The commencement of business requires certain registrations & documentation before hand.
We help you complete the requisites and obtain the paper work, PAN, GST, Import / Export codes
and other essentials for NGOs, Trusts, Societies etc. Read on to learn more.
PERMANENT ACCOUNT NUMBER (PAN)
Permanent Account Number or PAN, as it is commonly called, is a means of identifying various taxpayers in the country. PAN is a unique identification number 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. This is shared across the country and hence no two people on tax paying entities can have the same PAN.
The idea behind PAN is similar to the Social Security Number or SSN used in the United States. SSN in the US is a unique nine-digit number issued to all citizens of the US, permanent and temporary both. Although, the primary aim for SSN creation was to track individuals for social security purposes, it has now become a primary identification number for taxation processes. Any PAN issued is valid for the entire lifetime of the PAN holder. This is so majorly because PAN is unaffected by any change of address of the PAN cardholder.
TAN is Tax Deduction and Collection Account Number. It is a 10 digit alphanumeric number. This number has to be attained by people who are accountable for deducting tax at source or collecting tax at source. It is compulsory to quote your TAN in TDS or TCS return, payment, certificates, Annual Information Return and other documents.
TAN is used for deductions like salary, interest, dividend, etc.
It can be used for returns, challans and certificates
It auto-captures complete address of the person who deducts tax on behalf of the IT department. It also captures the Postal Index Number recorded with Income Tax Department
If a person has more than one TAN, it is illegal. But different branches or divisions of a collector can apply for separate TAN for each branch or division
IMPORTER EXPORTER CODE ( in short IEC ) is a ten digit number granted by Directorate General of Foreign Trade under Ministry of Commerce and Industry, to any bonafide person/ company for carrying out import/export.
Unlock international markets
You can claim the refund of various taxes paid while exporting the goods
Increase yours sales
Compete with the world market
CHARITABLE INSTITUTION (NGO / TRUST)
Non Governmental Organizations (NGOs) the Charitable Trust is also an independent legal entity. In the Generally trustees and settlors are not personally liable for the Charitable Trust's acts. However they are liable in their respective official capacity. The Charitable Trust is mainly a transfer of property deed for charitable purposes in favor of mentioned beneficiaries. There are many famous Charitable Trust in India such as Press Trust of India (PTI) etc.
At least one person Settlor (One who is forming the trust)
At least one person as Trustee ( Settlor and Trustee may be same person)
At least one person as witness
Some property to form trust (Generally Rs.1000.00)
ID Proof of Settlor, Trustee, and Witness
Water bill or House tax receipt as address proof of Regd. Office of Trust