August 2024

One Person Company registration in India is a concept introduced under the Companies Act 2013. It allows a single individual to incorporate a company and enjoy the benefits of both a sole proprietorship and a company. This concept was available after the enforcement of the Companies Act 2013.The Companies Act, 2013 introduced the new concept of One Person Company (OPC). As the name suggests, an OPC is a company established by a single person. A single individual establishes and manages the company. An OPC has all the features of a company, such as perpetual succession, limited liability and a separate legal entity.  Before the enforcement of the Companies Act, 2013, a single person could not establish a company. If an individual wanted to establish his business, he/she could opt only for a sole proprietorship as there had to be a minimum of two directors and two members to establish a company. In a Private Company, a minimum of 2 Directors and 2 Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 Members. A single person could not incorporate a Company previously. As per Section 2(62) of the Company’s Act 2013, a company can be formed with just 1 Director and 1 member. The director and member can be the same person. It is a form of a company where the compliance requirements are lesser than that of a private company. Thus, one person company means one individual who may be a resident or NRI can incorporate his/her business that has the features of a company and the benefits of a sole proprietorship. Advantages of One Person Company (OPC) OPC is not required to hold Annual General Meeting Individual flexibility that permits the Professional, owner to adopt the kind of business he wants to launch. The craving of the innovative individual to face an additional challenge and ability to assume extra liability. OPC has various industry specific advantages like that of a Private Limited Company It is controlled by people yet OPCs are a different legitimate business like that of any normal corporate business different from its members. A One Person Company is incorporated as a private limited company. In contrast to a private or public limited company, OPCs are not burdened with a lot of compliances Characteristics of OPC Only a natural person who is an Indian citizen and a resident of India is qualified to incorporate a one-person business and to be nominated as the business’s sole member. OPCs are distinct from other business entities in that the sole member of the firm must designate a nominee when the entity is registered. No one is allowed to incorporate more than one One Person Company or join more than one of these companies as a candidate. No minor may possess shares with beneficial interests or become a member or nominee of the company. The company cannot be incorporated or changed into a company per Section 8 of the Act. The company is prohibited from engaging in non-banking financial investment operations, such as purchasing corporate securities. The company is prohibited from unilaterally altering its corporate structure till two years have passed since incorporation. Except when the company’s paid-up capital increases by more than 50 lakh rupees or its average annual turnover over the relevant period surpasses two crore rupees. When a natural person who is already a member of one OPC joins another by virtue of being a nominee in the said company within one hundred and eighty days, he is required to resign from either of the OPCs. Anywhere a firm’s name is printed, attached, or engraved, the words “One Person Company” must be placed in brackets beneath the company name. Documents Required for One Person Company Registration Identity and Address Proof of Director and Nominee Scanned copy of PAN Card (Passport in case of Foreign Nationals & NRIs) Scanned copy of Voter’s ID/Passport/Driver’s License (Any one) A Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill of the individual (Any one, not older than two months) Form INC-3 duly filled and signed by the Nominee (Format is available on MCA website) Registered Office ProofFor online company registration in India, the company must have a registered office in India. Following documents needs to be mandatorily provided while giving Registered Office details: Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill in case you own property Scanned copy of Notarized rental agreement A Scanned copy of No-objection certificate from the property owner Registration Process of One Person Company Registration Step 1: Apply for Digital Signature Certificate (DSC)Since the process is completely online, hence the sole director or authorized signatory who needs to sign the online incorporation documents must apply for Digital Signature Certificate. Step 2: Apply for Director Identification Number (DIN)DIN can be applied along with the company registration application form i.e. SPICe+.In case the subscriber is already holding a valid active DIN, the proof of identity and residence need not be attached. Step 3: Apply for Name Approval through SPICe Plus Form – Part AFor the name approval step, now you need to apply it through SPICe Plus form only with the Ministry of Corporate Affairs. Please note that a minimum of 2 names at the time of incorporation are proposed. Note: As regards the name of a One Person Company, Companies Act, 2013 provides that the words “One Person Company” or “OPC” shall be mentioned in brackets below the name of such company. Step 4: Submitting Final Incorporation DocumentsThe Part B of SPICe Plus needs to be filled up and all the required information has to be given. Apart from that Memorandum of Association (MOA) and Articles of association (AOA) of the Company in prescribed format needs to be submitted. Moreover, declaration of all the subscribers and first directors in Form INC-9 needs to be provided. In addition to the SPICe+ form, a person can now also apply for GSTIN, EPFO, ESIC, Professional Tax etc. through a web form called AGILE-PRO (INC-35) Once

Property mutation refers to the process of transferring the ownership of property title from one individual to another. As a part of this procedure, the property owner’s name is also registered in the Record of Rights (RoR) of the State. All in all, think of it as the State’s legal seal on the ownership of property that saves you from future complications and disputes.  Gujarat land mutation refers to the registration of the name of the property owner in the Record of Right (7/12 or 8A), i.e. the process of transferring the title ownership of property or land from one person to another. The Bombay Land Revenue Code, 1879 governs the process of land mutation in Gujarat. Land mutation is a vital process in all legal transactions involving a property. Through mutating a land in Gujarat, the owner will acquire the rights of the land, and the property details will be revised in the revenue record (7/12 and 8A) as well as in the Gujarat mutation register.  In this article, we will look at Gujarat land mutation in detail. Bombay Land Revenue Code, 1879 Bombay Land Revenue Code, 1879 moderate the process of Gujarat land mutation. When a change of ownership or transaction takes place, the Khatedar files a request for initiating the mandatory process known as mutation for effecting necessary changes in the revenue records. The mutation process involves obtaining a consensus from all concerned parties of the transaction and inviting objections from those interested. Once all the objections are cleared, mutation orders are passed effecting the change of ownership and new records of rights issued to new owner. Types of property mutation process in Gujarat Type of property mutation in Gujarat Sale Vasiya Gift Vechani Inheritance Land allotment Co-partner admission of right Hakk Kami Admission of tenant Ganot Mukti Admission of Boja Boja Mukti Giro dakhal Giro Mukti Identification of fragment Tukdaa Kami Non-agriculture Sharat Badli (Tenure) Survey Sudhar Jodan Ekatrikaran Land acquisition Orders Notification under Section 4 Identified under LA Section 6 KJP Survey Adal Badal Kabjedar Namfe Sagir Pukht Hyati Ma Hakk Dakhal Hyati Ma Vechani Land Khalsa Lease Patto Bija Hakk dakhal Bija Hakk Kami Importance of Gujarat Land Mutation Gujarat land mutation is one of the vital processes in all legal transactions involving a land. As examined above, by mutating a property the new owner gets the revenue records on his name. Once the property is mutated, mutation details will be revised in the mutation register further to Gujarat revenue records (7/12 & 8A) maintained by the State Government. Mutation document or report will be issued to the applicant. Gujarat land mutation report is one of the important documents to fix the property tax payment liabilities Mutation document/ report is an essential proof for ownership of a particular land or property For selling a property, the landowner should have to furnish mutation document/report to the buyer for verification Person Responsible for Reporting Mutation Any person acquiring property by purchase, succession, inheritance, partition, exchange, survivorship, and gift have to report his acquisition of such right to the prescribed authority within the prescribed time from the date of such acquisition. Documents required for property mutation process in Gujarat Major documents required for different mutation types in Gujarat Mutation Type Document Gift Certified copy of Registered document   Proof of being Khatedar (for agricultural land) Hayati ma Hak Dakhal (Right entry during life) Certificate of Bojha Mukti (If applicable) Varsai Original Copy of Death Certificate   Computerised 7/12 and 8A Vechan / Survey Adal Badal Registered Copy of the Sale deed   Proof that buyer is a Khaddar (for buying agricultural land)   If sale by affidavit Certificate of Bojha Mukti   If land sale of minor certificate from certifying authority   Computerised copy of 7/12 and 8A. Co-partner Entry Registered Document to enter co-partner   Person entering as co-partner to produce proof of being a Khatedar Will Certified copy of Will   In case of agricultural land, proof from person of being Khatedar benefiting from the will   Copy of Probate if required Vechani (Distribution) Affidavit of all interested parties   Bojha Mukti certificate (If applicable)   Computerised copy of 7/12 and 8A Bojha / Giro Dakhal Copy of deed from bank and co-operative society Minor to Major Age proof (School leaving Certificate or birth certificate) Offline property mutation process in Gujarat Step 1: Visit the nearest Revenue Department office to obtain the application form and fill in the required details accurately. Step 2: Collect the necessary documents such as sale deed, identity proof, address proof, and property tax receipts. Make sure to have multiple copies of each document. Step 3: Submit the filled application form along with the supporting documents to the Revenue Department office. Pay the applicable fees as mentioned in the official guidelines. Step 4: After submitting the application, the Revenue Department will initiate the verification process. This may involve a physical inspection of the property and cross-checking the provided documents. Step 5: If the verification process is successful, the Revenue Department will approve the mutation of the land. The updated records will reflect the new owner’s name. Property mutation process in Gujarat through e-Dhara Centre Step 1: Downloading the mutation application form Visit the official website of the Revenue department of Gujarat and select the ‘Computerisation of land records and e-Dhara’ option from the dropdown list under ‘Programs and schemes.’ Click on ‘e-Dhara forms’ and download the application form. Step 2: Visit the e-Dhara centre After printing and filling out the application form in a prescribed form, submit it to the e-Dhara centre operator. Once the application and the supporting documents are submitted, the operator will scrutinise the details. Step 3: Generating the acknowledgement receipt After entering the application details in the computer, the operator generates two copies of the acknowledgment receipt and gives one of those to the applicant. Step 4: Verification and inspection Once the application is submitted, the e-Dhara deputy mamlatdar will verify the details provided. The Talati collects mutation files from the e-Dhara centre

A salary calculator is an easy-to-use tool that assists in calculating the take-home annual salary, take-home monthly salary, total annual deductions, total monthly deductions, etc., of an individual. An employee needs to fill in his CTC, bonus included in CTC, monthly professional tax, monthly employer PF, monthly employee PF, and any monthly additional deductions in the designated boxes to derive the net result. The salary calculator or in hand salary calculator is a simulation that calculates your take-home salary. It is the total salary an employee gets after all the necessary deductions. The salary calculator consists of a formula box, where you enter the Cost To Company (CTC) and the bonus included in the CTC. The salary calculator will show you the Monthly and annually deductions & Monthly and Annually Net Take home salary. Deductions could be the employer and employee provident fund, professional tax, employee insurance, and the take-home salary. What are the Components of the Salary Structure? Basic Salary: Basic salary is roughly 40% to 50% of the total salary which an employee earns on the basis of experience, knowledge, skills, qualifications, etc. It is a fixed component of the ‘Cost To Company’ package. House Rent Allowance (HRA): It is a component of the salary offered by the employer to the employees who live in rented housing. HRA is partially/fully exempt from taxes under Section 10(13A) of the IT Act 1961. Note that HRA is fully taxable if the employee does not live in a rented house. Leave Travel Allowance (LTA): An employee can also receive LTA that an employer gives as an allowance to the employee for travel costs and expenses. Employees are required to submit proof of travel in order to claim LTA. Professional Tax: It is the tax on employment which is levied by the State. Note that, in a financial year, the State can charge a maximum of Rs 2,500 as a professional tax. Special Allowance: An employee may receive a special allowance component in the salary structure, which is fully taxable. Bonus: An employee may earn a performance incentive from his employer, which is termed as a bonus. Employee Contribution to the Provident Fund: Under the Employee Provident Fund (EPF), the employer and the employee contribute 12% of the employee’s basic salary each month. Such contribution made by the employee stands for a deduction under Section 80C. How Do Salary Calculator Work? To calculate the take-home salary, you must enter the Cost To Company (CTC) and the bonus, if any, as a fixed amount or a percentage of the CTC. For example, your Cost To Company (CTC) is Rs 8 lakh. The employer gives you a bonus of Rs 50,000 for the financial year. Then your total gross salary is Rs 8,00,000 – Rs 50,000 = Rs 7,50,000 (the bonus is deducted from the Cost to Company). Gross Salary = Rs 8,00,000 – Rs 50,000 = Rs 7,50,000. The gross salary deducts the professional tax of Rs 2,400 a year (this is the professional tax in Karnataka). It then deducts the contributions of both the employer and you (employee) towards the Employee Provident Fund (EPF). EPF contribution is computed on a maximum salary limit of Rs 15,000 per month. It translates to 12% of Rs 15,000 = Rs 1,800 a month or Rs 21,600 per year. So, you have Rs 21,600 as a yearly contribution made by the employee towards the EPF and a similar contribution of Rs 21,600 by the employer towards the EPF (8.33% of the employer’s contribution gets diverted to the employee pension scheme). In addition, you also have a yearly deduction of Rs 3,000 towards employee insurance. Total Deductions = Professional tax + EPF (Employee Contribution) + EPF (Employer Contribution) + Employee Insurance. Total Deductions = Rs 2,400 + Rs 21,600 + Rs 21,600 + Rs 3,000 = Rs 48,600. Take Home Salary = Gross Pay – Total Deductions Take Home Salary = Rs 7,50,000 – Rs 48,600 = Rs 7,01,400. FAQs What do I need to know and have, in order to use the take home salary calculator in India? For using the salary calculator, you should know details about various components like your annual gross salary, bonus, HRA, professional tax, contribution to PF, etc. What is the basic salary formula? Basic Salary = Gross Pay – Total Allowances (HRA, LTA, medical insurance, dearness allowance, etc.)

Indian Overseas Bank (IOB) was one of the many banks that was established prior to the country’s independence. The goal of forming the bank was to create a specialisation in business related to foreign exchange in the banking industry on a global level. At present, the bank has a number of branches within the country and branches in 5 other Asian countries. A current account is a transactional bank account that is tailor-made for entrepreneurs, professionals, and firms to help them conduct a high number of regular monetary transactions. This type of account can be opened and operated by individuals, a collaboration of multiple individuals or under the name of a business. A current account has no interest rates levied on them due to the higher rate of transactions and the higher minimum account balance requirement. These accounts are designed to offer extensive transactional facilities for the ease of running a business. Since its establishment, IOB has grown at an accelerated pace. It has expanded the scope of the products that it offers its customers. These products range from savings accounts to retail loans and insurance policies. One of the many products that the bank offers its customers is the current account. A current account is a type of bank account that is most often used by individuals who run businesses. The account’s features provide account holders with high liquidity, which is a requirement for them to run their operations. IOB offers its customers 3 variants of the current account. Indian Overseas Bank Indian Overseas Bank (IOB) was first started in 1937 in Chennai and expanded to other parts of India establishing itself as a significant public sector bank with about 1150 branches in Tamil Nadu alone. Including the branches in its home state, IOB has over 3400 branches all over the country along with eight subsidiaries and offices situated overseas as of October 2017. The bank has achieved a complete networking status and has an ISO certified in-house IT Department that has developed its software to provide online banking services for its customers. Indian Overseas Bank has branches in countries such as Colombo, Singapore, Seoul and Bangkok, and representative offices in Vietnam, Guangzhou, and Dubai. It is the banking system that put the country’s name on the map of the banking sector in the Far East, lending assistance and prestige to the numerous Indians abroad. Types of Current Accounts The following are the types of current account offered by Indian Overseas Bank: IOB-CD Classic IOB-CD Super IOB CD- Supreme IOB-CD Classic Current Account IOB-CD Classic Current Account is a special status account provided by Indian Overseas Bank for medium-sized companies and proprietary/ partnership firms, clubs, societies and so on. This account is specially designed for entrepreneurs, professionals, and firms and offers various concessions. Eligibility Partnership Firms Proprietaries Hindu Undivided Families Limited Companies, Corporations, SME’s Trusts, Societies, Clubs, Associations Local Bodies, Government Departments subject to RBI directives. Minimum Balance Requirement An average quarterly balance of at least Rs. 1,00,000 must be maintained for this account. Special Features and Discounts Internet Banking Mobile Banking Transfer of funds through NEFT are free. Personal Accident insurance cover of INR 1 Lakh is free of cost. Waiver of Demat account opening charges. Named printed chequebooks free of cost up to 100 leaves. Folio Charges at 50% concession. International Debit Card without charges to all employees and owners. Online Tax payment facility. Customized Multi-city cheques issued at MICR centers at 50% concession. The issue of Demand drafts at 50% concession. Outstation cheque collection charges at 25% concession. Transfer of funds through RTGS at 25% concession. Utility Bills payment facility. 2. IOB-CD Super IOB-CD Super is a current account with a surplus of benefits. By maintaining an average minimum balance of INR 5 Lakhs over three months, account holders can access a variety of advantages and avail necessary concessions. The following are the details associated with an IOB-CD Super current account. Eligibility The following kinds of entities can start an start an account under this bank: Partnership Firms Proprietaries Hindu Undivided Families Limited Companies, Corporations, SME’s Trusts, Societies, Clubs, Associations Local Bodies, Government Departments subject to RBI directives. Minimum Balance Requirement The average daily balance to be maintained in this current account over a period of three months should not be less than INR 5 Lakh. Special Features and Discounts Internet banking Mobile Banking Transfer of funds through NEFT are free.  Personal Accident insurance covers of INR 5 Lakhs are free of cost. Waiver of Demat account opening charges.  International Debit Card without charges to all employees and owners.  Online Tax payment Customized Multi-city cheques issued at MICR centres free. Name printed chequebooks free of cost. The issue of Demand drafts at 50% concession. Folio charges free. Outstation cheque collection charges at a 50% concession. Transfer of funds through RTGS at a 50% concession. Utility Bills payment facility.  3.IOB CD- Supreme Indian Overseas Bank has held its place in the banking industry by providing efficient consumer and commercial banking services over the decades. As a part of the bank’s prestigious Platinum Jubilee Year, IOB continues to provide efficient banking solutions with new special schemes such as the IOB CD-Supreme among others. This account is a current deposit account with a low minimum balance requirement and offers an array of benefits to the account holder. The following are the details pertaining to a Supreme current account. Eligibility The following categories of entities may start an account with this bank: Partnership Firms Proprietaries Trusts, Societies, Clubs, Associations Minimum Balance Requirement The minimum balance required in this specific current account is merely INR 7500. Special Features and Discounts Internet Banking Facility Free cheque boom of 75 leaves Free International VISA Debit Card for employees/ owners. Account statement by email Transfer of funds through RTGS/ NEFT (75 percent concession on charges) Online Tax Payment/ Utility bill payment facility. Cash withdrawal up to INR 50,000 under CBS transactions from any branch. ASBA facility available Gold coin concession of INR 7.50 per gram on a purchase of minimum

Ration cards are issued by every state government and provided to Indian citizens who cannot afford to buy basic commodities. With a ration card, a family can avail of food grains at subsidised rates under the Public Distribution System (PDS). Ration card is an official document which is provided by all the State Governments to its citizen for purchasing subsidized provisions. The Department of Food and Civil Supplies issues ration card for the residence in Haryana. Purpose of Ration card Ration card is a privilege given for citizens who have low margin income and are unable to afford the prices for essential commodities like food, oil, etc. Ration card is also used as an identity and address proof for availing government schemes. Types of Haryana Ration Cards Above Poverty Line (APL): Individuals with annual income more than Rs.1.80 lakh can apply for Haryana APL card by visiting the Saral Haryana official website of Haryana. The card can be downloaded once it is available on the website. Centre Below Poverty Line (CBPL): CBPL or Yellow Ration Card can be availed by the beneficiaries under which individuals can get two kilograms of sugar at Rs.13.50 per kilogram, seven litres of kerosene at Rs.13.63 per litre, and 2.5 kilograms of pulses at Rs.20 per kilogram. Antyodaya Anna Yojana (AAY): Also known as ‘Pink Ration Card’ which is issued to the beneficiaries with annual income less than Rs.1 lakh. Beneficiaries can avail themselves of 35 kilograms of wheat at Rs. 2 per kilogram, two kilograms of sugar at Rs.13.50 per kilogram, seven litres of kerosene at Rs.13.63 per litre, and 2.5 kilograms of pulses at Rs.20 per kilogram. Other Priority Household (OPH): This is also known as ‘Khaki Ration Card’ under which beneficiaries can avail themselves of five kilograms of wheat. Documents Required Proof of Date of Birth. Proof of Residence. PAN card. Driving license. Passport size photograph. Aadhaar Card. Ration Card Application Procedure – Offline Step 1: The applicant must visit the District food and supplies controller office. Step 2: Fill the application form correctly with your basic details such as name, address, mobile number etc. Step 3: Upon submission of the form, you will be issued with a slip notifying the date to contact the appropriate office for collecting ration card. Ration Card Application Procedure – Online Step 1: The applicant has to login SARAL website of Haryana. Step 2: Click on apply for service on the left bar of the screen. Step 3: Select the service “Issuance of new ration card”. Step 4: Fill the required details mentioned in the form and attach the scanned documents. Step 5: Finally click on the “submit” button to submit your application. Note:  Acknowledgement form will be displayed with your Application Reference Number and SARAL ID to check your application status. FAQs What are the benefits received by khaki ration card holders? Khaki ration card holders receive 5 kgs of wheat every month. What are the benefits received by yellow ration card holders? Yellow ration card holders receive 2kg of sugar at Rs.13.50 per kg, 7litre of kerosene at Rs.13.63 per litre 2.5kg of pulses at Rs.20 per kg every month.