I will be registering a Private Limited Company in Month of May-2021. I have Few queries, Hope I will get my answers from the experts.
1) Husband & Wife can be Director & Shareholders? 2) Authorized Share Capital affects the Charges for registration? 3) After registration, do we get time of 15 months to commence Business? If yes, since when is GST applicable? 4) Address for registration is on a Property Owned by my Parents. I need to Obtain Rent Agreement & NOC? 5) We already own a Private Car in the name of my Wife. Do we get expenses of Diesel & Maintenance as Indirect Expenses in Books of Accounts? Also do we get Depreciation?
Hope you can answer to my above queries and clear my doubts. Thanks in Advance
28 April 2021
1 yes. 2 yes. 3 yes, register under GST when sale of goods exceed 40 lacs. 4 Obtain rental agreement. 5 Depreciation can't be claimed as car is not in the name of the company. Expenses of car can be claimed and it will be considered as payment of remuneration to Directors.
28 April 2021
3) But company has to file form INC 20A with in 180 days of incorporation per section 10A of the Companies Act,2013 to commence business.
28 April 2021
I will be Importing material from other Countries including but not limited to China. IE Code requires GST registration? Threshold limit of Rs. 40 Lakh will be crossed in a month or so, as soon as I commence business operations, it's better to get GST registration.
Payment of remuneration to Directors for expenses on Car if a Vehicle is used for Business purpose, will be reduce our Capital?
28 April 2021
When me & my wife are Director of the Company, signature of both the persons are required for Bank Operations and handling Imports like Delivery Order from Shipping Line?
29 April 2021
IE code required for imports. For GST registration PAN card required not IE code. In such a case register under GST without waiting for threshold. Car is in name of the director.
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