring Clients

Identify Your Target Market

Define your niche based on your expertise, such as:

• Startups requiring virtual CFO services.

• SMEs needing GST and tax compliance support.

• Individuals seeking tax planning advice.

Networking and Marketing Strategies

• Leverage Referrals: Word-of-mouth is a powerful tool in the CA profession.

• Online Presence: Build a professional website and optimize it for SEO to attract potential clients.

• Social Media: Use platforms like LinkedIn to connect with businesses and promote your services.

• Content Marketing: Share blogs, guides, and case studies showcasing your expertise.

Partnerships

Collaborate with:

• Legal and audit firms.

• Financial advisors.

• Tech platforms to offer comprehensive solutions.

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5. Maintaining Client Relationships

• Regularly update clients on compliance and tax changes.

• Provide timely and accurate deliverables.

• Offer value-added services like financial planning and business consulting.

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6. Scaling Your Practice

Expand Your Services

As your practice grows, consider diversifying into:

• Forensic audits.

• International taxation.

• Financial advisory services.

Invest in Technology

Continuously upgrade your tools and software to meet evolving client needs and regulatory requirements.

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Conclusion

Starting a CA practice in India is a journey that demands meticulous planning, effective tools like Turia, a strong team, and consistent client acquisition efforts. By focusing on technology, training, and building lasting client relationships, you can establish a thriving CA practice that stands out in the competitive market.

Ready to take the plunge? Begin your journey with the right strategies and tools, and watch your CA practice flourish!

Compliance Calendar Jan 2025

Compliance Calendar for January 2025

Staying on top of compliance deadlines is crucial for businesses to avoid penalties and ensure smooth operations. For January 2025, we’ve compiled a detailed compliance calendar covering key due dates for filings, tax payments, and other regulatory submissions. Utilize tools like Turia’s CA Practice Management Software (turia.in) to streamline compliance tracking and never miss a deadline.

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Key Compliance Dates

7th January 2025

• ECB-2 Monthly Return: Submit your External Commercial Borrowings (ECB) return for December 2024.

• Deposit of Tax Deducted/Collected: TDS/TCS payments under sections 192, 194A, 194D, and 194H.

• Quarterly TDS Due: File TDS for the quarter ending December 2024 under sections 192, 194A, 194D, and 194H.

10th January 2025

• GSTR-7 (GST-TDS): File GST TDS return.

• GSTR-8 (GST-TCS): File GST TCS return.

11th January 2025

• GSTR-1 (Non-QRMP Scheme): File GSTR-1 for taxpayers not under the QRMP scheme.

13th January 2025

• GSTR-1 (QRMP): Invoice Furnishing Facility for QRMP taxpayers.

• GSTR-5: Return for non-resident taxable persons.

• GSTR-6: Input Service Distributor return.

14th January 2025

• TDS Certificates Due:

  • Section 194-IA: TDS on property purchases deducted in November 2024.

  • Section 194-IB: TDS on rent payments deducted in November 2024.

  • Section 194M: TDS on other payments deducted in November 2024.

15th January 2025

• ESIC Payment: Ensure payment of ESIC contributions.

• EPF Payment: Remit Employee Provident Fund contributions.

• Form 24G: Submit details for TDS/TCS deductions for December 2024 without challan.

• Quarterly TCS Statement: File TCS statement for the quarter ending 31st December 2024.

• Form 15CC: Report remittance details for December 2024.

• Forms 15G/15H: Submit declarations for the December 2024 quarter.

18th January 2025

• GST CMP-08: File return for Composition Scheme dealers.

20th January 2025

• GSTR-3B (QRMP): Submit GSTR-3B for QRMP taxpayers.

• GSTR-5A: File return for OIDAR services.

22nd January 2025

• GSTR-3B: QRMP filing for eligible taxpayers.

30th January 2025

• TCS Certificates for December 2024: Issue certificates for tax collected.

• Challan Payments Due:

  • Section 194-IA: TDS on property purchases.

  • Section 194-A: TDS on interest payments.

  • Section 194-B: TDS on winnings.

• Form AOC-4: File financial statements within 30 days of the AGM.

31st January 2025

• Quarterly TDS Statement: File the TDS statement for December 2024.

• Quarterly Non-Deduction Statement: Submit declarations for non-deductions for the December 2024 quarter.

• Form 3CEAC: Submit relevant international transaction details.

• Form MGT-7: File the annual return within 60 days of the AGM (AGM due date: 31st December 2024).

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Why Use Turia for Compliance?

Managing compliance deadlines can be overwhelming, especially with multiple due dates spread across various regulations. Turia’s CA Practice Management Software simplifies this process by offering:

• Automated Reminders: Receive timely notifications for upcoming deadlines.

• Centralized Dashboard: Track all compliance activities in one place.

• Collaborative Tools: Work seamlessly with your team to meet deadlines.

Learn more about how Turia can help optimize your compliance process at turia.in.

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Stay compliant and focus on your business goals with the right tools and planning. Bookmark this compliance calendar for January 2025 and take the stress out of staying on track.

Important factors to remember while beginning a new business.

Creating a  brand new business can be an amusing and interesting time in your life. Before that, you have to recognize about the primary elements that need to be considered at the equal time as starting a brand new business which could likely help you in eliminating a few risks and limitations that you can face in the course of the journey:

Great innovative concept
Two matters can make certain fulfillment, the primary is to have an ultra-modern product or an invention which isn't there in the market. This may be pretty a challenge, it takes lots of faith inside the product that you are constructing to hold it to the market. It could take years to develop a product and at the same time as the product is made available at the sale, consumers may not receive it. If it you proper the right cord, this may be big.

The alternative element is to improve on the existing products or service which is already to be had inside the marketplace. Enhancements want to be non-stop in terms of the carrier or the product you provide.

Funding
Funding is a critical problem in your business success.  Some businesses want very much less capital at the same time as different can also need plenty of funding to invent or deliver the product to the marketplace. Figuring out the delivery of capital and the price of capital might be very crucial. Anyone is aware of that debt is cheaper than fairness. Before diluting your stake and elevating funding from an angel investor or venture capital investor attempt to discover sources of debt funding at competitive interest rates.

Do no raise funding if no longer required. If the budget is required don’t increase funding greater than what’s requirement.

Analysing your opposition
Analysing your competitor’s method helps you to take suitable choices approximately your organization and will also assist you in developing a much more effective strategy for your business.

Compliance
continually observe the regulation. Your shadow and taxes will observe you until you die. So don’t try to keep away from it. A hint statistics about the applicable taxes in your business can go an extended way saving money and time.

Always be positive
Attitude is the whole thing. It's far one of the most massive things in order to inspire you to pass all of the demanding situations and difficulties. There are a number of hurdles you will likely face in this process and the simplest aspect that could keep you will be your high-quality mindset.

To know more or to register your company in India, Please call 080-393-45666 or go to us @ http://www.Indiastartup.In

Why should you start a Limited liability Partnership?

Below listed are some of the features of LLP Registration In Bangalore’s organizations. However an entrepreneur should choose the entity based upon his or her requirements and choose suits them best in the future.

Minimum Capital

To consolidate a private limited company, the investors need to make ventures at least Rs 1 lakh into the organization. This is not applicable for an LLP. An LLP can be fused with a capital of Rs 1 or above.

Limited Liability

One among the key features of starting a Private Limited Company is limited liability. Limited liability means limited exposure to financial risk by shareholders of a company. Limited liability means the investor’s liability in the company is restricted to the capital amount committed to the company.

For instance, if Sam invested Rs 50, 000 to begina private limited company. The liability is his investment of Rs 100, 000. As such, his would potential be able to misfortune can't be beyond Rs 50, 500. He will not beliable for any liability.

Another essential componentof theLLP is that the act of 1 partner does not affect the other partner. For instance of one partner acquired some cash in the name of the LLP registration without the knowledge of the other partner, the other partners can't be held obligated.

Transfer and Exits

An associate of an LLP can resign and allocate his profit sharing to another person and quit the LLP. Exit paper forms can be completed by way of executing a simple supplementary agreement.

Legal Compliance

Limited companies need to hold board conference 4 times a 12 monthsat least one time in every quarter. This also must hold gross annual general meeting and maintain minutes for such conferences. An LLP would not have to adhere to such compliance unless and normally specified in the LLP Agreement.

Income Tax

LLPs don't have Dividend Distribution Tax (DDT) while Companies are obligated to pay DDT @16.609% (comprehensive of additional charge and education cess) on profits paid to the investors.

Both LLP and organizations are taxed at 30% plus education cess and advanced schooling cess.

Audit

LLP needs to find and get its documents audited only if the LLP's turnover exceeds Rs. 40 Lacs or the capital contribution is more than Rs 25 Lakhs any financial year.

Yet there are also factors an entrepreneur should consider such a size and nature of business pay for raising, scale etc before choosing the type of business entity.

Suggested Keywords: Register A Start-up Company In Bangalore, Company registration, LLP Registration, Private Limited company registration, Partnership firm registration. 

5 Reasons to start a Private Limited Company in Bangalore

So why should you start a private limited company. Here are few of the advantages of Registering your business as a private limited company in Bangalore.

Limited Liability

One of the main advantages of starting a private limited company is limited liability. Limited liability means limited exposure to financial risk by investors of a company. Limited liability means the shareholders liability in the company is limited to the capital amount invested in the company.

For example, if Sam invested Rs 100,000 to start a private limited company. Sam’s liability is the investment of Rs 100,000. In other words, the potential loss cannot be beyond Rs 100,000. Sam won’t be liable for any liability beyond this Rs 100,000.

Business Continuity

Private companies enjoy perpetual succession. What does perpetual succession mean? Shareholders may come and go, but the company still continues to be in existence. The company is unaffected by the death of any of its shareholders or the transfer of its shares to another person.

For example, in a partnership firm, a change in the membership leads to dissolution of the existing partnership whereas in a private limited company, one shareholder may transfer his shares to another, but the company still continues to operate.

Fund Raising

Financial institutions such as banks and private equity funds lend their resources more willingly to companies that to other forms of business organizations.

Banks are more likely to lend to limited companies because they can use the assets of the company as security for the loan. Private equity firms take stake in the company while investing; this cannot be achieved in a partnership firm.

Transfer and Exits

Limited companies are easier to sell as compared to partnership firms. Ownership is represented by equity or preference shares and these can be easily sold without affecting the activities of the company.

Salaries to directors

There is no maximum limit on the salary being paid to directors; whereas there is a ceiling limit on the salary paid to partners of a partnership firm as per Income Tax Act, 1961.

Reference Link : http://www.indiastartup.in/why-should-you-start-a-private-limited-company

GST Registration Procedure in India

Every person who is liable to registered under GST Act shall apply for registration. The person will register in every such state in which he is so liable. The time limit to register is within thirty days from the date on which he becomes liable. The person can get voluntarily registration thought not liable to registered. All provisions of this Act are applicable as to registered taxable person.

Here, we will talk about GST Company registration procedure in detail like time limit, persons eligible, documents required, background process, structure of registration number, GST registration form etc.

REGISTRATION FOR GST :

• The vendor and customer GST Company registration numbers will be mandatory for availing or passing the credits, and reporting purpose.

• Aggregate turnover requirement for GST registration is as below:

Aggregate Turnover
Region	Liability to Register	Liability for Payment of GST
North East India	Rs 9 Lakhs	Rs 10 Lakhs
Rest of India	Rs 19 Lakhs	Rs 20 Lakhs

However, certain categories of persons mentioned in Schedule III of MGL are liable to be registered irrespective of this threshold.

• An agriculturist shall not be considered as a taxable person and shall not be liable to take registration. (As per section 9 (1)).

• Any person should take a Registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed.

• Every person who is liable to take a Registration will have to get company registered separately for each of the States where he has a business operation and is liable to pay GST in terms of Sub-section (1) of Section 19 of Model GST Law.

• GSTN shall migrate all such assesses /dealers to the GSTN network and shall issue GSTIN number and password. They will be asked to submit all requisite documents and information required for registration in a prescribed period of time. Failure to do so will result in cancellation of GSTIN number.

• Taxpayers would have the option to sign the submitted application using valid digital signatures (if the applicant is required to obtain DSC under any other prevalent law then he will have to submit his registration application using the same). For those who do not have a Digital signature, alternative mechanisms will be provided in the GST Rules on Company Registration.

• If the information and the uploaded documents are found in order, the State and the Central authorities shall approve the application and communicate the approval to the common portal within three common working days. The portal will then automatically generate the Registration Certificate.

• In case registration is granted, applicant can download the Company Registration Certificate from the GST common portal.

• Structure of Registration Number is as follows:

15 digits in GST no. will denote as below
State Code	PAN	Entity Code	Left Blank	Check Digit
1-2	3-12	13	14	15

DOCUMENTS REQUIRED FOR GST REGISTRATION:

• Provisional ID & password, in case of existing applicants (Collect from VAT department or any other concerned authority)

• Valid E-mail ID and Mobile No. of Applicant.

• PAN card of the Company/ LLP (PAN is not mandatory for a non-resident taxable person who may be granted registration on the basis of any other document as may be prescribed.)

• Proof of constitution, in case of LLP or Partnership Firm partnership deed, In case of company certificate of incorporation.

• AOA & MOA in case of company.

• Letter of authorization or copy of resolution of Board of Directors to the effect empowering the person to apply for GST.

• Details and proof of place of business like rent agreement or electricity bill. Photograph, proof of appointment, of Authorized signatory, promoter, partner etc.

• Cancelled cheque of your bank account showing name of account holder, MICR code, IFSC code and bank branch details.

• Authorized signatory like List of partners with their identity and address proof in case of partnership firm or List of directors with their identity and address proof in case of company.

• Opening page of passbook/statement containing the following information:

1. Bank account number

2. Address of branch

3. Address of account holder

4. Few transaction details

GST REGISTRATION PROCESS IS AS UNDER FOR NEW APPLICANTS (Source GSTN):

1. The applicant will need to submit his PAN, mobile number and email address in Part-A of Form GST REG–01 on the GSTN portal (www.gst.gov.in) or through Facilitation centre (notified by board or commissioner).

2. The PAN is verified on the GST Portal. Mobile number and E-mail address are verified with a one-time password (OTP). Once the verification is complete, applicant will receive an application reference number on the registered mobile number and via E-mail. An acknowledgement should be issued to the applicant in FORM GST REG-02 electronically.

3. Applicant needs to fill Part- B of Form GST REG-01 and specify the application reference number. Then the form can be submitted after attaching required documents.

4. If additional information is required, Form GST REG-03 will be issued. Applicant needs to respond in Form GST REG-04 with required information within 7 working days from the date of receipt of Form GST REG-03.

5. If you have provided all required information via Form GST REG-01 or Form GST REG-04, the registration certificate in Form GST REG –06 for the principal place of business as well as for every additional place of business will be issued to the applicant.

6. If the person has multiple business verticals within a state he can file a separate application for the registration in Form GST REG-01 for each business verticals.

7. If the details submitted are not satisfactory, the registration application is rejected using Form GST REG-05.The applicant who is required to deduct TDS or collect TCS shall submit an application in Form GST REG – 07 for registration.

8. If he is no longer liable to deduct or collect tax at source then the officer may cancel and communicate the cancel of registration.

GST REGISTRATION PROCESS IS AS UNDER FOR EXISTING APPLICANTS (Source GSTN):

Existing Applicants:

The dealers registered with central or state tax authorities would be migrated to GST by default and allotted Goods and Service Tax Identification Number (GSTIN). Existing applicant’s means any entity registered with any of the following authorities:

1. Central Excise

2. Service Tax

3. VAT

4. Entry/luxury/entertainment Tax

India Startup is the one stop solution for Private Limited Company Registration, LLP Registration and Partnership firm registration in Bangalore. We will help you take your first step in becoming an entrepreneur. India startup provides legal solutions starting from company registration, accounting, preparing legal documents, business connections, trademark, advisory services, thereby providing end to end solutions in the life cycle of a business venture.

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Reference Article : http://www.indiastartup.in/gst-registration-procedure-india/

Impact of GST on Indian Economy

Goods and Services Tax (GST) is an indirect tax reform which aims to remove tax barriers between states and create a single market. For that to happen the constitution first needs to be amended to remove different layers of governments’ exclusive powers to levy taxes. Once this step is taken, the tax barriers between states, and centre and states will disappear.

MAJOR CHANGES WITH THE INTRODUCTION OF THE GST :

1) Central taxes such as Central Excise duty, Additional Excise duty, Service tax, Additional Custom duty and Special Additional duty as well as state-level taxes such as VAT or sales tax, Central Sales tax, Entertainment tax, Entry tax, Purchase tax, Luxury tax and Octroi will subsume in GST.

2) Provision will be made for removing imposition of entry tax /Octroi across India.

3) Entertainment tax, imposed by states on movie, theatre, etc., will be subsumed in GST, but taxes on entertainment at panchayat, municipality or district level will continue.

4) Stamp duties, typically imposed on legal agreements by states, will continue to be levied.

5) The GST structure would follow the destination principle. Accordingly, imports would be subject to GST, while exports would be zero-rated. In the case of inter-state transactions within India, State tax would apply in the state of destination as opposed to that of origin.

6) The GST regime should have a dual rate structure – low GST rate of approximately 12 per cent on merit goods (e.g. essential commodities), and standard GST rate of approximately 18 per cent on other goods. That apart, it is expected that there may be a higher GST rate of approximately 40 per cent on a few demerit goods (like tobacco, aerated beverages, etc.), lower GST rate of approximately 2 per cent on billions, and exemption from GST on a few select goods.

7) With GST, there will be a significant shift from origin-based taxation to a destination-based tax structure impacting not only the operating business models but also the revenues of the centre/states.

8) Company Registration under GST would replace most indirect taxes currently in place such as:

Central Taxes

Central Excise Duty [including additional excise duties, excise duty under the Medicinal and Toilet Preparations (Excise Duties) Act, 1955]

Service tax

Additional Customs Duty (CVD)

Special Additional Duty of Customs (SAD)

Central Sales Tax ( levied by the Centre and collected by the States)

Central surcharges and cesses ( relating to supply of goods and services)

State Taxes

Value-added tax

Octroi and Entry tax

Purchase tax and Luxury tax

Taxes on lottery, betting and gambling

State cesses and surcharges

Entertainment tax (other than the tax levied by the local bodies)

Central Sales tax ( levied by the Centre and collected by states)

HOW WILL GST HELP INDIAN ECONOMY?

1) GST Registered would help in lesser corruption and with Increased Tax Revenue.

2) Better and improved economy with single taxation will make it easier to identify the tax defaulters.

3) Goods Service Tax Registration will lead to the creation of a unified market, which would facilitate seamless movement of goods across states and reduce the transaction cost of businesses.

4) Tax evasion will be reduced with lower tax and lower cost will result in better investments in manufacturing industry.

5)One tax instead of so many different taxes will make tax compliance’s easier.

6) Increased investments in manufacturing industries and lower cost will result in increased volume of exports.

7) Divination of burden of tax between goods & service industries.

HOW WILL GST HELP CONSUMER?

Today consumers have no idea about the extent of taxes they pay on goods. If you get a bill after buying merchandise which gives the extent of VAT you have paid, it is an understatement of the actual tax you have paid. Remember, well before merchandise reached the retail outlet, the central government has collected excise duty. The extent of excise duty is not mentioned in the bill.

1) GST includes goods as well as service tax. Presently, service tax is 15% and taxes applicable to manufactured goods as sales tax, CST, VAT, Excise etc. if applicable amount to 24—25%. After implementation of GST, it is recommended that tax will be flat @18%.

2) Price of services may go high. Elimination of multiplicity of taxes and their cascading effects.

3) Price of goods may go down with the less complexity in tax structure.

4) Imported goods may become more expensive as CVD & VAT @12.8%, while after application of GST tax rate will be @18%.

5) Manufacturers can avail tax credit, which will result in reduction of cost, and consumers will get goods at fair price.

The country is eagerly looking out for the roll-out of GST from April 2017, as the regime focuses on creating one single market for all and introduces destination based taxation. GST will attract more investments from foreign investors as the country shall be more industry- friendly. Also, this shall result in generating more employment opportunities. Therefore, it is imperative that the government makes efforts to make the law clear and industry friendly so that the industry and the economy benefits as a whole.

India Startup.in would be always happy to help you with Company Registration services, LLP Registration, Partnership Registration in Bangalore. Our team consists of lawyers, chartered accountants and company secretaries. We believe experience, service and results are the pillars of success. Be a part of the growing India’s startup ecosystem. Talk to our consultant to know more and get started.

Call us at +91 87227 50204 or email us at info@indiastartup.in for more information.

We look forward to working with you.

Reference Article : http://www.indiastartup.in/impact-of-gst-on-indian-economy