Every year thousands of people across the country starts a new business with a vision to turn their
idea into reality. Having an idea & converting it into successful business venture are both different
things & one have to be extra cautious in choosing correct model for executing their idea. The first
step of starting a business is to choose the correct mode of operation i.e. whether to start a business
as proprietorship or partnership or a company etc. Every form of constitution of business has its own
pros & cons and a person starting its business should choose wisely which form will be more suitable
for its business.
Finance is a lifeline of every business and if the books of accounts are not maintained properly and in
efficient manner, the business venture might get into troubles. Maintenance of proper records and
in proper manner is not only a prerequisite for coverting a venture into profit making entity but also
it is a statutory requirement for business entities to maintain proper books of accounts in a
prescribed manner under various taxation laws of the country.
Auditing is a very important tool to keep a check on frauds, leakage of funds, compliances with statutory
provisions prescribed under various taxation laws. It is a systematic and independent examination of one’s books of accounts,
records, documents etc. to make sure that the financial statements presents true and correct view of the transactions of the organization.
There are various types of audit and each one of such type is primarily carried out with a specific purpose viz., cost audit is carried out to verify the cost accounts of an entity, management audit is carried out for assessment of effectiveness of policies and methods of management etc.
Various kind of audit which are generally carried out in an organization are Statutory audit, Tax Audit, Internal Audit, Cost Audit, Management Audit, Forensic Audit, Compliance Audit etc.
Any organization conducting business with or without profit motive is required to take registration
with various revenue departments of state and central government. It is a cumbersome task to take
registration with various government department and many a times it happens that new business
entities unaware of statutory laws fails to take registration with the authorities.
A Service provider is required to take registration with Service Tax Department, Labour &
Employment Ministry, State VAT Department etc. Similarly a trader is required to take registration
with Labour & Employment Ministry, State VAT Department etc. Failure to take registration with
any one department may lead to heavy penalties, interest.
Every provider of service is required to pay service tax on monthly basis and file service tax returns
on half yearly basis, every dealer is required to pay VAT monthly and file return on
monthly/quarterly basis. Every provider of service/ dealer/ manufacturer needs to intimate the
details of change in constitution, address, authorized signatory etc. with the respective department
within prescribed time limit.
These are some of the compliances and many more are there, but a business entity unaware of such statutory
requirements fails to comply with them. When you are running a business, it is not expected of you to know
each and every regulation.
Protection of your brand name is very important for the growth and success of your business.
In today’s world there is high risk of copying your brand name or your work. For the protection of your brand name and work,
registration with government for securing Trademark and Copyright is of utmost importance.
Drafting of agreements in respect of various transactions whether related to business or
for personal use is very significant and should not be done without professional advice. We at taxmuneem provide
service of drafting wide range of agreements as per your need under the guidance and advice of experts in respective fields.
We at taxmuneem provide representation service for various government departments where you need help of experts
for handling your Tax Assessments, Filing and representing appeals etc. Since it involves heavy financial amount
so having an expert in respective filed of tax is advisable.