July 30, 2024

Article 276, Clause 2 of the Indian Constitution, the State Government of West Bengal can charge professional tax on income earned various sources. Professional tax in West Bengal is managed by West Bengal Tax on Profession, Trade, Callings and Employment Act, 1979. Professional Tax In West Bengal As per the West Bengal State Tax on Profession, Trades, Callings and Employment Act, 1979, salaried individuals or professionals with a gross monthly salary of more than Rs 10,000 are liable to pay professional tax. This signifies that you must pay this tax if your gross monthly salary is Rs 10,001. West Bengal Professional Tax Slab Rate in 2024 Each state government revises its professional slab tax rates at regular intervals, usually on yearly basis. Mentioned below is the revised rates of West Bengal Professional Tax: Monthly Gross Salary Amount Payable Up to Rs. 10,000 Nil Rs. 10,001-Rs. 15,000 Rs.110 Rs. 15,001 – Rs. 25,000 Rs. 130 Rs. 25,001 – Rs. 40,000 Rs. 150 Above Rs. 40,001 Rs. 200   West Bengal Professional Tax Rule As per Clause 2 of Article 276 of the Indian Constitution, professional tax in West Bengal is levied as per the provisions under the West Bengal Tax on Profession, Trade, Callings and Employment Act, 1979. Professional Tax is broadly classified into two types: Professional Tax Registration (PTRC): If you are a salaried employee, your establishment will have to obtain PTRC, this tax is automatically deducted by your employer and deposited to the state government.  Professional Tax Enrollment (PTEC): If you are self-employed, you must pay it on your own by visiting any of the WB professional tax offices. The maximum amount you must pay as professional tax in West Bengal is Rs 2,500 per month.  Eligibility The West Bengal State Legislature passed the “West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1979” for its citizens. The persons liable to pay Profession Tax under the Act are divided into two categories. In the case of salaried persons and wage earners, the employer (Public and Private Sectors, Government who distribute salary or wages to the employees) deducts the Profession Tax from the salary or wages and is liable to deposit the same with the State Government. For other categories of individuals, the person who has engaged in employment, profession, calling, and trade is responsible for paying the tax. Professional Tax Applicability In West Bengal Self-employed individuals earning a specific amount are required to pay such tax. Professionals involved in government and private organisations are eligible to pay this tax. Other categories of taxpayers include- licensed boat suppliers, occupiers for factories, tax consultants, management consultants, architects, etc. West Bengal Professional Tax Online Payment Navigate to the website of the Profession Tax Directorate of Commercial Taxes, Government of West Bengal.  Click on ‘e-payment’ under ‘E-services’. This will lead you to ‘GRIPS’ through which you can complete your transaction. To complete the payment, you can opt for four options. Check them out below: With Enrolment Number Select the ‘Enrolment Number’ option and provide the 12-digit PT Enrolment number.  Click on ‘submit’ to get payment details.  Select the mode of payment, year and payment. Follow the instructions and click on the ‘Pay’ option. With Registration Number Select ‘Registration Number’ and provide your 12-digit registration number.  Select the submit option to get payment details.  After following the instructions on the screen, click on the ‘Pay’ option. With Application Number for New Profession Tax Enrolment On the website, enter the 11-digit application number.  Select on ‘submit’ option, and you will get payment details.  Select ‘payment mode’. After entering the required details, click on the ‘Pay’ option. With Government ID On the website, select the ‘Government ID’ option and enter 12 12-digit government ID number. Click on ‘Submit’, and you will get details of payment. Finally, select ‘payment mode’, ‘month of payment’, and ‘year of payment’ and click the ‘Pay’ option to complete payment. FAQs How much is the professional tax in West Bengal? The tax rate may vary based on your income. Individuals earning up to Rs 10,000 per month don’t have to pay any professional tax. Moreover, the maximum amount that anyone has to pay is Rs 2500.    Who is exempt from professional tax in West Bengal? Members of the Indian Navy, Air Force and Army serving in any part of West Bengal do not have to pay any professional tax to the state government. 

Succession (though not defined anywhere in the statutory law) is the transmission of rights and obligation in an estate, of a deceased person to his heir or heirs, The Louisiana civil code defines it as the process by which the heirs take the estate of the deceased, in other words, it is the right of a legal heir to step into the shoes of the deceased, with respect of possession control, enjoyment, administration, and settlement of all the latter’s property, rights, obligations, charges, etc. Therefore in a nutshell, succession is a process of devolution of interest in a property (movable or immovable) from a deceased to its legal heirs or representative. Rules for devolution of property of a Male Intestate On the death of an intestate, the property shall first devolve to class I heirs, as long as a single class I heir is present, the property will not go to heirs in class II category. In the absence of a class II heir category, the property shall devolve upon heirs in class III or agnates which primarily comprises the leftover heir who are blood relatives of the intestate related to him through a whole male chain of relatives. If in case there is no heir present in class III, the interest in the property shall devolve upon any other blood relative of the intestate. It is significant to note that the provisions of the act or any schedule to that effect does not put a full stop so far as the heirs are concerned, hence in absence of a near relative a person may be eligible to inherit its property. If he can trace his blood relation to the deceased however distant he or she may be. This was a significant change as in the old regime before this act only four generations were recognized but now the limitation on the degree has been removed. Class 1 Heirs The Hindu Succession Act groups the heirs of a male Hindu into four categories and lays down that his/her inheritable property devolves firstly upon the heirs specified in Class I which are as under: Sons Daughters Widow Mother Son of a pre-deceased son Daughter of a pre-deceased son Son of a pre-deceased daughter Daughter of a pre-deceased daughter Widow of a pre-deceased son Son of a pre-deceased son of a pre-deceased son Daughter of a pre-deceased son of a pre-deceased son Widow of a pre-deceased son of a pre-deceased son Son of a predeceased daughter of a predeceased daughter Daughter of a deceased daughter of a predeceased daughter Daughter of a predeceased son of a predeceased daughter Daughter of a predeceased daughter of predeceased son All these heirs inherit simultaneously and to the exclusion of other heirs. In the absence of any of the heirs in this category, the property devolves upon the enumerated heirs specified in class II. Class 2 Heirs The devolution in Class II heirs is made in the absence of any heir in Class I and in such a manner that heirs specified in a particular entry share equally. For this purpose if more than one heir is specified in a single entry, they share the property simultaneously and equally to the exclusion of those specified in subsequent entries. Class 2 heirs include: Father Sons daughter’s son Sons daughter’s daughter Brother Sister Daughters son’s son Daughters son’s daughter Daughters daughter’s son Daughters Daughter’s daughter Brothers son Sisters son Brothers daughter Sisters daughter Fathers father Fathers mother Fathers widow Brothers widow Fathers brother Fathers sister Mothers father Mothers mother Mothers brother Mothers sister Agnates In case a hindu male passes away intestate and leaves no class 1 or class 2 heirs, then the property would devolve on agnates. A person is said to be an agnate of another if the two are related by blood or adoption wholly through males. Agnate relationship does not extend to relationship by marriage and is restricted to relationship by blood. Also, agnate does not include widows of lineal descendants of the intestate. Cognates If a Hindu male passes away without a Will and has no class 1 or class 2 heirs or agnates, then the succession would be through cognates. Cognates are ones who are related to the intestate by blood or adoption but not wholly, through males. Thus mother’s brother’s son and brother’s daughters son are cognates, eligible for heirship. FAQs How is property distributed after the death of a Hindu male under the Hindu Succession Act? Under the Hindu Succession Act, 1956, the distribution of a Hindu male’s property after death depends on whether the property is self-acquired or ancestral, and whether the deceased had a will. If there is no will, the property is distributed according to the rules of intestate succession. What is the difference between self-acquired property and ancestral property? Self-acquired Property: This is property that a Hindu male acquires through his own efforts or purchase. He has full rights to bequeath or distribute it as he wishes. Ancestral Property: This is property inherited from ancestors, which is held in a common stock of the family. It is subject to the laws governing Hindu inheritance and succession.

The Rajasthan State Government has introduced a new scheme for the welfare of farmers. The Rajasthan government is also implementing a minimum support price scheme for multiple agricultural items and offering interest-free loans of up to 500 crore rupees. Exemption from mandi charges is also being implemented, which is a fee normally paid on purchase by farmers to wholesalers and distributors. Loan Waiver Certificate Over 29 lakh small scale farmers will be eligible for the loan waiver certificate. The distributed certificates will offer a total of Rs.8000 crores as waivers with a maximum waiver of Rs.2 lakh per farmer. The loan certificate will also make new loan recipients eligible for an insurance cover of up to Rs.10 lakhs under the Raj Sahakar Personal Accident Insurance Scheme. If the outstanding loan amount of a loan exceeds Rs.2 lakhs, farmers will have to repay the balance amount (after deduction of Rs.2 lakhs) before receiving further loans with insurance coverage. Eligibility Loan amount should be less than Rs.2 lakh rupees Owns less than two hectares of land Aadhaar card linked to Bhamashah card Application Process To apply for a loan waiver certificate (or to collect more information), eligible farmers can head to the nearest branch of Village Service Cooperative Society or District Central Cooperative Bank. Alternatively, farmers can head to https://sso.rajasthan.gov.in/register to register with their Aadhaar Card and Bhamashah Card details. Upon successful registration, farmers can collect their certificates from the nearest Village Service Cooperative Society or District Central Cooperative Bank. Head to the official website Click on Login Click on Registration Once you put in your name with Aadhaar and Bhamashah Card details, you will be taken to the next page. In the new page, enter your Bank Details including Bank Name, Branch Name, PACS Name. Registration is now complete. Application status and the list of eligible farmers can be checked from the portal. FAQs What is a short term crop loan? A short term crop loan is a type of agricultural loan provided to farmers to meet their immediate financial needs related to crop production. This includes purchasing seeds, fertilizers, pesticides, and covering other cultivation expenses. These loans are usually repayable within one year, coinciding with the crop cycle. Who is eligible for a short term crop loan? The applicant must be a farmer, either an individual or part of a group of farmers. The applicant must own or lease agricultural land. The applicant should have a good credit history. Some banks may require proof of identity, proof of residence, and land ownership or lease documents.

The NCW is the statutory body of the Government of India, generally concerned with advising the government on all policy matters affecting women. It was established in January 1992 under the provisions of the Indian Constitution, as defined in the National Commission for Women Act, 1990. The objective of the NCW is to represent the rights of women in India and to provide a voice for their issues and concerns. The subjects of their campaigns have included dowry, politics, religion, equal representation for women in jobs, and the exploitation of women for labour. The NCW also receives and investigates complaints from women who are victims of violence, discrimination, harassment, or deprivation of their rights. Constitution of the Commission The Commission comprises of: A Central Government nominated Chairperson who is committed to the cause of women. Five Central Government nominated members amongst persons of ability, integrity and standing who are experienced in law/legislation, trade unionism, management of an industry potential of women, women’s voluntary organizations, administration, economic development, health, education or social welfare. It may be noted that at least one of these members must be associated with the Scheduled Castes and Scheduled Tribes community. A Central Government nominated Member-secretary who is an expert in the field of management, organizational structure or sociological movement or an officer who is a member of a civil service of the Union of an all-India service/a civil post under the union with appropriate experience. Vision and Mission The initiative is envisioned to safeguard Indian women and make them fully empowered to access all their entitlements, with the opportunity to contribute in all walks of life. Its mission is to enable women in achieving quality and equal participation in all spheres by securing their entitlements through suitable policy formulation, legislative measures, effective enforcement of laws, implementation of schemes/policies and devising strategies for solving specific problems/situations arising out of discrimination and atrocities against women. Responsibilities The Commission is vested with the following powers and responsibilities: Investigate and examine all matters connected with women safety as per the National Commission for Women Act and other laws. Furnish a report to the Central Government on an annual basis on the execution of safeguard measures, and make recommendations for the effective implementation of these safeguards. Make a timely review of the existing provisions of the constitution and other laws that affect women, and make recommendations in terms of legislative measures to address any gaps, inadequacies or shortcomings in such legislation. Address any instances of violation of the constitutional provisions and other laws connected with women. Deal with complaints and take suo-moto notice of matters concerning the deprivation of women’s rights and non-implementation of laws enacted to protect women. Conduct promotional and educational research with the object of suggesting methods that ensure due representation of women in all spheres and identify factors that hinder their advancement. Engage and advise on the planning process concerning the socio-economic development of women. Evaluate the progress of women development under the Union and any State. Inspect the premises where women are kept as prisoners and approach the concerned authorities for essential remedial action. Fund litigation involving issues that has a bearing on a large body of women. Make periodical reports to the Government on matters related to women. Any other matter that may be referred to it by the Government. Services Offered Provide a legal framework that addresses issues concerning women through studying and monitoring all matters concerned with the constitutional and legal safeguards provided for women. Facilitate grievance redressal of women, examine their complaints and take suo-moto notice of the cases relating to deprivation of women’s rights and non-compliance of statutory policies. Enabling women to equally benefit from the development process by participating and advising on the planning process of socio-economic development of women. FAQs What is the National Commission for Women (NCW)? The National Commission for Women (NCW) is a statutory body of the Government of India, established in January 1992. It aims to represent and protect the rights of women in India, ensuring their welfare and empowerment. The NCW addresses issues related to gender equality, women’s rights, and policies impacting women. What are the primary functions of the NCW? Investigating and examining all matters relating to the safeguards provided for women under the Constitution and other laws. Reviewing existing legislation and suggesting amendments to meet women’s changing needs. Taking up cases of violation of women’s rights with appropriate authorities. Conducting research and studies on issues affecting women and making recommendations for their improvement. Promoting and participating in activities aimed at increasing women’s awareness and encouraging their involvement in society.

secretarial standards in the meeting’s processes and in topics related to them since company law provisions are growing stricter and ROCs are being more vigilant. Secretarial Standard 1 serves as a reference for conducting the Board Meeting in accordance with the Company Act,2013 regulations.  ICSI was the world’s first professional organization to begin the process of developing Secretarial Standards for the integration, harmonization, and standardization of corporate secretarial procedures. With the help of ICSI, the Worldwide Federation of Company Secretaries (IFCS) agreed to establish an International Secretarial Standards Board, which will develop international secretarial standards to extend good corporate governance discipline beyond national lines. The Act, having recognized Secretarial Standards, initially prescribed two Standards, namely the Standard on Board Meetings (SS-1) and the Standard on General Meetings (SS-2) (SS-2). The Act requires that every corporation follow both secretarial requirements, and any noncompliance will result in penalties. To be completely compliant with the Companies Act, about nine lakh operating companies in India would have to conform to these Secretarial Standards. These guidelines would facilitate conducting business and improve governance. Meaning of Secretarial Standard 1 In accordance with Section 118(10) of the Companies Act, 2013 the Institute of Company Secretaries of India (ICSI) has released Secretarial Standard 1. (Act). The Secretarial Standards Board (SSB), which was established by the ICSI in the year 2000, develops secretarial standards and establishes a set of guidelines for calling and conducting board meetings (including committee meetings) and other related events. The secretarial standards are a set of principles that companies are supposed to embrace and adhere to when carrying out their corporate responsibilities, resulting in greater corporate governance. The Board of Directors is responsible for ensuring appropriate, timely, and adequate compliance with the terms of the Act, and they are professionally aided by Company Secretaries. The Institute of Company Secretaries of India (ICSI) noticed divergent secretarial practices over time while regulating the profession of the Company Secretary and felt the need for integration, harmonization, and standardization of divergent secretarial practices and established the Secretarial Standards Board (SSB) in 2000. It is a unique and beneficial step, and ICSI has formed such a Board for the first time in the history of the business sector worldwide. The SSB is made up of experienced company secretaries representing companies as well as practicing company secretaries, as well as representatives from regulators, other professional organizations, and other chambers. Scope of Secretarial Standard 1 Applicability of Secretarial Standard 1 The Board of Directors meetings Committee of the Board meetings Non-Applicability of Secretarial Standard 1 One Person Company (or “OPC”) with a board that only has one director. Companies have a license under Section 8 of the Companies Act, 2013. Such class(es) of corporations as the Central Government may be exempt via the notice, such as IFSC Public Company and IFSC Private Company SS – 1 is in accordance with the Act’s provision. However, the Act’s provisions must take precedence if a Standard or a portion of it becomes incompatible with the Act as a result of later amendments to the Act.  If formed under the Act, companies engaged in the generation or supply of energy, banking companies, insurance companies, and companies subject to any special acts are also subject to SS-1. However, if the terms of these Special Acts, which apply to these companies and include the Banking Regulation Act, 1949, the Insurance Act, 1938, etc., conflict with SS-1, the provisions of those Special Acts must take precedence. Secretary Standards’ Benefits It leads to an improvement in the quality of secretarial procedures used by businesses. It improves corporate governance and leads to more transparency in Board Meeting processes, particularly for private companies; and  It minimizes litigation. Many lawsuit situations arise from disagreements that arise as a result of Board Meeting notifications not being received, the agenda being introduced without appropriate warning, and so on. It boosts the trust of investors who wish to invest in Private Limited enterprises, such as Private Equity players and overseas investors. Many private equity investors have already praised this decision. Secretarial Standard-1 on Board Meetings Who may convene the meeting  Time, place, and mode of holding such meeting  Meeting notice and agenda  Meetings of Board Committees and independent directors  Quorum  Attendance at meetings  Directors’ participation in a meeting via electronic mode  Chairman of board or committee meetings  Procedure for passing board resolutions at board meetings or by circulation For a better understanding of our reader we have tried to simplify and incorporated the concept of Secretarial Standard-1 on Board Meetings SS-1, in a tabular form, which is as follows: Who Can Convene a Board Meeting All Directors Business Secretary (If any) Anybody authorized by the Board to act in this capacity upon the request of a Director after consulting with the Chairman While he was away (Unless otherwise provided in the Articles) Executive Director (If any) Permanent Director (If any) Notice Shall be issued by     A company secretary, Any Directors or Any other individual designated for the purpose by the Board. Period of Notice Unless the Articles require a longer amount of time, should be communicated at least seven days prior to the date of the Meeting. A further two days will be charged for the service if the provider ships through registered or fast post. The dates and times of meetings are set in advance, and notice of meetings must be given. Adjournment of the Meeting At any time during the meeting, the Chairman may postpone it for any reason, except Dissented to Refused by a majority of the Directors present at a meeting at which a quorum is present. Day, Time, Place Any day, at any time, and anywhere To whom Notice of the meeting will be given To all Directors (Even to the original director even if these have been sent to the Alternate Director) Adjourned Meeting Notice:  Distributed to all Directors, even those who missed the meeting on the scheduled day. Unless the postponed meeting is scheduled during the meeting, At least seven days before to the meeting, notice must also be

Karur Vysya Bank (KVB) originated in the year 1916 is headquartered in Karur, Tamil Nadu. It is a private sector bank providing banking services and financial products to its commercial as well as retail consumers. The Bank has spread its wings across the country with 782 branches in 20 States and 3 Union Territories. Types of Current Account Current Account Multicity Current Account Current Account Current Accounts are opened by the proprietary concerns, partnership firms, Joint Hindu Families, Private and Public Limited Companies, public corporations, societies, clubs, associations or trusts, executors and administrators, temples and Government Departments. Internet banking and mobile banking facilities are also provided for current accounts. Terms and Conditions An account holder has to maintain a minimum of Rs. 3000 in his/ her current account. A penalty of Rs. 200 will be charged for non-maintenance of minimum balance. The applicant at the time of applying should provide genuine address and ID proof. Adequate balance should be maintained in the account at the time of issuing cheques. Multicity Current Account The Multicity Current Account is for those individuals who carry their business in several cities of the country. This current account offers benefits through which various concessions on Monthly Average Balance that benefits the account holder. Features and Benefits There are several services that are available at concessional rates. The monthly average balance that has to be maintained in the account will determine the concessions that are available to the customer for the following month. Documents Required For Sole Proprietorship Registration Certificate Certificate or the license issued by the municipal authorities under Shop and Establishment Act. Sales and Income tax returns. CST/ VAT certificate. Certificate/ registration document that is issued by the sales tax/ professional tax authorities. The license issued by the Registering authority such as the Institute of Chartered Accountants of India, Institute of company secretaries of India, Indian Medical Council, Food and Drug Control authorities, etc. Existing bank statement from the current banker which has to be for a minimum period of 6 months. Registration or licensing document issued by the Central Government or State Government Authority/ Department. Importer Exporter Code (IEC) that is issued by the Office of Directorate General of Foreign Trade (DGFT) etc. (Any two of the above documents would suffice. These documents should be in the name of the proprietary concern). For Partnership Firms Registration Certificate, if the firm is registered. Partnership Deed. A Power of Attorney granted to a partner of an employee of the firm to transact business on its behalf. Attach Proof to identify and proof of address of the main partners and persons holding the PoA apart from the above. Attach Proof of Legal name, a telephone number of the firm and partners apart from the above. For Limited Liability Partnership Copy of the LLP agreement. Copy of the Incorporation documents and DPIN of the designated partners. Copy of the certificate of Registration that is issued by the ROC concerned. Copy of LLP-IN issued by the ROC. Copy of the Resolution to open an account and list of authorized person/s with the specimen signatures to operate the account duly attested by Designated Partners. Copy of PAN allotment letter. For Companies Certificate of incorporation and DIN. Memorandum & Articles of Association. Resolution of the Board of Directors that is used to open an account and list of officials authorized to operate the account. Identification of authorized signatories should be based on photographs and signature cards duly attested by the company. Power of Attorney, if granted, to its managers, officers or employees to transactbusiness on its behalf. Copy of PAN allotment letter. List of directors and a copy of Form 32 (if directors are different from AOA). Certified true copy of Certificate of commencement of business (public limitedcompany). Attach Proof of the name of the company, Principal place of business, the mailing address of the company, Telephone/Fax number. For Trusts/ Association/ Club/ Society Certificate of Registration, if registered. A Power of Attorney granted to transact business on its behalf if any. Any document listing out the names and addresses of the trustees, sellers,beneficiaries, and those holding power of Attorney, and other key officials involved in the day to day management of the trust to the satisfaction of the bank. A resolution of the managing body of the foundation. Declaration of Trust/ Bye-Law of society/Bye-law of Association/Bye-law of the club. Attach the Proof of name and address of the founder, Manager/director and thebeneficiaries, telephone/fax number, Telephone bill, Utility bill apart from the above. For HUF PAN card of the HUF/ PAN Intimation letter/GIR No./Form 60/HUF Declarationand Identity and Address proof of the Kartha. FAQs What are the types of current accounts offered by Karur Vysya Bank? Karur Vysya Bank offers various types of current accounts to cater to different business needs. These include: Basic Current Account Classic Current Account Premium Current Account Smart Business Account Business Advantage Account Smart Business Silver, Gold, Platinum, and Diamond Accounts Each account type has different features and benefits designed to meet the specific requirements of businesses. What are the eligibility criteria to open a current account with Karur Vysya Bank? To open a current account with Karur Vysya Bank, the applicant must be: A resident individual, sole proprietorship, partnership firm, company, trust, or association Able to provide necessary KYC documents such as identity proof, address proof, and business proof (if applicable)