June 16, 2024

Which is the best form of company

Companies Act 2013 / /

A business structure is the legal framework of a company that determines its day-to-day business activities. A corporation, for example, is a business structure, but a single proprietorship is not. What are the different types of business structures? Sole Proprietorship A sole proprietorship is the most common business structure in India. It’s owned and run by a single person. However, as the sole proprietor, you’ll be liable for the business’ debts and liabilities. This means your personal assets, such as your home or car, could be at risk if the business fails. Therefore, it’s important to keep good records and make sure you have a sound understanding of the business before you start. Example: Mr. Prem wants to start a small retail business selling clothes and accessories; so he decides to register his business as a sole proprietorship for two reasons He is the only owner. He wants to keep the registration process as simple and hassle-free as possible. Partnership A partnership is when two or more people own a business together. They share profits and losses, and are legally responsible for the business’ debts and liabilities. Having multiple owners often makes for a partnership. A partnership is a good way to run a business because it allows multiple people to own it and share in the profit and loss. A partnership is a great way to get experience in business, and it’s often the case that multiple people own a business together and split the profits. Example: Mr. Yashem and Mrs. Zen decide to start a software development company together. They decide to register their business as a partnership so they can share profits and losses and work together to manage the company. This will enable them to be more flexible with their business model and future plans for expansion. One Person Company (OPC) An One Person Company (OPC) is a way to start a private company with a single person.It was introduced in India to help entrepreneurs and provide the benefits of a private company to individuals who want to start a business. In an OPC, the owner is the sole director and shareholder, and has limited liability for the company’s debts and liabilities.He decides to register his business as an OPC. This way, he only has to worry about personal liability, but also gets the benefits of a private limited company. Limited Liability Partnership (LLP) An LLP is a hybrid of a partnership and a private limited company. It has the benefits of both structures, allowing partners to have limited liability while still sharing profits and losses. It’s a popular choice for professional services firms, such as law or accounting firms, that want to limit their personal liability. Example: Ms. Amirthi, Mr. Balu, and Mrs. Catherin, all Chartered Accountants, decide to start a partnership firm providing accounting and tax consulting services. They decide to register their business as a Limited Liability Partnership (LLP) as it provides them with the many benefits of a partnership and a private limited company but limits their personal liability. Private Limited Company A Private Limited Company is a common and preferred type of business entity in India. It offers various advantages such as limited liability, clear management structure, less compliance burden, etc. The legal aspects of this business entity, such as conducting board meetings, changing directors, and expanding into new ventures, are regulated by the Companies Act 2013. The applicant has to visit the Ministry of Corporate Affairs (MCA) website to complete the registration process for this legal entity. The following are the requirements to register as a private limited company: Minimum of 2 directors Registered office address in India Preparation of Memorandum of Association and Article of Association Obtaining digital signature certificates for the directors Section 8 Company NGOs or Non-Profit Organizations are companies that engage in charitable activities. Their main goal is to promote arts, science, education, protect the environment, and assist the poor. To register as an NGO, a company needs at least two shareholders and directors. Usually, the shareholders also act as directors. This type of company does not need any capital. One of the directors must be a resident of India, and the company must have an Indian address for registration. Public Limited Company To grow bigger, an organization can benefit from becoming a public limited company, as it gives them more advantages for expansion. But this business structure also has more legal requirements to follow. The Companies Act 2013 sets the rules for this business structure. Conditions to form a Public Limited Company: At least three directors Minimum seven shareholders Registered office in India Drafting of MoA and AoA Minimum Paid-up capital- 5 lakhs Authorized share capital as per governing legislation Digital signature certificate of the directors How does business structure affect management and operations? Organizational structures are key to helping businesses operate efficiently and effectively. They can help divide employees and functions into different departments, so the company can do multiple operations at once. A good structure lets employees know how to get their jobs done, which creates a sense of unity and team spirit. How should you choose a company structure for your business? The business structure you choose affects the company in many ways. This includes daily operations, taxes, and the amount of personal assets that are at risk. Choose a business structure that offers the right combination of legal protections and rewards. There are many factors to consider, including the legal and financial aspects. There are also moral and practical considerations. Here are a few things to consider when deciding which business structure is right for you: Different business structures have different tax benefits and drawbacks. The best business structure for your business will depend on your needs and circumstances, as well as your legal and tax background. It’s best to talk to a lawyer or accountant before deciding. FAQs How many types of company registration are there? Sole Proprietorship Registration One Person Company Registration Partnerships Firm Registration Private Limited Company Registration Public Limited Company Registration Limited Liability Partnership Registration Section 8 Company

Which is the best form of company Read More »

Ahmedabad Property Tax

learn / /

The Ahmedabad Municipal Corporation (Amdavad Municipal Corporation) was established under the Bombay Provincial Corporation Act. The organization is known for implementing property tax reform and has now developed an online facility for payments. The corporation is famous for initiating different innovative initiatives such as issuing municipal bonds as well as implementing property tax reform by setting a “zero litigation” record. You can pay all your property-related taxes in Ahmedabad by contacting the Ahmedabad Municipal Corporation. Amdavad Municipal Corporation Property Tax Under the Bombay Provincial Corporation Act, the Amdavad Municipal Corporation (AMC) is in charge of taking care of the civic infrastructure and administration of the city. The AMC continuously strives to initiate different innovative strategies such as issuing municipal bonds and implementing property tax reforms by setting a “zero litigation” record. Citizens and property owners may pay all property related taxes in Amdavad through the Municipal Corporation (AMC) of the city. How to calculate AMC property tax in Ahmedabad? Area of the property (in sq mt) – This factor includes floor description, discount rates, carpet area and total area Type of the property (residential/commercial) – It includes the occupancy factor rate, government building (yes/no) and water zone (yes/no) Location of the property – It encompasses land value, location factor etc. Age of the property – It includes the year of construction of the building, age factor rate etc. Usage of the property – It covers the building group, building type, usage code and usage type rate Types of Property Land: Any property in its basic form, i.e. without any structure constructed or improvements built on it. Improvements made in a land: This includes any structure constructed in the ground, for example, a building, a house or commercial space. Personal Property: This consists of any movable property that can be possessed such as cars, bikes or buses. Intangible Property: Any material or property that can be owned or transferred between individuals but at the same time, has no physical substance such as Intellectual Property. What are the Ahmedabad Property Tax Rates? Types of Properties Property Tax Rates Residential property Rs 16 per sq m Non-residential property Rs 28 per sq m Apart from this, AMC also the following charges   Types of Tax Property Tax Rates Water Tax 30-45 percent General Tax Education concession 10 percent of General Tax Conservancy Tax 30-45 percent General Tax How to pay AMC property tax online in Ahmedabad? Step 1: Go to the Ahmedabad Municipal Corporation website and click on online services Step 2: Enter ‘Tenement Number’ and click search Step 3: Next, the name of the owner, address, occupier and the amount due would be displayed. Select the “Pay” button to proceed for the payment. Step 4: The user will be redirected to a page that shows a reconfirmation of the tenement details and payment amount. The same page would contain fields requiring the owner’s mobile number and e-mail address. Step 5: Click on confirm icon to continue the process. The user will be redirected to the payment gateway. The payment can be made via debit card or credit card. Step 6: Following the payment, the user will receive a Transaction Reference Number (TRN) as acknowledgement. Payment will be credited to Municipal Corporation’s account within two working days. How to pay AMC property tax offline? Those who do not have access to the internet can pay the tax offline through city civic centres spread across Ahmedabad.  How to assess property tax under AMC? AMC provides an option to get an appropriate value of tax to be paid. Users have to select ‘Self-Assessment’ under ‘Citizen Services’, and enter the following details: The property type Tax rate Usage factor (building group, usage code, building type, and usage type rate) Location factor (land value) The occupancy rate (type of occupancy, occupancy factor rate, government building, water zone) Occupancy factor details Discount rate Construction year Age factor rate Carpet area Total area FAQs How can I check my municipal tax online in Ahmedabad? Visit Ahmedabad Municipal Corporation website Ahmedabadcity.gov.in , and select main menu to Online services -> Online service without login -> Tax Department -> Property tax dues & Paid Details Do I have to login to pay property tax through AMC? No, property tax payments via AMC do not require login. You can directly make the payment through the Online Services option. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Demand Notice | Psara License | FCRA Online Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | GST Search Taxpayer | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card | ec tamilnadu |  aaple sarkar portal |  epf activation |  scrap business |  brsr | depreciation on computer | west bengal land registration | traces portal | Directorate general of GST Intelligence | form 16 | rtps | patta chitta

Ahmedabad Property Tax Read More »

Pokkuvaravu or Mutation of Property

learn / /

Property mutation, also known as ‘Pokkuvaravu’ in Kerala, refers to the process of transferring the title of a property from one person to another. In India, property mutation is essential for updating the land revenue records with the name of the new owner. It is a legal procedure that validates the change in ownership and ensures that the new owner’s name is reflected in the official records. The process of mutation is crucial for establishing legal ownership of a property. It helps in avoiding disputes and ensures that the rightful owner is recognized by the authorities. In India, property mutation is typically done through the local municipal corporation or the revenue department. Definition of Mutation/Pokkuvaravu When a property is sold or transferred from one person to another, there needs to be a change in the title ownership as well. This process of transferring the ownership is called mutation. The property is recorded in the land revenue department under the new owner’s name, and from then on this person will be responsible to pay the property tax charged by the government. The documentation procedure for mutation, and the applicable fee may vary from state to state. The process of mutation is called “Pokkuvaravu” in Kerala. Documents required for property mutation For sale of a property Mutation application (stamp affixed) Sale deeds Registration deeds (previous and current) Receipt of the most recent property tax payment Affidavit on stamp paper of required value Address and identity proof For Will Succession Certificate Death certificate Affidavit on stamp paper Receipt of the most recent property tax payment For Power of Attorney Power of Attorney Sale deeds Mutation application (stamp affixed) Registration deeds (previous and current) Affidavit on stamp paper of required value Receipt of the most recent property tax payment Address and identity proof How to Do Pokkuvaravu or Mutation of Your Property in Kerala 1. Complete Property Purchase The process of purchasing the property from the seller needs to be fully completed. This include identification, negotiation, payment and getting the property registered in the name of the buyer. 2. Collect Sale Deed Once the property sale is registered with the respective sub-register office, they will process it. The sale deed can be collected from them within a few weeks. 3. Pokkuvaravu Application After receiving the sale deed, an application need to be given to the respective village office, requesting the pokkuvaravu/mutation to be done in favour of the buyer. 4. Pay Fees Village offices charge a nominal fee for getting the pokkuvaravu/mutation done. The current rates applicable are as follows: Rs. 25 for up to five acres of property Rs. 50 for over five and up to 20 acres Rs. 100 for over 20 and up to 40 acres Rs. 200 for over 40 acres and up to two hectares Rs. 500 for over two hectares This fees need to be paid at the respective village office for the application to be processed. The government  revises the above mentioned rates from time to time. 5. Submit Copy of the Deeds A copy of the current and previous registration deeds need to be submitted at the village office. 6. Verification of Original Deed The respective authorities in the village office may need to verify the original deed. In that case, the original deed needs to be produced to them for verification at the village office. 7. Issue Date of Property Verification A village officer (surveyor) will then visit the property in order to physically measure and verify it. The surveyor will fix a date for the site visit in agreement with the applicant . 8. Physical Survey The surveyor from the village office will visit the property on the agreed date, measure the property and also verify its boundaries. 9. Disputes with the Neighbours The surveyor will also check if there any unresolved disputes with any of the neighbours in terms of borders, area or any other disputes with respect to the said property. 10. Transfer of Title If there are no outstanding issues or pending disputes, the village office will transfer the title of the land from the seller’s name to the buyer’s buyers name in the Village / Taluk records as applicable. The buyer will get a new Thandaper or the land gets added to their existing Thandaper in the village. 11. Pay Tax The new owner will now be allowed to pay all property related taxes under the new Thandaper in their name at the respective village office. FAQs What is property mutation? Property mutation refers to the legal process to update property records. Who can apply for property mutation in Kerala? A Property owner or legal heir can apply for property mutation in Kerala. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Demand Notice | Psara License | FCRA Online Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | GST Search Taxpayer | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card | ec tamilnadu |  aaple sarkar portal |  epf activation |  scrap business |  brsr | depreciation on computer | west bengal land registration | traces portal |

Pokkuvaravu or Mutation of Property Read More »

National Rural Livelihood Mission (NRLM)

Government Schemes / /
National Rural Livelihood Mission (NRLM)

Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) is the flagship program of the Ministry of Rural Development (MoRD) for promoting poverty reduction through building strong institutions for the poor, particularly women, and enabling these institutions to access a range of financial services and livelihoods. DAY-NRLM adopts a demand-driven approach, enabling the States to formulate their own State-specific poverty reduction action plans. The blocks and districts in which all the components of DAY-NRLM would be implemented, either through the SRLMs or partner institutions or NGOs, would be the intensive blocks and districts, whereas the remaining would be non-intensive blocks and districts. National Rural Livelihood Mission (NRLM) is a restructured version of restructuring Swarnajayanti Gram Swarojgar Yojana (SGSY). NRLM was renamed as DAY-NRLM (Deendayal Antyodaya Yojana – National Rural Livelihoods Mission) w.e.f. March 29, 2016.  NRLM has set out with an agenda to cover 7 Crore rural poor households, across 600 districts, 6000 blocks, 2.5 lakh Gram Panchayats and 6 lakh villages in the country through self-managed Self Help Groups (SHGs) and federated institutions and support them for livelihoods collectives in a period of 8-10 years. In addition, the poor would be facilitated to achieve increased access to their rights, entitlements, and public services, diversified risk, and better social indicators of empowerment. NRLM believes in harnessing the innate capabilities of the poor and complements them with capacities (information, knowledge, skills, tools, finance, and collectivization) to participate in the growing economy of the country. NRLM Latest Updates As part of Azadi ka Amrit Mahotsav, a total of 152 Centre for Financial Literacy & Service Delivery (SAKSHAM Centres) across 77 districts of 13 states were launched under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) of the Ministry of Rural Development during October 4th and 8th, 2021. The objective of SAKSHAM Centres is to provide financial literacy & facilitate the delivery of financial services to SHG members and the rural poor. Centre for Financial Literacy & Service Delivery (CFL&SD) would act as a one-stop solution/single window system for the basic financial needs of Self-Help Group (SHG) households in rural areas. These Centers will be managed by the SHG network, largely at the level of the Cluster Level Federations (CLFs), with the help of trained Community Resource Persons (CRPs) Deen Dayal Antyodaya Yojana – National Livelihoods Mission (DAY-NRLM) The DAY-NRLM is essentially a poverty relief programme of the Central government. It was launched as ‘Aajeevika – National Rural Livelihoods Mission (NRLM)’ by the GOI’s Ministry of Rural Development in the year 2011. It was renamed as DAY-NRLM in 2015. The scheme is an improved version of the earlier Swarnjayanti Gram Swarozgar Yojana (SGSY). The programme is supported partially by the World Bank. It aims at creating effective and efficient institutional platforms to enable the rural poor to increase their household income by means of sustainable livelihood enhancements and better access to financial services. Additionally, the poor would also be enabled to attain improved access to rights, public services, and other entitlements. The mission aims at harnessing the inherent capabilities of the poor and equip them with capacities (such as knowledge, information, tools, finance, skills, and collectivization for them to take part in the economy. The scheme started with an agenda to cover 7 Crore rural poor households via Self Help Groups (SHGs) and federated institutions and support them for livelihoods collectives in 8-10 years. In 2021, the Union Cabinet had approved a special package worth Rs. 520 crore in the Union Territories (UTs) of Jammu and Kashmir (J&K) and Ladakh for a period of five years (till the financial year 2023-24) under the Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM). The decision is in line with the government’s aim to universalise all centrally sponsored beneficiary-oriented schemes in Jammu & Kashmir and Ladakh in a time-bound manner. Benefits One member (preferably a woman) from each rural poor household would be brought under the Self Help Group (SHG) network. Women SHG groups would have bank-linkage arrangements. SHGs would be federated at the village level and higher levels to provide space, voice and resources and to reduce dependence on external agencies. The Mission consists of four components, viz., (i) social mobilization, community institution, and capacity building; (ii) financial inclusion; (iii) livelihood promotion; and (iv) convergence. The participatory social assessment would be organized to identify and rank all households according to vulnerability. The ranking would be with reference to the poorest of the poor, single woman and woman-headed households, disabled, landless, and migrant labor and they would receive special focus. Training and capacity building of the poor, particularly in relation to managing the institutions, livelihoods, credit absorption, and creditworthiness. The Mission also supports the development of skills for rural youth and their placement, training, and self-employment through rural self-employment institutes (RSETIs), innovations, infrastructure creation, and market support. Provision of Revolving Fund as support to SHGs to strengthen their institutional and financial management capacity and build a good credit history. Provision of Community Investment Support Fund (CIF) in the intensive blocks to the SHGs through the Federations to advance loans and/or undertake common/collective socio-economic activities. Introduction of financial inclusion model, loaning from banks, association and coordination with banking/financial institutions, and coverage from loss of life, health, etc. Provision of Interest Subvention on loans availed by SHGs to cover the difference between the lending rate of the banks and 7%. Convergence with various ministries and agencies dealing with poverty reduction of rural poor. With highly decentralized planning; States will have liberty in developing their own action plan for poverty reduction. NRLM to have suitable linkages at the district level with District Rural Development Agencies (DRDAs) and Panchayat Raj Institutions (PRIs). Eligibility SHGs should be in active existence at least for the last 6 months as per the books of account of SHGs and not from the date of opening of the S/B account. SHGs should be practicing ‘Panchasutras’ i.e., Regular meetings; Regular savings; Regular inter-loaning; Timely repayment; and Up-to-date books of accounts. Qualified as per grading norms fixed by NABARD. As and when the federations of the SHGs

National Rural Livelihood Mission (NRLM) Read More »

Food Safety and Compliance System (FoSCoS)

learn / /

FOSCOS, the Food Safety Compliance System, was launched by the Food Safety and Standards Authority of India (FSSAI). This cloud-based platform replaces the existing Food Licensing and Registration System (FLRS), offering a seamless, one-point solution for food businesses nationwide to enhance their regulatory compliance in the ever-evolving landscape of the food industry. FOSCOS was launched through a nationwide notification dated 20th May, 2020, in phases. In the first phase, it was launched in States /UTs of Tamil Nadu, Gujarat, Goa, Delhi, Odisha, Manipur, Chandigarh, Puducherry, and Ladakh with effect from 1st June 2020. We have discussed the details of the notification and launch further, to help you get a clear understanding of the context. Every food business operator(FBO) has to migrate to FoSCoS upon its launch (https://foscos.fssai.gov.in) in their State/UT. Food Safety Compliance System: Launch Details FOSCOS, the cutting-edge Food Safety Compliance System, had its genesis in a pivotal FSSAI notification, signaling a transformative shift in regulatory dynamics. Launched in a phased approach across states and union territories, the evolution of FOSCOS unfolds with precision and strategic implementation. FSSAI Notification on Food Safety & Compliances System The inception of FOSCOS traces back to a notification from the Food Safety and Standards Authority of India (FSSAI). This official notification laid the groundwork for a comprehensive upgrade, aiming to revolutionize food safety compliance practices throughout the nation.FOSCOS emerged in distinct phases, commencing its journey in states and union territories such as Tamil Nadu, Gujarat, Goa, Delhi, Odisha, Manipur, Chandigarh, Puducherry, and Ladakh on June 1, 2020. Subsequently, it proliferated its presence across the remaining states and territories. Migration to the New Food Safety Compliance System The launch of the Food Safety Compliance System (FOSCOS) in the respective states or union territories, every Food Business Operator (FBO) faced the crucial task of migration. This marked a pivotal transition from the previous Food Licensing and Registration System (FLRS) to the more advanced and streamlined FOSCOS platform. To facilitate a seamless shift, FBOs were granted the ability to view their existing licenses or registrations on FLRS. This served as a benchmark for comparison with the particulars entered into FOSCOS.Key details, including license/registration numbers, business names, addresses, validity, and categories, were subject to meticulous scrutiny during the migration process. FBOs engaged in non-manufacturing activities underwent a verification process, ensuring the accuracy of details such as license/registration numbers, business names, addresses, validity, and categories. This step was essential for confirming the alignment of data between FLRS and FOSCOS. Manufacturers of standardized products encountered a modification process post-login. This involved a swift adjustment of their licenses, without incurring additional costs, by selecting products from the standardized list provided by FOSCOS.This method aimed at expediting the licensing process and reducing potential errors. For FBOs opting not to avail the modification facility during license renewal, a one-year renewal was the consequence. This incentivized timely adjustments and ensured the continual alignment of licensing details between FLRS and FOSCOS. In instances where discrepancies or anomalies were identified in license details entered into FOSCOS compared to FLRS, FBOs were encouraged to report these to FSSAI. This collaborative effort aimed at maintaining accuracy and integrity in the regulatory database. FOSCOS Objective Unified Regulatory Approach: FOSCOS was conceived with the primary objective of establishing a unified, data-driven regulatory approach nationwide. This harmonized system aimed to enhance the efficiency of food safety regulations and streamline compliance practices. Nationwide Implementation: The phased launch strategy ensured FOSCOS’s penetration across states and union territories, fostering a cohesive approach to food safety compliance on a pan-India scale. Seamless Migration: Facilitating a seamless transition for Food Business Operators (FBOs) from the previous FLRS to FOSCOS was a key objective. The migration process aimed at ensuring accuracy and consistency in licensing and registration details. Food Safety Compliance System Features Food Safety & Compliance One-Point Platform FOSCOS stands as a comprehensive one-stop platform, integrating licensing, registration, inspection, and annual return modules. Product Standardization for Manufacturers A major upgradation in methodology was introduced for manufacturers, emphasizing the standardization of products. Online Annual Return Filing FOSCOS introduced an online module for filing annual returns, eliminating postal delays and paperwork. Document Rationalization Mandatory documents have undergone rationalization, with a transition from paper-based declarations to tick-based declarations. Services of Food Safety Compliance System FOSCOS offers a suite of services meticulously designed to enhance compliance within the Food Safety Compliance System. From expediting licensing processes to streamlining documentation and enabling seamless online submissions, each service plays a pivotal role in simplifying the complexities of food safety regulations.  Application for License / Registration Renewal of License / Registration Modification of License / Registration Track Application Filing Annual Returns Officer / FBO Search How to Register on FOSCOS? Step 1: Visit the FOSCOS Portal:Access the official FOSCOS portal by clicking on https://foscos.fssai.gov.in.Step 2: Click on “New Registration”:Find the “Apply for New License / Registration ” option on the portal’s homepage.Step 3: Provide Business Details:Fill in necessary details such as your food business’s name, address, contact information, and other relevant particulars.Step 4: Get New License / Registration Number:After applying for a new license / registration, you will receive your Registration or License Number by FSSAI.Step 5. Use Credentials to Login:For all further FAQs What is FOSCOS food safety compliance system? FOSCOS, short for the Food Safety Compliance System, is a revolutionary platform introduced by FSSAI to replace conventional compliance systems. Unlike its predecessor FLRS, FOSCOS streamlines and enhances food safety regulations, offering a unified and user-friendly approach for businesses. Is FOSCOS mandatory for all food businesses? Yes, fulfilling FSSAI Compliances is mandatory through the Food Safety Compliance System (FOSCOS) for all food businesses operating in India. It contributes significantly to compliance by providing a comprehensive system for registration, licensing, renewal, and modifications, ensuring businesses adhere to stringent food safety standards. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit

Food Safety and Compliance System (FoSCoS) Read More »

First Graduate Certificate

learn / /

The first graduate certificate helps students from economically weak sections of society gain access to higher education at concessional fees. The Tamil Nadu Government implements this scheme to motivate and encourage students hailing from families with no degree holders to pursue higher education and uplift their lives. What is a First Graduate Certificate? A first graduate certificate is a certificate that you earn after completing a graduate-level program in a specific field. This certificate indicates that you have gained specialized knowledge and skills in that field and are ready to apply them in your career. It is typically awarded after completing a set number of courses or a specific program, and it can be earned in a variety of fields, including business, healthcare, education, and technology. The Tamil Nadu Government issues the first graduate certificate or no graduate certificate to students hailing from families with no prior graduates. Holders of this certificate receive concessions on higher education fees and are eligible for scholarships at colleges and universities in Tamil Nadu. This certificate aims to make it easy for students from underprivileged families to gain access to higher education at a nominal fee. The tahsildar of the Tamil Nadu Government’s revenue department issues the first graduate certificate to eligible students once they graduate high school. You can use this certificate during college admission for fee concessions. Eligibility for the First Graduate Certificate The Applicant must be a Tamil Nadu resident.  There should be no other graduates in the family.  This certificate should not have been given to siblings. Benefits of Obtaining a First Graduate Certificate Enhance Your Career Prospects: Earning a first graduate certificate can enhance your career prospects by making you more competitive in the job market. It can show potential employers that you have advanced knowledge and skills in a specific field, which can set you apart from other candidates. Gain Specialized Knowledge: A first graduate certificate allows you to gain specialized knowledge and skills in a specific field. This can help you to become an expert in your area of interest, and can give you a competitive edge over others in your field. Increase Earning Potential: Earning a first graduate certificate can increase your earning potential. It can help you to qualify for higher paying jobs or promotions, and can help you to negotiate higher salaries. Keep Up with Changing Trends: In today’s fast-paced world, industries are constantly changing and evolving. Earning a first graduate certificate can help you to keep up with these changes and trends, and can help you to stay ahead of the curve. Networking Opportunities: Earning a first graduate certificate can also provide networking opportunities. You will have the chance to meet and collaborate with other professionals in your field, which can lead to new opportunities and connections. Why a First Graduate Certificate is Important A first graduate certificate is important because it can help you to advance your career and gain specialized knowledge and skills. It can also demonstrate your commitment to your profession and your willingness to invest in your own professional development. In today’s competitive job market, having a first graduate certificate can set you apart from others and give you an edge when it comes to finding a job or advancing in your career. Amount of the First Graduate Scholarship Day-scholar- ₹25,000/year Hosteller- ₹25,000/year Documents Required for First Graduate Certificate Ration Book  PAN Number  Driving Permit  Electoral Photo ID Card Passport The Aadhar Card The Applicant’s School Transfer Certificate (TC). Father and Mother’s Self-declaration Form. Father and Mother’s School Transfer Certificates.  The Applicant’s Most Recent Academic Credentials.  Procedure to Apply for the First Graduate Certificate Step 1: Access the website. The applicant must first access the e-District Tamil Nadu official website.  https://www.tn.gov.in/scheme/data_view/27488 Step 2: Select Certificate Service from the drop-down menu. The applicant must select Certificate Service. Step 3: Type in your Username and Password. The applicant must then log in with his or her username and password. Step 4: Save the form to your computer. The certificate application form can be downloaded after providing the username and password. Step 5: Input the data. The information required in the registration form is listed below. Step 6: Form submission. Submit the completed form to the appropriate authority. FAQs What is the cost of the first graduate certificate? The application fee is ₹60 and you can pay it using UPI, net banking, debit or credit cards while filling out the online form. There are no other charges. Once you pay the application fee, you can download the certificate any number of times without paying any additional charges. What is the validity of the first graduate certificate? Once issued, the certificate is valid for a maximum period of three years. So ensure that you apply for the certificate once you complete high school. You can submit it during college admission to avail the concession fees and other eligible scholarships for first graduates. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Demand Notice | Psara License | FCRA Online Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | GST Search Taxpayer | caro 2020

First Graduate Certificate Read More »

Deduction under section 80JJAA of Income Tax Act, 1961

Income Tax / /

The Income Tax Act, 1961, Chapter VIA discusses the deductions that must be made in order to calculate total income. It is divided into three parts- A-   General B-   Deductions in respect of certain Payments C-   Deductions in respect of certain Incomes Section 80JJAA comes under Deductions in respect of certain Incomes.According to this chapter, an assessee entire income is allowed from his gross total income, and the total amount of deductions is never allowed to exceed the assessee gross total income.1Tax deductions are claims made to lower taxable income resulting from a taxpayer’s various investments and costs. As a result, income tax deductions lower taxpayer’s overall tax payment. It is a type of tax incentive that allows taxpayers to save money. However, how much tax one can save is determined by the sort of tax benefit taxpayer’s claims.’Tax Deduction’ and ‘Tax Exemption’ both the terms relate to a reduction in taxable income; they are examples of government-provided tax relief or tax benefits. Tax exemptions, on the other hand, can include full tax relief, lower rates, and taxation on only a selected amount of income. A tax exemption indicates that you do not have to pay taxes on a specific income.Section 80JJAA of the Income Tax Act is referred to as the deduction in which taxpayers can claim payments made to the most recent and incremental employees in the previous year. Any taxpayer who earns income from a business and is subject to tax under Section 44AB of the Income Tax Act of 1961 should take advantage of the same deduction.Section 80JJAA encourages firms to create new jobs in the formal sector and offers qualifying workers employment benefits. The government hopes to lower the unemployment rate in the nation by encouraging firms to recruit more workers by offering a tax exemption. What is Section 80-JJAA? Section 80JJAA, a provision within the Indian Income Tax Act of 1961, aims to provide tax deductions to employers contributing to formal sector employment. This deduction pertains to Income From Business and is applicable to individuals or entities who have hired additional employees in a given fiscal year. WHO IS NOT ELIGIBLE FOR DEDUCTION U/S 80JJAA No deduction under sub-section (1) shall be allowed,— (a) if the business is formed by splitting up, or the reconstruction, of an existing business: Provided that nothing contained in this clause shall apply in respect of a business which is formed as a result of re-establishment, reconstruction or revival by the assessee of the business in the circumstances and within the period specified in section 33B; (b) if the business is acquired by the assessee by way of transfer from any other person or as a result of any business reorganisation; (c) unless the assessee furnishes the report of the accountant, as defined in the Explanation below sub-section (2) of section 288, before the specified date referred to in section 44AB giving such particulars in the report as may be prescribed3. What is meaning of additional employees as per section 80-JJAA? It means an employee who has been employed during the previous year but does not include the following: Employees whose total salary is more than Rs. 25,000/- per month. Employees who were employed for less than 240 days in the previous year (150 days in case of manufacture of apparel or footwear or leather products) Employees who do not participate in Recognised Provident Fund like casual workers, etc. Employees whose entire contribution is paid by the Government under the Employees’ Pension scheme What is the additional employee cost as per section 80-JJAA? There is no increase in the total number of employees, which means the total no of employees joined during the previous year is equal to the total number of employees left during the previous year.Example: Particular No. of Employees Total No. of employees as on 01 April 2019 100 No. of employees joined during the year 20 No. of employees left during the year 20 Total No. of employees as on 31 March, 2020 100 In the above example, there is no increase in the total number of employees, hence not eligible to claim deduction in this case. In the above example, if no. of employees joined was 30, then in that case, a deduction of employee cost for an additional 10 employees will be available. Emoluments are paid otherwise than by A/c payee cheque or account payee draft or any prescribed electronic mode ( like RTGS, NEFT etc). Example: A Ltd incorporated on 01 Apri, 2019 and employed 20 employees. Total emoluments paid during the year amounting Rs. 10 Lakhs, which is paid in cash. In the above case, deduction u/s 80-JJAA is available even if emoluments are paid in cash because A Ltd is a new entity. What is the meaning of emoluments given in section 80-JJAA? a) Any contribution paid or payable by the employer To any pension fund or Provident fund or Any other fund for the benefit of the employee under any law for the time being in force; (b) Any lump-sum payment paid or payable to an employee at the time of Termination of his service or Superannuation or Voluntary retirement What are the conditions to claim deduction u/s 80-JJAA? Section 80JJAA in the Income Tax Act pertains to tax deductions related to business profits and gains. This section enables a deduction of 30% on increased employee expenses for a continuous period of three assessment years. To claim the deduction under this section, following conditions need to be satisfied: The assessee must have Income from the Business Head, and he is liable to get his accounts audited as per the requirement of section 44AB along with a report of a CA in Form 10DA. It should be a new business. It should not be formed by splitting up or reconstruction of an existing business. Business is not acquired by way of transfer from any other person. Deduction should be claimed in the income tax return. What is deduction under Section 80-JJAA?

Deduction under section 80JJAA of Income Tax Act, 1961 Read More »