File Tax Returns

Expert assistance on your annual filings

Get Expert Assistance


Starting a business is never easy. Before you even begin, you need that one big idea. You need to find that niche or unexplored opportunity in the market. If not a niche, you at least need a way to do an existing business in a better manner than the current players. The whole idea of starting a business gets overwhelming right there only at the ideating stage. This article covers the following:
  But if you do have that brilliant idea, congratulations to you. You have crossed one major hurdle. And now if you are wondering how to turn that idea into a business, you have come to the right place. We will help you not only with starting your business but also managing it.   start a business Here are some important points that you should keep in mind before you jump ship from your job and plunge headlong into the business world.

Assess the market accurately

Often, a business idea seems to be brilliant on the outset but may not turn into a feasible business. You need to do adequate research to understand the potential market of your business. Is there really a need for the product or service you are looking to sell? How many customers will you need in a month to sustain your business? What kind of customer base will you need in 2 years to be profitable? Are there similar businesses already in the country? If yes, then what are they doing? If no, then why not? These and many such questions will help you assess the market and help you arrive at the feasibility of your business idea.

Formulate a business plan

Businessmen who are looking to build the business with their own money often forget the importance of a business plan. You should have a solid business plan even if your venture is going to be bootstrapped and won’t require funding. A business plan will essentially cover what you need to invest, to begin with, what you need to spend on a month-on-month or quarter-on-quarter basis and how soon you will be able to make money. Your first business plan does not have to be very detailed, but you should have something, to begin with at least.

Register your name

The name of the business is often the face of the business. Prospective customers judge the business by its name. The name should be easy to understand and recall. Make sure your name is catchy and speaks about what your business is offering. Of course, the name shouldn’t be already in use either. To ensure no one else takes up your business name, you should get it registered and trademarked if required.

Select a business structure

Depending on the people involved in the business, it can be a sole proprietorship, a limited liability partnership or a partnership firm. You need to choose the structure properly. Setting up a business in any one of these structures requires documents, compliances and legal formalities. Make sure you get the help of an expert while selecting a business structure and getting paperwork done for the same.

Acquire the talent you need

Much like a cricket team, a good company is also only as good as its team. Even if you are building a revolutionary tech service, you need people to help you build it. You might not go on a hiring spree, but you will need a few supporting hands even at the nascent stage. Hiring is anyway a long process, which is why you should begin to find the talent you will be requiring as soon as you can. As mentioned before, starting or managing a business is not easy. But it is a lot of fun and very satisfying if you can do it well. So while you focus on building the product or service you wish to offer, allow us to focus on the legalities and compliances for you. Check out our services for businesses and reach out if you need help.
Get an expert at affordable price
Get an Expert

All Articles

  1. It is the IRDAI that grants the permit for different classes of insurance businesses, including life insurance, fire insurance, and marine insurance. If the selling of insurance business is on an interstate basis, a license is required in every state where the business is carried out.
  2. A partnership is a form of business organisation wherein two or more persons come together to carry on a certain business. Partnerships in India are governed by the Indian Partnership Act, 1932.
  3. Share Purchase Agreement is a legal contract that is enforceable and stands as proof of the terms of the sale that have been mutually agreed upon.
  4. The parties to a franchise arrangement, that is, franchisor and franchisee who enter into a written and legally binding contract called a franchise agreement.
  5. The equity shares with differential voting rights are those shares that give differential rights of voting to the shareholders. A company can issue it by passing an ordinary resolution.
  6. Every shop or commercial establishment must obtain registration under the Shop and Establishment Act. This Act differs from state to state and is regulated by the State Labour Department.
  7. When a cheque is presented for payment to the bank, and it is rejected and returned to the payee with the intimation of “Funds Insufficient”, the cheque is said to be bounced.
  8. On the death of a person, the assets he owns passes on in two ways. One way is through will, and the other is where the assets pass on to the legal heirs based on the law of succession.
  9. India’s government has enforced Foreign Exchange Management Act, 1999 to regulate all foreign exchange transactions within and outside India.
  10. ESOS is taxable under the Income Tax Act, 1961, when the employee exercises his option after vesting of ESOS or when he sells it. The foreign tax credit can be claimed under ESOS.
  11. The Department of Industrial Policy and Promotion (DIPP) issued a ‘Consolidated FDI Policy’ containing FDI provisions for single-brand retail trading in India.
  12. ESOP (Employee Stock Option Plan) is a scheme wherein the employees can purchase the shares of a company at a discounted rate compared to the market price.
  13. An insurance broker is a professional who represents customers, ensuring they get the best insurance policy suited to their needs. It is these insurance brokers that form the bridge connecting insurance companies and the general public.
  14. A person resident in India can open, hold and maintain foreign currency accounts both inside and outside India. It can be in the form of a current or savings, or FD account.
  15. Service Level Agreement is an agreement between a service provider and a customer. The document specifies clauses between both parties of the agreement.
  16. ESOP (Employee Stock Ownership Plan) is one such scheme wherein the employees obtain a right to invest in the shares of the company at a discounted price at any given future date.
  17. Value is attached to every asset and investment. The value depends on multiple factors, and hence it is relative. Business Valuation depends on the concept of value that is defined so as to ensure uniformity in valuation.
  18. Unit economics, in simple words, are the direct costs and revenues associated with a business model on a per-unit basis. A unit refers to any quantifiable item that creates value for a business.
  19. Business Valuation is required not only in the event of transfer or sale. Regular valuation of a business can help businesses identify the value drivers and the value deflators.
  20. Business Valuation and Appraisal may be used interchangeably, but primarily they are not the same. There are some key differences between the two, and understanding the same will assist owners in making informed decisions.
  21. A company can issue shares to its employees. Employees Stock Option Plan and Sweat Equity Shares are two methods of issuing shares to the employees.
  22. Employee Stock Option is issued by a company to its employees to raise its subscribed capital. The company issues shares to its employees at discounted rates.
  23. Company value must be monitored regularly even if there are no sale prospects in the near future. This ensures that the company is aware of the valuation at any given time.
  24. Organisational structure encapsulates a hierarchy that outlines the roles and responsibilities of an organisation. The type of organisational structure adopted is mainly dependent on the size of the business, and the way it operates.
  25. A startup needs to devise a plan for raising funds so that there are no roadblocks. The basics for raising capital is identifying the requirement and finding the right sources for the same.
  26. Being a startup with no traction can put entrepreneurs in the ‘Catch 22’ situation, which is not being able to raise capital due to lack of traction and not able to generate traction for lack of capital.
  27. Partner Relationship Management (PRM) is a combination of software, processes and strategies that companies use in order to enable smooth business relationships with those business partners that help market and sell their products.
  28. With the laws getting amended on a regular basis so as to tighten up the slip-ups made by businesses in the past, one cannot ignore the growing importance of compliance in this day and age.
  29. Raising funds is an essential part of the business or startup. The entrepreneurs need to raise funds for the establishment and growth of the company.
  30. Venture Capital is a form of private equity finance provided by venture capital firms to startups and emerging companies with high growth potential. Startups can raise capital through venture capital funds.
  31. The Companies Act 2013 lays down the rules relating to directorships. It prescribes the number of the office of the director, which can be held by a person simultaneously.
  32. The company website must have mandatory information as per the Companies Act 2013 and as per the SEBI Listing (Obligations and Disclosure Requirements) Regulations, 2015.
  33. Incorporation of company and registration was a very cumbersome and time-consuming process before May 2015. Hence the Ministry of Corporate Affairs (MCA) introduced Form INC- 29.
  34. IEC is a business identification number which has to be obtained for carrying out imports or exports in India. The DGFT issues IEC to an individual or firm on submission of application.
  35. The Ministry of Corporate Affairs (MCA) has amended Schedule III of the Companies Act that provides the format of financial statements to include NBFCs covered under Indian Accounting Standards.
  36. The Companies Act, 2013 prescribes threshold limits for certain provisions. The companies that fulfil the threshold limits should comply with the respective provisions.
  37. Many professionals have requested MCA to extend the CFSS 2020 and LLP Settlement Scheme 2020 till March 2021. But, the MCA has ruled out such an extension.
  38. When a suit or application is not filed before the court or respective authority within the time prescribed for it, the court or respective authority can condone the delay and accept the suit or application.
  39. CAROTAR 2020 came into effect from 21st September 2020. It provides rules and guidelines which are to be possessed by an importer before importing goods.
  40. The Controller of Certifying Authority has issued guidelines w.r.t DSC which provides for discontinuance of issuance of Class 2 DSC by Certifying Authority from 01.01.2021.
  41. RoDTEP stands for Remission of Duties and Taxes on Export Products. It is a new scheme that is applicable with effect from January 1st, 2021, formed to replace the existing MEIS (Merchandise Exports from India Scheme).
  42. The Tax Information Exchange System (TINXSYS) was formulated to assist the Commercial Taxes Departments of the various States and Union Territories in keeping track of inter-state transactions in an effective manner.
  43. RCMC is a certificate that authenticates an exporter who deals with products registered with an agency or authority of the government. The certificate has a validity period of five years.
  44. To protect the rights of the music creators, numerous licenses are required by the users of the music. These licenses are required for obtaining performing rights of the music and/or all the associated literary work. The non-compliance of which can lead to huge penalties.
  45. CDSCO is the regulatory authority for the regulation of manufacture and import of drugs and cosmetics. A registration under CDSCO is required for importing or manufacturing any drugs.
  46. Battery import license can be obtained from the concerned Central Pollution Control Board/ State Pollution Control Board by the applicants who wish to import batteries into India.
  47. A collective investment scheme is where a group of people come together and pool their money into an asset. The returns earned on the asset is then divided amongst the group based on the proportion of their investment.
  48. Liquor laws and the rules and regulations pertaining to it differ from state to state. It is imperative that one is aware of the same that is applicable in that particular state where the business is intended to be set up.
  49. Depository operates through Depository Participants. A Depository Participant executes the services of the depository and acts as a link between the depository and investors.
  50. A globally recognised system of encoding the products so as to ease the movement through the supply chain of the product is Barcoding. The registration of a barcode is an online process.
  51. To ease money transfers, RBI has undertaken various measures, Payment wallet license being one of them. These instruments permit the purchase and sale of goods and services via mobile wallets or internet banking.
  52. Businesses that provide goods and services that affect the health of the consumers must obtain a health trade license from the municipal corporation of the state in which the business operates.
  53. RERA Registration - To bring about professionalism and standardization in the real estate sector, all promoters and real estate agents who operate in the real estate sector must obtain registration under RERA.
  54. Form 15CA is to be submitted by a remitter as a declaration of the remittance made to Non - Residents. The Income Tax department has mandated submission of the form 15CA and the same can be uploaded online.
  55. The Prime Minister announced a special economic package to help the MSMEs overcome the COVID-19 pandemic situation on 12 May 2020. The details of this package are discussed in this article.
  56. The Government of India has come up with many loan schemes to provide loans and financial assistance to MSMEs. Each scheme has its eligibility criteria and different nature of assistance.
  57. Labour is one of the largest assets of any organisation. The statutory laws that govern the labour force must be complied with since they are placed for the protection of the labour class.
  58. Trademarks are protected under the Trademark Act, 1999. It is the most effective way to secure a brand from trademark infringement. However, there are limitations to the protection it offers.
  59. The contribution towards ESI is made both by the employer and employee. The deduction is made on the wages paid to the employee.
  60. Employees State Insurance is a scheme in which all the employees in the factories or establishments, to which the Act applies are insured as per the rules of the Act.
  61. The registration for FSSAI is done through the online registration system of FLRS on the FSSAI website. On 1st June 2020, FSSAI launched FoSCoS FSSAI to replace FLRS for FSSAI registration.
  62. ROC search report is the report prepared by CA, CS or Advocates after inspecting the records maintained or documents filed with the ROC. It can be done by visiting the ROC or through the MCA website.
  63. Section 185 of the Companies Act, 2013 provides conditions, restrictions and exemptions where a company can grant loans to its directors or persons in whom the directors are interested.
  64. Contracts are generally agreed upon for a fixed term. A contract may also be extended. In this case, a new contract needn’t be created. The date of termination of the contract is simply pushed further.
  65. The provisions concerning deposits are covered in Sections 73 to 76 of the Companies Act, 2013, which are generally read with the prescribed Rules. Read this article for more information.
  66. Companies that are incorporated outside India (foreign company) have the option to have offices in India depending on the requirement of the company and subject to the regulations of RBI.
  67. Valuation of shares is primarily determining the value of a business. The underlying asset is the business of the company and the price per share must be computed to arrive at the valuation.
  68. Investing in stocks listed on foreign markets can raise doubts on the implications and taxability of the gains derived from there. The nuances of such transactions need to be fully understood in order to avoid any surprises later on and make it worth the effort of investing overseas.
  69. The Trademarks Act, 1999 provides grounds on which a registration can be refused in India. It provides the absolute and relative grounds on which the registration can be rejected.
  70. A Nidhi Company is a non- banking finance company that performs lending and borrowing operations for its members. Read this article for more information.
  71. The pivotal feature of securities is that they are transferable and that makes them the most sought after investment. However, share transfer is a voluntary act, while the transmission of shares is operational by law.
  72. The appointment of a Director requires a board resolution to be passed in the General Meeting. When a person wants to be a Director, he must give his consent by submitting the requisite Form. Additionally, the Director must also have a Director Identification Number(DIN)
  73. When two or more persons or entities own a trademark together, they become the joint owners of the trademark. The Trademarks Act provide for joint ownership of the trademark.
  74. Every company needs to appoint an auditor. If an auditor does not want to continue in the company, he can give a resignation letter to the company and intimate his resignation to the Registrar.
  75. The Trademarks Act, 1999 provides grounds on which a registration can be refused in India. It provides the absolute and relative grounds on which the registration can be rejected.
  76. Copyright of a song can be obtained under the Copyrights Act, 1957 in India. An application is to be filed to the Registrar of Copyright to get the copyright of a song.
  77. udayamregistration.gov.in login is the official Government portal for registration of MSMEs. ClearTax gives you here all the Latest Updates happening on udyam registration gov in at one place.
  78. A trademark owner in India can voluntarily cancel his registered trademarks. The trademark owner can file an application to the Trademarks Office to get his trademark registration cancelled.
  79. A director is expected to perform his tasks and duties with diligence and utmost care and integrity, failing which he/she could be disqualified or ousted. Directors have a fiduciary responsibility towards the shareholders and the public, at large.
  80. ISO 17442 defines legal entities that are eligible for LEI, which includes government entities. LEI ROC published a consultative document for adding ‘general government entities’
  81. International Finance Corporation issued Masala Bonds in India in November 2014. These bonds help Indian companies to raise money in local currency from foreign investors.
  82. Cryptocurrency is a digital asset and hence is difficult to counterfeit because of security features. The introduction of LEI can assist in providing the identity in Blockchain transactions.
  83. Trademarks can be transferred to another person by way of assignment or transmission. The Trademarks Act, 1999, provides details and rules of assignment and transmission.
  84. The Companies (Amendment) Bill, 2020 was introduced in Lok Sabha. It contained the proposed amendments to be made to the existing Companies Act, 2013 in India.
  85. Trademark Office issues scrutiny report or discrepancy notice when they need additional clarification or documents relating to applications filed to them.
  86. Different types of ration cards are present in India - Antyodaya Anna Yojana, Priority Household, Ration Cards Under TPDS, Below Poverty Line, Above Poverty Line and Annapoorna Yojana . Each card has different benefits. This article states of each card and its benefits.
  87. What is MSME CHAMPIONS? What does it offer? How do MSME units make the most of the new portal? Read this article for all the information you need.
  88. www.mca.gov.in login is an official website managed by the Ministry of Corporate Affairs (MCA). Know all about the MCA portal and the services it provides.
  89. File your trademark registration online with Cleartax India. Learn how to register a trademark, application status, benefits, symbols and types of TM.
  90. Form 32 has to be filed by the LLP for the purpose of any rectification of defects or incompleteness. Read to know about how to fill Form 32.
  91. Ayushman Bharat is a health insurance scheme provided to ensure primary, secondary, and tertiary healthcare services to the poor and vulnerable.
  92. The Ministry of Corporate Affairs (MCA), recently introduced SPICe form or Form INC-32 that helps incorporate a company with a single application for reservation of name, incorporation of a new company and/or application for allotment of DIN.
  93. Franchising involves a business owner or the franchisor licensing to a third party or the franchise, the right of operating a business or distributing the goods or services using franchisor’s brand for an agreed time period in return for a fee.
  94. MSME loans are mostly offered to start-ups and small business owners. Know all about MSME loans up to Rs 1 crore in 59 minutes.
  95. Due diligence is a process of research and analysis is initiated before an acquisition, investment, or bank loan, to determine whether there are any major issues involved. Such findings are then summarized in a report which is known as the due diligence report.
  96. The provisions of the Indian Trust Act, 1882 governs only private trusts. Public Trusts are usually governed by state specific legislations. Read an detailed analysis of this act here.
  97. Zero-based budgeting focuses on making a new economic proposal, where activities are re-evaluated and budget is set from the scratch. Read here to know more.
  98. SARFAESI Act 2002 - regulate securitization & reconstruction of financial assets, enforcement of security interest. To rapid recovery of non-performing asset