June 27, 2024

LLP Agreement

Companies Act 2013 / /
LLP Agreement

A Limited Liability Partnership Agreement serves as a pivotal contract binding two or more individuals or entities in the joint ownership of a Limited Liability Partnership (LLP). This legally binding document delineates the mutual rights and obligations of partners, crucially outlining the framework for their collaborative endeavors. While the LLP maintains its distinct legal identity through incorporation, the foundation of its governance is laid down in the LLP Agreement or LLP deed format in word. Therefore, preparing an accurate Limited Liability Partnership Agreement Format becomes imperative to adhere to legal standards and safeguard the interests of all parties. What is LLP Agreement? A Limited Liability Partnership, or LLP, is a type of corporate business structure that combines the core features of a partnership firm with the advantages of a limited company. Unlike a Sole Proprietorship business, many people can collaborate as partners to invest in and operate an LLP. In contrast to a Partnership firm, which does not have a separate legal identity from its partners, an LLP is incorporated as a separate legal entity and is liable to fulfill all its obligations in its name instead of the name of its partners. The liability of the partners in an LLP is distributed among them in the ratio of their capital contribution or as otherwise mentioned in the Limited Liability Partnership Agreement. Akin to a Limited Company, the individual liabilities of partners in an LLP are also limited. Moreover, the partners are protected against joint liability, that is the actions of one partner does not make the other partners liable as well. The LLP Agreement or limited liability partnership deed outlines the partner’s rights and obligations as well as the rights and obligations of the LLP. Additionally, it describes each partner’s ownership stake in the LLP, specifies how profits and losses are to be distributed among them, gets the LLP ready for typical business situations, and contains other crucial guidelines about how the LLP will pursue its activities. The LLP agreement word format is, therefore, essential as a basic fundamental document of the LLP. Important Clauses in the LLP Agreement Format The LLP Agreement word Format encompasses pivotal aspects governing partnerships within an LLP. It defines the relationship among partners, ensuring their eligibility for partnership, and outlining their extent of liability towards the business as well as other partners. Moreover, the LLP Agreement Format in word delves into the specifics of capital contributions, emphasizing the importance of adhering to agreed-upon terms for profit sharing. Also, it mandates meticulous accounting practices and annual audits, ensuring transparency and compliance with regulatory standards.  Partners and their Relationships The initial partners of the LLP are those who sign the LLP Agreement word format or llp deed format in word. According to the terms of the LLP Agreement, anyone who is eligible, can join as the partner of the LLP. It is made clear that only an individual or a corporation may be a partner in a limited liability partnership in accordance with section 5 of the LLP Act, 2008. For the purposes of the LLP Act of 2008, a HUF (Hindu Undivided Family) cannot be regarded as a corporate body. As a result, neither a HUF nor its Karta can be named a partner in an LLP. The Limited Liability Partnership agreement defines the relation that shall exist among the partners, and between the partners and the LLP. The degree of LLP’s and its Partners’ liability As a legal entity separate from its partners, an LLP is responsible for fulfilling its duties and liabilities, in its own name instead of the name of its partners. The liabilities of the LLP must be covered by assets of the LLP only. When a partner acts on behalf of the LLP without proper authorization, the LLP shall not be held accountable for his actions. LLP is responsible for any partner’s misconduct committed during the course of business or while acting under the LLP’s authority. A partner is not personally liable towards the LLP. The partner is himself responsible for his own improper action or omission, nevertheless. Contributions A partner’s obligation to contribute capital must follow the terms agreed by all partners and mentioned in the LLP Agreement word format or limited liability partnership deed. Apart from capital contribution, the contribution of the partners may also be with regards to movable or immovable property, tangible or intangible assets, and contracts of services rendered or to be rendered. The amount and type of each partner’s contribution must be stated in the LLP’s financial statements as well. A Chartered Accountant, Cost Accountant, or Approved Valuer must estimate the monetary value of the non-financial contribution for the purpose. A creditor of an LLP who offers credit based on a partner’s commitment to pay it off, may hold the partner accountable for the payment of that credit. Accounts and Audit LLP is obliged to maintain books of accounts on an accrual basis or a cash basis, following the double-entry system of accounting. The financial situation, specifics of money received and spent, the list of assets and liabilities, the cost of products acquired, inventories, work-in-progress, finished goods, and the cost of goods sold should all be disclosed in the books of accounts. The designated partner shall be able to verify from the books of accounts that the Statement of Account and Solvency is genuine. Such a Statement of Account and Solvency must be filed in Form 8 to the Registrar of Companies by the LLP, not later than October 30th, of the immediately succeeding financial year. The LLP’s accounts are also required to be annually audited. Adhering to these important LLP clauses while drafting an LLP Agreement can help in professional drafting of this crucial document. Navigate through each points thoroughly to gain proper clarity on clauses, rights and liability outlined in this agreement. It will be beneficial for the partners of an LLP to initiate a trusted bond among each other which will eventually help their joint venture to thrive in

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Kotak Mahindra Bank Current Account

learn / /
kotak mahindra bank current account

Kotak Mahindra Bank current account helps customers in expanding their business potential and meet the growing financial and banking needs of the individuals. Kotak Current Account is a type of deposit account widely used by professionals and businessmen. Current Accounts are only meant for the convenience and business needs of individuals and not for earning interest or any kind of savings, hence these are the non-interest bearing accounts. Types of Current Account Kotak Current Account Name Key Features Startup Premium Current Account Waiver of non-maintenance charges for first 12 months 24 free home-banking services per month Edge Current Account Free alerts via email Free DD payable at Kotak Bank branches Neo Current Account First cheque book is free Value Added alerts via SMS at nominal charge Startup Regular Current Account Waiver of non-maintenance charges for first 12 months 8 free home-banking service per month Pro Current Account Get a dedicated Relationship Manager Better forex rates & efficient trade services Ace Current Account Waiver of outward cheque return charges Free beat service and home-banking service Elite Current Account Free outward cheque returns Cash and cheque pickup and delivery at call Astra 05 Current Account Waiver of outward cheque return fees Avail free beat service and free home-banking service Astra 15 Current Account Free + Unlimited DD payable at Kotak Bank branches Waiver of outward cheque return charges Global Trade Current Account Get a dedicated Relationship Manager Competitive and Transparent service charges   Required Documents Board Resolution or the authority letter Memorandum and articles of association Certificate of Incorporation List of directors Form No. 32 Governing Act / Rules and Regulations for PSUs Company PAN Beneficial Owner details Features and Benefits Free cheque payments and collection across the country. Free cheque collection through Speed Clearing. Free cash deposit and withdrawal in home branch location. Free NEFT and RTGS through Net Banking. Free 24×7 net banking, SMS banking, phone banking, and mobile banking. Balance alerts and transaction and value-added alerts through SMS at a nominal charge. Kotak Circle, that combines several current/saving accounts together (users can avail the flexibility of this option to maintain minimum Group AQB balance in any one or more accounts). Faster out-station cheque collection. Better Forex rates and efficient trade services. Cash management services. Forex Live, an Internet-based foreign exchange trading platform that enables buying and selling foreign currency for import/export transactions. Point of Sales Solutions (POS) – Stand-alone POS terminals /Wireless POS Terminals – GPRS. Eligibility Neo Current Account The average quarterly balance required to maintain this account is Rs. 10,000. Features and benefits The above-mentioned features and benefits are applicable to this account. Eligibility Neo Current Account can be started as a single or joint account with an initial deposit of Rs. 1 Lakh. The minimum average quarterly balance required for this account is Rs. 10,000. Apart from this, the above-mentioned eligibility criteria are also applicable. Fee and Charges Cash deposits for home branch and for non-home branch location attracts a standard charge of Rs. 3.5 for every thousand rupees of deposit. The minimum amount to be deposited has to be Rs. 50. Cash withdrawals made at the home branch location incurs a standard charge of Rs. 2 for every thousand rupees of deposit. Startup Regular Current Account The average quarterly balance required for this account is Rs. 50,000. The business class gold debit cards offer daily purchases of Rs. 1.75 lakhs and daily ATM cash withdrawal of Rs. 50,000. Features and benefits Waiver of non-maintenance charges for one year from the month of opening the account Free cheque payments and collection across the country Free cheque collection through ‘speed clearing’ These benefits are granted in addition to the regular benefits offered to every current account holder. Applicability This kind of an account can be utilized by: Sole proprietorships Partnerships/limited-liability partnerships Private/public limited companies Educational Institutes Insurance/mutual funds Share and stock brokers Fee and Charges To make cash deposits at home branch, a standard charge of Rs. 3 is applicable for every thousand rupees of deposit. Cash deposits at home branch can be made with a standard charge of Rs. 4.5 for every Rs. 1000 that is deposited. Cash withdrawals made from home branch location can be made without incurring any cost.  A standard charge of Rs. 2 is applicable for every Rs. 1000 that is deposited (for a non – home branch location). Edge Current Account This type of current account can be utilized by a small or medium sized business aiming to maintain a lower balance. The average quarterly balance required for this account is Rs. 25,000. The business class gold debit cards offer a daily purchase of Rs. 1.75 lakhs and daily ATM cash withdrawal of Rs. 50,000. Features and benefits Free cash deposit at non-home branch locations for up to Rs. 50,000/- per month Free cash withdrawal at non-home branch locations for up to Rs. 25,000/- per day These benefits are granted in addition to the regular benefits offered to every current account holder. Eligibility The eligibility criteria for this account is in line with the general norms. Fee and Charges To make cash deposits at home branch and non-Home Branch location, a standard charge of Rs. 3 is applicable for every Rs. 1000 that is deposited. Cash withdrawals made from non – home branch location will attract a standard charge of Rs. 2 for every Rs. 1000 that is deposited. Pro Current Account This current account provides a varied range of privileged banking services for small to midsize business and enterprises. Eligibility This account can be started as a single or joint account that requires an initial deposit of Rs. 50,000. The minimum Average Quarterly Balance (AQB) required for a Pro Current Account is Rs. 50,000. Fee and Charges To make cash deposits at home branch and for non-Home Branch location, a standard charge is Rs. 3 is applicable for every Rs. 1000 that is deposited. Cash withdrawals made from non – home branch location will attract a standard charge of Rs. 2 for every Rs. 1000 that is deposited. Ace Current Account Ace current account provides a wide range of benefits and banking services. The average quarterly

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Drafting and Importance of Business Transfer Agreement in India

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Drafting and Importance of Business Transfer Agreement in India

The Business Transfer Agreement is a very crucial document for completing business transactions as it helps to improve the performance of business post- integration. The transfer of business also lets the company to focus on core areas, thereby optimizing operational synergies. The Business Transfer Agreement is a very crucial document for completing business transactions as it helps to improve the performance of business post- integration. The transfer of business also lets the company to focus on core areas. Name of the Transferee and Transferor should be mentioned along with their authority should be stated clearly. Their addresses should also be mention in business transfer agreement. This model is beneficial in tax and monetary advantages. According to Income Tax Act, 1961, the slump sale is a transfer of one or more undertakings as a result of the sale, for lump sum consideration, without values being assigned to the individual assets and liabilities.According to Income Tax Act, 1961, the slump sale is a transfer of one or more undertakings as a result of the sale, for lump sum consideration, without values being assigned to the individual assets and liabilities. The Business Transfer Agreement is a very crucial document for completing business transactions as it helps to improve the performance of business post- integration. The transfer of business also lets the company to focus on core areas, thereby optimizing operational synergies.This model is beneficial in tax and monetary advantages. According to Income Tax Act, 1961, the slump sale is a transfer of one or more undertakings as a result of the sale, for lump sum consideration, without values being assigned to the individual assets and liabilities. What are known as business transfer and slump sale? The term business is defined under Section 2(17) of the Goods and Services Tax Act, 2017, which includes a wide range of activities falling under its purviews like trade, commerce, manufacture, profession, vocation, adventure, wager, supply, and acquisition of capital goods, services supplies and other ancillary and incidental activities, out of which some benefit generally pecuniary in nature is derived.  In the Indian context, the terms “slump sale” and “business transfer” usually refer to the same concepts. ‘Slump sale’ is purely a tax concept and the Income Tax Act, 1961 (ITA) defines a slump sale under Section 2 (42C). It implies the transfer of an entire undertaking on a continuous process basis at a lump sum monetary consideration by the interested acquirer of the business. Slump sale is the process of selling or transferring, one or more business undertakings, in consideration of a fixed lump sum value, in which along with the business, the assets and the liabilities of such a business undertaking are also transferred to the buyer which is acquiring the same, without individual evaluation of each asset. The definition of slump sale under ITA makes it clear that transfer by way of sale is what would constitute a slump sale and not transfer by any other mode. What is a business transfer agreement? The business transfer agreement is a legal document in which interested parties, one willing to acquire the said business and the other willing to sell the said business, enter into to govern their relationship, engagement, and liabilities. It is a document that is given structure in a way as to give effect to a comprehensive and extensive sale of assets and liabilities which would flow from one entity to another. It is basically a form of purchase of ownership of a business in consideration and thereby transfers of its assets and liabilities incidental thereto from the seller to the purchaser. Appropriate and clear details relating to the sale of business, its assets, and liabilities are to be mentioned in the agreement, to give the party acquiring the same a definitive condition of the business. The focus area of such an area is the type of transfer, type of sale, tax liability, terms of sale, representation of parties, list of assets, liabilities, capitals, loans, contracts, customers, employees, insurances, intellectual property and related matters are necessarily mentioned. Since corporate governance is a complex field and involves tax liabilities also, it is extremely essential to structure the business transfer agreement comprehensively.  What are Business Transfer Agreements and what constitutes such kind of agreement? For any company, the restructuring of its business is extremely difficult, be it financial, technological or even organisational by the process of merger, amalgamation, arrangement, compromise along with the strategic alliance. The business transfer agreement is an agreement between the transferor to the transferee company to execute the transfer and sale of an entire business undertaking of the seller on a growing concern based on a lump sum consideration. In India, the word business transfer is often used interchangeably with a slum sale. Under the Income Tax Act, 1961 the word slum has been defined under Section 2(42 C) as nothing but a transfer of one or more undertakings as a result of the sale for lump sum consideration without values being assigned to the individual assets. For a business transfer transaction, the following are some of the fundamental requirements: Transfer by way of sale: Under Section 2(47), it recognises multiple forms of transfers two of them being transferred by way of sale and transfer by way of exchange. According to the section mentioned above, a slump sale would only be constituted if it is done through the transfer of an exchange and not by any other method. Transfer by way of an undertaking- Essentially the transferable things that are required to be transferred are undertakings of the seller. The competent parties for such a transaction have the liberty to identify and agree upon such an undertaking to be transferred. Going concern basis- The test kays down the ability to continue te business activity even after the transactions. Sometimes it may happen that without any reasons for the undertaking to be necessarily a slump, it can be inferred that it is not necessary that the undertaking should be a slump to affect the slump sale. Lump-sum consideration- The consideration for the slump has to be a

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e mitra

learn / /
e mitra rajasthan

E-Mitra is an ambitious E-governance initiative of Government of Rajasthan (GoR) which is being implemented in all 33 Districts of the state using Public-Private Partnership (PPP) model for convenience and transparency to citizens in availing various services of the Government and Private Sectors under a single roof at their door steps using an e- platform. The services are delivered via counters known as CSC (Common Service Center) e-Mitra Kiosks in Rural Areas in urban areas. Committed to quick and convenient delivery of citizen services, Government of Rajasthan set up the e-Mitra platform of e-Governance way back in the year 2004. Currently,Over 600+ G2C and B2C services are being provided through this platform across all rural & urban areas in 33 districts of the State.These services include utility bill payment, application & digitally signed certificate services, banking, tele-medicine, e-commerce services, etc and many facilities to meet citizen requirements are being added regularly by the government. E-Mitra- All Government and Non Government Services E-Mitra is an ambitious e-governance initiative of the Government of Rajasthan (GoR) which is being implemented in all 33 districts of the state using public private partnership. Generally, it is handled by the Department of Information Technology with the help of local service providers. Smart Payment Bank operated by Siddhanshu Infotech Pvt Ltd has been selected as the local service provider by the Government of Rajasthan to provide the service through its kiosks. Smart Payment Bank operated by Siddhanshu Infotech Pvt. Ltd. is one of the channel partners for e-Mitra of Rajasthan Government. Smart Payment Bank operated by Siddhanshu Infotech Pvt. Ltd. is an LSP which provides new eMitra centers, helps them and provides technical support. It means Smart Payment Bank operated by Siddhanshu Infotech Pvt. Ltd. is working as an intermediary between the government and eMitra operators. Committed to prompt and convenient delivery of citizen services, the Government of Rajasthan launched the e-Mitra platform in the year 2002 with the objective of delivering all government and private citizen-centric services as permitted under the law at the doorstep of the common man in a transparent and cost-effective manner. Currently, more than 600 G2C and B2C services are being provided through this platform across all rural and urban areas in 33 districts of the state. New services are being added regularly to its fold. The idea is to connect the residents of the state, especially those in rural areas, to a basket of information and services through an IT-enabled service delivery interface. E-Mitra – Objective / Features Services and schemes related to all government and non-government departments of Rajasthan are to be made available to the general public through a kiosk. On this online portal, all departments have to provide integrated citizen services to the public under one roof in an efficient, transparent, convenient and friendly manner. Citizens can avail various services through e-mitra or internet. Earlier, one had to go to different offices for various government works, which wasted time and also caused trouble. Now government services will be made available near homes in every village. Facilities available on emitra.rajasthan.gov.in Public hearing and training facilities – More than 30000 e-mitras are connected to VC. Public hearing and training facilities are also being provided through them. Facility of banking services – 15000 e-Mitra kiosks in the state are also providing banking services. Here people are easily withdrawing the amount received in their Bhamashah account. 2500 e-Mitra pay points have been created in rural areas through which the facility of withdrawing cash from door to door is also being provided. More than 450 services are available at about 55000 e-Mitra centers across the state. Bhamashah Card Aadhar card  PAN card I Certificate Caste certificate Address proof Electricity Bill Payment Gas Bill Payment Water Bill Payment  Banking Services mobile recharge utility bill payment सेवा  Application for license to sell fertilizer Application for sale permission  water storage tank subsidy aavedan Rajasthan E Mitra To make government services easily available to the people of Rajasthan through e-Mitra, the Rajasthan government has started the facility of e-Mitra. From paying bills of electricity, water, mobile to getting birth certificate and death certificate, domicile certificate, examination fees, marriage certificate, revenue court management, paying examination fees, employment application, etc., services are available at e-Mitra centers. The people of the state can avail all these facilities through the online portal or from their nearest e-Mitra center. For this, more than 50,000 e-Mitra centers have been opened across the state. Educated unemployed people of the state and others can open their own e-Mitra centers to avail this online facility Open New e-Mitra in Rajasthan | e-Mitra Registration | Achariya Technologies Pvt. Ltd. E Mitra (Rajasthan) For the benefit and convenience of the common man, the state government has made a convenient arrangement of e-Mitra centers at the regional level in every district of Rajasthan, through which citizens can avail many government and non-government facilities like depositing electricity, water, mobile bills at the e-Mitra center, birth and death certificate, domicile certificate, examination fees, marriage certificate, revenue court management, depositing examination fees, employment application etc. People of the state can avail all these facilities from the online portal or their nearest e-Mitra center. For this, more than 70,000 e-Mitra centers have been opened across the state. The government has fixed a fee for all the services provided on e-Mitra and the same fee is charged by the e-Mitra operator from the common people. Hence, those people who are not employed even after being educated can open their own e-Mitra center and can earn a good income by providing the above services. Things required to open e-Mitra Computer printer Computer Desk Table biometric fingerprint scanner an internet connection A binding machine will also have to be installed to make files etc. Lamination Machine Eligibility for taking e Mitra Rajasthan The beneficiary should be a permanent resident of Rajasthan. Only residents of Rajasthan will be eligible for this scheme. To obtain e Mitra Rajasthan eMitra Login ID, the person must be at least 18 years of age. Must have knowledge of Internet, computer and

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Madhya Pradesh Records of Rights – Khasra

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Madhya Pradesh Records of Rights – Khasra

Land records include various types of details like sale deeds that are maintained by several government departments. It also includes the Records of Rights, Tenancy and Crop Inspection Register (RTC), among vital land-related details. Additionally, the record also includes details such as the shape of the land, type of soil, size, and details about the irrigation use of the land and crops. MP Bhulekh is an online portal that maintains the land records data (both textual and map) for Madhya Pradesh (MP) state. The landowners of the state of MP can easily access their land records from their homes through the MP Bhulekh portal.  The MP Bhulekh portal aims to give access to people to view and get the land records online and thus, save their time by not having to go to the land record offices to get information about lands. With the help of this portal, anyone can get land information easily. People can access this portal even on their mobile phones as well. The data on the MP Bhulekh portal comprises the owner name, survey number, extent of land, tax, crops grown on the land, nature of the land and other relevant details. With the help of the MP Bhulekh portal, Khasra and Khatoni for all lands situated in Madhya Pradesh can also be downloaded. What is Khasra? Khasra is a legal revenue department document or record issued by the Tahsildar in MP that specifies land and crop details of a particular piece of land. The village map is used to assign Khasra numbers to each land area available in a specific village. The contents of the Khasra are:  Owner of the land. Survey number of land.  Area of land. Land revenue.  Address details.  Source of irrigation.  Crop details. Soil details. What is Khatoni? A Khatoni number is assigned to a set of land cultivators who grow crops in pieces of land with different Khasra numbers. The Khatoni gives the complete details of a group of cultivators and the areas they cultivate. A Khatoni is a legal document containing the record of all Khasras owned by a landowner/family. The Khatauni contains the following details:  Name of the village. Name of the district. Khata number. Khasra number. Total area of the land. Name of the owner and his father. Year-wise ownership change details. Facilities on the MP Bhulekh Portal The public can search and download the scanned and digital copies of the: Land records  Revenue court orders  Online payment of land revenue  Diversion of land-use change. The revenue department officials can update the land records as per the Revenue Court Orders. The banks (scheduled banks and cooperative societies) can register and remove land mortgages and hypothecation of corp records. How to View Land Record Khasra/Khatoni/Map in Madhya Pradesh Step 1: Visit MP land record official site Step 2: Choose the relevant district and then you’ll have to select the Tehsil to view the required information. Step 3: Now select ‘Choose’ to view the details. Step 4: Choose the option: measles/map, or Khatoni, or field report, or type of land, or land records, or crop details, or list of official measles numbers, or list of account holders. Step 5: If you have selected ‘Measles/map’, upon submitting, you’ll be directed to choose the measles number. Step 6: Here you can either select to view Measles by number, or Measles of the account, or Measles map. To Check Measles by Name Online in MP: select ‘Measles/Map’ to view the map of the property. To Check Map/Bhunaksha of a Property in MP Visit MP Bhulekh. Select the district, tehsil, RI, halka, and the village, and then you’ll be able to view the map. How to Check Property Related Documents Online in MP Bhulekh To check other property document details online, follow the below steps: Step 1:   Visit the official MP Bhulekh site. Step 2: Select the required document to view information of the same. You can check documents such as Khasra/B-1/Map copy or information pertaining to the application form, crop details report, land type report, village list, area related report, Govt. Khasra report, Tehsil wise land use summary report, etc. FAQs How can I request a Mutation? You can visit the IT centre and submit a written request for Mutation and the IT centre will hand over the acknowledgement receipt. You can also request it through the online mode by visiting http://mpbhulekh.gov.in/ and if you’re already registered you can select the respective district, R.I. circle, Tehsil, Halka, Khasra number, and village to request the Mutation. You’ll be provided with a Request ID to track the status of the Mutation request. How can I view Khasra details? Visit http://mpbhulekh.gov.in/ and choose ‘free services’ and then select ‘Khasra/Map copy and then choose the district, R.I circle, Tehsil, Halka, village, and Khasra number pertaining to a Khasra. Registration is not required to view the Khasra details.

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Rajasthan Devnarayan Scooty Distribution and Incentive Scheme

Government Schemes / /
Rajasthan Devnarayan Scooty Distribution and Incentive Scheme

The Government of Rajasthan has launched the Devnarayan Scooty Yojana for the year 2023 in order to encourage female students in the state to study and to address the state’s low female literacy rate. The Rajasthan Free Scooty Yojana provides free scooty and incentives to girls in the state who have passed the 12th examination in Central Secondary and Secondary Education with 75% or more. Financial aid will also be provided to girl students from backward classes (Banjara, Lohar, Gujjar, Raika, Rebari) for higher education in the state under the Free Devnarayan Scooty Yojana 2023. Beneficiaries must have their own bank account under this scheme, which must be linked to their Aadhaar card. Because the government’s incentive payment will be deposited directly into the beneficiary’s bank account. Details To encourage girl students belonging to extremely backward classes to score maximum marks in class 12th examination conducted by the Rajasthan Board of Secondary Education/Central Board of Secondary Education and graduate/post graduate degree examinations conducted by the University, to develop the spirit of competition among them, to attract them for higher studies and Providing vehicle facility for higher education and providing financial support. Name of the Scheme Devnarayan Student Scooty Distribution and Incentive Scheme Starting Date Year 2018 Benefit for Selected Students Scooty  One year general insurance  2 litres of petrol (one time only)  Transportation expenses till delivery of scooty Benefit for Non-Selected Students When benefit is availed at graduation level:  Rs. 10,000/- per year during the graduation course  Rs. 20,000/- per year if admitted to postgraduate coursework  When benefit is availed at postgraduate level:  On securing 50% or more marks in the first year of post graduation, Rs. 20,000/- will be given to the student in the second year Nodal Agency Department of Higher Education, Government of Rajasthan Application System Online through Rajasthan SSO Portal Benefits 1500 scooties will be distributed free of cost every year according to the merit list of marks obtained in the 12th examination. Those are studying regularly in government colleges, state-funded universities, 12th (Senior Secondary) (girls who are not in the priority list of scooty acceptance) 10,000/- per annum in the first year, second year and third year. For Postgraduate first-year (P.G. degree) students, 20,000/- per annum in the admission year and Rs. 20,000/- per annum in the second year of post-graduation will be given as an incentive amount on obtaining 50% or more marks in the first year of post-graduation. Eligibility Girl students should be from extremely backward classes of Rajasthan origin. Students have secured 50% or more marks in the 12th (C.S.) The examination should be conducted by the Rajasthan Board of Secondary Education / Central Board of Secondary Education and have been admitted to Government Colleges, State Funded Universities located in Rajasthan. Applicants should be studying regularly after being admitted in the first year of their bachelor’s degree. The annual income of the student’s parent/guardian/guardian/husband should be less than Rs.2.50 lakh. The benefit of the Devnarayan Higher Education Financial Assistance Scheme / other financial assistance scheme will not be payable to the student who gets the benefit in this scheme. Application Process Applicants can apply online by visiting the official link portal. Click on the registration and select citizen. And choose the Jan Aadhaar or other option to continue. Now do register by providing the Jan Aadhaar Number and get the SSOID and password. Login with SSOID, and select scheme. Fill out the form and submit it. Documents Required Applicant Domicile Certificate Copy. Collage Fee Receipt. Caste Certificate Copy. Income Certificate Copy Education Qualification Marksheet / Certificate Copy. Bank Passbook Copy. Aadhar Card Copy. Jan Aadhar/Bhamashah Card Copy. What is the scope of this scheme? The Government of Rajasthan has launched the Devnarayan Chatra Scooty Yojana Scheme for the year 2023 in order to encourage female students in the state to study and to address the state’s low female literacy rate. What are the benefits under the scheme ? 1. Scooty Distribution. 2. Incentive.

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section 143(1) income tax notice

Income Tax / /
section code 1431 a income tax

An intimation u/s 143 (1) serves as a preliminary assessment of the taxpayer’s income tax return filed for a particular financial year. It is a message which notifies the taxpayer of any kind of error prevailing in his/her tax filing. It also tells the taxpayer of any kind of interest payable or refundable in his account. All the income tax returns filed by the taxpayers are first processed online at the Centralised Processing Centre (CPC). After processing the return, the income tax department then issues intimation under section 143(1) to the taxpayers informing them about the results. What is Intimation u/s 143 1? An income tax return can be either filed voluntarily under Section 139 or on demand by the income tax department under Section 142(1). It is necessary to understand what happens after the taxpayer has filed the return of income.  The process of examining the return filed by the taxpayer by the income tax department is termed assessment. The IT department carries out a preliminary assessment of all the returns filed and informs taxpayers of the result of such preliminary assessment. This assessment primarily includes arithmetical errors, internal inconsistencies, tax calculation and verification of tax payment. The preliminary evaluation process is fully computerised (automated), and is delegated to the Central Processing Centre (CPC). Thereafter, the system generates the intimation under Section 143(1), which generally indicates obvious errors identified by the mainframe system. Intimation u/s 143(1) of the income tax act is a summary of the details you have submitted to the tax department and the details the department has considered while processing your return. Basically, the intimation u/s 143(1) contains the following information: Permanent Details of the assessee like name, address, etc. Income Tax Return filing details like acknowledgment number, filing date, etc. Refund sequence number Tax Calculation as provided by you in the Return of Income Tax as Computed under section 143(1) of the income tax act {i.e. As per Department} Why is the intimation u/s 143(1) issued? Basically, when a return is submitted to the Income Tax Department, the department applies the following computerized checks as a part of its review procedure:Arithmetical errors in the return. An incorrect claim, which is apparent from any information in return. For example, if the deduction u/s 80C is claimed more than the maximum permissible deduction u/s section 80C, i.e., Rs 1,50,000, the excess shall be disallowed and reflected in your intimation u/s 143(1). Another example may be that rent income is deducted from business income, which is not shown under Income from House Property. Disallowance of expenditure indicated in the audit report but not taken into account in computing the total income in the return Comparison of Advance Tax, Self-assessment Tax and TDS, etc., from 26AS. Addition of income appearing in Form 26AS or Form 16A or Form 16 which is not included in ITR Claiming the losses for carry forward to next year when the return is submitted after the due date / set off of losses of the previous year where the return was filed after the due date. Whether deduction under section 10AA, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, 80-IE has been taken after the due date of the Income Tax Return Calculation of Tax, Late filing fees, Interest, etc. When does one receive an Intimation under Section 143(1) Tax Refund: If the taxpayer has paid an excess amount of tax, the notification will mention the refund amount. Refunds exceeding Rs. 100 will be disbursed to the taxpayer, while amounts below this threshold will not be paid out. Tax Shortfall: If the taxpayer has underpaid taxes, as determined through computation, the notice will specify the deficient amount. Additionally, a challan for making the required payment will be enclosed with the notice. Conformance Notice: A straightforward notice will be issued in cases where the tax returns filed by the taxpayer align with the assessment conducted by the assessing officer. In such instances, no separate 143 1 intimation is sent, and the taxpayer should consider the ITR V acknowledgement of filing the return of income as the intimation notice. Centralized Processing Center The Finance Act, 2008 empowered the Central Board of Direct Taxes (CBDT) to make a scheme for the centralised processing of returns with a view to expeditiously determine the tax payable by, or the refund due to the taxpayers. Based on the recommendations of the Technical Advisory Group, the department adopted the strategy that CPC at Bangalore would process paper and e-returns without any interface with taxpayers and in a jurisdiction free manner. CPC project envisaged benefits for the citizens as well as the tax department. For citizens, it led to faster and hassle-free preliminary processing of their returns and also relieved the department from the burden of preliminary assessment that can be computerised,  enabling them to concentrate on hardcore activities. Any communication from the income tax department creates panic for taxpayers. However, Section 143(1) intimation is not something one needs to worry about. In this article, we would be discussing the intimation sent under Section 143(1) in detail to  help taxpayers easily deal with such intimation. Preliminary Assessment under 143(1) Initial processing of returns by CPC is completely automated and Section 143(1) Intimation is also a computer generated record. CPC validates data provided in each tax return with details available with the income tax department’s own record (such as Form 26AS generated through details provided by collecting banks, TDS returns, etc.) and this notice usually only points out apparent mistakes found out by the mainframe system. Once the return is filed, total income or loss is recomputed by the computerised system as per the department’s record and provides a comparison with data filed by the taxpayer The intimation has two columns: ‘As provided by the taxpayer in the Return of Income’ and ‘As computed under Section 143 (1)’ Comparison is made for major categories such as  Income under various heads,  Gross total income, Deductions under Chapter VIA (80C, 80D, etc.), and  Tax deducted at source, and tax paid by taxpayers in the form of advance

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SBI Annuity Deposit Scheme

learn / /
sbi annuity deposit scheme

State bank of India gives you an Annuity Deposit Scheme where you will deposit a lump sum amount with the bank and get a monthly payment that also has the principal amount and the interest that has accrued on the diminishing principal amount that is held with the bank. They are also called monthly annuity installments. The tenure of the deposits is either three years, five years, seven years, or ten years. The rate of interest is also the same as the term deposit of the same period. Also, the senior citizens would be getting an additional interest rate that is applicable on term deposits. This scheme does not have an upper limit, but the minimum deposit of the scheme is Rs. 25,000. In various cases, you can get a loan of up to 75% of the balance amount. It is transferable among all branches of SBI. What Is SBI Annuity Deposit Scheme? SBI Annuity Deposit Scheme requires customers to deposit a one-time lumpsum amount to the bank. The SBI will repay this amount periodically as Equated Monthly Installments. These EMI amounts comprise a portion of the principal amount and interest. The interest compounds quarterly and discounts returns on a monthly value.  SBI Annuity Deposit Scheme Interest Rates (2024) Period Interest Rate for General Citizens Interest Rate for Senior Citizens 7 – 45 days 2.90% 3.40% 46 – 178 days 3.90% 4.40% 179 – 364 days 4.40% 4.90% 1 – 2 years 5% 5.50% 2 – 3 years 5.10% 5.60% 3 – 5 years 5.30% 5.80% 5 – 10 years 5.40% 6.20% Features of the SBI Annuity Deposit Scheme Mentioned below are the features of the SBI Annuity Scheme: The minimum amount of deposit for the scheme is Rs. 25,000. The scheme is also easily accessible at all of the branches in India, and apart from any branch that has a specialized credit intensive. The amount on-premise for the monthly annuity is Rs. 1,000 minimum for the tenure that is applicable. The interest in the scheme is the same as a term deposit. For pensioners of SBI and also the staff, the payable interest rate would be 1% above the rate applicable. The payment of an annuity, TDS net, would be likely credited to the current or the savings account. The transferability is permissible amongst SBI branches, and the facility of nomination is easily accessible with the issuance of a universal passbook. The annuity payment of the scheme is to be on the date of the anniversary of the month, followed by the deposit month.  Components of the SBI Annuity Scheme 1) Premature Payment  A premature payment under this scheme is allowed in the event of the death of the depositor of the scheme. To prematurely withdraw the deposit by looking for the concurrence of the legal heirs of the deceased or joint account holders. The bank is also entitled to honor the same rule. 2) Facility for Loan The scheme allows for an overdraft or loan of up to 75% of the annuity balance amount in certain situations. Following the disbursement of such a loan, periodic annuity payments will be put in the borrower’s loan account. 3) Taxes on the Interest Earned For Annuity deposits, interest is subject to TDS. The amount of interest calculated is rounded off to the next rupee value; as a result, the last annuity installment may differ. 4) Interest Rates Depending on the period chosen by the customer, the SBI annuity FD account offers a return comparable to other SBI term deposits. One-tenth of a percentage point is equal to one basis point. 5) Maturity Amount The principal and interest on lowering principal are paid in installments over a period of time in an Annuity deposit Scheme, so the maturity amount remains zero maturity. 6) Eligibility The SBI annuity scheme is offered to all Indian residents, including minors. Customers who are NRE or NRO are not eligible for the annuity FD plan. Eligibility for the SBI Annuity Deposit Scheme Any that is looking forward to an SBI annuity scheme needs to be an individual that would also be inclusive of a minor. The mode of holding could be single or jointly. Any client that falls into the category of NRE and NRO is not eligible to access the facility. Benefits of the SBI Annuity Scheme Investing in the SBI annuity scheme has several benefits that are mentioned below: 1) Period of investment: The SBI annuity scheme approaches a varied tenure opportunity, along with maturity options. A depositor who looks for a flexible scheme can choose from alternatives starting from days to 10 years. 2) Mode of Payment: The entire payment would be made in advance only when the depositor has passed away, and it ensures a safe lock-in. 3) Amount of Deposits: The SBI annuity deposit scheme does not have an upper limit of deposition. 4) Loan Opportunity: Within the scheme, the depositor can overdraft a loan facility of up to 75% of the balance sum in the account. FAQs Can I make premature payments with the SBI annuity deposit scheme? The bank would usually not approve of premature payments, but the customers would be allowed to do so in the case of the death of the depositor. Can I debt money from other accounts to open an annuity deposit account? Yes, you will be allowed to debit OD, current, or savings accounts to open the deposit account.

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Stand Up India Scheme

Government Schemes / /
stand up india scheme

Stand Up India scheme was launched on April 5th, 2016 by Hon’ble Prime Minister of India to help SC, ST and women entrepreneurs in setting up of new businesses and obtaining a loan from banks for the same. Stand Up India scheme is a part of the Startup India Action Plan 2016 for promoting startups and new businesses in India. Through the Stand Up India scheme, the Government envisions the creation of opportunities to make job seekers become job creators. The scheme is applicable for all scheduled commercial bank branches in India.The objective of the Stand-Up India scheme is to facilitate bank loans between  10 lakh and  1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a Greenfield Project. This enterprise may be in manufacturing, services or the trading sector. Details A scheme by Ministry of Finance for financing SC/ST and/or Women Entrepreneurs by facilitating bank loans for setting up a greenfield project enterprise in manufacturing, services, trading sector and activities allied to agriculture. The objective of this scheme is to facilitate bank loans between Rs. 10 lakh and Rs. 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise. In case of non-individual enterprises, at least 51% of the shareholding and controlling stake should be held by either an SC/ST or Woman entrepreneur. Amount of Loan A bank loan of Rs.10 lakhs to Rs.100 lakhs is provided can be provided as a composite loan (working capital or term loan) to eligible borrowers. Composite loan of upto  75% of the project cost inclusive of term loan and working capital can be provided under the Stand Up India scheme. Further, the stipulation of the loan being expected to cover 75% of the project cost would not apply if the borrower’s contribution along with convergence support from any other schemes exceeds 25% of the project cost. Margin money under this scheme can be provided in convergence with eligible Central / state schemes with providing margin money support. However, the borrower would still require to bring in minimum of 10% of the project cost as own contribution. Benefits Facilitation of composite loan (inclusive of term loan and working capital) between ₹10 Lakhs and ₹100 Lakhs. Rupay debit card to be issued for convenience of the borrower. The web portal by SIDBI provides hand-holding support through a network of agencies engaged in training, skill development, mentoring, project report preparation, application filling, work shed / utility support services, subsidy schemes etc. Loan Eligibility Loan under the Stand-Up India scheme can be used for setting up of new businesses by SC, ST or women entrepreneurs in the manufacturing, trading or services sector. The following eligibility criteria must also be satisfied by the Entrepreneur to avail loan under the scheme. Applicant must be an SC/ST and/or woman entrepreneurs, above 18 years of age. Loans can be provided only for startups or new businesses in the manufacturing or services or trading sector. In the case of a private limited company, 51% of the shareholding and controlling stake should be held by either SC/ST and/or Women Entrepreneur. Applicant should not be in default to any bank/financial institution. Repayment & Interest Rate The loan provided under the Stand Up India scheme is sanctioned with a repayment period of upto 7 years and a moratorium of 18 months. In case of working capital limit, the limit is sanctioned as an overdraft facility and Rupay debit card can be issued for the convenience of the borrower for operating the overdraft facility. Working capital limit above 10 lakh is typically sanctioned by way of the cash credit limit. The rate of interest must be the lowest applicable rate of the bank for that category (rating category) not exceeding the base rate of the bank + 3% + tenor premium. Loan under this scheme is provided at a very competitive rate of interest. Collateral Security Banks can request for collateral security or provide the loan under the CGTMSE scheme without any collateral security. The bank makes the decision on collateral security as that depends on the borrower profile. Application Process The first step is to visit the official portal of StandUp India at: https://www.standupmitra.in/Login/Register Enter the full details of the business location. Select the category between SC, ST, Woman, and whether the stake held is 51% or higher. Select the nature of the proposed business; the loan amount desired description of the business, the details of the premises, etc. Populate the fields with past business experience, including tenure. Select the need for hand-holding is required. Enter all the personal details sought, which include the name of the enterprise and the constitution. The last step is to select the register button to complete the process. Documents Required Proof of Identity: Voter’s ID Card / Passport / Driving License / PAN Card / Signature identification from present bankers of proprietor, partner of director ( if a company) Proof of Residence: Recent telephone bills, electricity bill, property tax receipt /Passport / voter’s ID Card of Proprietor, partner of Director (if a company) Proof of Business Address Proof that the applicant is not a defaulter in any Bank / Financial Institution Memorandum and articles of association of the Company / Partnership Deed of partners etc. Assets and liabilities statement of promoters and guarantors along with latest income tax returns. Rent Agreement (if business premises on rent) and clearance from pollution control board if applicable. SSI / MSME registration (if applicable) Projected balance sheets for the next two years in case of working capital limits and for the period of the loan in case of term loan. Photocopies of lease deeds/ title deeds of all the properties being offered as primary and collateral securities. Documents to establish whether the applicant belongs to SC/ST Category, wherever applicable. Certificate of incorporation from ROC to establish whether majority stake holding

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GST Number Search

Goods & Service Tax / /
gst number search

Consumers can verify the legitimacy of a business simply by using the GSTIN search by PAN tool. They can also use the GSTIN by PAN to locate the state in which your vendor’s business is active. Dealers can avoid any potential errors by verifying the GST number via the PAN. What is GSTIN? GST numbers, or GSTIN (Goods and Services Tax Identification Number), play a crucial role in the Indian taxation system. This unique 15-digit code is given to every business registered under the GST regime. It helps in identifying businesses for tax purposes and ensures that they are compliant with the tax laws in India. The GSTIN is vital for any business as it needs to be mentioned in invoices, bills, and every tax-related document. This system makes the process of tax collection and regulation smoother and more transparent for both the government and the businesses. The GSTIN assigned to a registered entity adheres to a defined structure. For instance, In the GST Number [29ABCDE1234F6G7], “29” represents the State code, “ABCDE1234F” denotes the PAN Number, and “6”, “G”, and “7” correspond to the registration number, default “G” digit, and Check code, respectively. GST Identification Number Format Before you do a GST number check, check out if the 15-digit GSTIN alphanumerical code is in the format below. If a GSTIN is not in this format, then it is not a valid GST number First 2 number: The state code of the registered person or business entity Next 10 characters: PAN of the registered proprietor Next number: Number of registrations in a state for the same PAN Next character: Alphabet Z by default Last number: Check code which may be alpha or digit, used for detection of errors The Need for GST Number Search There are several reasons why businesses and individuals may find themselves needing to search for GST numbers by name. One of the main reasons is business verification. Before engaging in any business transactions, it’s essential to verify that the company you are dealing with is registered and compliant with tax laws. This is where a GST number search becomes handy. Another reason is tax compliance. For filing returns or claiming input tax credits, businesses need to ensure that their suppliers are GST compliant. By searching for a GST number, businesses can confirm the authenticity and compliance status of their suppliers, making the whole process of tax filing smoother and ensuring that they are on the right side of tax laws. Why is it necessary to verify the GST number? Authenticity: Verify the authenticity of the business or taxpayer under GST Validity: Check GSTIN number validity in real time, along with up-to-date details of the business Invoice Verification: Avoid generating incorrect invoices or e-invoices or verify GSTIN on a hand-written invoice Tax Credit: Claim input tax credit and pass tax credits to the right buyers Transparency: Business information transparency which eases filing of correct GST returns Fraud Detection: Avoid a GST number fraud at the origin of the transaction Errors: Check for errors in the GSTIN, if any   Benefits of Using a GST Number Search Tool Common Challenges and Solutions When businesses and tax professionals use a GST number search tool, they enjoy many benefits. This tool makes it easier to find accurate GST numbers, saving a lot of time and reducing errors. For tax professionals, this means they can offer better services to their clients by quickly verifying the GST details, which is crucial for filing taxes correctly. Plus, having access to a reliable GST tool means less time spent on manual searches, allowing businesses to focus more on their core activities. However, using a GST number search tool can sometimes present challenges. One common issue is not finding the correct GST number when searching by name. This could be due to spelling errors or incomplete business information. Another challenge might be outdated information that leads to confusion. What are some troubleshooting tips for these challenges? First, always double-check the spelling and details you’re entering into the search tool. If the first search doesn’t work, try variations of the business name. It’s also a good idea to update your search criteria if you know any additional details about the business, like its location. For outdated information, try using a different GST search tool or check the official GST portal for the most current data. These simple steps can help overcome most search challenges, making the GST number search process smoother for everyone involved. FAQs How can I search for a GST number using a business name? To search for a GST number using a business name, you can use the official GST portal or other GST number search tools available online. You just need to enter the business name as registered under GST, and the tool will provide you with the GSTIN. This method is handy for verifying the authenticity of a business or for invoice-related purposes. What is a GST number, and why is it important? A GST number, also known as a Goods and Services Tax Identification Number (GSTIN), is a unique 15-digit code given to businesses in India. It’s crucial because it helps in identifying businesses registered under GST, making tax filing and compliance easier. This number is vital for any business since it allows for the legal selling of goods and services across India. It also enables businesses to avail benefits like input tax credit.

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