Regulatory Compliances

Permanent Account Number (PAN) serves as an identity proof and is required for any financial transaction carried out in India such as investing in shares, payment of taxes, opening bank accounts, buying or selling property, or purchase of jewelry above certain thresholds. MNCO assists their clients to conduct their business as per prevailing laws by obtaining a Permanent Account Number with ease.

In a bid to support and boost software exports from India, the Government of India, through the Ministry of Information Technology set up the Software Technology Park of India (STPI) in 1991. Software firms are encouraged to engage in software development and export through several advantages as members of STPI. MNCO handholds clients through the STPI registration process and ensures strict adherence to the various compliance guidelines.

Export Processing Zones were created by the Government of India in various regions across the country to encourage and boost infrastructure development in diverse industrial sectors, through a multitude of benefits such as exemptions in duties, taxes and levies, tax holidays, 100 percent foreign direct investment and more. These Export Processing Zones have vastly augmented India’s industrial growth and export production. MNCO supports their clients in registration matters as well as compliance to prevailing rules and regulations.

Business entities are legally obliged to deduct tax at source while making certain payments during the course of their operations. Also known as Tax Deduction and Collection Account Number, TAN is a 10-digit alphanumeric number that must be quoted by all assessees responsible for Tax Deduction at Source (TDS) in any communication with the Income Tax Department. MNCO ensures smooth business operations by supporting their clients in all matters pertaining to TAN from applying for a TAN number to filings.

Regarded as a revolutionary tax reform initiative by the Government of India, the Goods and Services Tax (GST) aims to remove prevailing inconsistencies and barriers in indirect taxation of various goods and services across the country. GST is expected to benefit both manufacturer and consumer, by eliminating the cascading tax effect across multiple stages of the supply chain from raw material purchase to the final sale to the consumer, helping improve tax collection as well as simplify processes and compliance requirements. MNCO assists and advises clients on GST registration, GST returns filing and compliance.

Governed by the Indian Trust Act, 1882, a Trust is a legal entity set up by the owner of an immovable property to convey the legal title of the property to the trustee to hold for the benefit of a person or group of people called the beneficiary. Registering a trust requires adherence to various stipulations laid out in the Act and creation of various documents such as the Deed of Trust, or Declaration of Trust, or Testamentary Trust. MNCO has substantial experience in registering trusts in a timely manner, addressing the specific needs of their clients.

Registered to become a legal entity under The Societies Registration Act, 1860, a Society brings together seven or more persons to form a charitable body that exists to serve the people in various areas such as education, religion, sports, science, welfare and more. MNCO supports clients in the registration process of a Society within set timeframes with services that include drawing up the Memorandum of Association as well as setting out the rules and regulations of the Society.

The Foreign Contribution Regulation Act (FCRA) 1976 oversees funds contributed from overseas countries to India to use in the aid and development of underprivileged persons in a legal and transparent manner. Currently NGOs are eligible to register under FCRA if they have been operational for a minimum period of three years. MNCO undertakes the responsibility for advising and executing all necessary groundwork regarding the relevant documentation needed to support clients in carrying their work forward without legal hassles.

The Import Export Code is a ten-digit code issued by the Directorate General of Foreign Trade and is essential for all businesspersons involved in importing and exporting goods to and from India. This code has to be submitted for all import and export business transactions, without which entities such as DGFT, Customs or the Export Promotion Council will not recognize the business. MNCO assists in obtaining the Import Export Code, ensuring a hassle-free business environment for their clients.