July 8, 2024

The GST council has recommended one additional GST return Form, GSTR-1A. A new optional form, lets you change your GSTR-1 for a specific tax period. This means you can: Add any sales details you missed in your original GSTR-1 filing. Correct any mistakes you made in the reported sales details before the GSTR-3B filing. This will help ensure that the accurate tax liability is automatically reflected in the GSTR-3B form. Changes Before GSTR-3B Filing The Form GSTR-1A shall furnish, the flexibility feature in the amendment. GSTR-1A shall permit the assesses to revise or add records within the identical month/same period post-filing GSTR-1 and before filing GSTR-3B. The assesses could not alter GSTR-1 in the identical duration post it has been filed. Any change or missed records should be reported in the GSTR-1 of the next return period. The obligation revised shall be populated automatically in GSTR-3B, which enables the correct liability release. Revisions or missed records could be notified in GSTR-1A prior to filing GSTR-3B, which also promotes, effective reporting. What is GSTR-1A GSTR-1A allowed a registered taxpayer to update the details of sales for GSTR-1 which was filed earlier. The form is no longer in use since 2017 but has been reintroduced in June 2024. The information would come from the buyer’s GSTR-2B when he modified any data. The seller could either accept or reject the changes. Changes accepted by the seller would have automatically reflected in the GSTR-3B. What Does the Term GSTR- 1A Signify? GSTR-1A authorized a registered assessee to update the details of sales for GSTR-1 which was filed before. Since 2017 the form is no longer in use. The data was derived from the buyer’s GSTR-2 when he altered any data. The seller either accepts or rejects the changes. Changes carried by the seller would have automatically been reflected in the GSTR-1. In What Way Does GSTR-1A Work? Check the example below for simplification: Naveen purchases 100 pencils worth Rs. 500 from Rahul General Store Rahul General Store has incorrectly shown it as Rs. 50 sales in his GSTR-1 Form The data from Rahul’s GSTR-1 form will stream into the GSTR-2A of Naveen Naveen immediately corrects it to Rs. 500 This change is reflected in Rahul’s GSTR-1A When Rahul receives this correction, his GSTR-1 form gets updated automatically How is GSTR-1A different from GSTR-1? GSTR-1 is a return which contains all the sales details. It is filled up and filed by the seller taxpayer. Information from one’s GSTR-1 will appear in his buyer’s GSTR-2B where he may change some information. GSTR-1A contain only the amendments to GSTR-1 details of the given month. FAQs What is the GSTR-1A form? The GSTR-1A form is a draft version of the GSTR-1 form. It allows taxpayers to make changes to their sales data before filing the final GSTR-3B return. This form ensures that any discrepancies or mistakes in the initial data can be corrected. Why is the GST Council considering the GSTR-1A form? The GST Council is considering the GSTR-1A form to provide taxpayers with an opportunity to review and correct their sales data. This helps in reducing errors in the final GSTR-3B filing and ensures more accurate tax reporting.

A prenuptial agreement, often referred to as a “prenup”, is a legally binding contract entered into by a couple before they get married. This agreement in general outlines the financial and property-related terms and conditions that will apply in the event of a divorce, separation, or death. A concept evolved from the West, prenuptial agreements are designed to protect the individual rights and assets of each spouse and specify how the couple’s financial matters will be handled during and after the marriage giving each spouse a pre-defined terms for their relationship. In today’s world, prenuptial agreements are becoming more common and relevant due to the increasing number of divorces between individuals with significant assets or property. What is a prenup agreement? A prenup is a contract between the spouses that is signed prior to their marriages. This contract states the settlement of money between the parties in case of death, divorce or separation. In other words, it is an agreement for both the party’s proportion of property, money, assets and anything and everything that each of them will be receiving in case the marriage dissolves. The objective of a prenup agreement Despite being not so common in India, prenups have its own benefits too. In the cases of divorce and separation, a prenup saves both the parties from struggling with dates of hearing in the courts, facing those annoying acquisitions, blaming each other, or getting less payment as alimony or paying more as alimony. In such a scenario, the prenup is not only a time saver but easier to perform. We have to be ready for the beat anyway. Undoubtedly, most of the maintenance and alimony laws support female spouses, and hence it somewhat lacks to consider the financial conditions of the male spouses. And as a result, the judgment is ultimately in favour of the female spouse. However, in case of a prenup agreement, the financial liabilities are pre-decided, so none of the partners gets prejudiced at the time of separation. A prenup agreement supports financial transparency and, as a result of which, both the partners know the financial condition of each other. This leads to no chance of any kind of fraud. The clauses of a prenup agreement A disclosure of liabilities and assets of both the parties Financial and the monetary position of both the parties Real estate properties of both the parties An estate planning Sharing of the properties if the marriage gets dissolved Maintenance or the alimony between the parties, if the marriage gets dissolved The custody and maintenance of the child/children The financial status of both the party’s businesses(if any), and the partnership in business (if any) Monetary savings Credit card limits, debts, spending, payments Financial investments Retirement benefits and accounts The claims of medical insurances and life insurance The management of joint bank accounts or other accounts The management of household expenses, bills and other miscellaneous expenses Management of the jewellery A prenup agreement is enforced only if The contract should be fair, transparent, in writing and mutually signed by both the parties. The contract should be signed by both the parties and should be executed before the marriage. The contract should be voluntarily made and signed. None of the parties should be forced, beaten, pressurised, etc. The contract must be notarised and certified. The contract should contain a particular clause which should mention even if any provision of the contract become invalid in future; the agreement will be still valid and in force. The contract should mention all the financial possessions, liabilities, assets, etc. owned by both the parties. The contract should not contain any information which is false or invalid. The contract should constitute all the provisions that have been known and discussed by both the parties Validity of Prenuptial Agreements in India In India, there are no specific legal provisions that govern prenup agreements. They are relatively uncommon in the country as they often run counter to traditional Indian customs and perspectives on marriage that is based on the personal laws based on which marriages are performed in India. Marriages under the Indian personal laws are regarded as sacraments, and historically, any agreement that seemed to promote separation or contravene personal laws was deemed invalid. Initially, the Courts were against prenups being executed between spouses and held that they run against the Indian Contract Act, 1872[1] for being against the Public Policy of India. The courts were of the view that prenups were the agreements/contracts that allowed parties to agree to let go of the rights were granted to them through the respective personal laws. In the case of Krishna Aiyar v. Balammal, the husband had sought the restitution of conjugal rights after his wife refused to live with him, resulting in a compromise agreement. This agreement stipulated that the wife should return to her husband, with the provision that if she ever wished to live separately in the future, the husband would pay her Rs. 350. However, when the wife did not return, the husband initiated another suit for conjugal rights. One of the defences raised was the existence of this agreement, which was ultimately deemed invalid by the Madras High Court as it ran counter to Hindu law and public policy, rendering it unenforceable. Such a clause violates the right to conjugal rights of a spouse. In another case in the Calcutta High Court, wherein the pre-nuptial agreement controlled the rights of the husband which were conferred upon him by Hindu law, the Calcutta High Court held that the agreement was in violation of the public policy of India. Advantages of a prenup agreement A Prenup agreement eases the process of maintenance and legal separation and makes it speedy. Also, it helps parties to not to pay exorbitant fees to the lawyers. A prenup agreement protects both the parties from each other’s debts. A prenup contract makes both the parties financial secure, in case any of them dies. A prenup secures and protects the child, in case the parents opt

A District Mineral Foundation (DMF) is responsible for implementing the Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY) and other schemes in areas where mining is carried out. Mine and Minerals Development Regulation (Amendment) Act, 2015, in every district affected by mining-related operations, the state government shall, by notification, establish a trust as a non-profit body to be called the District Mineral Foundation. the Indian Central Government has made a new addition to the existing MMDR (Mines and Minerals (Development and Regulation)) Amendment Bill in 2021. This bill instructs the states to use around 60% of their DMF funds for important sectors, such as drinking water and education, and the remaining 40% for cowshed development, energy and physical infrastructure. What is the District Mineral Foundation? DMFs are statutory authorities that a State Government sets up in districts affected by mining. These bodies get their legality from Section 9B under the Mines and Minerals (Development and Regulation) Act, 1957 and its amendment in 2015. In fact, DMFs were instituted on 16th September, 2015. The State Government can establish a DMF as a trust or non-profit body, and contributions from miners fund a DMF. Objectives of a District Mineral Foundation in India The primary goal of a DMF is to work for the welfare of those areas and individuals that have been impacted by mining, as per the state’s prescription. The State Government believes that tribals and other poor residents also have the right to benefit from the extraction of natural resources in their localities. Composition of District Mineral Foundation A DMF will comprise a Board of Trustees with the following members – Revenue Divisional Commissioner or Collector who will act as the Chairperson (to be finalised by the State Government). Collector, provided he is not the Chairperson. Additional District Magistrate and District Level Officers of the following departments will be ex-officio members. Steel and Mines Forest and Environment Rural Development Works ST and SC Development Health and Family Welfare Departments, and of such other Departments as the government sees fit to include. The District Collector will be the Managing Trustee. Members of Lok Sabha and State Legislative Assembly in whose constituency any major mineral concession exists are also invited to be ex-officio members. The State Government will nominate one member of the Zilla Parishad as an ex officio member in the district where there exists any mineral concession. The State Government will nominate up to 3 members of Urban Local Bodies or Panchayati Raj Institutions from those areas where major mineral concessions exist. The Chairperson may include such other officials to the Board meetings, as he may deem fit. The quorum for this Board will comprise 50% of its members. The Board should meet for a minimum of two times in a financial year. District Mineral Foundation and the Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY) A DMF will also implement the Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY). It will use the funds it has accrued to enact this scheme. Some objectives of Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY) are: It aims to execute various programs and schemes for the welfare of those persons in mining-affected areas. PMKKKY will create these schemes to complement existing programs that any State or Central government runs. To minimise the negative impact of mining on Environment Health Socio-economic status of people residing in these mining districts. To ensure the long-term livelihood of the persons who live in these mining areas. FAQs What contributions do mining leaseholders have to pay? If a miner has a lease as on or after 12th January 2015, he will have to pay, in addition to the royalty, a 10% of the royalty contribution to the DMF.If he has a licence from before this date, he will have to pay 30% of the royalty as a contribution to the DMF. How much money have these DMFs accrued? In total, these DMFs have accrued Rs. 40,000 crores.

TVS Motors, the third largest two-wheeler manufacturer in India, has achieved this feat due to constantly innovating their products and spending huge amounts in research and development units to ensure they keep up with the new trends prevailing in the market.  India is known as the automobile hub of the world since it is the 4th largest automobile industry. The primary reasons for India becoming an automobile hub are the large population and the demand among the middle class and the rich for two-wheeler and four-wheeler vehicles, which is why automobile companies now require new dealers to meet the demands of the customers.  Automobile Industry in India In India, the automobile industry is the 4th largest industry in the world with sales increasing by 9.5 % year-on-year to 4.02 million units (excluding two-wheelers) in 2017. The two-wheeler segment dominates the market on volume owing to a growing middle-class and a young population. India is also a leading auto exporter and has stable export growth expectations for the near future. Automobile exports grew 26.56 per cent during April-July 2018. TVS Motors Dealership:Vision and Mission  Dealership of an Automobile company in the two-wheeler segment, You might be thinking about many other companies, but why only a TVS Dealership? It is because TVS motors are multiplying in the Indian market, and it has also set its global footprints in many countries all across the globe to meet the demands of consumers worldwide. TVS Motors has expanded its territory to regions such as the Middle East, Africa, Southeast Asia, and Latin America. TVS motors usually are known for innovatively creating environmentally friendly products to make them look unique and appealing to their potential customers. The vision of the company is: To be among the top two two-wheeler manufacturers in India and one of the top five two-wheeler manufacturers in Asia To be responsive to the customers’ requirements and ensure they are well satisfied with the product. To achieve a sizeable share of the international business of two-wheeler vehicles in its total yearly turnover. The company is committed to providing best-in-class products that adhere to all quality and safety parameters by using next-generation cutting-edge technology to give customers a modernized feeling for the two-wheeler they are willing to purchase. The company has a broad vision for its future plan to achieve this vision. They have set up small mid-term goals such as increasing its total turnover, ensuring sufficient use of environment-friendly technology and many other goals to meet its long-term vision, making dealers’ prospect to TVS dealerships sound much more beneficial and lucrative. TVS has always stood for easy-to-handle, innovative, and environment-friendly products, backed by reliable customer service. More than 33 million customers have bought a TVS product across the country.  TVS Motor has four manufacturing plants, three located in India (Mysore in Karnataka, Hosur in Tamil Nadu, and Nalagarh in Himachal Pradesh) and one plant in Indonesia at Karawang. TVS has a wide-spread network of bike showrooms spread throughout the country. Approximately 2377 TVS bike dealers are operating in India as of Oct 2018. TVS bike showrooms are spread across all states and 842 cities in India that include well authorised as well as new TVS bike dealers. TVS Motor is one among the top two two-wheeler manufacturers in India and the top five two-wheeler manufacturers in Asia. The company is committed to creating offerings with best-in-class quality cutting edge of technology by constant benchmarking against international two-wheeler manufacturers. Revenue Enhancement: The company will help the dealer to increase the top line and widen customer base through innovative product, marketing support, and service offerings. Operational & Spare Parts Support: Spare parts support and operational support. Credibility: Partner with a nationally reputed brand and attract more customers Franchise Details Area Requirement TVS Motor service centre would require a lounge for the customers, working area, a parking area for bikes, space for display bikes, an office and other related merchandise. To include all these facilities, the space required should have a minimum area of  4000 square feet. Cost and investment The cost of starting a TVS Motor Dealership will differ according to the location of the centre. Apart from the variation in land cost, the investment sum amount required to start a dealership will be from INR 30 lakhs to 50 lakhs and brand fee will be INR 2 lakhs. Agreement and Term Details Once the entrepreneur applies to TVS Motor, a concerned team of the company will contact the applicant to understand their requirements and evaluate the requirements and the location. Then the applicant would be asked to sign the MOU, and the team will share detailed business information with the applicant. As soon as the entrepreneur confirms the approval, the dealership would sign a 3-year dealership agreement, and it can be renewable. Advantages of Getting a TVS dealership The company helps the dealer to widen or broaden its consumer base by assisting them with strategic marketing and innovative product branding to increase their revenue. The company also provides operational and spare parts support to the two-wheeler vehicles offered for sale in the respective TVS dealership. The dealer gets an opportunity to partner with one of the industry leaders and a major global player in the two-wheeler Automobile industry, which would increase credibility, eventually helping attract more customers. Application Procedure for TVS Motor Franchise Dealership Step 1: Official Website The applicant should enter into the official website of TVS Motor. Step 2: Franchise Registration Click on ‘Contact Us’ option which is available on the home page of the portal. Step 3: Application Form Now the application form for the franchise will open up on the screen Step 4: Complete the Details Fill up the  dealership application form with the appropriate details like Applicant name Email Phone Location Profession Address Existing firm/company name Type of dealership Step 5: Submit the Application After filing the details, the applicant should click on  “Submit ” option for successful registration. FAQs What is a TVS dealership? A TVS dealership is an authorized retail outlet that sells TVS brand

Establishing a company is not a one-day task. Before a firm may take its ultimate form, it must complete many processes. Promoters play an important role right from the start of the process. The process of forming a corporation is extensive and involves several steps. The ‘promotion’ stage of the formation process is the first step. An individual or a group of people known as promoters comes up with the concept of starting a business at this stage. Various processes must be completed to incorporate a firm. The promoters carry out these functions and establish the firm. The term has been used frequently in Indian company matters. The Indian Companies Act, 1956 used it to fix liability on promoters, but did not define it and accepted their established position under the common law principle. Subsequently, the Indian Companies Act, 2013 defined the term for the first time. It is a common misconception that the promoters’ job continues until the business has purchased the property, raised initial money, and the board of directors has taken over control of the company’s activities. However, a review of the different provisions of the Companies Act of 2013 demonstrates that the promoters’ role cannot be overlooked even when the board of directors assumes control of the company’s business. This can be carried over to the period when the firm is operating as a going concern and even to the time when the company’s affairs are being wound up.  Definition of promoter The definition of the phrase “promoter” has been defined in Section 2 (69) of Companies Act, 2013. The term has been used specifically in Sections 35, 39, 40, 300 and 317 of the Act. Section 2 (69) of the Act states that promoter is a person whose name has been mentioned in the prospectus of the company or is identified in the annual returns of the company, or any person who has direct or indirect control over the affairs of the company, whether as a stakeholder or as a director, or on whose direction the Board of Directors act. In simple words, a promoter is a person who performs the various preliminary steps like making the prospectus of the company, floating the securities in the market, etc. but if a person is doing this in a professional capacity, he wouldn’t be considered a promoter.  In Bosher v. Richmond Land Co. (1892), the term Promoter has been defined as a person who brings about the incorporation and organization of a corporation. He brings together the persons who become interested in the enterprise, aids in procuring subscriptions, and sets in motion the machinery which leads to the formation itself. Who Are The Promoters of a Company? As per Section 2(69) of the Companies Act, 2013, promoter means any of the following persons: A person named as a promoter in the prospectus or identified by the company in its annual return in Section 92. A person who controls the company affairs, indirectly or directly, whether as a director, shareholder or otherwise. A person in accordance with whose directions, advice or instructions the Board of Directors of a company are accustomed to act. In simple words, promoters perform the preliminary steps, like floating the securities in the market, making the prospectus of the company, etc., for establishing the company’s business. However, if a person is doing these things professionally, they will not be considered a promoter. Types of Promoters of a Company Professional promoter: A professional promoter is an expert in promoting the business during its formation or inception. They transfer the ownership of the business to shareholders when it is established in the market. Financial promoter: A financial promoter is a promoter who invests capital or money and has a sizable company share. They promote banks or financial institutions. They aim to assess the market’s financial situation and start a company at the right moment.  Managing promoter: A managing promoter helps in company formation. They also get the managing rights in the company after it is formed. Occasional promoter: An occasional promoter is a promoter whose main job is to float the company. They do not promote the business routinely since they are in charge of two to three enterprises, and they get involved only in the crucial matters of the business. Functions of a promoter One of the main functions of a promoter is to comprehend the idea of formation of the company The promoter looks into the viability and feasibility of the idea that whether the formation of the company will be profitable and practicable or not. After the idea has been conceived, the promoter collects and organizes the resources available to convert the idea into a reality. The promoter decides the name of the Company and also settles the content regarding the Articles of Association and the Memorandum of Association of the Company. The promoter is the one who decides where the head office of the company will be situated. The promoter also nominates people or associations for vital posts. For instance, the promoter may appoint the bankers, auditors and Directors of the company for the first time. The promoter also prepares all the other necessary documents which are required to incorporate a company. The promoter must undergo a detailed investigation, and after analyzing all the concepts related to the idea discovered, the promoter must think about the cost, profitability, production, demand of the product, supply of such product in the market, etc. The promoter has to enter into a preliminary contract with the third parties on behalf of the company to collect all the resources necessary to form a company. The promoter makes contracts for the purchase of material, land, and machinery, and he also recruits staff for the initial functioning of the company. The promoter decides who can be the signatories to both the MoA and AoA of the company. The signatories are those who become the directors of the company, and the promoter gets written consent from such signatories that they will act as the directors. The promoter makes

A provident fund is a type of financial security asset that serves as a reliable and controlled investment option for employees’ post-retirement needs. Periodically throughout their work, people make PF contributions that can be withdrawn at job termination or significant life events like marriage and serious illness. employees had to wait for their employer to furnish their EPF statement at the end of every year. But now the employees can easily check their respective EPF balance both offline and online at any point in time. There are two offline methods for PF balance check: SMS Missed call service/EPF balance check number The EPF online balance check methods available for account holders are: Using EPF Portal on mobile or desktop Using Umang app on mobile How to Check PF Balance? There are multiple ways to check your PF balance, both with and without UAN. They are listed as follows: Giving missed call to mobile number – 9966044425 Sending an SMS to mobile number – 7738299899 Using EPFO online portal Using UMANG mobile application How to Check PF Balance by UAN Number? Step 1: Visit the EPF portal and click on ‘e-Passbook’ option available on the homepage. Step 2: Enter your UAN number, password, captcha and click on the ‘Sign In’ button.   Step 3: Click on the ‘Passbook’ option. Step 4: Select the ‘Member ID’ and your PF details will be displayed on the screen. Step 5: You can print this passbook by clicking on the ‘Download as PDF’ option. How to Check EPF Balance Online and Offline a.) Check EPF Balance via SMS Use your registered mobile number to send an SMS to EPFO to fetch information about your account.  SMS Format to be used for sending EPF balance enquiry to EPFO: EPFOHO UAN to 7738299899 You will get a reply in the English language since it is the default language. For language-specific reply, please add the language code in the SMS.  You can receive the SMS in 10 different languages,  b.) Check EPF Balance by Giving a Missed Call The easiest way to check your EPF balance is by giving a missed call on the EPF balance check number –  9966044425 You will receive details of the last contribution along with the PF balance. To use the EPF balance check missed call number facility, make sure the following requirements are met with:  The member’s UAN should be activated The member’s mobile number should be registered with the UAN as the missed call will be valid only when made from the registered number The UAN should be seeded with other important documents like PAN, Aadhaar and Bank Account c.) EPF Balance Enquiry through Umang App EPFO provides various services through the centralized mobile app of the government, called Umang. You can check your EPF balance and get your PF passbook on the Umang App by simply logging in using your UAN and OTP.  Steps to check PF balance using Umang App: Step 1: Install the application from Play Store/App Store or directly by clicking on this link: Umang App (Link will open in new tab). Step 2: Open the Umang app on your smartphone and choose your preferred language. Also, read the terms and conditions of the “End to End License Agreement”. Step 3: Get your mobile number verified and register. Step 4: Click on the ‘All Services’ option at the bottom. Step 5: Find and select ‘EPFO’ from the list of options. Step 6: Click on ‘View Passbook‘ to check your EPF balance. Step 7: Enter your UAN and click on ‘Get OTP’. Enter the OTP and click on ‘Submit’. (You will get OTP on your registered mobile number). Your passbook will be displayed on the screen along with your EPF balance. d.) Check EPF Balance Using EPFO Portal Members of the EPFO can check their balance by visiting the official website of the Employees’ Provident Fund Organization (EPFO).  Follow the steps given below to check your EPF balance online at EPFO Portal: Step 1- Visit the official EPFO Website (copy this in a new tab – www.epfindia.gov.in) Step 2: From the ‘Our Services’ drop-down menu, click on ‘For Employees’ Step 3: From the ‘Services’ menu, click on ‘Member Passbook’ (You will be redirected to the login page. You can also directly visit the page by clicking on this link: EPF India – Member Passbook) Step 4: Log in with your UAN and Password. Step 5: After you login to the EPF passbook portal, click on the “Passbook” tab and choose the member id from the various EPF accounts linked with your UAN to view and download your EPF passbook in PDF format. FAQs Can I check EPF balance using Aadhaar number? No, you cannot check your balance using Aadhaar. You have to provide your UAN to check your EPF account balance Is there a method to check EPF balance using PAN? No. PAN is not required to check the EPF balance. However, you should link your UAN with EPF to avail various online facilities related to EPF.