DPIIT (Department for Promotion of Industry and Internal Trade) recognition allows eligible companies to be recognized as "Startups." This grants access to tax benefits, easier compliance, and IPR fast-tracking under the Startup India initiative.

• Fast-tracking: Patent applications are expedited.
• Facilitator Support: Panel of facilitators assist in filing.
• Cost Support: Govt bears facilitator fees; Startups pay only statutory fees.
• Rebate: 80% rebate in patent filing fees.

It provides exemption from tax on investments received above fair market value (Angel Tax) for eligible startups. The aggregate limit for exemption is INR 25 Crore. To avail this, the startup must be DPIIT recognized.

Eligible Startups incorporated after April 1, 2016, can avail of a 100% tax exemption for 3 consecutive financial years out of their first 10 years. This requires DPIIT recognition and Inter-Ministerial Board certification.

Yes, a defunct LLP (inoperative for at least 1 year) can be closed by filing an application (Form 24) with the ROC with the consent of all partners.

1. Must have a PAN Card.
2. Inoperative/Inactive for at least 1 year.
3. No assets or liabilities.
4. Bank account must be closed.
5. ITRs must be filed up to the date of becoming defunct.

Tax Deducted at Source (TDS) is the amount deducted from payments like salary, commission, rent, or professional fees at the time of payment and deposited to the government.

TAN (Tax Deduction and Collection Account Number) is a 10-digit alphanumeric number. It is mandatory for anyone liable to deduct TDS to obtain TAN. Failure to quote TAN attracts a penalty of ₹10,000.

Form 24Q: TDS on Salaries
Form 26Q: TDS on payments other than Salary
Form 27Q: TDS on payments to Non-Residents
Form 27EQ: TCS (Tax Collected at Source)

Statutory Audit (under Companies Act) checks if financial statements give a "true and fair view." Tax Audit (under Income Tax Act) checks compliance with tax laws and reporting in Forms 3CA/3CB and 3CD.

Yes, every registered company must file Annual Returns (MGT-7) and Financial Statements (AOC-4) with the ROC, even if there is NIL business activity.

Failure to maintain books of accounts at the registered office can result in imprisonment up to 1 year or a fine between ₹50,000 to ₹5,00,000.

A share certificate is a legal document signed on behalf of the company that serves as proof of ownership of the specified number of shares.

Transfer of unlisted shares must be at Fair Market Value (FMV). Transferring below FMV may attract tax implications for both the buyer and seller.

A Producer Company is a body corporate formed by farmers/producers for activities like production, harvesting, procurement, grading, pooling, handling, marketing, selling, or export of primary produce.

Minimum Capital: ₹5,00,000
Minimum Directors: 5 Directors
Minimum Members: 10 Individuals or 2 Institutions.

Yes, statutory audit is mandatory for Producer Companies irrespective of turnover.

A barcode is a visual pattern of black and white bars that encodes information readable by machines. It is used for quick identification, inventory tracking, and retail billing.

Barcodes work for almost any retail product. However, for books, magazines, and journals, you should apply for an ISBN (International Standard Book Number).

Barcodes are usually sold in packages. The minimum package typically starts at 100 numbers, and goes up to 1,000, 10,000 or 1 Lakh numbers.