What is Corporate Identification Number (CIN)?
If you’re an entrepreneur, small business owner, or any other business person in need of a company identifier, you’ll want to learn about CIN number & how to generate CIN number.
Corporate Identification Numbers will give you a unique corporate identity. This will give you a unique corporate identity.
CINs are important because they allow businesses to open bank accounts, receive loans, and register for trademarks and patents. In this article, we will discuss what a CIN is and how to get it.
Corporate identification number (CIN) is a 21-digit alpha numeric code assigned to nearly all registered businesses in India. It is assigned by the Registrar of Companies (ROC) to the companies registered in India.
The code is mandatory for all businesses and must be displayed on the front or the reverse side of all business documents, including passports, registration certificates, and other official papers.
Following types of companies received CIN number.
- OPCs: One Person Companies
- PLCs: Private Limited Companies
- State government owned companies
- Central government owned companies
- GAP: General Association Public
- GAL: General Association Private
- FTC: Subsidiary of foreign companies
- Nidhi companies, etc.
Please note that CIN is not provided to the LLPs (Limited Liability Partnerships) registered in India
Decoding CIN Number
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Why Corporate Identification Number is important?
Corporate Identification Number (CIN) is an important document in India that is required by all business entities for tax purposes.
It is also used to track the financial and legal progress of a business.
Without a CIN, it can be difficult to open a bank account, register a trademark, or even start selling products.
To get a CIN, all businesses must first register RoC/ MCA. Once registered, businesses will be assigned a CIN automatically.
In addition, all business owners and directors must submit an application for a CIN every year.
If you are no longer involved in the running of your business, you must also submit a withdrawal application for your CIN.
Having a valid CIN is important for many reasons, but especially for businesses operating in India’s high-tax environment.
Without it, you may face significant penalties and difficulties when trying to operate your business legally and taxwise.
So make sure to get your CIN if you plan on doing business in India!
What are the benefits of having a CIN number?
A CIN number is a mandatory identification number for businesses that want to do business with the government.
It’s used to track the tax paid by the business, and it helps to prevent fraud and other illegal activities. Here are some of the benefits of having a CIN:
1. Reduces the risk of tax evasion – A CIN ensures that all taxes paid are properly recorded and reported. This helps to prevent businesses from dodging taxes, which can lead to hefty fines and penalties.
2. Prevents fraud – A CIN number allows the government to identify and track fraudulent activities, such as embezzlement or money laundering. This helps to protect government funds and prevent any illegal gains from being made.
3. Enhances security – Having a CIN number makes businesses more secure when doing business with the government. It allows them to keep track of who is making changes to their files and report any suspicious behavior immediately.
4. Ensures compliance – A CIN number ensures that your business is in compliance with all applicable laws and regulations. This minimizes the risk of fines or penalties, and keeps your company running smoothly.
If you’re looking for ways to improve your business’ overall security, then a CIN number is definitely something you should consider investing in!
How to generate CIN number?
You just need to register your business with the MCA . This can be done through the by filling necessary details at official website or by visiting one of our office locations.
Once all required documentation has been submitted and processed, MCA will scrutinize it.
If all is well, MCA will approve your application after receiving the required fee. Approval means, you got your CIN number. Viola!!
Where CIN number is used?
ICIN number is used in following documents of companies:
- Companies letterhead
- All kind of receipts, bills & invoices
- Audit reports
- Annual reports
- Any other kind of companies publication
Penalty for Non-compliance of Mentioning CIN number
If a business fails to comply with the regulations set forth by the government, they may be subject to a fine of Rs 1000 per day. However, the maximum limit of the default is Rs 1,00,000/- (1 lacs) as per section 12(8) of the Act.
How to track CIN of your company
CIN or company identification number can be tracked by visiting official website of MCA (Ministry of Corporate Affairs).
You can find CIN number using four parameters:
- Search Based on Registration No
- Search Based on Existing Company / LLP Name
- Search Based on Inactive CIN
- Search Based on Old Company / LLP Name
Conclusion
By now, it’s pretty clear that getting a CIN number is important for your business and personal safety. So, make sure you don’t miss out on the opportunity.
To apply for a new CIN number, visit the MCA’s official website and get started!
Frequently Asked Question
Where are Registrars of Companies located?
A registrar of companies is a business entity that helps companies to be registered and published with the relevant authorities in India. There are various registrars of companies in India and they all offer different services at different costs.
Can you change Corporate Identification Number?
Yes, changing CIN numbers is possible.
It can be done under following condition/ situations:
- If there is a change in location of your business.
- If you change the nature of business. Say for example, if you change from financial production to a FMCG product distribution company, then certainly change in CIN number will be required.
- If listing status of your company is changed. Means, if you change from a listed company to an unlisted company.
Is CIN and PAN same?
The Corporate Identification Number (CIN) and the Permanent Account Number (PAN) are not the same. The CIN is a unique 21-digit alpha-numeric code assigned to companies registered in India under the Companies Act, 2013, for identification and tracking purposes.
On the other hand, the PAN is a 10-character alphanumeric code issued to individuals and entities for tax purposes by the Income Tax Department of India
What is CIN file name in TDS?
The CIN (Challan Identification Number) file in TDS (Tax Deducted at Source) is also known as the CSI (Challan Status Inquiry) file. It is used to prove the data and is required for filing TDS returns. The CIN file is generated during the process of filing TDS returns and is essential for validating the TDS data. It is a crucial component of the TDS filing process, ensuring accuracy and compliance with tax regulations.
Who is eligible for CIN number?
A Corporate Identification Number (CIN) is a unique 21-digit alphanumeric code assigned to every company incorporated in India. It is obtained automatically upon successful company registration with the Registrar of Companies (ROC).
The CIN is essential for legal conformity, business recognition, credit access, tax compliance, and corporate governance, and it must be prominently displayed on official company documents.
Is CIN number mandatory for proprietorship?
Yes, CIN (Corporate Identification Number) is mandatory for proprietorship. CIN is a unique identification number assigned to companies registered in India, including proprietorship. It is a 21-digit alphanumeric code that is used to track all the activities and other aspects of a company, right from its incorporation.
The CIN number is a cornerstone for legal conformity, business recognition, credit access, tax compliance, and corporate governance, collectively bolstering a company’s integrity and growth prospects
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