July 2024

Telangana (TS-iPASS)

learn / /
Telangana (TS-iPASS)

The Government of Telangana (GoT) passed the Telangana State Industrial Project Approval and Self-Certification System (TS-iPASS) to increase the processing rate of applications related to the various issue of clearances to set up industries. TS-iPASS was introduced through Telangana State Industrial Project Approval and Self-Certification System Act, 2014 (Act No.3 of 2014). The TS-iPASS shall be monitored by the Government of Telangana. TS-iPASS TS-iPASS is a certification system that provides support to industries, services, manufacturing companies in Telangana. It is an online process that helps to clear certification process and permissions within short timelines. TS-iPASS was established with the following features; they are: Eliminating the direct approach Approvals for certification Online payment for certification and clearance to set up industries Quick response to quick queries through feedback and grievance cell Establish Investor facilitation cell to have a single point of contact and to increase the investments Features of TS-iPASS Pre-scrutiny shall be conducted twice a week for the application process All the approval process shall have a single point of approval system by the relevant developments Accepted applications will be referred by District Committees and examined by state-level TS-iPASS committee members Approval for Megaprojects will be issued by self-certification, and the receipt for the self-certification will be received to the applicant within 15 days Provision of penalty if the departments have delayed clearances Secure and progressive regulation for the business environment Services including IT, medical and communication services with relevant infrastructure development Types of Certificates Approved from TS-iPASS Portal Approval certificate from Pollution Control Board for establishing industry( for Red, Green, Orange categories only) Approval of factory plan from the Factory Department Approval of building plan from the Hyderabad Metropolitan Development Authority (HMDA), Directorate of Town and Country Planning (DTCP) and Kakatiya Urban Development Authority (KUDA) Change of land from HMDA Non-Agricultural lands Assessment (NALA) conversion from the Department of Revenue Feasibility for Power from the Department of Telangana State Southern Power Distribution Company Limited (TSSPDCL) No Objection Certificate (NOC) from Gram-Panchayat NOC from the Fire Department Permission from the Department of Metropolitan Water Supply and Sewage Classification of Projects Mega Projects: Investment above Rs.200 crore Other Large Projects: Investments from Rs.10 crore to Rs.200 crore Medium Projects: Investments from Rs.5 to Rs.10 crore Small Projects: Investments from Rs.25 to Rs.25 lakhs Micro Projects: Investments less than Rs.25 lakhs Investment Limits for TS-iPASS The investment for TS-iPASS has been divided into three categories, they are Direct TS-iPASS State TS-iPASS Telangana State Wide Investment Facilitation Board (T-SWIFT) S. No. Jurisdiction Investment Limits 1 Direct TS-iPASS   The investments for projects can be up to Rs.5 crore in Plant and Machinery including components and capital expenditure 2 State TS-iPASS The investments for projects can be from Rs.5 crore to rs.200 crore in Plant and Machinery including components and capital expenditure 3 Telangana State Wide Investment Facilitation Board (T-SWIFT0 All investments for megaprojects above Rs.200 crore or with an employment potential of more than 1000 people in Plant and Machinery including components and capital expenditure Time Limit for Processing the Applications S. No. Investment Amount Time Limit 1 For investments in capital expenditure less than Rs.200 crore A maximum time limit of 30 days from the date issuing the acknowledgement 2 For investments in capital expenditure above Rs.200 crore Approval within 15 days. Clearance from the agencies is not required. (except state government) Time Limit for Setting up the Industry If the land allotted for the company has been provided by TSIIC or any other government agency, the company should provide financial closure within one year. The company should have also stated the operations within two years from the date of permission. Companies failing to adhere to the rules should return the land to the government. Documents Required A signed copy of Annexure I Documents related to combined Site Plan Documents related to the building plan Certificate for Incorporation Documents related to HMDA Form B1 and Form B2 (for red category only) Common Application Form (CAF) Application Process Step 1: Click on login to Register with TS-iPASS portal Step 2: Click on ‘New User Registration’ Step 3: Fill all the boxes with relevant details Step 4: Enter the OTP to register with TS-iPASS portal Step 5: After registering with TS-iPASS, the applicant can choose from three options to upload or seek approval for certificates “Entrepreneur Dashboard – CPE (Pre-Establishment Approval)” “Entrepreneur Dashboard – CFO (Pre-Operational Approval)” “Others (Grievance, Incentive, Raw material, Help Desk)” Step 6: Provide the details as required by CPE/CFO Step 7: Fill the questionnaire before filling the common application and make payments Step 8: Fill the boxes with relevant project details Step 9: Submit the questionnaire as per applicable approvals Step 10: Pay the relevant fees as stipulated by each department Step 11: Attach all the necessary documents Step 12: After successful payments for all the departments, the applicant can download the receipt for the payments FAQs Who can apply for approvals through TS-iPASS? Entrepreneurs, business owners, and industrialists looking to set up new industries or expand existing ones in Telangana can apply for approvals through TS-iPASS. It caters to all types of industries, including micro, small, medium, and large enterprises. How does one apply for TS-iPASS? Applicants can apply for TS-iPASS through the official TS-iPASS portal. The process involves registering on the portal, submitting the required documents, filling out the application form, and paying the necessary fees. The portal provides step-by-step guidance for the application process.

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Baroda Vidyasthali Loan

learn / /
baroda vidyasthali loan

Education infrastructure is a vital part for delivering quality education. Bank of Baroda (BOB) to facilitate educational institutions and centres for higher learning has created the Baroda Vidyasthali Loan scheme. Under the scheme, BOB provides loan for construction, renovation, creation of infrastructure facilities and/or land, purchase of hardware, software, finance of working capital gap, consolidation of current liabilities to any other infrastructural enhancements.  Bank of Baroda is a state-owned global banking and financial services company headquartered located in Vadodara, Gujarat, India. It is a major bank in India with total assets in excess of Rs.3.58 trillion and a network of 5493 branches in India and overseas and 10441 ATMs as on September, 2016. The bank was created by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III on 20th July 1908 in the Princely State of Baroda, in Gujarat. The bank, together with 13 other major commercial banks of India, was nationalized on 19 July 1969, by the Government of India and has been termed as a profit-making public sector undertaking (PSU). Baroda Vidyasthali Loan Scheme Affordable Private Schools Private Schools Play Schools Private Degree Vocational Colleges, Coaching Centers Teachers SME catering goods and services to the Education segment. Loan under the scheme can be used for meeting the monetary requirements for setting up the institutions which is inclusive of construction of building, purchase of equipment and so on.  Purpose Construction of buildings, including expansion, renovation, and modernization of educational institutions. Purchase of instruments for education or training purposes. Financing for the purchase of land alone is not permissible. However, if the land cost is included in the total cost of the project, the same can be financed.  Also, land cost must not be more than 20% of the total project cost, and an undertaking shall also be obtained that construction will be completed within 2 years. OD for short-term fund requirements based on the budget, provided that the educational institution is profit-making and without any other bank liability. Vehicles can be financed as per the CV finance product guidelines. Eligibility Criteria Educational Institutions, schools, colleges as well as other education bodies handling education activities are eligible for availing loan under the scheme. However, HUF is not considered eligible. Amount of Loan Under the scheme, a minimum loan amount of Rs.25 lakhs to a maximum loan amount of Rs.15 crores can be availed. Equitable mortgage of land and building (agricultural land would not be accepted) would be required. Further, hypothecation of instruments and equipment obtained out of the loan and other assets of the Educational Institution is required. Finally, the personal guarantees of the promoters of the Institution would be required. Interest Rate & Margin For loan of upto Rs.5 crores, base rate + 1% is charged. For loans between Rs.5 crores to Rs.10 crores, base rate + 1.5% is charged. For loans between Rs.10 crores to Rs.15 crores, base rate + 2.25% is charged. The repayment period would be setup based on the cash flow of the project with a maximum tenure of 84 months, inclusive of a moratorium period of 2 years. The promoters are required to infuse 25% of the project cost as promoters margin. FAQs What is the Baroda Vidyasthali Loan? The Baroda Vidyasthali Loan is an education loan offered by Bank of Baroda to help students cover the costs of their schooling and higher education. This loan aims to provide financial support for tuition fees, books, equipment, and other educational expenses. Who is eligible to apply for the Baroda Vidyasthali Loan? Students who are Indian nationals and have secured admission to recognized schools, colleges, or universities in India or abroad are eligible to apply. The loan is available for courses at the primary, secondary, and higher education levels.

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rajasthan tarbandi scheme

Government Schemes / /
rajasthan tarbandi scheme

The Taarbandi Scheme for Fields was launched on July 21, 2017, under the auspices of the Agriculture Department of the Rajasthan government. The primary objective of this scheme is to safeguard farmers’ crops from damage caused by stray animals. Many farmers face crop losses due to the intrusion of such animals into their unfenced fields, particularly those who lack the financial means to secure their land. To address this issue, the Rajasthan Taarbandi Scheme was introduced, offering financial assistance to farmers across the state for the installation of fencing around their fields. This initiative aims to enable farmers to protect their crops effectively by erecting barbed wire enclosures around their fields. What is Rajasthan Tarbandi Yojana 2024? Rajasthan Tarbandi Yojana 2024 is a supportive scheme for our farmer brothers. It aims to address the problem of crop damage caused by stray animals such as Nilgai, cows, buffaloes, and pigs. The Rajasthan government introduced this scheme to support farmers. Under this, the government contributes 50% of the total cost, up to Rs 48,000, for fencing areas. Farmers cover the remaining amount, and the government provides them 50% of this cost, up to Rs 40,000. For groups of farmers with 5 to 10 members having more than 10 hectares, the government covers 70% of the cost, which is up to Rs 56,000. Any farmer owning at least 1.5 hectares of land can apply for Rajasthan Tarbandi Yojana. Each farmer can get a grant for fencing up to Rs 400. To apply for this scheme, follow the detailed instructions given in this article for Rajasthan Tarbandi Yojana. Benefits Subsidy amount: Small and marginal farmers: 60% of the total cost, capped at ₹48,000/-. Other farmers: 50% of the total cost, capped at ₹40,000/-. Community application (group of 10+ farmers with min. 5 hectares collectively): 70% of the total cost, capped at ₹56,000/- per farmer . Land covered: Up to 400 meters of fencing per farmer. Who are eligible for Rajasthan Fencing Scheme 2024? All types of farmers are eligible for benefits under Rajasthan Tarbandi Yojana 2024. Individual applicants and farming groups must own a minimum of 1.5 hectares of land at one location. In Scheduled Caste areas where land holdings are smaller, a minimum of 0.5 hectares of land is required at one location. For community applications under the Fencing Scheme, a group of 10 or more farmers must collectively own a minimum of 5 hectares of land, and the land must be contiguous. Documents Required Aadhar card. Address proof. Identity card. Land related documents. Ration card. Mobile number. Passport size photo. Application Process Registration Step-1: Applicant have to visit the official portal. Step-2: Click on the option “Register”.Step-3: Then you will be redirected to the SSO registration page. The registration page will appear with the following options. Citizen Step-4: Choose the either one option from the Jan Aadhaar Or Google to process further. Jan Aadhaar : Enter the Jan Aadhaar number, click on the ‘Next’ button, Select your name, the name of the head of the family and all the other members and Click on the ‘Send OTP’ button. Enter the ‘OTP’ and Click on the ‘Verify OTP’ button to Complete the registration Google : Enter the Gmail ID, click on the ‘Next’ button, Enter the password. A new link appear on screen, now click on the new SSO link. SSO id will appear on the screen, now create the password. Enter Mobile number, click on registration Step-5: Submit. APPLY Step-1: Applicant have to visit the official portal. Step-2: After login, dashboard will open.Step-3: Click on “ RAJ-KISAN ” option. Step-4: In “Farmer”, click on “Application Entry Request”.Step-5: Enter the “Bhamashah ID” or “Janaadhaar ID” and search. Step-6: Select the person name and scheme name. Step-7: Complete the Aadhaar Authentication and click on Get details. Step-8: Provide the required details. – Pensioner Details. – Bank Details. – Disability Details. – Verification Details. – Upload Documents.Step-9: Submit. FAQs What is the objective of the scheme? Under this scheme, financial assistance will be provided to the farmers by the Rajasthan government for fencing their fields. How much amount is available under Tarbandi Scheme Rajasthan? How much amount is available under Tarbandi Scheme Rajasthan?

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hra calculator

Income Tax / /
hra calculator

House rent allowance (HRA) is one of the important components of your salary. All employers have to provide HRA as compensation for house rental expenses. However, most of us are not aware of the fact that we can also save tax on it. The HRA amount is decided based on factors like the employee’s salary structure, actual salary and the city in which he/she is residing. WHAT IS HRA? House Rent Allowance (HRA) is the allowance you receive from your employer towards the rent of your house. It forms a part of the salary paid to you by your employer. HRA depends on multiple factors, such as your salary, city of residence, company’s salary structure, and more. Generally, HRA is a fixed percentage of your basic salary. You can claim a tax exemption on your HRA under Section 10(13A) and Rule 2A of the Income Tax Act, 1961. What is an HRA Calculator? In most Indian cities, the cost of living has risen considerably over the last decade or so. This is partly due to an increase in disposable income besides inflation. To ensure the welfare of their employees, many organizations provide a House Rent Allowance or HRA to the ones living in a rented home. This HRA calculator will help you determine the amount you receive as an allowance. After the recommendation of the 7th Pay Commission, the HRA slabs across India have been changed to a great extent. Cities have now been categorized into 3 distinct slabs. Slab X has the most urban cities where you clearly need an HRA exemption calculator. Slab Y covers marginally low-cost cities. How much of my HRA is exempt from tax? HRA received from your employer Actual rent paid minus 10% of salary 50% of basic salary for those living in metro cities 40% of basic salary for those living in non-metro cities The remainder of your HRA is added back to your taxable salary. Our calculator can easily help you figure out your HRA exemption. For example, let’s consider the following scenario:Raghu lives in MumbaiHe receives a HRA of Rs 1 lakh from his employer.His basic salary per month is Rs 50,000.Further, he has taken up an accomodation for which he pays a monthly rent of Rs 15,000.What is the quantum of HRA exemption he can claim? Sl. No. Head Calculation Amount 1 Actual HRA received from employer   100000 2 Actual Rent Paid (-) 10% of salary (15000*12) – 10% (50000*12) 120000 3 50% of Basic Salary 50% (50000*12) 300000 Least of the above 100000 HRA RULES FOR SELF-EMPLOYED INDIVIDUALS Self-employed individuals cannot generally claim HRA as this provision is valid only for salaried employees Self-employed individuals can claim the tax deduction on HRA under Section 80GG of the Income Tax Act, 1961, if the rent paid is a business expense. However, they should not own residential property in the same location or receive HRA from an employer to claim the tax deduction They can claim a tax deduction of ₹ 5,000 per month or 25% of the total income, whichever is lower under Section 80GG Self-employed individuals must submit the rent agreement as proof to claim the tax deduction The tax deduction can be claimed while filing the Income Tax Return (ITR) Tax deductions for self-employed individuals under Section 80GG are subject to the prevailing tax laws and may change over time. It is DOCUMENTS REQUIRED FOR HRA EXEMPTION CLAIM Copy of your PAN card Copy of the landlord’s PAN card Rent receipts for the concerned financial year Copy of the rent agreement FAQs How much of the HRA I earn is tax-exempt? The following slabs apply in this instance.  50% of basic salary for big metros.40% of basic salary for non-metro locales.Ordinarily, the gross HRA the employer pays is non-taxable. Can I claim HRA by paying rent to parents? A large number of salaried individuals live in their parents’ home, not in a rented accommodation. If you are given house rent allowance and live with parents, you can still get exemption on it by showing that you pay rent to your parents. To avail this exemption, your parents must be the owners of the house and they must show the rent you give as rental income in their income tax returns.

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Section 43A – Arbitration And Conciliation Act, 1996

Arbitration And Conciliation Act, 1996 / /

Definitions In this Part, unless the context otherwise requires,— (a)   “Chairperson” means the Chairperson of the Arbitration Council of India appointed under clause (a) of sub-section (1) of section 43C; (b)   “Council” means the Arbitration Council of India established under section 43B; (c)   “Member” means a Member of the Council and includes the Chairperson.]

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Section 43 – Arbitration And Conciliation Act, 1996

Arbitration And Conciliation Act, 1996 / /

Limitations (1) The Limitation Act, 1963 (36 of 1963), shall apply to arbitrations as it applies to proceedings in court. (2) For the purposes of this section and the Limitation Act, 1963 (36 of 1963), an arbitration shall be deemed to have commenced on the date referred in section 21. (3) Where an arbitration agreement to submit future disputes to arbitration provides that any claim to which the agreement applies shall be barred unless some step to commence arbitral proceedings is taken within a time fixed by the agreement and a dispute arises to which the agreement applies, the Court, if it is of opinion that in the circumstances of the case undue hardship would otherwise be caused, and notwithstanding that the time so fixed has expired, may on such terms, if any, as the justice of the case may require, extend the time for such period as it thinks proper. (4) Where the Court orders that an arbitral award be set aside, the period between the commencement of the arbitration and the date of the order of the Court shall be excluded in computing the time prescribed by the Limitation Act, 1963 (36 of 1963), for the commencement of the proceedings (including arbitration) with respect to the dispute so submitted.

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Section 42A – Arbitration And Conciliation Act, 1996

Business / /

Confidentiality of information Notwithstanding anything contained in any other law for the time being in force, the arbitrator, the arbitral institution and the parties to the arbitration agreement shall maintain confidentiality of all arbitral proceedings except award where its disclosure is necessary for the purpose of implementation and enforcement of award.]

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Section 42 – Arbitration And Conciliation Act, 1996

Arbitration And Conciliation Act, 1996 / /

Jurisdiction Notwithstanding anything contained elsewhere in this Part or in any other law for the time being in force, where with respect to an arbitration agreement any application under this Part has been made in a Court, that Court alone shall have jurisdiction over the arbitral proceedings and all subsequent applications arising out of that agreement and the arbitral proceedings shall be made in that Court and in no other Court.

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Section 41 – Arbitration And Conciliation Act, 1996

Arbitration And Conciliation Act, 1996 / /

Provisions in case of insolvency (1) Where it is provided by a term in a contract to which an insolvent is a party that any dispute arising thereout or in connection therewith shall be submitted to arbitration, the said term shall, if the receiver adopts the contract, be enforceable by or against him so far as it relates to any such dispute. (2) Where a person who has been adjudged an insolvent had, before the commencement of the insolvency proceedings, become a party to an arbitration agreement, and any matter to which the agreement applies is required to be determined in connection with, or for the purposes of, the insolvency proceedings, then, if the case is one to which sub-section (1) does not apply, any other party or the receiver may apply to the judicial authority having jurisdiction in the insolvency proceedings for an order directing that the matter in question shall be submitted to arbitration in accordance with the arbitration agreement, and the judicial authority may, if it is of opinion that, having regard to all the circumstances of the case, the matter ought to be determined by arbitration, make an order accordingly. (3) In this section the expression “receiver” includes an Official Assignee.

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