Chartered Accountants
Chartered Accountants
Appeal to Supreme Court An appeal shall lie to the Supreme Court from any judgment of the High Court delivered under section 19 which the High Court certifies to be a fit case for appeal to the Supreme Court.
Prevention of Money Laundering Act, 2002 (PMLA) was enacted to fight against the criminal offence of legalizing the income/profits from an illegal source. The Prevention of Money Laundering Act, 2002 enables the Government or the public authority to confiscate the property earned from the illegally gained proceeds. In simple words, money laundering means converting illegally earned money into legitimate money. What is Money Laundering? Money laundering is defined as the process through which an illegal fund, such as black money, is obtained from illegal activities and disguised as legal money, eventually portrayed as white money. The money laundered is passed on through various channels or phases of conversions and transfers to make it legal and eventually reach a legally acceptable institution, like a bank. Key Definitions Money Laundering: Converting illicitly obtained money or assets into legitimate funds. Proceeds of Crime: Any assets or property that have been acquired or derived, either directly or indirectly, from illegal or criminal activities. Reporting Entity: Individuals, companies, financial institutions, and intermediaries must report suspicious transactions. Objectives of the Prevention of Money Laundering Act, 2002 Prevent money-laundering. Combat/prevent channelising of money into illegal activities and economic crimes. Provide for confiscating property derived from, or involved/used in, money laundering. Penalise the offenders of money laundering offences. Appointing an adjudicating authority and appellate tribunal for taking charge of money laundering matters. Provide for matters connected and incidental to the acts of money laundering. Common Forms of Money Laundering Hawala Bulk cash smuggling Fictional loans Cash-intensive businesses Round-tripping Trade-based laundering Shell companies and trusts Real estate Gambling Fake invoicing Money Laundering Offence A person shall be guilty of the offence of money laundering when, he/she has directly or indirectly attempted to indulge, knowingly assisted, knowingly is a party, or is actually involved in one or more of the following processes or activities connected with proceeds of crime: Concealment Possession Acquisition Use Projecting as untainted property Claiming as untainted property List of Offences Under PMLA, the commission of any offence, as mentioned in Part A and Part C of the Schedule of PMLA will attract the provisions of PMLA. Some of the Acts and offences, which may attract PMLA, are enumerated below: Part A enlists offences under various acts such as: Indian Penal Code, Narcotics Drugs and Psychotropic Substances Act, Prevention of Corruption Act, Antiquities and Art Treasures Act, Copyright Act, Trademark Act, Wildlife Protection Act, and Information Technology Act. Part B specifies offences that are Part A offences, but the value involved in such offences is Rs 1 crore or more. Part C deals with trans-border crimes and reflects the dedication to tackle money laundering across global boundaries. FAQs What is the Prevention of Money Laundering Act (PMLA)? The Prevention of Money Laundering Act (PMLA) is a law enacted by the Indian government in 2002 to combat money laundering and to confiscate property derived from or involved in money laundering. What is the main objective of the PMLA? The main objective of the PMLA is to prevent money laundering, to provide for the confiscation of property derived from money laundering, and to punish those involved in money laundering activities.
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Implementation of GST has seen as a great tax reform that will unify the entire nation, as far as taxation is concerned. This has been beneficial for various sectors, at the same time, implementation of GST will have social consequences on charities and the non-profit organizations. What is GST? A person who carries any business at any place all over India and who is have registered or falls under the categories of registration of GST is a ‘Taxable Person’. The term ‘person’ also includes Company, Firm, LLP, Trust, Artificial juristic person, Government corporations, Local authorities and many more. Charitable and Religious Trust falls under the public trust which is one kind of trust. As per section 12AA of the Income Tax Act, 1961 if a public trust gets registration under this section it will get an exemption from paying tax. But with the implementation of GST things are different for these trusts also. The taxability of anything is foundbased on various laws related to taxation. The tax put on goods and services sold for domestic consumption is GST (Good and Services Tax). Under GST the definitions of terms, like business, taxable person, supply and consideration are relevant for determining taxation. Trust under Indian Law A trust is a kind of legal relationship in which the person holding a certain right gives that right to another person or entity who must keep and use it solely for the benefit of others. As per section 3 of the Indian Trust Act, 1882, trust is definedas, ‘a duty annexed to the ownership of the property which is arising out of a confidence reposed in, accepted by him for the benefits of another or of both another and the owner’. Trust can be of two types: Public Trust: The trust which works for the benefit of the public at large or where the beneficiary of the trust is not capable of ascertainment. Charitable and Religious Trust falls under this kind of trust. Charitable and Religious Trust Act, 1920, the Religious Endowment Act, 1963, etc., governs these trusts, but the Indian Trust Act, 1882, does not governthe public trust. Private Trust: The trust which works for the benefit of one or more people is a private trust. Indian Trust Act, 1882, governs private trusts. Impact of GST on Public Trusts (Charitable and Religious Trust) Implementation of GST has replaced the multiple tax system of both central and state governments. It has been beneficial to many sectors, at the same time it had a social consequence on charities and non-profit organizations. Under GST charitable and religious trusts have to pay tax on some of the services and goods supplied by them. Section 2(17) of CGST Act, 2017 (The Central Goods and Services Act, 2017) clearly states that profit-making is not an essential condition for an activity to become a business. So, activities without the aim of profit-makingare also a business. If the supply is made without any kind of consideration for purpose of business is liable to pay GST. Section 7 of the Act in which a new clause under the definition of supply was added after amendment, says that ‘the activities or transactions involving the supply of goods and services by a person, other than an individual, to its members or constituents or vice-versa, for cash, deferred payment or other valuable’. In simple, if any goods and services are sold or provided for consideration in return by any public trusts, then it becomes taxable although their aim is non-profit making. Exemption to charitable and religious trust is available only if it comes under these conditions: Charitable and Religious trusts which get registration under section 12AA of the Income Tax Act, 1961. Services provided by trusts which fall under the meaning of Charitable activities. Activities that are charitable under GST These are certain goods and services which are charitable activities as per GST: Public health services like counselling of terminally ill person, disabled person, HIV or AIDS-affected people. Moreover, people depended on drugs or alcohol. Advancement of Religion, spirituality or yoga. Advancement of educational programs or skill development related to, abandoned, orphaned or homeless children; prisoners; physically as well as mentally abused and traumatized persons; persons above the age of 65 residing in the rural area. Preservation of the environment which includes, forests, wildlife and watershed. Impact of GST on Public Trusts, while conducting any events and training program, etc. If the events, training programs, yoga camps and other programs conducted by the charitable and religious trust are free of cost then they are exempted from GST. When the participant is charged it becomes a commercial activity and will be liable to pay GST for those events. If charitable or religious trusts do any of the things mentioned below then they will have to pay GST: When any of the trust rent out rooms are charging more than Rs. 1,000 a day If open area charged more than Rs. 10,000 a day. Rent out shops at more than Rs. 10,000 a month. The goods sold by these trust is taxable and will have to pay the GST rate applicable while purchasing the supply. FAQs Are the events organized by charitable trusts exempt from GST? If trusts are running schools, colleges or any other educational institutions specifically for abandoned, orphans, homeless children, physically or mentally abused persons, prisoners or persons over age of 65 years or above residing in a rural area, such activities will be considered as charitable activities and income from such supplies will be wholly exempt from GST. What happens when a charitable trust rents out a religious place? Is there any GST on that? GST law has chalked out GST exemptions, when a charitable trust rents out religious meant for general public (owned and managed by a registered charitable trust under 12AA of the Income Tax Act, 1961). GST will be exempted when: Rent out rooms are charged lesser than Rs.1,000 a day Kalyanamandapam or an open area is charged lesser than Rs.10,000 a day Rent out shops and
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A Trademark is an important identity for every business. However, trademark registration involves registering the design under the proper classes of trademark. What is Trademark? A trademark is an intellectual property that grants the owner exclusive rights over a word, symbol, logo, phrase, design, sound, or expression. Such a trademark cannot be used by any other individual, entity, or organization in the public domain without the trademark owner’s consent. Any copying of the same shall lead to legal action. A trademark has the ability to distinguish one company’s products from others. What is Trademark Class? A trademark class refers to the classes in which various products and services are divided under the NICE classification. There are 45 trademark classes. Each class consists of goods and services of a particular nature. While applying for a trademark, the applicant has to select the correct trademark class to which his/her product or service belongs. Trademark class plays a crucial role in trademark search and in preventing trademark infringement. What is the basis of the Classification of Trademark Classes? Trademark Class for Goods A finished product is classified on the basis of its purpose and function if the product is not a part of any other class. Multipurpose products can be classified into multiple classes that relate to their functions. If the functions are not mentioned in other classes, then it is classified on the basis of the mode of transport or the raw materials. Raw materials or semi-finished products are classified based on the material they are made of. If the product is made of multiple materials, it is classified on the basis of the predominant material. Trademark Class for Services Trademark class for services is classified on the basis of branches of activity, as specified in the headings and explanatory notes. Rental services are classified in the same class. Advice or consultation-related services are classified based on the subject of the advice, consultation, or information. What are the Different Trademark Classes? Class Description Trademark Class 1 Chemical industry, science, photography, agriculture, horticulture, and forestry; unprocessed plastics; chemical substances for preserving foodstuffs; Trademark Class 2 Preservatives against rust, paints, and varnishes; Preservatives used to prevent deterioration of wood, foil, and powder from metals, colorants, painters, artists, and decorators. Trademark Class 3 Substances for laundry use, bleaching preparations; cleaning; polishing; essential oils, cosmetics, soaps; perfumery, abrasive preparations; hair lotions; Trademark Class 4 Industrial oils and greases; candles, wicks; lubricants; fuels and illuminants, dust absorbing, wetting and binding compositions. Trademark Class 5 Pharmaceutical, fungicides, herbicides; veterinary and sanitary preparations; food for babies; disinfectants; dietetic Trademark Class 6 Common metals, alloys; small metal hardware products, building materials made of metal. Metal pipes and other goods which are not a part of other classes. Trademark Class 7 Machines and machine tools; machine coupling and transmission equipment; agricultural implements except those operated by hand; incubators for eggs Trademark Class 8 Manual hand tools and implements; side arms; razors; cutlery Trademark Class 9 Scientific, measuring, apparatus for recording, electric, photographic, data processing equipment and computers; transmission or reproduction of sound or visuals. Trademark Class 10 Dental and veterinary products; surgical, artificial limbs; medical, eyes and teeth; suture materials; orthopedic articles. Trademark Class 11 Apparatus for lighting, cooking, refrigerating, heating, steam generating, water supply and sanitary purposes; drying and ventilating. Trademark Class 12 Vehicles; products for movement by water, land, or air. Trademark Class 13 Firearms; explosives; fireworks; ammunition and projectiles Trademark Class 14 Precious metals, their alloys and products made from them; precious stones; jewelry; chronometric instruments and horological Trademark Class 15 Instruments used to make music. Trademark Class 16 Printed matter; stationery; Paper, cardboard, and goods made from these materials; brushes; plastic materials for packaging; typewriters and office requisites; Trademark Class 17 Insulating materials; flexible pipes; rubber, asbestos, plastics in extruded form for use in manufacture; mica and goods made from these materials; packing, stopping Trademark Class 18 Umbrellas, parasols and walking sticks; leather and imitations of leather; animal skins, hides, trunks and traveling bags; whips, saddlery; harness Trademark Class 19 Building materials, (non-metallic), non-metallic transportable buildings; non-metallic rigid pipes for building; asphalt, pitch, and bitumen; monuments. Trademark Class 20 Furniture, mirrors, picture frames; ivory, whalebone, shell, amber; goods of wood, cork, bone, mother-of-pearl, reed, cane, wicker, horn. Trademark Class 21 Kitchen utensils; unworked or semi-worked glass; combs and sponges; articles for cleaning purposes; earthenware and glassware Trademark Class 22 Awnings, tarpaulins, sails, sacks, ropes, string, nets, tents, raw fibrous textile materials; padding and stuffing materials(except of rubber or plastics) Trademark Class 23 Yarns and threads Trademark Class 24 Bed and table covers; Textiles Trademark Class 25 Clothing, headgear, footwear Trademark Class 26 Ribbons and braid; Lace and embroidery, buttons, artificial flowers; hooks and eyes, pins and needles Trademark Class 27 Carpets, rugs, wall hangings(non-textile); mats and matting, linoleum Trademark Class 28 Gymnastic and sporting articles; games and playthings; decorations for Christmas trees Trademark Class 29 Meat, fish, poultry and game; meat extracts; preserved, dried and cooked fruits and vegetables; jams, edible oils and fats; fruit sauces; eggs, milk and milk products Trademark Class 30 Coffee, tea, cocoa, sugar, rice, tapioca, mustard; vinegar; spices; ice sago; bread, pastry and confectionery, ices; honey, treacle; yeast, baking powder; salt Trademark Class 31 Agricultural, horticultural, and forestry products and grains; foodstuffs for animals, malt; live animals; fresh fruits and vegetables; seeds, natural plants and flowers Trademark Class 32 Beers, mineral and aerated waters, non-alcoholic drinks; syrup; fruit drinks and fruit juices Trademark Class 33 Alcoholic beverages(except beers) Trademark Class 34 Tobacco, smokers’ articles, matches Trademark classification of services Class Description Trademark Class 35 Advertising, business administration, business management, office functions. Trademark Class 36 Insurance, financial affairs; monetary affairs; real estate affairs. Trademark Class 37 Building construction; installation services; repair Trademark Class 38 Tele communications. Trademark Class 39 Transport; travel arrangement; packaging and storage of goods. Trademark Class 40 Treatment of materials. Trademark Class 41 Education; entertainment; sporting and cultural activities; providing of training Trademark Class 42 Scientific, design, and
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Form 16 is a document issued under Section 203 of the Income Tax Act 1961. It is issued by an employer to their employee and serves as a certificate of Tax Deducted at Source (TDS) on salary income. It ensures that the employer successfully submits the TDS to the Income Tax Department. Simply put, Form 16 is a certificate that provides a detailed summary of the following heads in a particular financial year (April to March): Salary earned by an employee Allowances Deductions Taxes paid on the employee’s behalf Form 16 is a certificate that denotes the fine breakup of salary income and the Tax Deducted at Source amount deducted by the employer. It is associated with Income tax and is used by companies to provide their salaried individuals’ information on the tax deducted. In simple words, Form 16 means a document provided by your employer that certifies the salary details earned during a particular year and how much TDS has been deducted. Form 16 is among the necessary forms for salaried individuals when it comes to taxation. It comprises all crucial information related to one’s salary and accumulated tax amount deducted by the issuer. What makes the said form so important is its role in filing ITR, among others. What is Form 16 in Income Tax Form 16 is a certificate that contains vital information required to file income tax returns. An employer issues it every year on or before 15 June of the next year, immediately after the financial year in which the tax is getting deducted. This certificate is issued according to Section 203 of the Income Tax Act 1961. Form 16 is also known as a salary TDS certificate and comprises details related to the salary paid by an employer to an employee in a given fiscal year. It also has the details of the income tax that has been deducted from the salary of the individual in question. Suppose the income from your salary for a financial year is more than the basic exemption limit of Rs. 2,50 000; then your employer is required to deduct TDS from your salary and deposit it with the government. Those who have worked with more than one employer at the same time or have changed jobs in a financial year will receive Form 16 from all the employers. It must be noted that it is not issued to an employee whose income for a particular year is below the threshold of tax exemption with no provision for TDS. Significance of Form 16 The information contained in this form comes in handy for filing ITR. It helps taxpayers to prepare their ITR easily without seeking the help of any financial planner or CA. The said certificate helps to verify the deposited tax amount by comparing the same with Form 26AS. It serves as proof of TDS. Form 16 also serves as proof of income. It is an important document that is used in the verification process while availing of a loan. Several organisations require individuals to submit Form 16 issued by their previous employers as a part of the onboarding process. It also serves as a visa checklist and comes in handy while planning a foreign trip. How to Download Form 16 From TRACES Firstly, go to the TRACES portal. Log in to the portal with your login ID and password. Hover over to the downloads tab, where you can find Form 16A. Once you have opened the Form, fill in all the required details. FAQs What is the use of Form 16? Form 16 is a certificate denoting salary income and the TDS amount breakup. It is useful for verifying the TDS that was deducted by the employer from the employee’s salary and finally submitted to the income tax department. Form 16 is a certificate that is issued by an employer. It consists of a salary breakup, which is required to file the ITR. What is the difference between Form 16 and ITR?
HUF is a separate legal entity from its members and is created primarily to save taxes on income. As per Hindu law, a HUF consists of all people from a common ancestor. Their wives and unmarried daughters are also a part of HUF. What is a HUF? HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members. A Hindu family can come together and form a HUF. Buddhists, Jains, and Sikhs can also form an HUF. HUF has its own PAN and files tax returns independent of its members. Members of the HUF are called coparceners. They are related to each other and to the head of the family. HUF may contain many members, but members within four generations, including the head of the family (Karta), are called co-parceners. A Hindu Coparcenary includes those persons who acquire an interest in joint family property by birth. Earlier, only males were considered as coparceners. With effect from 6th September 2005, daughters have also been accorded coparcenary status. It may be noted that only the coparceners have a right to partition. A daughter of a coparcener by birth shall become a coparcener in her own right in the same manner as the son. Being a coparcener, she can claim the partition of assets of the family. What are the HUF Account Rules? An individual cannot form it, and you need a family. Marriage automatically results in the creation of a HUF HUF includes the descendants of a common ancestor, their unmarried daughters, and their wives. HUF can be formed by Hindus, Sikhs, Jains and Buddhists After the formation of HUF, it should be registered formally with a legal deed, PAN number, and bank account. The deed should also mention the details of HUF members and its business. Every member can deposit their income in the common HUF corpus. The members can claim benefits under various sections. Residential Status of HUF Resident: A HUF would be resident in India if the control and management of its affairs is situated wholly or partially in India. Non-Resident: If the control and management is situated wholly outside India, it would become a non-resident. Resident and ordinarily resident/ Resident but not ordinarily resident: If Karta of resident HUF satisfies both the following additional conditions (as applicable in the case of an individual) then resident HUF will be resident and ordinarily resident; otherwise, it will be resident but not ordinarily resident. Karta of resident HUF should be resident in at least 2 previous years out of 10 years preceding the relevant previous year. The stay of Karta during 7 previous years immediately preceding the relevant previous year should be 730 days or more. What are the Tax Benefits of Forming a HUF? Income Tax Benefits: Since a HUF is a separate legal entity from its members and holds a separate PAN, it can generate income, run its own business, and make investments in shares, property, etc. Along with this, it can also avail of the basic exemption limit of 2.5 lakhs. Own a Residential House: As per the Indian Income Tax Act, if you possess more than one residential, self-occupied property, only one is considered self-occupied, and you have to pay tax on the remaining properties. A HUF can own a residential house without paying any tax. Therefore, by registering for HUF, you can own more than one residential property without paying taxes. Life Insurance: Just like individuals can avail of a deduction of Rs.1,50,000 on investments in certain schemes and life insurance premiums, HUFs can also avail of a benefit of Rs.1,50,000 under section 80C. Investment: An HUF can also invest in tax-saving schemes like ELSS and earn tax benefits up to Rs.1,50,000 under section 80C. Health Insurance: You get a deduction of Rs.25,000 annually on the health insurance premium paid for your family under section 80D. However, this deduction can seem insufficient with the rising premiums. A HUF can claim an additional deduction of Rs.25,000, making the total health insurance premium deduction to be Rs.50,000. Disadvantage of forming an HUF Equal Rights on Assets: All family members have equal rights to the family assets, which can lead to complications when consent is needed for asset sale or distribution. Disputes may arise among family members regarding the management and division of assets, leading to conflicts and legal battles. Complexity in Dissolution: Closing an HUF can be complicated, with legal and logistical challenges involved in asset distribution among family members. This process can be time-consuming and expensive, especially if there are disagreements among family members regarding the division of assets. Decreasing Relevance: With the shift from joint families to nuclear families, the relevance and importance of HUF as a tax-saving tool are declining. In today’s modern society, where nuclear families are more common, the benefits of the HUF structure may not be as significant as they once were. Disputes and Divorces: Cases of disputes and divorces within the family further complicate the situation, diluting the benefits of the HUF structure. In such situations, it can be challenging to manage and distribute assets fairly among family members, leading to additional legal and emotional complications. FAQs Can a HUF get Senior Citizen Benefits? While the members of HUF above the age of 60 years can avail of senior citizen benefits individually, the HUF cannot avail of any benefit that is available to the senior citizens. For example, the Karta (senior citizen) can get a health insurance premium deduction of 50,000, but the HUF can only avail of a deduction of Rs.25,000. Is income from HUF taxable? Yes, the income earned under HUF is taxable as per the applicable slab rates for individuals. A HUF can avail of the same deductions as any other individual. It includes a basic exemption of Rs.2.5 lakh and other deductions under sections 80C, 80D, 80TTA, 80G, etc.
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In the world of legal practice, efficient case management is crucial for success. As litigation becomes increasingly intricate and voluminous, law firms and legal departments are embracing technology to streamline their processes and maintain order. One essential tool in this context is the litigation tracker, a dedicated instrument for case management that provides a centralized platform for handling various aspects of a case. From deadlines and documents to tasks and communication, litigation tracker empowers legal professionals to efficiently manage their caseloads and achieve better client outcomes. A primary advantage of using a litigation tracker is centralized information management. With all case-related information stored in one place, legal teams can easily access key dates, documents, court filings, communications, and tasks. This not only saves time searching for information but also ensures that everyone involved in the case is on the same page, promoting collaboration and teamwork. Litigation trackers offer a multitude of other noteworthy benefits, including: Deadline Management: Expertly track critical deadlines such as court appearances and discovery deadlines. Automated reminders minimize the risk of missing deadlines and facing sanctions. Task Management: Legal professionals can create, assign, and track tasks, ensuring efficient workflow coordination and timely completion of all tasks. Document Management: Organize and manage case-related documents in one central location. – Easily upload, categorize, and retrieve documents, saving time and resources. Communication Tracking: Log and track all case-related communications such as emails and meetings. – Centralized communication records improve collaboration among legal team members. Analytics and Reporting: These tools provide insights into case status, progress, and key metrics, helping identify trends and assess case performance for better decision-making and outcomes. In addition to this, advanced litigation trackers provide an array of functionalities that go beyond basic case management. These extra features include: Auto-Updation of Dates: Litigation trackers can automatically update important dates and deadlines based on court filings, orders, and other case-related events. This ensures that users are consistently aware of upcoming deadlines, enabling proactive planning and preparation. Billing and Expense Management: It can track billable hours, expenses, and costs associated with litigation cases. Users can input time entries, expenses, and other costs directly into the system, and the tracker can generate invoices and reports for billing purposes. Expense Limit Notifications: Users can set spending limits for each legal case. – The litigation tracker will notify users when these limits are nearing or have been exceeded. International e-Billing: For law firms and legal departments handling international litigation matters, some litigation trackers offer support for international e-billing standards and formats. This allows users to generate invoices and reports that comply with the requirements of international clients and jurisdictions. The Disadvantages of Litigation Trackers: Cost: The implementing and maintaining a litigation tracker can lead to initial costs for acquiring the software. Furthermore, there may be ongoing costs associated with software updates, maintenance, and technical support. Complexity: Some litigation trackers may have a difficult learning process, especially for individuals unfamiliar with technology or those accustomed to conventional paper-based methods. Complex features and customization options may require additional time and effort to master. Data Security Concerns: Litigation trackers contain sensitive and confidential information about legal cases, clients, and strategies. There is a risk of data breaches or unauthorized access if proper security measures are not implemented and maintained. Dependency on Technology: Relying heavily on a litigation tracker for case management may create dependency on technology. System outages, software bugs, or technical issues could disrupt workflows and hinder productivity. Customization Limitations: While many litigation trackers offer customizable features and settings, there may be limitations to the level of customization available. Users may find that certain features or workflows cannot be tailored to their specific needs or preferences. FAQs What is the Litigation Information Tracking and Evaluation System (LITES)? The Litigation Information Tracking and Evaluation System (LITES) is a digital platform designed to manage and monitor litigation cases efficiently. It helps in tracking the progress of legal cases, evaluating performance, and managing case-related information systematically. What are the main objectives of LITES? The main objectives of LITES are to streamline the management of litigation cases, enhance transparency, improve efficiency in handling cases, and provide a centralized repository for all case-related information.
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The India Post Payments Bank launched on September 1, 2018, by PM Narendra Modi is a payments bank that aims at making banking services available at people’s doorstep. This article will abreast you with IPPB, its aim, functions, benefits and challenges of India Post Payments Bank. Indian Post Payments Bank IPPB is a wholly-owned payments bank, a subsidiary of the Indian postal department, which with 100 per cent Government of India equity works through a network of post offices and nearly 3 lakh postmen. Indian Post Payments Bank with the vision of building the most affordable, accessible, and trusted bank for the common man and driving the agenda of financial inclusion for the under-banked population will be governed by RBI. Though the services of Indian Post Payments Bank is for all the citizens; the primary focus of IPPB is serving the low-income households, social sector beneficiaries, unorganised sector, migrant labourers, MSMEs – Micro Small and Medium Enterprises, and Panchayats in rural areas also the under-banked and unbanked segments in both the urban and rural areas. IPPB offers services through a mix of physical and digital platforms. Channels used for delivering IPPB services include: Doorstep, mobile and internet banking Counter operations Pre-paid instruments such as PoS, mobile wallets, MPoS, etc. ATMs/micro ATMs Opportunities Of IPPB Currently, there are about 50,000 bank branches in rural India, while the Department of Post alone has almost 1,30,000 service points in rural India, which, if converted into points of banking service, can extend the presence of IPPB banking services in rural India by 3.5 times. Coupled with convenient, simple, and affordable digital solutions, IPPB intends to leverage the trust that the public has on India Post. To provide doorstep banking services for 3,00,000 employees of Indian postal services are provided with biometric and handheld devices. IPPB may help increase rural per capita income through domestic savings by tapping the savings of rural people. IPPB will reduce the exploitation of rural people by money lenders and provide effective financial services. The expansion of rural banking services has become difficult as the mounting pressure of NPAs turned banks towards the over-burdening task of recovery of credit. IPPB will reduce this pressure and ease the expansion of banking services. IPPB App Services The doorstep banking facility offers a range of services including account opening, cash deposits and withdrawals, money transfers, recharge and bill payments, third-party services like insurance, loans, investments and other account-related services. The account-related services include updating PAN and nomination details, requesting account statements, and issuing standing instructions. The IPPB app will also offer RTGS, IMPS and NEFT services for the transfer of funds. Salient Features Of Indian Post Payments Bank The IPPB offers three types of savings accounts: regular, digital and basic. No fee for withdrawals made from IPPB ATM or PNB ATM since it has a tie-up with Punjab National Bank. The bank will offer a 4% interest rate in all the savings accounts. It also offers Forex services at lower charges. Unlike most banks, there will be no need to maintain a minimum quarterly average balance. No charges for the lack of a minimum account balance. The IPPB also offers a QR card service that will help one access their bank account and make transactions without having to remember their account number. Using the QR card, all transactions can be authenticated via biometric verification. Indian Post Payments Bank offers a free debit card with an annual maintenance fee of Rs. 100/- from the second year. Using a network of post offices, and the services of over 3,00,000 postmen, the IPPB will reach customers without the traditional bank branches. IPPB provides third-party products like loans and insurance through the other banks or companies that it has tied up with. In the absence of traditional bank branches, the IPPB aims to reach its customers through their mobile phones. That is why it has the chance to flourish among people who are tech-savvy and comfortable with technology. The IPPB will encourage anyone above 18 years of age to open digital savings accounts, using their Aadhar and PAN cards. The KYC formalities for such accounts must be completed within 12 months. FAQs What is the objective of IPPB and why was it established? India Post Payments Bank is a division of Indian Post and a payments bank from India operated by the India Post. It was established on September 1, 2018. What is the vision of IPPB? The India Post Payments Bank envisions building the most accessible, affordable and trusted bank for the common man.
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A new scheme has been started by the state government to increase the field of education by the Rajasthan government. Whose name is Free Uniform Distribution Scheme . Through this scheme, free school uniforms will be distributed to the students studying in government schools. Through Nishulk Uniform Distribution Scheme, parents of students from economically weaker sections will not have to worry about spending money for their child’s school uniform. Free Uniform Distribution Scheme 2024 Free uniform distribution scheme has been started by the Chief Minister of Rajasthan, Shri Ashok Gehlot. Through this scheme, free uniforms will be distributed to the students studying in government schools of the state. The education department will provide uniform fabric to the girl students of class 1 to class 8 of 64479 government schools. This uniform fabric will be provided to the students through the school. Two sets of uniform fabric will be provided to the students through the Nishulk Uniform Distribution Scheme. And along with this, Rs 200 will be sent to the bank account of the students for stitching the uniform dress. Under this scheme, dress fabric will be provided to one lakh 16 thousand 828 children of the district. Information about free uniform distribution scheme Name of the scheme Free Uniform Distribution Scheme started by Rajasthan government Objective Providing two sets of uniform fabric to students of government schools Beneficiary Students from class 1 to class 8 studying in government schools State Rajasthan Year 2024 Application Process Offline Official Website https://rajasthan.gov.in/ Payment for stitching of dress will be made separately Under the Free Uniform Distribution Scheme, Rs 200 will be paid to each student’s account for the stitching of the dress. If a child does not have a bank account, in such a situation the payment amount will be transferred to his family’s account. Under the Free Distribution Uniform Scheme, 1.16 lakh students from class one to class 8 of the district will be benefited Free Uniform Distribution Scheme Key Points Uniform cloth has reached most of the schools in the state. The packet of this uniform has a photo of Chief Minister Ashok Gehlot. Maximum number of 23 thousand 881 children will be given uniforms in Niwai block of the district. The number of girl students getting free uniforms under this scheme is more. Out of the total students, 62 thousand 305 are girl students and the number of boys is 54 thousand 503. In every district of the state, 1 lakh 16 thousand 808 students from class 1 to 8 will receive dress material. Benefits and Features of Free Uniform Distribution Scheme Only children studying in government schools of Rajasthan will be given the benefit of this scheme. Children from class 1 to 8 will be provided two sets of school uniform fabric. An amount of Rs 200 will also be credited into the account of a student for stitching of the dress. The uniform fabric provided by the state government will be provided to the children through the school. Through the Free Uniform Distribution Scheme, the number of children studying in government schools will also increase. The benefit of the scheme will be given to those children who do not have money to buy school uniforms Free Uniform Distribution Scheme Necessary Documents Aadhar card Bank Account Distribution I Certificate Caste certificate permanent certificate mobile number Educational Qualification Documents Passport size photograph Eligibility for Free Uniform Distribution Scheme The applicant must be a native of Rajasthan. Only children studying in government schools from class 1 to class 8 will be eligible for this scheme. How to apply for Free Uniform Distribution Scheme Students who want to avail the benefit of this scheme will first have to go to their school and get the application form for the Uniform Distribution Scheme from their teacher. After getting the application form you have to enter all the required information asked in it. Necessary documents also have to be attached with this application form. After that you will have to submit this form in your school itself. After submitting the form it will be verified by the department. Only after that, two sets of school uniform fabric will be given to the students through the school. FAQs What is the Rajasthan Free Uniform Distribution Scheme? The Rajasthan Free Uniform Distribution Scheme is a government initiative aimed at providing free school uniforms to students in government schools across Rajasthan. This helps in reducing the financial burden on parents and ensures that all children attend school in proper attire. How can students avail of the free uniforms? The uniforms are distributed directly to the students through their respective schools. Parents do not need to apply separately for this benefit as the distribution is managed by the school administration.
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Uttarakhand Road Tax is a crucial source of revenue for the state, supporting the maintenance and development of road infrastructure. It is a fee imposed on vehicle owners for using public roads. This tax is pivotal in ensuring safe and well-maintained roads, benefiting commuters and the economy. In September 2023, the number of registered motor vehicles in Uttarakhand was reported to be 18,988 units. By implementing road tax, Uttarakhand can fund road repairs, construct new highways, and enhance transportation facilities. This, in turn, leads to improved connectivity, boosting trade, tourism, and overall development. Uttarakhand Road Tax The Uttarakhand Government has imposed a road tax on all vehicles registered in the state. The amount of tax levied, depends on the type of vehicle. The tax collected is used to maintain and improve the quality of the roads in Uttarakhand. The Uttarakhand Motor Vehicle Taxation Act outlines the method for determining the tax that must be paid by vehicle owners, making it convenient to impose and collect taxes. What is Road Tax? In India, according to the Motor Vehicles Act, road tax is a necessary fee that state governments collect from people who own and use motor vehicles on public roads. This fee is important because it helps the government take care of the road’s infrastructure. The amount you pay for road tax depends on things like the type of vehicle you have, what you use it for, and how big the engine is. You have to pay road tax when you register your vehicle or renew its registration. It is really important to pay the road tax on time because not doing so can lead to penalties or other legal hassles. The money from road tax goes towards making sure our roads are safe to travel and in good condition. It helps build new roads and fix the old ones. It also supports traffic rules and systems to keep us safe on the road. Road tax also ensures that vehicles meet certain safety and environmental standards. Understanding road tax is not just following a rule; it is also helping to keep our roads in good shape and making transportation better for everyone Who Levies Road State Tax in Uttarakhand? The Uttarakhand Government is responsible for imposing road tax on vehicles registered within the state. The specific amount of tax varies based on the type of vehicle. This collected tax plays a crucial role in the upkeep and enhancement of Uttarakhand’s road infrastructure. The Uttarakhand Motor Vehicle Taxation Act provides clear guidelines for calculating and collecting these taxes, making the process efficient and transparent for vehicle owners. This system ensures that the tax is fairly levied and contributes to the overall improvement of transportation in Uttarakhand. Uttarakhand Road Tax Calculation In Uttarakhand, the Regional Transport Office (RTO) oversees the collection of road tax from vehicle owners. This tax encompasses both the central government’s Road Tax (CGT) and the State Transport Authority of Uttarakhand’s (STAUT) road tax. The computation of road tax in Uttarakhand takes into account several key factors: Seating capacity of the vehicle Age of the vehicle Engine capacity of the vehicle Type of fuel used Weight of the vehicle Category of the vehicle Price of the vehicle These elements collectively determine the amount of road tax that vehicle owners are required to pay, ensuring a fair and balanced system of taxation. If you wish to know more about your motor vehicle tax in Uttarakhand, the Parivahan portal can help. Road Tax in Uttarakhand for Two-Wheelers In Uttarakhand, two-wheelers can be taxed according to their price. Here’s a table with the road tax details for the same: Vehicle Price (One-Time) Tax Rate Under Rs. 10 lakhs 6% of the price Exceeding Rs. 10 lakhs 8% of the price In addition, the state of Uttarakhand requires all two-wheeler owners to contribute an annual tax of Rs. 200 for the vehicle. Road Tax in Uttarakhand for Three-Wheelers Here is a table detailing the road tax details for three-wheelers in Uttarakhand: Vehicle Type One-Time Annual Tax Three-wheelers [with a seating capacity for 3 people (excluding the driver)] Rs. 10,000 Road Tax in Uttarakhand for Four-Wheelers In Uttarakhand, four-wheelers can be taxed according to their price. Here’s a table with the road tax details for the same: Vehicle Price (One-Time) Tax Rate Under Rs. 10 lakhs 6% of the price Exceeding Rs. 10 lakhs 8% of the price Uttarakhand’s road tax slabs are also based on the four-wheeler vehicle’s weight is detailed in the table below: Weight of Vehicle Yearly Tax Vehicles with a weight under 1,000 kg Rs. 1,000 Vehicles with a weight ranging from 1,000 – 5,000 kg Rs. 2,000 Vehicles with a weight of over 5,000 kg Rs. 4,000 Commercial Vehicles Road Tax in Uttarakhand For commercial vehicles, the tax levied is based on the passenger seating capacity. The table below details the road tax based on this factor: Seating (Capacity-wise) Taxation per year (One-Time) Tax Less than 3-person vehicles Rs. 730 Rs. 10,000 Less than 3-6 person vehicles Rs. 730 Rs. 10,000 More than 7-person vehicles Rs. 1,700 Rs. 10,000 Road Tax for Other State Vehicles in Uttarakhand In Uttarakhand, road tax is levied on all other state vehicles except those belonging to the Central Government and the Armed Forces. The rates of road tax for these vehicles are detailed below: Description of Vehicles Tax per Month Tax per Quarter Tax per year (Rs.) One-Time Tax (Rs.) Two-Wheeler and Three- Wheeler Motor cabs (with a seating capacity for 3 people, excluding the driver) Nil Nil 730 10,000 Three Wheeler Motor Cabs (with a seating capacity for 6 people or less) Nil Nil 730 10,000 Three Wheeler Motor Cabs (with a seating capacity for 7 people or less) Nil Nil 1,700 10,000 Goods Vehicle (the Gross Vehicle Weight not extending 3,000 Kilograms for every metric ton of the Gross vehicle weight) Nil Nil 1,000 10,000 How to Pay Uttarakhand Road Tax Online? Step 1: Go to the official Vahan Portal. Step 2: Click on the “Online Services” menu and click
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