Extant Compliances/ Services after Company Incorporation
PAN
Permanent Account Number or PAN is a means of identifying various taxpayers in the country. PAN is a 10-digit unique identification alphanumeric number (containing both alphabets and numbers) assigned to Indians, mostly to those who pay tax.
The PAN system of identification is a computer-based system that assigns unique identification number to every Indian tax paying entity. Through this method, all tax-related information for a person is recorded against a single PAN number which acts as the primary key for storage of information. No two people on tax paying entities can have the same PAN.
TAN
TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax.
Failure to quote TAN in documents can attract penalty. Hence, its mandatory to have and quote TAN if any person is responsible for deducting or collecting tax.
Opening of Bank Account
A Company is required to open a bank account immediately after incorporation as the subscription money by the first shareholders is to be deposited and Form 20A is to be filed with Registrar of Companies(ROC).
Also, the bank details are required for GST registration.
Conducting the First Board Meeting
A company has to conduct its First Board Meeting within 30 days of its incorporation. In this meeting board consider a number of matters like taking note of incorporation certificates, MOA, AOA, appointing first directors, issuing share certificates, deciding the FY etc.
Appointment of First Auditor
First auditor shall be appointed by the Board within 30 days from the registered date as. Failing that, immediately, an extraordinary general meeting needs to be organized to appoint an auditor within 90 days by the members
Allotment of Shares and Issuing Share Certificates
A company has to allot shares and issue share certificates within 60 days of its incorporation
Stamp Duty Payment
A Company has to pay stamp duty to SDM of its jurisdiction within 30 days of issue of share certificates.
Authorizations
A company being an artificial person need to authorise a natural person to sign documents and make representation on its behalf. Accordingly, a company need such authoriation of a person amongst the director or any other person form applying a phone or internet connection to licenses to signing agreements etc.
