tag:blogger.com,1999:blog-31538874240667430962024-03-04T20:40:45.055-08:00Preetham Shetty & CoChartered AccountantsPreetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.comBlogger143125tag:blogger.com,1999:blog-3153887424066743096.post-3226234275130114332021-05-31T22:12:00.000-07:002021-06-20T04:11:15.997-07:00<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #444444; font-family: Tahoma, sans-serif;"><span style="font-size: 14px;">Got an idea? Not sure how to start? If you’ve been wondering how to put the paperwork and basic processes in place look no further, launch your startup with our one-stop solution for all your business needs so while we manage your compliance, you can focus on growing your business..</span></span></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-38967997271714568792018-10-09T00:57:00.001-07:002018-10-09T00:57:53.851-07:00Due Date for Tax Audit and ITR Filing further extended to 31th October 2018<div dir="ltr" style="text-align: left;" trbidi="on">
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CBDT further extends due dt for filing of IT Returns & audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain</div>
— Income Tax India (@IncomeTaxIndia) <a href="https://twitter.com/IncomeTaxIndia/status/1049278032157048832?ref_src=twsrc%5Etfw">October 8, 2018</a></blockquote>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com1tag:blogger.com,1999:blog-3153887424066743096.post-36077999528779762442018-09-24T18:00:00.001-07:002020-12-10T22:54:38.177-08:00Due Date for Tax Audit and ITR Filing extended to 15th October 2018<div dir="ltr" style="text-align: left;" trbidi="on">
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CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept,2018 to15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain</div>
— Income Tax India (@IncomeTaxIndia) <a href="https://twitter.com/IncomeTaxIndia/status/1044181403884285954?ref_src=twsrc%5Etfw">September 24, 2018</a></blockquote>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-19873803079827770512018-09-12T05:40:00.001-07:002018-09-12T05:40:16.552-07:00Advance Tax Reminder<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="color: #404040; font-family: "Tahoma",sans-serif; font-size: 10.5pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #404040; mso-style-textfill-fill-colortransforms: "lumm=75000 lumo=25000"; mso-style-textfill-fill-themecolor: text1; mso-themecolor: text1; mso-themetint: 191;"><br /></span></b></div>
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<b><span style="color: #404040; font-family: "Tahoma",sans-serif; font-size: 10.5pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #404040; mso-style-textfill-fill-colortransforms: "lumm=75000 lumo=25000"; mso-style-textfill-fill-themecolor: text1; mso-themecolor: text1; mso-themetint: 191;">15th
September (Saturday)</span></b><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #404040; font-family: Tahoma, sans-serif; font-size: 10.5pt;"> is the due date for Second Installment of Advance Tax
for FY 2018-19. <u>You must pay 45% of your tax liability</u> for AY
2019-20 before this date to avoid interest penalty u/s 234A<o:p></o:p></span></div>
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<b><span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;">Who needs to pay Advance tax?<o:p></o:p></span></b></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: Symbol; font-size: 10.5pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;">Business owners, Freelancers & Professionals<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: Symbol; font-size: 10.5pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;">A salaried individual who earns income by way of house rent,
bank interest or capital gains<o:p></o:p></span></div>
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</span></span><!--[endif]--><span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;">Traders trading F&O and stocks.<o:p></o:p></span></div>
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</span></span><!--[endif]--><span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;">Assessees opting for Presumptive Taxation Scheme need to pay
100% advance tax liability in a single installment on or before 15th March 2019<o:p></o:p></span></div>
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<b><span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;">How do you pay?<o:p></o:p></span></b></div>
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<span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;">You can
pay advance tax online as well as offline.<o:p></o:p></span></div>
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<b><u><span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;">Online
payment:</span></u></b><span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;"> To pay it online, you can login to the income tax website and
click on the “e-Payment of Taxes” tab, which will direct you to the payment
website. You can also get to the tax payment website directly at tin-nsdl.com.
Here, under the “Services” tab, you will find the “e-payment” option where you
can pay your tax. To pay advance tax, select Challan 280. Once you put in the
required details, you can choose the netbanking option to make the payment
online.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;">On
successful payment, a challan counterfoil will be displayed containing the
challan information number, payment details and bank name through which
e-payment was made.<o:p></o:p></span></div>
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<b><span style="color: #444444; font-family: "Tahoma",sans-serif; font-size: 10.5pt;">What if you don’t pay?<o:p></o:p></span></b></div>
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<o:p></o:p></div>
<span style="background-color: white; color: #444444; font-family: Tahoma, sans-serif; font-size: 10.5pt; text-align: justify;">If you fail to pay the advance tax as stipulated, the due taxes
attract interest.</span> </div>
Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-34733797945774170622018-08-23T04:21:00.000-07:002018-08-23T09:23:45.358-07:00Deadline of filing DIR 3 KYC Extended to 15th Sept 2018<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 14px;">The Ministry of Corporate Affairs (MCA) has extended the due date for filing DIR -3 KYC without any filing fees to </span><b style="font-family: tahoma, sans-serif; font-size: 14px;"><span style="color: red;">15th September 2018</span></b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 14px;">. The Ministry is conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC. As part of this, every director who has been allotted DIN on or before 31-03-2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31-08-2018, using his/her own Class – II DSC and the form would be required to be digitally certified by a practicing professional (CS/CA/CMA) using Class-II DSC. Filing of Form would be mandatory for Disqualified Directors also. <i>The due date has now been extended to 15-9-2018.</i> After the due date of filing DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken.</span><br />
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<span style="font-size: x-large;"><span style="color: #444444; font-family: "tahoma" , sans-serif;">To File Now: </span><a href="https://goo.gl/GsgzWt" style="font-family: tahoma, sans-serif;">Click Here</a></span></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-80830288080459119412018-08-14T22:07:00.000-07:002018-08-14T11:09:02.603-07:00<div dir="ltr" style="text-align: left;" trbidi="on">
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-81972391810636237332018-08-12T00:33:00.001-07:002018-08-12T05:21:26.411-07:00Key Highlights of 28th and 29th GST Council Meet<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijXToXqbh3Rt7QvF74T4BMtD0bdMFYRer8LzK_LacwYL8JTApYaNmim97ncVD_cDjmyM9oxdlp8U6cLm-CSaDdPil8n35b_0k0jU2V4aDtKDIIe1uWd_wZqoI5Mra1pctvhMPSgesE4Gs/s1600/28th-GST-council-meet-highlights-updates-2000x1200.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="600" data-original-width="1000" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijXToXqbh3Rt7QvF74T4BMtD0bdMFYRer8LzK_LacwYL8JTApYaNmim97ncVD_cDjmyM9oxdlp8U6cLm-CSaDdPil8n35b_0k0jU2V4aDtKDIIe1uWd_wZqoI5Mra1pctvhMPSgesE4Gs/s400/28th-GST-council-meet-highlights-updates-2000x1200.png" width="400" /></a></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">29th GST Council Meet<o:p></o:p></span></b></div>
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<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The Council recognised the concerns of MSMEs and SMEs and formed
a committee to address specific concerns of this sector on compliance and
rates. Here is a gist of outcome from the meeting;<o:p></o:p></span></div>
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<b><span style="color: #333333; font-family: "helvetica" , sans-serif; font-size: 10.5pt;">A</span></b><b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">ll Provisional IDs to apply for GSTIN by
31st August 2018</span></b><b><span style="color: #333333; font-family: "helvetica" , sans-serif; font-size: 10.5pt;"><o:p></o:p></span></b></div>
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<span style="background-color: transparent; color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt; text-align: left;">Those
with Provisional IDs must fill up GST REG-01 by 31st August 2018 and get
GSTINs. Details of the taxpayer along with reason for not migrating in the
system have to be provided. Once this process is complete, such taxpayers will
be deemed to have been registered from 1st July 2017. Which means they must
comply with all return filing as applicable</span><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">. <o:p></o:p></span></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Now
cashback on GST portion</span></b><b><span style="color: #333333; font-family: "helvetica" , sans-serif; font-size: 10.5pt;"><o:p></o:p></span></b></div>
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<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The next
few months will be marked by a rise in household expenses, due to the festive
season leading up to Diwali. This period is likely to see intense buying and
selling activity and will lead to increase in GST collections. With this in
mind - the GSTCouncil decided to launch a pilot on allowing cashback on 20% of
GST (max Rs 100) on payments made via specified digital means. This will be
piloted in states who choose to sign up. For now, this will be launched via
BHIM and Rupay. While this has been implemented to help people join the formal economy
and adopt digital means - it is not clear how this will impact return filing
and reporting for the sellers.<o:p></o:p></span></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">No GST
refund to foreigners<o:p></o:p></span></b></div>
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<o:p></o:p></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 64.35pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Via a
response to an RTI query, the finance ministry has clarified that foreigners
who come to India and make purchases will not get any GST refund. The relevant
provisions in the Act have not yet been made applicable. This refund has been
laid down under section 15 of the Act, but is not in force yet. Bringing in
this provision is likely to boost tourism in India, without severely impacting
collections for the government, so we hope this is implemented soon. </span><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"> </span><o:p></o:p></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">28th GST Council Meet<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Simplified
GST Return for Quarterly filers:<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Regular
taxpayers with a turnover of up to Rs 5 crores can now file GST returns on a
quarterly basis against the earlier limit of Rs. 1.5 crores, either in ‘SAHAJ’
or ‘SUGAM’ depending on supplies being ‘B2C’ or ‘B2B & B2C’ respectively.
Regular taxpayers with turnover over Rs. 5 crores, have to file monthly returns
under the new return filing system under a system of ‘UPLOAD->LOCK->PAY’.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Changes
to Input Tax Credit Rules<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Scope increased to include: <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 154.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level3 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "wingdings"; font-size: 10.5pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Activities
or transactions specified in Schedule III<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 154.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level3 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "wingdings"; font-size: 10.5pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">13-seater
vehicles, vessels, aircraft, vehicles for transporting money and on maintenance
or general insurance services for vehicles.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 154.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level3 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "wingdings"; font-size: 10.5pt;"><span style="mso-list: Ignore;">§<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Goods or
services provided to employees by employer by law<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Reversal of ITC for Payment of Invoice beyond 180 days from
Invoice date will no longer attract Interest. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Cross-utilisation of ITC is being rationalised. Awaiting
updates. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Weavers & Textile Industry to benefit with council approving
the Refund of ITC accumulated due to condition of Inverted duty structure
prevalent for Fabric manufacturing.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">GST
Registration<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Taxpayers may now opt for multiple registrations within a
State/Union territory in respect of multiple places of business located within
the same State/Union territory. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Mandatory registration is required for only those e-commerce
operators who are required to collect tax at source.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Composition
Scheme limit increased<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l5 level1 lfo3; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Upper limit raised to Rs 1.5 crores from earlier limit of Rs.
1.0 crore. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l5 level1 lfo3; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Dealers providing services too can avail the scheme. But, upper
limit restricted to Higher of Rs 5 lakhs or 10% of Turnover in preceding
financial year.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Reverse
charge mechanism further deferred<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo4; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Decision taken to defer Sec. 9(4) of CGST Act till 30th Sept
2019 with the Council referring to a Committee for studying the Pros and Cons
of the provision. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo4; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Purchase from unregistered dealers to attract RCM only in case
of certain specified supplies. Awaiting the list.<o:p></o:p></span></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">New
additions to Schedule III- i.e Not a Supply; In turn No tax payable<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level1 lfo5; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Supply of goods from a place in the non-taxable territory to
another place in the non-taxable territory without such goods entering into
India; <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level1 lfo5; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Supply of warehoused goods to any person before clearance for
home consumption; and <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level1 lfo5; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Supply of goods in case of high sea sales.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">For
those yet to complete Migration into GST:<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l4 level1 lfo6; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Taxpayers who received provisional identification numbers but
could not complete the migration can now do so till August 31. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l4 level1 lfo6; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Taxpayers who filed Part A of FORM GST REG-26, but not Part B of
the said FORM can approach the jurisdictional Central Tax/State Tax nodal
officers with the necessary details. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 82.4pt; margin-right: 0cm; margin-top: 0cm; mso-list: l4 level1 lfo6; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Also, the Council has decided to waive the late fee payable for
delayed filing of return in these cases.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Tax
Compliances made easy under GST</span></b><o:p></o:p></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 64.35pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The
compliance burden has been reduced for more than 93% taxpayers in the country,
as the turnover limit for the quarterly returns has been hiked from 1.5 crores
to 5 crores. Additionally, a Single Page Return form has been created for
filing quarterly return filers. It’s to be seen how the proposal for a monthly
tax payment plugs the gap of Reconciling ITC claims. Challenge can be where the
supply takes place between the Quarterly return filer and Monthly return Filer.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Sanitary
Napkins exempt from GST<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 64.35pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">In one clean
swoop the government has made the lives of countless Indian women easy.
Sanitary napkins now will be exempt from GST. This also means that the GST paid
on the input raw material used cannot be available for credit due to exemption
of the end product, that indirectly impacts the pricing of this product.<o:p></o:p></span></div>
<div style="background: white; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="background: white; color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">For any assistance with GST, call us on
9900397777 or write to us at info@preethamandco.com</span></b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><o:p></o:p></span></div>
<br /></div>
Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-49119270618815465802018-07-26T18:30:00.000-07:002018-08-07T09:15:54.972-07:00Deadline for I-T return extended till August 31<div dir="ltr" style="text-align: left;" trbidi="on">
<div align="center">
<blockquote class="twitter-tweet" data-lang="en">
<div dir="ltr" lang="en">
Extension of Due Date for filing of Income Tax Returns; For full details, please Log on: <a href="https://t.co/wshz48Lsk1">https://t.co/wshz48Lsk1</a></div>
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/1022476614544719873?ref_src=twsrc%5Etfw">July 26, 2018</a></blockquote>
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</div>
Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-76782823357185081742018-07-21T09:46:00.002-07:002018-07-21T09:49:59.248-07:00Layman's guide to file your Tax Return<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSH5TcCgxy3iCeGHfk3-J2CoffCTkc7w6wLuJEthncx9-IcgIEswNOVGtg7RGXLArc9IbyiUw0jwuZV8KMuL3FtpwllHxn2aelq4AlibmFEoxeQWRtdmwiq9MDxO53ASv97eag-oJECMs/s1600/income-tax-return-online.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSH5TcCgxy3iCeGHfk3-J2CoffCTkc7w6wLuJEthncx9-IcgIEswNOVGtg7RGXLArc9IbyiUw0jwuZV8KMuL3FtpwllHxn2aelq4AlibmFEoxeQWRtdmwiq9MDxO53ASv97eag-oJECMs/s400/income-tax-return-online.jpg" width="400" /></a></div>
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The due date for filing of income tax return (ITR) for the
financial year 2017-18 (assessment year 2018-19) is </span><b><span style="color: red; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">31 July 2018</span></b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">. ITR filing process starts from choosing the correct form, which
depends on the nature of income and the status of the taxpayers.</span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Who all are liable to file the Income Tax Return?</span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Don’t</span></u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"> presume that if tax has already been paid (via TDS), you don’t
need to file the return. Irrespective of tax liability, every person whose
total income is more than the basic exemption limit of Rs.2.50 lakh (3.00 Lakh
in case of Senior Citizen), is liable to file his ITR.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">How to go about it?</span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; text-indent: 36.0pt; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Step 1| Organize documents<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Besides
basic documents like your Permanent Account Number (PAN) and Aadhaar number or
enrolment ID, you need to have documents related to income, investments,
assets, bank accounts and so on. You don’t have to attach supporting documents
along with the income-tax return form, you will need them to fill it.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">If you
had any income other than salary, like capital gains, rental income, divided
income and so on, keep those documents handy too. Also, if you have any foreign
income or assets, you need to have documents of that to put in details.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; text-indent: 36.0pt; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Step 2| Create your ITR e-filing
account<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">If you
are a first-time filer, you need to create an account on the <a href="https://portal.incometaxindiaefiling.gov.in/e-Filing/Registration/RegistrationHome.html?lang=eng">ITR
e-filing website</a>. To login, you need to enter user ID (your PAN), password,
date of birth and captcha code.</span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; text-indent: 36.0pt; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Step 3| Select the ITR Form<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Login
and select “filing of income tax return” on the dashboard. After that, choose
the assessment year (AY) for which you want to file the ITR. The current AY is
2018-19, where you file returns for financial year (FY) 2017-18. FY is the year
in which you earn the income, while AY is the year in which you assess your
income and file your return. Next, choose the applicable ITR form.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; text-indent: 36.0pt; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Step 4| Fill in the details<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Ensure
you fill in the correct details. Aadhaar Number or enrolment ID is mandatory to
file the return electronically. This year ITR forms are seeking a lot of new
information like break-up of salary and house property income to be furnished
in ITR-1 form instead of a single amount of income/loss, as required to be
furnished earlier.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Step 5| Upload,
e-verify return<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The last
step is to re-check all your details and upload the form. There is a window of
120 days from the date of uploading the return till which you can e-verify your
return or send a signed copy of ITR-V to the tax department’s Central
Processing Center, Bengaluru. If you are sending ITR-V physically, make sure
you send it through ordinary or speed post and not by any private courier service.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMBvY1MhXSwLWBcCAKahUnHQeR9uk6Xo252eT0c3M8932mWxDBB2WAglIQ93Ido3ziWrFUGdgkEIxGehWHadzzaLD3_0YakHxD5HPkKOzHFph_X5pHeMvEbSAvGN7hsMXRuS269lLxHXc/s1600/web-TAX-FILING+%25281%2529.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMBvY1MhXSwLWBcCAKahUnHQeR9uk6Xo252eT0c3M8932mWxDBB2WAglIQ93Ido3ziWrFUGdgkEIxGehWHadzzaLD3_0YakHxD5HPkKOzHFph_X5pHeMvEbSAvGN7hsMXRuS269lLxHXc/s1600/web-TAX-FILING+%25281%2529.jpg" /></a></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">What is 26AS, Form 16, Form 16A? Why is it important?<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Form
26AS<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Form
26AS is essentially a type of tax passbook that has details of various taxes
deducted from your income. It can be downloaded from the income-tax
department’s website. A taxpayer should ensure that ITR data is in sync with
that of Form 26AS. The most common mistake done by the people is filing their
ITR only using the form 16. However, you must check the other supporting
documents like 26AS, Form 16A, saving proof etc.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Form 16/Form
16A?<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Form 16
is a document issued by the employer to the employee listing the amount of
income tax deducted and deposited with the government. Form 16 is issued after
the end of the financial year for which tax was deducted. It essentially has
two parts: Part A has details of the employee and tax deducted. Part B has
lists salary break-up and deductions claimed. While Form 16 is for salary
income, Form 16A is for income other than salary.</span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">What is e-Verification of IT Returns?<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Filing your income tax return (ITR) is not enough, you need to
verify it too. Otherwise your return will not get processed. You can do the
verification either offline or online. If you fail to either e-verify your ITR
or post it to Centralized Processing Centre (CPC) of the income tax department
in Bengaluru, return will be treated as an invalid return.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">What happens if you miss the July 31 deadline?<o:p></o:p></span></b><br />
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">One can file the income tax return after the July 31 deadline.
However, the delayed income tax return attracts a late fee. If return is filed
beyond due date but before December 31, then fees payable will be Rs.5,000
whereas in other cases it will be Rs.10,000.</span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<div class="separator" style="clear: both; text-align: center;">
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-47003816981820466542018-07-11T07:45:00.002-07:002018-07-11T07:45:41.232-07:00<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
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<br /></div>
Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-68731847326051624552018-07-02T07:19:00.002-07:002018-07-02T07:41:58.599-07:00Director? Get your KYC done before 31st August 2018!<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZgAsW8KPBADVEsLRTwyMnRzO7xjgsromimEIn08sAJ5E6TpayW6r4SWiudvrmBd1zsgRvosTtbwafL-uHEnwedf9cMF7_8Jk5GkxrO09TLkgKQKL5JM-G8hTlWAXIfSqZ79mrBeLaKV0/s1600/kyc-1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="223" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZgAsW8KPBADVEsLRTwyMnRzO7xjgsromimEIn08sAJ5E6TpayW6r4SWiudvrmBd1zsgRvosTtbwafL-uHEnwedf9cMF7_8Jk5GkxrO09TLkgKQKL5JM-G8hTlWAXIfSqZ79mrBeLaKV0/s400/kyc-1.jpg" width="400" /></a></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">As part
of updating its registry, MCA would be conducting <b>KYC of all Directors</b> of all
companies annually through a new eform viz. <b>DIR-3 KYC </b></span><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">to be
notified and deployed shortly. </span></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><b>Applicability:</b></span></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Accordingly, every Director who has been
allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’
status, would be mandatorily required to file form DIR-3 KYC. </span><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 14px;">Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.</span></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><b>Timeline:</b></span></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><span style="color: #444444;">On or
before </span><b><span style="color: red;">31st August,2018</span></b><span style="color: #444444;">. </span></span></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><b>Details Required:</b></span></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">While filing the form,the <i><u>Unique Personal Mobile
Number</u></i> and <i><u>Personal Email ID</u></i> would have to be mandatorily indicated and would
be duly verified by One Time Password(OTP). The form should be filed by every
Director using his own DSC and should be duly <i><u>certified by a practicing
professional </u></i>(CA/CS/CMA). <o:p></o:p></span></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><b>What if not complied?</b></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">After expiry of the due date by which the KYC form is to be
filed,the MCA21 system will mark all approved DINs (allotted on or before 31st
March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’
with reason as ‘Non-filing of DIR-3 KYC’. After the due date filing of DIR-3
KYC in respect of such deactivated DINs shall be allowed upon payment of a
specified fee only, without prejudice to any other action that may be taken.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">For further assistance in getting your KYC done and filing DIR-3 KYC contact us at <b>+91 9900397777</b> or mail us at <b>info@preethamandco.com</b>. </span></div>
<br /></div>
Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-53084850422516242782018-06-22T08:48:00.000-07:002018-06-22T12:05:32.710-07:00The Insolvency and Bankruptcy Code, 2016-An Overview<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAl-CdaQ1Dqcxf2bAxv8N6Y-YNGO6ugejb8u7ndvYNzgywZRav3X0ZbkDVKmijYD2qxQxW3BM8hZvaXAamVCNME_C6aEyBh_VzJ6BIP6EmEgx7cQuBL4yhXo3gA-KKujHc87Xgou-t7os/s1600/23.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAl-CdaQ1Dqcxf2bAxv8N6Y-YNGO6ugejb8u7ndvYNzgywZRav3X0ZbkDVKmijYD2qxQxW3BM8hZvaXAamVCNME_C6aEyBh_VzJ6BIP6EmEgx7cQuBL4yhXo3gA-KKujHc87Xgou-t7os/s400/23.jpg" width="400" /></a></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The Government has felt a need to have a consolidated law or code
to govern and regulate the matters of recovery of money from debtors who have
borrowed and failed to repay debts even after it becomes due more particularly
when those debts are not secured. The existing insolvency laws and laws
relating to recovery of loans enacted for the purpose of companies and banks
namely the <i>Sick Industrial Companies Act, The Recovery of Debt Due to Banks
& Financial Institutions Act, the Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002, Companies Act
2013/Companies Act 1956 etc</i> are not providing speedy remedy to recover the
loans and debts due from debtors and in a way it has failed to improve the
recovery position and possibility from debtor by the creditor.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Purpose of the Code:<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">(a)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">To consolidate and amend the laws relating to reorganisation and
insolvency resolution of corporate persons, partnership firms and individuals. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">(b)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">To fix time periods for execution of the law in a time bound
manner. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">(c)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">To maximize the value of assets of interested persons. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">(d)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">To promote entrepreneurship <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">(e)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">To increase availability of credit. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">(f)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">To balance the interests of all the stakeholders including
alteration in the order of priority of payment of Government dues. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">(g)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">To establish an Insolvency and Bankruptcy Board of India as a
regulatory body for insolvency and bankruptcy law.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Applicability<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The Code
shall apply for insolvency, liquidation, voluntary liquidation or bankruptcy of
Companies, LLPs, Partnership Firms and Individuals.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: red; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Exception:</span></b><span style="color: red; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"> </span><span style="font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The Code shall not
apply to Financial Service Providers like Banks, Financial Institutions and
Insurance companies.<span style="color: red;"><o:p></o:p></span></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">What is considered as a Claim under the code?<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">As per
Section 3(6) of the Code, Claim means a right to payment or right to remedy for
breach of contract if such breach gives rise to a right to payment whether or
not such right is reduced to judgment, fixed, matured, unmatured, disputed,
undisputed, legal, equitable, secured or unsecured.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Applicable forms to file an application with NCLT.<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The form
in which the application is to be preferred is provided in the Application to
Adjudicating Authority Rules as follows: <u>Financial Creditor</u> – Form 1, <u>Operational
Creditor</u> – Form 5, <u>Corporate Debtor</u> – Form 6</span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Resolution Process (For Corporates)<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Application
on default: </span></u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Any financial or operational creditor(s) can apply for
insolvency on default of debt or interest payment <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDHkmbxXjDpYTEhHerlpUIPeJGunAxc1FQKlB392ux7qIwkYF_V1EuQJDTvwmH0HKA_EYrH_PJeB3tJA_DUmboRWsRuR9QAqod-y8_RDUV5oNSvAUcH_WhN3vNVJLCVTPIfU2jG8Vlm6E/s1600/CAPTURE000+22-06-2018.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDHkmbxXjDpYTEhHerlpUIPeJGunAxc1FQKlB392ux7qIwkYF_V1EuQJDTvwmH0HKA_EYrH_PJeB3tJA_DUmboRWsRuR9QAqod-y8_RDUV5oNSvAUcH_WhN3vNVJLCVTPIfU2jG8Vlm6E/s320/CAPTURE000+22-06-2018.png" width="266" /></a><u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Appointment
of IP: </span></u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">IP to be appointed by the regulator and approved by the creditor
committee. IP will take over the running of the Company. From date of
appointment of IP, power of Board of directors to be suspended and vested in
the IP. IP shall have immunity from criminal prosecution and any other
liability for anything done in good faith.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Moratorium
period: </span></u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Adjudication authority will declare moratorium period during
which no action can be taken against the company or the assets of the company.
Key focus will be on running the Company on going concern basis. A Resolution
plan would have to be prepared and approved by the Committee of creditors.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Credit
committee</span></u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">: A credit committee of creditors will be constituted. Related
party to be excluded from committee. Each creditor shall vote in accordance to
voting share assigned if 75% of creditor approve the resolution plan same needs
to be implemented.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Liquidation Process<o:p></o:p></span></b></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt 36pt; text-align: justify; vertical-align: baseline;">
<u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Initiation:</span></u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"> Failure to approve resolution plan within specified days will cause initiation of Liquidation. Debtor can also opt for voluntary liquidation by a special resolution in a General Meeting.<o:p></o:p></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt 36pt; text-align: justify; vertical-align: baseline;">
<u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Liquidator:</span></u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"> The IP may act as the liquidator, and exercise all powers of the BoD. The liquidator shall form an estate of the assets, and consolidate, verify, admit and determine value of creditors’ claims.</span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt 36pt; text-align: justify; vertical-align: baseline;">
<u style="background-color: transparent; text-align: left;"><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt; line-height: 16.1px;">Order of priority for distribution of assets:</span></u><span style="background-color: transparent; color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt; line-height: 16.1px; text-align: left;"> • Insolvency related costs • Secured creditors and workmen dues upto 24 months • Other employee’s salaries/dues up to 12 months • Financial debts (unsecured creditors) • Government dues (up to 2 years) • Any remaining debts and dues • Equity</span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif;"><span style="font-size: 14px;"><b style="font-style: italic;">Source: </b>Wiki, EY, ICAI.<i> <b>Compiled and Presented by:</b> </i>Preetham Shetty & Co</span></span></div>
</div>
Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-18517755218182010592018-06-05T07:57:00.000-07:002018-06-17T06:09:26.812-07:00Blockchain Technology & Accounting Industry<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4aIB8uqknQgw59VTGIKPYmRe8t-ZlaHKcM1Mvr2T28BqowjilFvliOWlbB8kMjWPyv4hcJxJs0VU1GltE2aWgsNfzjJ3AizuktY2V_SRO7IbPcFUjN7S2c6Ixq53btOepVF3-3uxNcR4/s1600/Blockchain-and-Accounting.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="233" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4aIB8uqknQgw59VTGIKPYmRe8t-ZlaHKcM1Mvr2T28BqowjilFvliOWlbB8kMjWPyv4hcJxJs0VU1GltE2aWgsNfzjJ3AizuktY2V_SRO7IbPcFUjN7S2c6Ixq53btOepVF3-3uxNcR4/s400/Blockchain-and-Accounting.png" width="400" /></a></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Blockchain
technology has the potential to upend entire industries. Especially the
financial sector may undergo disruptive change. Although this technology caught
the attention of many of the largest financial institutions, use cases still
remain in the experimental phase.<o:p></o:p></span><br />
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi__kS_LrGOOVoOa1Z_DEluYI71uU6rDP86lKXktnikeY04RxsJxn13IIw9q-1YujhvjtTiRpww65CLy6SPCLzWY-j4ljEeeLlIp42GLKEW_8ZwyYBZwB1R7yQ21z8t8Q2V1NtpN-V0YQ4/s1600/blockchain-infographic.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="408" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi__kS_LrGOOVoOa1Z_DEluYI71uU6rDP86lKXktnikeY04RxsJxn13IIw9q-1YujhvjtTiRpww65CLy6SPCLzWY-j4ljEeeLlIp42GLKEW_8ZwyYBZwB1R7yQ21z8t8Q2V1NtpN-V0YQ4/s640/blockchain-infographic.png" width="640" /></a></div>
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Blockchain
is one of the most welcomed technologies of this new era. Digital scientists
are categorising it as a medium to high impact creating technology. Blockchain
was first introduced as the core technology behind Bitcoin, the
headline-grabbing decentralized digital currency ecosystem proposed in 2008. <i>A
blockchain is a continuously growing distributed database that protects against
tampering and revision of data and has the potential to shapeshift the nature
of today’s accounting. At its core, blockchain is an open, decentralized ledger
that records transactions between two parties in a permanent approach without
requiring third-party authentication. This creates an extremely efficient
process and would reduce the cost of transactions.</i><o:p></o:p></span><br />
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><i><br /></i></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRFKwHak2hoEoN3wYQPVAPjzE2iM8uc7smg9UGFcW3rTbOD2HASYtfi_NVfMPlLfyDfbWXRXd8QlhzG1Wvg-uNj2XAEZ44QbexB_9hesc16y0VpeEvN7Idinwz8iFSQZxGO3aAk7ynClE/s1600/blockchain.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="396" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRFKwHak2hoEoN3wYQPVAPjzE2iM8uc7smg9UGFcW3rTbOD2HASYtfi_NVfMPlLfyDfbWXRXd8QlhzG1Wvg-uNj2XAEZ44QbexB_9hesc16y0VpeEvN7Idinwz8iFSQZxGO3aAk7ynClE/s640/blockchain.jpg" width="640" /></a></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">A
blockchain solution, when combined with appropriate data analytics, could help
with the transactional level assertions involved in an audit, and the auditor’s
skills would be better spent considering higher-level questions. The move to a
financial system with a significant blockchain element offers many
opportunities for the accountancy profession. Accountants are seen as experts
in record keeping, application of complex rules, business logic and standards
setting. They have the opportunity to guide and influence how blockchain is
embedded and used in future, and to develop blockchain-led solutions and
services. Blockchain could enhance the accounting profession by reducing the
costs of maintaining and reconciling ledgers, and providing absolute certainty
over the ownership and history of assets. Blockchain could help accountants
gain clarity over the available resources and obligations of their
organisations, and also free up resources to concentrate on planning and
valuation, rather than record keeping.</span><br />
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicKe-jp_f0LIH33A-5aIPhMi5siOrn1x29Vyjz8h2iE1GnUyKPrxn6MPJ0BIzcuKPgYVr9KwI9ksRHKySxPFNrHaOeBXqMvxFm1crc__Tl55TigBe9euN5PBbe-ikT-BNybFz2rnDvD4A/s1600/fizcal-4.jpg.4dda2c61bad07d363334ffc13030fee7.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="187" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicKe-jp_f0LIH33A-5aIPhMi5siOrn1x29Vyjz8h2iE1GnUyKPrxn6MPJ0BIzcuKPgYVr9KwI9ksRHKySxPFNrHaOeBXqMvxFm1crc__Tl55TigBe9euN5PBbe-ikT-BNybFz2rnDvD4A/s640/fizcal-4.jpg.4dda2c61bad07d363334ffc13030fee7.jpg" width="640" /></a></div>
<div style="background: white; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="text-align: justify;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt; line-height: 115%;">The
spread of internet complemented with the rising speed of browsing over the last
few years has led to exponential advancement of the digital world. Blockchain
is set to be the next step on this evolution. Extensive research is being
conducted worldwide in order to explore the prospects in revolution of
technologies related to accounts and audit. It has even reached to the level of
building a premise that Blockchain technology can bring tremendous improvement
in terms of efficiency and reduction in consumption of time for the performance
of services related to its concerned areas.</span></div>
<div style="text-align: justify;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt; line-height: 115%;">Source: <i>The Management Accountant Journal, Deloitte</i></span></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com1tag:blogger.com,1999:blog-3153887424066743096.post-21766686841409424852018-06-04T23:10:00.001-07:002018-06-04T23:10:24.123-07:00<div dir="ltr" style="text-align: left;" trbidi="on">
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-11145202051900341692018-06-04T00:44:00.001-07:002018-06-04T08:23:31.390-07:00Startup Registration Service<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOWmcxabqrrfDl9raDkto1JzJhvdv0RTBEyfdAECJ_ptvvOZyoQgDSpW2H58eLcYPuX-aVAMA3ogCRwogQFaPpBsktzUi9a_3JKEmfEIHgnrfKE3r6lEw7O_oPXp2vsepdSFF0MgKeIJY/s1600/startup-header.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="592" data-original-width="1600" height="236" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOWmcxabqrrfDl9raDkto1JzJhvdv0RTBEyfdAECJ_ptvvOZyoQgDSpW2H58eLcYPuX-aVAMA3ogCRwogQFaPpBsktzUi9a_3JKEmfEIHgnrfKE3r6lEw7O_oPXp2vsepdSFF0MgKeIJY/s640/startup-header.jpg" width="640" /></a></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Proprietorship</span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">A sole
proprietorship, also known as the sole trader or simply a proprietorship, is a
type of business entity that is owned and run by one individual and in which
there is no legal distinction between the owner and the business. A sole
proprietorship is a business that is owned, managed and controlled by one
person. It is one of the most common forms of business in India, used by small
businesses operating in the unorganized sectors.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Proprietorship's
are very easy to start and have very minimal regulatory compliance requirement
for getting started. However, after the startup phase, proprietorship's do not
offer the promoter a host of other benefits such as limited liability, separate
legal entity, independent existence, transferability, etc., which are desirable
features for any business. Therefore, proprietorship's are suited for
unorganized, small businesses that will have a limited existence.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Preetham
Shetty & Co. can help start-up a Proprietorship in 7 to 14 days, subject to
Government processing time. Since the proprietorship is itself not
distinguishable from its owner hence there is no registration or approval is
required to start a proprietorship business. Proprietorship's do not have a
process of incorporation. Therefore, our Business Advisers will advise you on
the way the identity of the Proprietorship business can be established through
other Government registrations.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">There is
no mechanism provided by the Government of India for the registration or
incorporation of a Proprietorship. Therefore, the existence of a proprietorship
is established only by tax registrations and other business registrations that
a Proprietorship is required to have as per the rules and regulations. At
Preetham Shetty & Co., we can help you establish an identity for your Proprietorship
by obtaining the relevant registrations.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Hindu Undivided Family (HUF) Registration<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">HUF –
Joint Hindu Undivided Family Business is a distinct type of organization which
is unique to India. Hindu Undivided Families are the form of organizations has
separate legal entity for the purpose of tax assessment. As the name suggests,
an HUF is a family of Hindus. However, even Buddhists, Jains and Sikhs are
regarded as Hindus, and can, therefore, set up HUFs. The concept of an HUF has
basically evolved from ancient Hindu law. The HUFs have been defined under the
Hindu law as a family, which consists of male lineally descended from a common
ancestor and included their wives and unmarried daughters.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The
relation of HUFs arises from the status not from legal contracts. Creating HUFs
are the best possible way for an assessee to save taxes. <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The
registration of Joint Hindu Undivided Family is recommended as it helps in
protection against infringement.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Partnership Company Registration<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">A
Partnership Firm is a popular form of business constitution for businesses that
are owned, managed and controlled by an Association of People for profit.
Partnership firms are relatively easy to start are is prevalent amongst small
and medium sized businesses in the unorganized sectors. With the introduction
of Limited Liability Partnerships in India, Partnership Firms are fast losing
their prevalence due to the added advantages offered by a Limited Liability
Partnership.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">There
are two types of Partnership firms, registered and un-registered Partnership
firm. It is not compulsory to register a Partnership firm; however, it is
advisable to register a Partnership firm due to the added advantages.
Partnership firms are created by drafting a Partnership deed amongst the
Partners and Preetham Shetty & Co. can help start a registered or un-registered
Partnership firm in India.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">One Person Company Registration<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">With the
introduction of the Companies Act, 2013 the concept of OPC (one person company)
was introduced to support entrepreneurs who on their own are capable of
starting a business by allowing them to create a single person economic entity.
Only one single member is required to incorporate an OPC, which is the biggest
advantage of OPC over private limited companies & partnerships. Similar to
a Company, an OPC is a separate legal entity from its members, offers limited
liability protection to its shareholders, is easy to incorporate and continues
in the foreseeable future.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">This is
a new concept introduced by the Companies’ Act 2013 and is available for a
business with a capital up to Rs.50 Lacs and a turnover up to Rs.2 Crore. The
one-person company has some benefits in the companies act in terms of
non-applicability of some provisions of the new act.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Limited Liability Partnership (LLP) Registration<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Limited
Liability Partnership Act, 2008 brought with itself the concept of LLP. The
benefits of LLP are that it is simple to maintain & it provides the
privilege of limited liability to the owners. Thus, combines the benefits of
both company & partnership into a single organization. One partner is not
responsible or liable for another partner's misconduct or negligence.
Therefore, all partners have a sought of limited liability for each
individual's protection within the partnership, similar to that of the
shareholders of a corporation.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The only
difference between the company and the LLP is that, the partners have the right
to manage the business directly. Also, the personal assets are free from the
errors, omissions, incompetence, or negligence of the LLP's employees or other
agents. Thus, LLP is one of the easiest forms of business to incorporate and
manage.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Private Limited Company Registration<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">A
private company can be incorporated by following the provisions and regulations
stated under the Company's Act 2013. The minimum number of persons required for
the incorporation is 3. Whereas the maximum limit of the number of persons is
50. There are many benefits that are achieved by a private limited company. It
enjoys a greater stability, legal identity, it is flexible and a greater
combination of capital. This is supported with the diversified and different
abilities of capital accumulation. The private company can be easily identified
by just looking at the name, number of members it incorporates, the
managements, directors etc. The number of directors who are to incorporate must
be mentioned in Articles of Association. However, the private companies who
enjoy its distinguished legal entity and the private companies which are the
subsidiary of the other public companies is differentiated in Company's Act.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Preetham
Shetty and Co can write and structure your company's objective, purpose,
constitution, vision and mission statement, which will appeal to all
stakeholders Help in selecting a very catchy name of your company and do the
registration, and complete all the government procedures and compliance Do
INC-32 Filing and File for PAN & TAN.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Public Limited Company Registration<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">A
limited company grants limited liability to its owners &management in which
it’s belong. Being a public company allows a firm to sell shares to investors
this is beneficial in raising capital. it has required more stringent
regulatory requirements as compared to a Pvt. Ltd Company.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">A Public
Ltd Company has almost all the characteristics of a private limited company. A
Public Limited Company, in addition to the steps followed by a Private Limited
Company has to obtain a certificate of Commencement of Business before they can
commence the business.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Indian Subsidiary<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">There is
a lot of interest among foreign companies to start their operations in India
and tap into one of the largest and fast growing market, and have access to
some of the best human resources in the world. A Foreign National (other than a
citizen of Pakistan or Bangladesh) or an entity incorporated outside India
(other than entity incorporated in Pakistan or Bangladesh) can invest and own a
Company in India by acquiring shares of the company, subject to the FDI Policy
of India. In addition, a minimum of one Indian Director who is a Indian
Director and Indian Resident is required for incorporation of an Indian Company
along with an address in India.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">When an
Entity which is incorporated outside India (i.e. Foreign Country), makes 100%
Foreign Direct Investment (FDI) as per Indian FDI policy, the Indian company
incorporated for this purpose is said to be wholly owned subsidiary of that
foreign entity. Under the current foreign investment policy, a wholly owned
subsidiary can be established either under the automatic route, if the
conditions specified therein are complied with (specific high priority
industries) or obtain an approval from the FIPB. This is the easy and best
method for setup a foreign based Company in India, where entire hold on share
capital of a Indian company is hold by Foreign Based Entity.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Liaison Office in India<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Foreign
companies planning to set up their business operations in India need to start a
liaison office. The main purpose of starting a liaison office is to explore
possible business opportunities in India by gathering relevant business
information. This helps the companies to develop a business strategy to tap the
existing business potential in India. A liaison office also acts as a marketing
channel to provide business information about the parent company and their
products to the prospective clientele in India.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Section 8 Company<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Generally,
companies are promoted with an object of making profit by carrying commercial
transactions. But a company can be registered with charitable motive with the
object not to make any profit also. These companies must be formed with an
object to promote of commerce, art, science, sports, education, research,
social welfare, religion, charity, protection of environment or any such other
object. Meaning of Non-profit making Company. The name of a Company registered
under Section 8 of the Act, the name shall include the words foundation, Forum,
Association, Federation, Chambers, Confederation, council, Electoral trust etc.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">As per
section 8 of Companies Act 2013,where it is proved to the satisfaction of the
Central Government that a person or an association of persons want to register
themselves under section 8 as a limited company for the furtherance of above
mentioned objects, the Central Government may, by license issued in prescribed
manner allow that person or association of persons to be registered as a
limited company under this section without the addition to its name of the word
“Limited”, or as the case may be, the words “Private Limited” , and thereupon
the Registrar shall, on application, in the prescribed form, register such
person or association of persons as a company under this section.</span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Confused on what to choose? visit our blog post:<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><a href="http://bit.ly/ps-compare">http://bit.ly/ps-compare</a><o:p></o:p></span></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-35664776293617986742018-06-01T06:14:00.000-07:002018-06-01T09:15:23.848-07:00Getting your Startup Recognized<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglyadxOvEreF7Y-c3U5qCAsNwzq7w1LSxM4tssQe5VqGZd9QrW6id1jbX0p7zwsmW82MDM9KNtRHbZt1ZyxCRT6eOm-8gIm5MJrz86FLzOT-CwPRuwj7J6zx4biO4TzNHdjMBiTpRiGKU/s1600/1522652665start.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglyadxOvEreF7Y-c3U5qCAsNwzq7w1LSxM4tssQe5VqGZd9QrW6id1jbX0p7zwsmW82MDM9KNtRHbZt1ZyxCRT6eOm-8gIm5MJrz86FLzOT-CwPRuwj7J6zx4biO4TzNHdjMBiTpRiGKU/s400/1522652665start.png" width="400" /></a></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Get recognised under Startup India Initiative and enjoy the
benefits the Government provides to startups in India. Now the requirement to
be examined by the inter-ministerial board has been done away with. So you would
now require only a certificate of recognition from the Department of Industrial
Policy and Promotion (DIPP) and would not be required to be examined by the
inter-ministerial board.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Eligibility Criteria<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">An entity, incorporated or registered in India:<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Not
prior to seven years, however for Biotechnology Startups not prior to ten
years,<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">With
annual turnover not exceeding INR 25 crore in any preceding financial year, and<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Working
towards innovation, development or improvement of products or processes or
services, or if it is a scalable business model with a high potential of
employment generation or wealth creation<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Provided
that such entity is not formed by splitting up, or reconstruction, of a
business already in existence<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Recommendation Letter<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">So if you think you meet these criteria, apply with a
recommendation letter, from:<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">approved
incubator,<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">industry
association recognised by DIPP,<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">angel/VC
holding more than 20% equity in the startup,<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">government
departments which have extended funding<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">or, give
details of patent filed<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Letter of recommendation has to be supported by a Brief note or
a supporting document regarding the innovativeness of the idea of the product
or services offered by the entity. The FORMAT for the above mentioned “Letter
of Recommendation,<span style="mso-spacerun: yes;"> </span>Letter of Support
from Incubator, Letter of Funding from SEBI, Recommendation letter from
Industry Association/Organisation” is available on <a href="http://www.startupindia.gov.in/startup-recognition.php">http://www.startupindia.gov.in/startup-recognition.php</a>.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">An application for a certificate is processed within a period of
10-25 working days from the date of Application, if accepted, the certificate
is available to be procured.<o:p></o:p></span></div>
<br /></div>
Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com1tag:blogger.com,1999:blog-3153887424066743096.post-89017313603216665712018-05-25T11:18:00.001-07:002018-05-26T06:01:49.936-07:00Getting your Digital Signature Certificate<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUWa-bYx329drWXjlsJXZplmvAKI_45x9p_pthThIoIsB00559O0krPvkKS7-DGVwLTqRaMK_7DIDHriHSNPgrSLfepuT-Vly-07zytF2r28XDMukt3v7d-2uqZxsEqx7T6r7eXhcok-w/s1600/firmasdigitales.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="262" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUWa-bYx329drWXjlsJXZplmvAKI_45x9p_pthThIoIsB00559O0krPvkKS7-DGVwLTqRaMK_7DIDHriHSNPgrSLfepuT-Vly-07zytF2r28XDMukt3v7d-2uqZxsEqx7T6r7eXhcok-w/s400/firmasdigitales.jpg" width="400" /></a></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">What is a Digital Signature?<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Digital
signature is a digital equivalent of a handwritten signature but far more
secure. It is a mathematical technique used to validate the authenticity and
integrity of a message or an electronic document. A digital signature
guarantees the authenticity of an electronic document or message in digital
communication and uses encryption techniques to provide proof of original and
unmodified documentation.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">As
digital signatures become more common place, let us understand how digital
signatures are different from electronic signatures, how they work and why
should you adopt them.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Classes of DSC<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The type
of applicant and the purpose for which the Digital Signature Certificate is
obtained defines the kind of DSC one must apply for depending on the need.
There are three types of Digital Signature certificates issued by the
certifying authorities.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Class 1
Certificates:</span></u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"> These are issued to individual/private subscribers and are used
to confirm that the user’s name and email contact details from the clearly
defined subject lie within the database of the certifying authority.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Class 2
Certificates:</span></u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"> These are issued to the director/signatory authorities of the
companies for the purpose of e-filing with the Registrar of Companies (ROC).
Class 2 certificate is mandatory for individuals who have to sign manual
documents while filing of returns with the ROC.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Class 3
Certificates:</span></u><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"> These certificates are used in online participation/bidding in
e-auctions and online tenders anywhere in India. The vendors who wish to
participate in the online tenders must have a Class 3 digital signature
certificate.<o:p></o:p></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">How to get one?<o:p></o:p></span></b></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt 36pt; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">We can help you in getting your DSC in 1 day with our easy and quick process and dedicated support at Rs.850 <i>(With 2 years validity)</i>. Following are the requirements for Applying for Digital Signature Certificate<o:p></o:p></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt 72pt; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">1. <a href="https://drive.google.com/file/d/0B_lCzfigE4dgRFdBWkRndTBqN2c/view" target="_blank">DSC Application form</a> duly filled in by the applicant<o:p></o:p></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt 72pt; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">2. PAN Card<o:p></o:p></span></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt 72pt; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">3. Address proof (Aadhaar, Voter ID, DL..)</span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<br /></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt; text-align: justify; vertical-align: baseline;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_oOYW51QghN_cVUaMysxGqtudGy-pt9APlAOuEUYVuXhb4arcX_X3PLN5-naIgAX8jvFZWzLF0Zvt77NQX8Y8PppN210CCfF8iZqL44NOz5y9I22O7qBpkuL9KiDGN0B58uRpI9PY3WY/s1600/WhatsApp+Image+2018-05-25+at+11.29.58+PM.jpeg" imageanchor="1" style="clear: left; display: inline !important; float: left; font-family: Verdana, Geneva, sans-serif; font-size: 13.2px; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_oOYW51QghN_cVUaMysxGqtudGy-pt9APlAOuEUYVuXhb4arcX_X3PLN5-naIgAX8jvFZWzLF0Zvt77NQX8Y8PppN210CCfF8iZqL44NOz5y9I22O7qBpkuL9KiDGN0B58uRpI9PY3WY/s400/WhatsApp+Image+2018-05-25+at+11.29.58+PM.jpeg" /></a></div>
<div style="background: white; color: #515151; font-family: Verdana, Geneva, sans-serif; font-size: 13.2px; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><b>Vikas U P</b></span></div>
<div style="text-align: justify;">
<span style="color: #444444; font-family: "tahoma" , sans-serif;"><span style="background-color: white; color: #b45f06; font-size: 14px;">eMudra Certified Partner</span></span></div>
<div style="text-align: justify;">
<span style="color: #444444; font-family: "tahoma" , sans-serif;"><span style="background-color: white; font-size: 14px;">Contact: 9945694116</span></span></div>
<div style="text-align: justify;">
<span style="color: #444444; font-family: "tahoma" , sans-serif;"><span style="background-color: white; font-size: 14px;">Email: digitalemudra01@gmail.com</span></span></div>
<div style="background: white; color: #515151; font-family: Verdana, Geneva, sans-serif; font-size: 13.2px; margin: 0cm 0cm 0.0001pt; text-align: justify; vertical-align: baseline;">
</div>
<div style="background: white; color: #515151; font-family: Verdana, Geneva, sans-serif; font-size: 13.2px; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Preetham Shetty & Co.</span></div>
</div>
Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-92188412978928016772018-05-23T14:34:00.000-07:002018-05-23T13:49:43.990-07:00Equalisation Levy-Taxing the Digital Ecommerce Transactions<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyFZF9U2w_KzGRelbqVDJfMNDfcccIfUZQXPtsUmpyf3qo5JuclnoN92j6nOVkzSeGsll2wKz9lpYctOy9T8V65lWUSBvzTsx4rvizUYaODEWnsno9dTAMt3y-VfYF7K16Cr_Qc74w8JQ/s1600/532292-start-ups-rna.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyFZF9U2w_KzGRelbqVDJfMNDfcccIfUZQXPtsUmpyf3qo5JuclnoN92j6nOVkzSeGsll2wKz9lpYctOy9T8V65lWUSBvzTsx4rvizUYaODEWnsno9dTAMt3y-VfYF7K16Cr_Qc74w8JQ/s400/532292-start-ups-rna.jpg" width="400" /></a></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The digital space has grown rapidly in the past few years. We
are surrounded by umpteen digital advertisements popping up every single minute
on our mobile phones. Online Service Providers are generating huge revenues
from online advertising. The biggest beneficiaries of this rapid growth in the
Digital Space are companies earning through Digital Ads like Google, Facebook,
Twitter, Linkedin, Yahoo and other advertising majors. However, they do not
have permanent establishment in the country in which they are providing
services and generating revenues.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Moreover, companies providing such services have permanent
establishment in countries which are subject to lower rate of tax and hence,
have created a new challenge for the revenue departments of the countries where
they do not have any permanent establishment.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0G81OHxNC7k_fw2FSIdg8ihN_-OM8Re9a63xeBd7jaSSGDkHvCdCubJ-JPmkym9oIf_Z-6CUHX6XPqu4M60XHBvYaRs4Essgibylz1ZzOQJBfFCvqHOmUePxekyMuON00BQn1vuoVP2M/s1600/googletax.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0G81OHxNC7k_fw2FSIdg8ihN_-OM8Re9a63xeBd7jaSSGDkHvCdCubJ-JPmkym9oIf_Z-6CUHX6XPqu4M60XHBvYaRs4Essgibylz1ZzOQJBfFCvqHOmUePxekyMuON00BQn1vuoVP2M/s1600/googletax.jpg" /></a><b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">What is Equalisation Levy?<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Its defined
as “Tax leviable on <u>consideration received or receivable</u> for any <u>specified
service</u> under the provisions of this chapter”. The levy would be under a
separate self-contained code and is not part of the income-tax law.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Services Covered:<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The
Equalisation Levy would be applicable at 6% on gross consideration payable for
a ‘Specified Service’.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">‘Specified
Service’ is defined as follows:<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">(1)
Online advertisement;<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">(2) Any
provision for digital advertising space or facilities/ service for the purpose
of online advertisement;<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">(3) Any
other service which may be notified later.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Applicability:<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The levy
will be applicable on the payments received by a non-resident service provider from
an <i>Indian resident or an Indian Permanent Establishment (‘PE’) of a non-resident</i>,
in respect of the specified service. The levy would not be applicable to non-resident
service providers having a PE in India, as they will be subjected to a regular PE
basis taxation. The levy is currently applicable only on B2B transactions, if
the aggregate value of consideration in a year exceeds approx USD 1500.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
</div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Who needs to comply:</span></b><br />
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Every
resident person and foreign company (having a PE in India) is required to
withhold Equalisation Levy while making payment to a non-resident service
provider. The compliance procedure is similar to withholding tax compliances
already prevalent in India.</span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivXSsgFwHvSv3H7wCwsFoIdC-VQNq_Z7vfz6tybdnlulI_peML1narK6IvcVxC50tKR0fScZ3CN1fCtvB5RTPECzRGbsyq4aQBPdQTVUP1qzobFny6r_Xn_7r2MP2CRrTCZb5ukjWxHSA/s1600/WhatsApp+Image+2018-05-23+at+2.44.26+PM.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="96" data-original-width="80" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivXSsgFwHvSv3H7wCwsFoIdC-VQNq_Z7vfz6tybdnlulI_peML1narK6IvcVxC50tKR0fScZ3CN1fCtvB5RTPECzRGbsyq4aQBPdQTVUP1qzobFny6r_Xn_7r2MP2CRrTCZb5ukjWxHSA/s1600/WhatsApp+Image+2018-05-23+at+2.44.26+PM.jpeg" /></a></div>
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Contributed by:<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Hemanth C<o:p></o:p></span></b></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Articled Assistant, CA Finalist</span><o:p></o:p></div>
<div style="background: white; margin: 0cm 0cm 0.0001pt; text-align: justify; vertical-align: baseline;">
</div>
<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Preetham Shetty & Co.</span></div>
</div>
Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-52049180941422466452018-05-21T08:59:00.001-07:002018-05-21T08:59:17.795-07:00Revision in Late Filing Fee by MCA<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbkxc-Y22cQH60Sa2hH9OYdr6UGVsRGSzjYx0_O975CvgJmw9fLgmIBPMPdeZpYFXDCFX50cUmSfO5FG5YVsRQKSc1yEaubkTOU2B6JcQKXkMySdsKZhz8gCeu428KQdxFUT2FaBcVnQI/s1600/Penalty-fines.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="253" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbkxc-Y22cQH60Sa2hH9OYdr6UGVsRGSzjYx0_O975CvgJmw9fLgmIBPMPdeZpYFXDCFX50cUmSfO5FG5YVsRQKSc1yEaubkTOU2B6JcQKXkMySdsKZhz8gCeu428KQdxFUT2FaBcVnQI/s400/Penalty-fines.jpg" width="400" /></a></div>
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<span style="color: #444444; font-family: tahoma, sans-serif; font-size: 14px;">The Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on 7th May 2018. </span></div>
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<span style="font-family: tahoma, sans-serif;"><span style="font-size: 14px;"><span style="color: #444444;"><b>Fresh RoC Filing after 30th June 2018:</b></span></span></span></div>
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<span style="font-family: tahoma, sans-serif;"><span style="font-size: 14px;"><span style="color: #444444;">Accordingly, </span><b><span style="color: red;">in case the due </span></b></span></span><span style="font-family: tahoma, sans-serif; font-size: 14px;"><b><span style="color: red;">date of filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013 expires after 30/06/2018, the additional fee @Rs.100 per day shall become payable</span></b><span style="color: #444444;"> in respect of </span></span><span style="color: #444444; font-family: tahoma, sans-serif; font-size: 14px;">MGT-7, AoC-4, AoC-4 XBRL and AoC-4 CFS.</span></div>
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<span style="color: #444444; font-family: tahoma, sans-serif;"><span style="font-size: 14px;"><b>Belated RoC Filing:</b></span></span></div>
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<span style="font-family: tahoma, sans-serif;"><span style="font-size: 14px;"><span style="color: #444444;">In all other cases where the belated annual returns or balance sheet/financial statement which were due to be filed whether under the Companies Act,1956 (23AC,23ACA,23AC XBRL,23ACA XBRL,20B,21A) or the Companies Act, 2013 (MGT-7, AoC-4, AoC-4 XBRL and AoC-4 CFS) </span><b><span style="color: red;">additional fee as per the applicable slab for the period of delay up to 30th June 2018 plus @Rs.100 per day w.e.f 1st July 2018</span></b><span style="color: #444444;"> shall become payable. Stakeholders are advised to take note and plan accordingly.</span></span></span></div>
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<span style="font-family: tahoma, sans-serif;"><span style="font-size: 14px;"><span style="color: #444444;"><i>For hassle free RoC Compliance contact us at 9900397777/ info@preethamandco.com</i></span></span></span></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-46111527094881341582018-05-20T08:13:00.002-07:002018-05-20T10:14:17.073-07:00Demystifying Startup India Scheme<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVvPknan_cJ_FWQPU8U7CeM5ELv1t-zz1jtpa2ZOnFIiu0foFLcyMGemPRMaA9kftDp26gKIC6zXvGE6aeZW0awrKAVzwaTJEr3FllsJBiJTBWJUcEl82bSUfVE3yN9qhZfm39AC_pFoY/s1600/startup-reuters-1-1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVvPknan_cJ_FWQPU8U7CeM5ELv1t-zz1jtpa2ZOnFIiu0foFLcyMGemPRMaA9kftDp26gKIC6zXvGE6aeZW0awrKAVzwaTJEr3FllsJBiJTBWJUcEl82bSUfVE3yN9qhZfm39AC_pFoY/s400/startup-reuters-1-1.jpg" width="400" /></a></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">What is a Startup?</span></b></div>
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<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Startup
means an entity, incorporated or registered in India:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Upto a period of seven years from the date of
incorporation/registration or upto ten years in case of Startups in
Biotechnology sector<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">As a <u>private limited company</u> or registered as a <u>partnership
firm</u> or a<u> limited liability partnership</u><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">With an annual turnover not exceeding <u>Rs.25 crore</u> for any
of the financial years since incorporation/registration<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Working towards innovation, development or improvement of
products or processes or services, or if it is a scalable business model with a
high potential of employment generation or wealth creation<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; vertical-align: baseline;">
<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Provided
that an entity formed by splitting up or reconstruction of an existing business
shall not be considered a ‘Startup’.<o:p></o:p></span></div>
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<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;"> <b>An entity
shall cease to be a Startup:</b><i><o:p></o:p></i></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">On completion of seven years from the date of its
incorporation/registration, ten years in case of Startups in Biotechnology
sector, or<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">If its turnover for any previous year exceeds Rs. 25 crore</span></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Incentives under Startup India Scheme</span></b></div>
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<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Under
this plan the new startups in India can avail of <u>regulatory and tax
benefits, capital gains tax exemption</u>, as well as access to <u>government
funding</u> if they fulfill certain criteria. <o:p></o:p></span></div>
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<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Other
benefits include reduction in <u>patent registration fees by 80 percent </u>and
<u>trademarks filing fees by 50 percent </u>as well as <u>free legal assistance</u>;
<u>simpler entry and exit norms</u>; <u>protection of intellectual property
rights (IPR)</u>; and facilities to promote entrepreneurship among women and
SC/ST communities.</span></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Tax Exemptions under Startup India Scheme<o:p></o:p></span></b></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">3 year
tax holiday in a block of seven years: </span></b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Income Tax exemption for three
years in a block of seven years, if they are incorporated between April 1, 2016
and March 31, 2019.<o:p></o:p></span></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Tax
exemption to Individual/HUF on investment of long-term capital gain in equity
shares of Eligible Startups u/s 54GB: </span></b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Exemption from tax on capital
gains arising out of sale of residential house or a residential plot of land if
the amount of net consideration is invested in equity shares of an eligible
startup for utilizing the same for purchase of specified asset <i><u>(Section
54 GB of the Income-tax Act, 1961)</u></i>.<o:p></o:p></span></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Exemptions
on investments above fair market value</span></b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">, introduced on June 14, 2016
for investments made in startups.</span></div>
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<b style="background-color: transparent; text-align: left;"><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt; line-height: 115%;">Exemption
from tax on Long-term capital gains: </span></b><span style="background-color: transparent; color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt; line-height: 115%; text-align: left;">Eligible startups are
exempt from their tax on a long-term capital gain if such a long-term capital
gain or a part thereof is invested in a fund notified by Central Government
within a period of six months from the date of transfer of the asset.</span></div>
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<span style="background-color: transparent; color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt; font-style: italic; line-height: 115%; text-align: left;"><u>Note:</u> </span><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 14px; font-style: italic;">To avail these tax benefits, the entity must obtain a certificate from the Inter-Ministerial Board of Certification. Which can be applied here </span><a href="https://www.startupindia.gov.in/registration.php" style="font-family: Tahoma, sans-serif; font-size: 14px;">(Click Here)</a><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 14px;">.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDWdrDcmmsvU8Pb7M4O0jh29tsp4q_YsXSwfCHP0oEUpB-sSWs4kWRWQ5uqN_12n_Pc7DUUCf17nb_dJ9UbquM9wInka4OraTgDSxH9Vk-vtuby9GPAx8BwWMq1sc3zsh-K92FXVH1qS0/s1600/Startups-624x230.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDWdrDcmmsvU8Pb7M4O0jh29tsp4q_YsXSwfCHP0oEUpB-sSWs4kWRWQ5uqN_12n_Pc7DUUCf17nb_dJ9UbquM9wInka4OraTgDSxH9Vk-vtuby9GPAx8BwWMq1sc3zsh-K92FXVH1qS0/s1600/Startups-624x230.jpg" /></a></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-6224554788432760352018-05-20T07:21:00.002-07:002018-05-20T07:21:23.520-07:00GSTR-3B filing deadline extended to 22nd May.<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: #444444; font-family: tahoma, sans-serif;"><span style="font-size: 14px;">Monthly GSTR-3B deadline for April 2018 has been extended to 22nd May 2018, Tuesday.</span></span></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-5810493683878308162018-05-17T09:03:00.000-07:002018-05-17T09:04:02.533-07:00Inspirational Speech Warren Buffett (By: Startup Stories)<div dir="ltr" style="text-align: left;" trbidi="on">
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<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/NmXteReslv0?rel=0&showinfo=0&start=7" width="560"></iframe><br />
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<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 14px; text-align: justify;">Video Courtesy: Youtube (Channel: Startup Stories)</span></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-54872716501325510192018-05-14T00:42:00.000-07:002018-05-14T00:42:01.143-07:00Quick Look at Tax Saving Investments<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjthu7_z03z_2V5iTHZMN4h732jpn8uOJXltnplSA_ICIL9z9Gikz9TJVDkDuX7LXd6u6oDT5EzOmpSlbZOOQH3vJcIW4dTcO4KM0HKROLRnYznw1W2GfhgR2i1UmPNPyoOGkD8aWXUx7A/s1600/39f13685-b62a-48d1-85fa-8d50429b4496-original.jpg" imageanchor="1"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjthu7_z03z_2V5iTHZMN4h732jpn8uOJXltnplSA_ICIL9z9Gikz9TJVDkDuX7LXd6u6oDT5EzOmpSlbZOOQH3vJcIW4dTcO4KM0HKROLRnYznw1W2GfhgR2i1UmPNPyoOGkD8aWXUx7A/s640/39f13685-b62a-48d1-85fa-8d50429b4496-original.jpg" width="520" /></a></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-30883340877851717192018-05-12T08:17:00.000-07:002018-05-13T06:39:04.365-07:00Quick Insights to IE Code<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggA7Rrd9lxHCRUp3drKQCDiCqpzkycsPDvKUYRQcsPzORAMUBAaGWz-4rNPq4bY1Vw_-NpnkBRAWCQeX_SsmNuCGu09FDMUc1cAZpCXA-rhQjJeN9rva4V24nHwu51QxygTS012bjmveU/s1600/9+%25281%2529.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggA7Rrd9lxHCRUp3drKQCDiCqpzkycsPDvKUYRQcsPzORAMUBAaGWz-4rNPq4bY1Vw_-NpnkBRAWCQeX_SsmNuCGu09FDMUc1cAZpCXA-rhQjJeN9rva4V24nHwu51QxygTS012bjmveU/s400/9+%25281%2529.jpg" width="400" /></a></div>
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<span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt; line-height: 115%;">Import Export Code or IE Code is required for
undertaking import or export transactions and availing benefits under Central Government Schemes. Any Entrepreneur who wishes to <i>import something to India or export something from India</i> requires an import export code. It has a <i><u>permanent validity</u></i>. There are certain benefits of this code. Though exporters need not necessarily apply for this code, however, they will miss out the otherwise provided benefits. Also, RBI is now making the mention of IEC code mandatory in bank account.This code generally comes in play when you decide to expand your business globally. Code can be obtained on your name(in case of proprietorship) or on your company’s name. IE Code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQfTcjG4lCsHncR4ukhFKGTr6wFPlc6E_Zijg5qjRymRoofF_OrR1Cah-54kWqafrBRVK17qzHHrO6gu_B7YGLLSxYA2dE8PwBRxgTOFAjfNcwfMcd-Dusduq-B2Tzj3ArAb6hF3EWvK8/s1600/ie.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQfTcjG4lCsHncR4ukhFKGTr6wFPlc6E_Zijg5qjRymRoofF_OrR1Cah-54kWqafrBRVK17qzHHrO6gu_B7YGLLSxYA2dE8PwBRxgTOFAjfNcwfMcd-Dusduq-B2Tzj3ArAb6hF3EWvK8/s1600/ie.png" /></a></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0tag:blogger.com,1999:blog-3153887424066743096.post-25764541729944461272018-05-06T07:45:00.003-07:002018-05-06T07:47:20.126-07:0027th GST Council Meet-Key Highlights<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNc6EIMSHm6O3pqOBlM0sWYbIH-3KzZ2q0CMYO3lTNJiUAxJEJ-rWEJh1c4U51mRH33sYJVsf1vW5gYe8kCKyRVAPO5qL609pcT-JNBjdOswYzo3E3uKtd_iEpY4bFkJZybsQco_zPLZg/s1600/cats-136.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="440" data-original-width="660" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNc6EIMSHm6O3pqOBlM0sWYbIH-3KzZ2q0CMYO3lTNJiUAxJEJ-rWEJh1c4U51mRH33sYJVsf1vW5gYe8kCKyRVAPO5qL609pcT-JNBjdOswYzo3E3uKtd_iEpY4bFkJZybsQco_zPLZg/s400/cats-136.jpg" width="400" /></a></div>
<b style="text-align: justify;"><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">GST Return Simplification:</span></b><br />
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">GSTR 1 and GSTR 3B will continue for the next 6 months.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">New single-return plan will go live after 6 months. Thus, now it
will be only 12 returns a year, instead of 36.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Post the new return going live, provisional credit can be claimed
by the taxpayers in the transitional phase of 6 months.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">The GSTN will show the buyer, invoices uploaded by the seller
and thus buyer can check the gap between the credit claimed by him and actually
allowed to him.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">After 6 months of this transition period, if it is noticed that
after uploading the invoices, the seller has not paid the tax amount to the
government, GSTN has all the right to recover these taxes from the buyer. There
will be no automatic reversal of credit from the buyer in these cases.<o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18.0pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">No provisional credit can be claimed after this 6-month transition
period.<o:p></o:p></span></div>
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</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Nil return preparers and Composition dealers will file GST
returns quarterly<o:p></o:p></span></div>
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<b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Rates:<o:p></o:p></span></b></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Sugar Cess implementation has been postponed. The government
believes that there should be a better way to increase revenue for the benefit
of the farmers.<o:p></o:p></span></div>
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</span></span></span><!--[endif]--><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">Duties on Ethanol - Reduction in rate suggested.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #444444; font-family: "symbol"; font-size: 10.5pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 10.5pt;">A group of ministers expected to work on these two above mentioned
points and make recommendations within two weeks.</span></div>
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<b style="color: #444444; font-family: tahoma, sans-serif; font-size: 14px;">For Expert Assistance </b><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 14px;">in </span><i style="color: #444444; font-family: tahoma, sans-serif; font-size: 14px;"><u>GST Advisory, Filing, Invoicing, Accounting</u></i><span style="color: #444444; font-family: "tahoma" , sans-serif; font-size: 14px;"> call us at <b>9900397777</b> mail us at <b>info@preethamandco.com</b></span></div>
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Preetham S Shettyhttp://www.blogger.com/profile/05575703788532088069noreply@blogger.com0