CA Bhuvnesh Goyal

A Senior Citizens Savings Scheme (SCSS) account is a retirement benefit account that is supported by the Indian government. Indian senior citizens who invest a lump sum in the plan, either individually or jointly, can take advantage of the account’s benefits. The account will offer income tax advantages in addition to access to regular income after retirement.  Senior Citizen Savings Scheme (SCSS) is a government-backed retirement benefits programme. Senior citizens resident in India can invest a lump sum in the scheme, individually or jointly, and get access to regular income along with tax benefits. It is a Post Office savings scheme. Senior citizens can open an SCSS account to get the benefits of the SCSS. They can open an account in a Post Office branch or an authorised bank.  What is SCSS ? Senior Citizens Savings Schemes can be availed by any individual above the age of 60 years. They are effective savings options for the long term and offer attractive features and unmatched security.   Tenure Five years Interest Rate 8.20% p.a. Investment Amount Maximum amount that can be deposited is Rs.30 lakh Premature Withdrawal Allowed Secure investment SCSS is a government-backed scheme. Hence, the invested amount is secure and there is guarantee of returns upon its maturity.  Interest payment Individuals who open an SCSS account get an interest on the principal deposited amount at the rate fixed by the government. From 01.01.2024, for the first time interest will be payable from the date of deposit to 31st March/30th June/30th September/31st December and thereafter they will receive a quarterly interest against their deposited amount. Interest payment will be credited to an individual’s account on the first date of April, July, October, and January. Mode of deposit An individual can deposit the money in cash when the amount is below Rs.1 lakh. When the deposit amount is above Rs.1 lakh, an individual should make the payment by cheque. Maturity of the scheme  The maturity period of SCSS is 5 years. However, individuals can extend the maturity period for 3 more years by submitting an application. The application for an extension of maturity should be given in the last year. Nominations Individuals can appoint nominees either while opening an SCSS account or after opening the account. Number of accounts  Individuals can open more than one SCSS account. They may open another account either by themselves or a joint account with their spouse. However, joint accounts can be opened only with the spouse, and the initial depositor is the investor who first deposits in the joint account.   Minimum and maximum deposit amount  The minimum deposit is Rs.1,000 and the maximum is Rs.30 lakh. The deposits can be made in multiples of Rs.1,000. Transfer of an account  An SCSS account can be transferred from a post office to a bank and vice versa.  Premature closure Individuals can withdraw the amount and close the account at any time on an application in Form-2 subject to the following conditions Closed before one year – interest paid in the account shall be recovered from the principal amount. Closed after one year but before two years – an amount equal to 1.5% will be deducted from the principal amount and shall be levied as a penalty Closed after 2 years – 1% of the principal amount will be deducted and shall be levied as a penalty Eligibility for SCSS Individuals above 60 years. Retired civilian employees above 55 years and below 60 years. However, the investment should be made within 1 month of receipt of retirement benefits. Retired defense employees above 50 years and below 60 years. However, the investment should be made within 1 month of receipt of retirement benefits. Account can be opened in an individual capacity or jointly with spouse only. The whole of the amount deposited in the joint account will be attributed only to the first account holder. Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible to open a SCSS. Process to Open an SCSS Account An SCSS account can be opened at a bank or a post office. The process to open an SCSS account is mentioned below: Visit the nearest post office or bank branch. Submit the application form along with the Know Your Customer (KYC) documents. A cheque for the amount that is being deposited must be provided. You can add nominees to the account. Documents required to open SCSS account Two passport-size photographs Identity proof, such as a PAN card, Voter ID, Aadhaar card or passport. Proof of address, such as Aadhaar card or telephone bills. Proof of age, such as PAN card, Voter ID, birth certificate or senior citizen card. How SCSS works? Here is how an SCSS account works: Open an SCSS account by depositing a minimum amount of Rs.1,000 up to Rs.30 lakh in a single instalment. The deposit amount is restricted to the retirement benefits received and must be deposited in the SCSS account within a month from the date of receiving the retirement benefits from the employer. Retirement benefits here means any payment due to the account holder on account of retirement on superannuation or otherwise. It includes provident fund dues, retirement or superannuation gratuity, commuted value of pension, leave encashment, savings element of Group Savings Linked Insurance Scheme payable by the employer on retirement, retirement-cum-withdrawal benefit under the Employees’ Family Pension Scheme and ex-gratia payments under a voluntary or a special voluntary retirement scheme. If the deposit is in excess of the ceiling amount, the excess amount shall be refunded to the account holder immediately. Interest on the deposit will be paid once every quarter. Interest can be drawn through auto credit into the savings account held at the same Post Office branch or through ECS (Electronic Clearing Service). The account can be prematurely closed at any time, after the date of opening. The account may be extended for a further period for 3 years from the date of maturity. The extension can be done within 1 year from the date of maturity. FAQs

Intellectual property rights have grown to a position from where it plays an important role in the global economy’s development over the past two decades. In 1990s, laws and regulations were strengthened I this area by many countries unilaterally. In the multilateral level, there was enhanced protection and enforcement of IPRs to the level of solemn international commitment because of the successful conclusion of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) in World Trade Organization. There is a vast domain of intellectual property. Designs, Copyrights, and Patents Trademarks since a long time have received recognition. Newer forms of the protection are also developing particularly encouraged by the stimulating emergence in technological and scientific activities. THE CONCEPT OF INTELLECTUAL PROPERTY The intellectual property’s concept is not a new one as Renaissance northern Italy is thought to be the framework of the intellectual property system. A Venetian Law of 1474 made the first methodical attempt to protect inventions in a form of patent, which allowed right to an individual for the first time. The invention of the printing press and movable type by Johannes Gutenberg around the year 1450, helped in the origin of the first copyright system in the world. By the end of 19th century, new creative ways of manufacture aided caused large-scale industrialization accompanied by fast growth of cities, the investment of capital, expansion of railway networks, and nationalism led many countries to establish their modern Intellectual Property laws. In this point of time, the International Intellectual Property system also began to take shape with the creation of the Paris Convention for the Protection of Industrial property in 1883 and the Berne Convention for the protection of Literary and Artistic Works in 1886. The evidence underlying Intellectual Property throughout its history has been that the rewards and credits related with ownership of inventions and creative works encourage further creative and inventive activity that, motivates economic growth The Convention establishing the World Intellectual Property Organization (1967) gives the following list of the subject matter protected by intellectual property rights: trademarks, service marks, and commercial names and designations; inventions in all fields of human endeavour;  industrial designs; protection against unfair competition; and “all other rights resulting from intellectual activity in the industrial, scientific, literary or artistic fields.”  literary, artistic and scientific works; scientific discoveries; performances of performing artists, phonograms, and broadcasts; The role and importance of the intellectual property protection has been formed in the Trade-Related Intellectual Property Systems (TRIPS) Agreement, with the establishment of the World Trade Organization (WTO). At the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) treaty in 1994, it was negotiated. The TRIPS Agreement came into effect on 1st January 1995, is considered till date most complete multilateral agreement on intellectual property. The areas of intellectual property it covers are as following: Trademarks which include service marks as well; Industrial designs; Copyright and related rights (i.e. producers of broadcasting organisation, the rights of performers); Geographical indications which include appellations of origin; The lay-out designs (topographies) of assimilated circuits; The information which are not closed which includes test data and trade secrets; Patents which include protection of new varieties of plants; INTELLECTUAL PROPERTY SYSTEM IN INDIA In 1485 the first system of protection of intellectual property came in the form on Venetian Ordinance historically. In England in 1623 it was followed by Statue of Monopolies, which extended rights of patents for Technology Inventions. In 1760, patent laws were introduced in The United States. Between 1880 and 1889 patent laws of most European countries were developed. In the year 1856 in India Patent Act was introduced which remained in force for more than 50 years which was later modified and revised and was called “The Indian Patents and Designs Act, 1911”. A complete bill on patent rights was enacted after Independence in the year 1970 and was called “The Patents Act, 1970”. Specific statues protected only specific type of intellectual output; till very recently only four forms were protected. The protection was in the form of grant of designs, patents, trademarks and copyrights. In India, copyrights were regulated under the Copyright Act, 1957; trademarks under Trade and Merchandise Marks Act 1958; patents under Patents Act, 1970; and designs under Designs Act, 1911. The establishment of WTO and India also being signatory to the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), many new legislations were passed for the protection of intellectual property rights to meet the obligations internationally. These included the following: Designs Act, 1911 was changed by the Designs Act, 2000; Trade Marks, called the Trade Mark Act, 1999; the Copyright Act, 1957 was revised number of times, the latest is known as Copyright (Amendment) Act, 2012; and the recent amendments made to the Patents Act, 1970 in 2005. Other than this, plant varieties and geographical indications were also enacted in new legislations. These are called Geographical Indications of Goods (Registration and Protection) Act, 1999, and Protection of Plant Varieties and Farmers’ Rights Act, 2001 respectively. Intellectual property rights have developed to a stature from where it plays an important role in developing economy globally, over the last fifteen years. In 1990s, laws and regulations were strengthened I this area by many countries unilaterally. In the multilateral level, there was enhanced protection and enforcement of IPRs to the level of solemn international commitment because of successful conclusion of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) in World Trade Organization. It is felt strongly that under the competitive environment globally, stronger IPR protection rises the incentives for innovations and raises returns to international transfer of technology. Scope of Coverage Trade Marks Patents Copyrights Industrial designs Geographical indications Layout designs of integrated circuit Varieties of plant Information Technology and Cybercrimes Data protection Governing Regulations Trade Marks Act, 1999 The Patents Act, 1970 (amended in 2005) The Copyright Act, 1957 The Designs Act, 2000 The Geographical Indication of Goods (Registration and Protection) Act, 1999 The Protection of Plant

When a company needs additional capital and keeps the voting rights of the existing shareholders proportionately balanced, the company issues Rights shares. The issue is called so as it gives the existing shareholders a pre-emptive right to buy new shares at a price that is lesser than market price. The Rights issue is an invitation to the existing shareholders to buy new shares in proportion to their existing shareholding. A Right Issue of Shares offers a company a way to raise capital by issuing new shares directly to existing shareholders. The Companies Act, 2013, governs this process in India, ensuring fairness and transparency. This article provides a detailed breakdown of the steps involved in a Right Issue as per the Companies Act, 2013. Understanding the provisions: Section 62 (1) (a) of Companies Act, 2013 explains right issue as: Issue of further capital By company having share capital By offering right to existing shareholders, as on the date of offer, to acquire shares In proportion to their paid up share capital, as nearly as possible By sending a Letter of Offer. Reason For Rights Issue As the company expands, it looks for ways of capital expansion, so the company turns to the issue of shares. In place of issuing shares to the public at large, which will bring about an imbalance in the voting rights of the existing shareholders, the company resorts to issuing additional shares to the existing shareholders in proportion to its current shareholding. So this resolves the purpose of additional capital while letting existing shareholders retain their voting rights. Procedure For Rights Issue According to Section 62 (1) of the Companies Act 2013, the procedure for issue of shares is as follows: Issue of notice of Board meeting: According to Section 173(3) of the Companies Act 2013, the notice for the board meeting has to be sent minimum 7 days prior to the board meeting and must specify the agenda for the meeting. Convene the First Board Meeting: The Board meeting is held, and the resolution for issuing rights shares is passed. The rights issue does not require the approval of shareholders, and hence the board can proceed towards the issue. Issue Letter of Offer: On the passing of the resolution, the letter of offer is issued to all shareholders, and the same is sent through registered post or speed post. For shareholders to accept the offer a window period of 15 – 30 days is given that is to say the maximum time the shareholders can take to accept the offer is 30 days and the minimum period is 15 days. The offer is considered declined if it is not accepted before the expiry period. The offer must be open at least three days after the issue of the letter of offer. File MGT – 14: After the passing of board resolution, the company must file the MGT -14 within 30 days of passing of the Board Resolution. The form MGT 14 is mandatory for a public limited company. A true certified copy of the Board Resolution needs to be attached to MGT 14. Receive application money: The shareholders must send the accepted application along with application money. Convene the Second Board Meeting: The company must convene the second board meeting, the notice of which must be sent 7 days prior to the board meeting. The required quorum must be present, and the resolution for the allotment of shares must be passed. On passing the resolution for allotment of shares, the allotment of shares must be done within 60 days of receiving the application money for the same. File the forms with ROC: The company must file the Form PAS -3, within 30 days from the allotment of the shares with the Registrar of Companies. The certified true copy of the Board Resolution and the list of the allottees must be attached to the form. Additionally, the MGT – 14 must be filed for both the allotment and issue of shares. Issue of Share Certificates: The share certificates must be issued; if the shares are in Demat form, then the company must inform the depository immediately on allotment of shares. If the shares are held in physical form, then the share certificates must be issued within 2 months from the date of allotment of shares. The share certificate must be signed by at least 2 directors. The share certificates must be issued in Form SH -1. Additional Considerations: In case of a private limited company, the offer period can be shorter than that specified, where 90% of shareholders have given their consent. Companies can appoint advisors like legal counsel and merchant bankers to navigate the complexities of the Right Issue process. If the offer is not accepted within the offer period, it will be deemed to have been rejected. The Right Issue may not be fully subscribed. The company may need to explore alternative methods to raise the remaining capital. Example of a rights issue: Elon owns 300 shares of Tesla trading at Rs. 100 each. The company announces a rights issue in the 1:5 ratio. The rights issue is announced at a discounted price of Rs. 80 per share. Elon’s Portfolio value = 300 shares * Rs. 100 = Rs. 30,000 Number of right shares = (300 * 1/5) = 60 Cost to buy the right shares: 60 shares * Rs. 80 = Rs. 4800 Total number of shares after exercising rights issue: 300+60=360 Revised portfolio value = Rs. 30,000 + Rs. 4800 = Rs. 3,480 Price per share post-rights issue: Rs. 34,800 / 360 = Rs. 96.7 FAQs What is a Rights Issue? A Rights Issue is a process by which a company offers its existing shareholders the opportunity to buy additional shares at a discounted price before offering them to the public. What form needs to be filed with the ROC in case of a Rights Issue? Form PAS-3, also known as the “Return of Allotment,” must be filed with the ROC after the shares have been allotted to the shareholders.

Due diligence of a company is usually performed before the business sale, private equity investment, bank loan funding, etc., In the due diligence process, the financial, legal and compliance aspects of the company are usually reviewed and documented. Before you go out fundraising it is important to have all the due diligence items organized in folders so that you are not the bottleneck in the event investors express interest and want to dig deeper into the business. Each of these items should be prepared as part of your due diligence package so you can quickly hand this information over to potential investors without wasting any time: Business Due Diligence A business due diligence is usually performed prior to the purchase of a company or investment in a company by the acquirer or investor (“Buyer”). It is the responsibility of the seller of the business or shares (“Seller”) to provide the documents and information necessary for performing a due diligence on the company to the buyer. A due diligence helps the buyer take an informed investment decision and mitigate risks associated with a business purchase transaction. Both parties usually enter into a non-disclosure agreement prior to starting a business due diligence as sensitive financial, operational, legal and regulatory information would be divulged to the buyer during the due diligence process. 1) Due Diligence – Organisation 1.01 Certificate of Incorporation (or equivalent) and all amendments and restatements 1.02 By-laws (or equivalent), as currently in effect 1.03 List of all business names used by or registered for use by the Company 1.04 List of any and all subsidiaries and affiliates of the Company and jurisdiction of formation 1.05 List of all jurisdictions in which the Company owns or leases (either as lessor or lessee) assets or has done so since incorporation 1.06 List of all jurisdictions in which the Company is qualified as a foreign entity, has applied for such qualification or has substantial contacts 1.07 Minutes, including minutes of meetings of the board of directors, board committees or the shareholders (or any equivalents); written consents of any of the foregoing in lieu of a meeting; and all materials distributed to the board, board committees and the shareholders (or any equivalents) at any meeting 1.08 List of any business acquisitions or dispositions made by the Company 1.09 List of all persons who have been or who currently are officers or directors (or equivalent) 2) Due Diligence – Capitalisation and Security holders 2.01 List of Company securities authorised and outstanding that indicates the holders, amounts and classes or series of such securities and copies of securities transfer books and stock ledgers 2.02 Agreements to issue and/or register securities 2.03 Agreements relating to voting of securities, preemptive rights, restrictions on transfers, rights of first refusal and any other grants of rights in respect of the Company’s securities 2.04 All warrants, options or other agreements relating to rights to acquire securities of the Company or requiring the issuance and/or registration of such securities 2.05 All plans and grant or award documents for any stock option, stock bonus, stock purchase or other equity-based compensatory programs for employees, consultants, advisors and/or directors (or equivalent) 2.06 Any agreements with “finders” or which purport to obligate the Company to compensate any person or entity in connection with a financing transaction 2.07 Private placement memoranda, investment letters, questionnaires and other documents relating to any offering of securities of the Company 2.08 Copies, front and back, of all stock certificates and stock powers 2.09 List of any copies of closing binders of each and every prior equity financing (including debt convertible into equity) 3) Due Diligence – Financial Statements and Audits 3.01 Financial statements for the last three years 3.02 Schedule of liabilities (contingent or otherwise) not reflected in the most recent financial statements 3.03 List of any change in accountants and/or auditors since incorporation 3.04 Copies of audit letters from counsel to auditors since incorporation 4) Due Diligence – Taxes 4.01 List of all domestic and foreign jurisdictions in which the Company remits sales, use, income, franchise, property or other taxes 4.02 Tax returns (federal, state and local) of the Company since incorporation 4.03 Reports filed and material correspondence with any and all tax authorities, including the IRS since incorporation 5) Due Diligence – Employees, Salaries and Labour Disputes 5.01 All collective bargaining agreements, employment agreements, offer letters, consulting agreements, severance agreements, non-compete or non-solicit agreements, change-in-control agreements and intellectual property transfer agreements, non-disclosure or confidentiality agreements to which the Company is a party and list of any of the foregoing agreements currently contemplated or about to be entered into by the Company 5.02 Summary of labour disputes, requests for arbitration, organisational proceedings, grievance proceedings and similar matters and history of recent union negotiations 5.03 List of all employees indicating each employee’s division, title, function, industry experience and earnings and whether each such person is an officer and/or director (or equivalent) of the Company 5.04 List of all employees terminated since incorporation and the reason for such termination, and indicate whether each such employee has signed a release (and provide a copy of signed release) 5.05 Termination procedures, policies and a sample termination letter 6) Due Diligence – Employment Policies and Employee Benefits 6.01 All personnel manuals, employee handbooks and documents relating to employment policies and procedures 6.02 Any affirmative action plan(s) 6.03 Policies and practices regarding compensation for all employees not earning a straight salary (i.e., bonuses, commissions, overtime, premium pay, shift differentials, etc.) 6.04 Policies for fringe benefits, perquisites, holidays, vacation and severance pay 6.05 Incentive, bonus, deferred compensation, profit-sharing and nonqualified pension plans 6.06 Employee health and welfare plans, whether insured or self-insured, including most recent Summary Plan Description for each 7) Due Diligence – Financial Commitments 7.01 All indentures, loan and note agreements (whether demand, term, instalment or other) and line of credit arrangements, whether bank loans, industrial revenue bonds, mortgages or other and whether secured or unsecured, and all documents evidencing other material financing arrangements,

Ministry of Road Transport and Highways executed the program Vahan i.e a National register. It acts as the principal repository for the essential data which is concerned with the enrolled vehicle. You could search for the information concerning your related enrolled vehicle through the below-mentioned parameters: Engine Number Chassis Number Your Vehicle’s Registration Number What is VAHAN system? VAHAN’ is a National Register which acts as a central repository for crucial information related to registered vehicles. It is an initiative by the Ministry of Road Transport and Highways. Details of the registered vehicles can be searched on the system using the following parameters: Registration number of the vehicle Chassis number Engine number Multiple services such as vehicle registration, issue and renewal of permits, calculation and payment of state (road) taxes, issuance and renewal of fitness certificate, issuance and settlement of challan, etc. can be done using the VAHAN system. Purpose of e-way bill portal integration with VAHAN system The e-way bill portal and the VAHAN system are integrated to cross-check/validate the registration number of a vehicle at the time of preparing an e-way bill. Any subsequent attempt to use a vehicle number for e-way bill generation but not registered on the VAHAN system will not be allowed. How does e-way bill-VAHAN Integration work? Non-availability of vehicle number This error is shown when the vehicle number is not available in the VAHAN database. Initially, such a vehicle number will be allowed on the e-way bill portal but cannot be used again subsequently. This error can be resolved by updating the vehicle details at the concerned Regional Transport Office (RTO). Vehicle registered in more than one RTO The details of the same vehicle number may be found at more than one RTO. Initially, the portal may accept such a vehicle number but the same will not be allowed to be used subsequently. This can be resolved by visiting the concerned RTO and updating the details in relation to the same. Checking for details in VAHAN system It is possible to look up the details of the vehicle on the VAHAN system by visiting this website. Non-availability of vehicle details on VAHAN system The vehicle details can be added to the VAHAN system by submitting an application to the concerned RTO along with the necessary documents. Usage of temporary vehicle numbers A newly purchased vehicle may be issued a temporary number until the permanent number is issued. In this case, the temporary registration number may be entered into the e-way bill portal with the prefix ‘TR’. E-way bill portal throws errors for Vehicle details Vehicle details are available on the VAHAN website but the e-way bill portal still shows an error: In such a case, a grievance may be raised on the e-way bill helpdesk along with the vehicle number used. FAQs What is the e-way Bill system? The e-way Bill system is an electronic documentation system introduced by the GST authorities in India. It is used to track the movement of goods and ensure compliance with GST regulations during transportation. What is the Vahan system? The Vahan system is a digital platform managed by the Ministry of Road Transport and Highways (MoRTH) for vehicle registration and management. It maintains a centralized database of vehicle registration details in India.

The State Bank of India offers a variety of savings accounts for both minors and adults. SBI Basic Savings Account, Savings Plus Accounts, Small Savings Accounts, and more products are available in this category. State Bank of India (SBI) is the largest public sector bank and caters to almost all Indians. The bank approximately has over 40 crore customers. SBI offers multiple types of savings accounts for different banking requirements. The SBI savings account interest rate starts from 2.70%. Learn more about SBI savings accounts in detail.  SBI Savings Account SBI offers different types of savings accounts catering to all ages, from minors to senior citizens. SBI savings account allows you to enjoy various exclusive benefits and earn regular interest. SBI last revised its interest rate on savings accounts in October 2022.  SBI Savings Account Interest Rate 2024 Account Balances SBI Saving Account Interest Rate Rs. 1 lakh 2.70% More than Rs. 1 lakh 2.70% Characteristics of SBI Savings Account SBI savings accounts have no minimum account balance. In other words, no minimum account balance is required in such savings accounts. State Bank of India SBI offers a nomination opportunity for their savings bank account. Also applicable to the Motor Accidents Claim Account. SBI provides ATM cards for all of its savings accounts except the Resident Foreign Currency (Domestic) Account. The maximum account balance for savings accounts with SBI varies depending on the kind of savings account. Furthermore, with the exception of the small savings account and the kids’ account, there is no maximum balance in an SBI savings account. Furthermore, the maximum amount for minors accounts is INR 10 lakhs. The maximum balance for the small savings account, on the other hand, is INR 50,000. SBI Savings Account Opening Online Step 1: By accessing the SBI website, any Indian resident can open a savings account. Go to “Deposit schemes” under personal banking to find the savings bank account choice. Step 2: Before selecting the “apply online” option, it is critical to study the benefits, restrictions, and laws. Step 3: Fill out the online application form completely. Step 4: The registered mobile number will be assigned a TCRN (Temporary Customer Reference Number). Step 5: Your account will be opened if you visit the nearest SBI bank within 30 days with the appropriate original documentation. Who Can Open a Savings Account with SBI? You need to be a resident Indian above 18 years of age and should not have any existing contact with the bank. At any given moment, you could only have a single Insta Savings Account and no other accounts. You must have a valid Aadhar Number (connected to a registered mobile phone in your name) and a valid Permanent Account Number (PAN) Documents Required dentity and address proof (passport, voter ID, driver’s license, Aadhar card, NREGA card, PAN card) two recent passport-sized color pictures ID proof of the person who would be operating the account is essential for youngsters under the age of ten. If the kid is able to operate the account independently, the standard procedure will apply Types of State Bank of India Savings Accounts 1) Basic Small Savings Account This savings account is also intended for economically disadvantaged members of society, but it is specifically developed for people who do not have officially valid KYC proof and experience difficulties in obtaining a bank account. 2) Basic Savings Account It is primarily intended to help the weaker parts of society by giving them a choice to begin saving. 3) Savings Account for Minors It is intended to teach youngsters the value of money and savings while also letting them experience purchasing power so that they can learn to handle their finances effectively in the future. 4) Savings Bank Account This is a primary savings bank account that offers general public services such as SMS Banking, Internet Banking, Credit cards, and more. This account must be opened with valid KYC documentation. 5) Savings Plus Account The SBI Multi Option Deposit Scheme provides this account. It uses the customer’s savings or current account to open and link a term deposit account. This fixed deposit has a maturity period of 1 to 5 years. This is done to encourage the practice of investing. A loan against MOD deposit is also available to help consumers better manage their money. 6) Insta Plus KYC Account It may be opened online with simply Aadhaar and PAN (physical) credentials using Video KYC. FAQs Is it possible to open a zero-balance account with SBI? Yes. With a zero balance, you can open an SBI Basic Savings Bank Account. Is it feasible to open multiple savings accounts with SBI? SBI allows you to hold several sorts of accounts (such as savings, current, and so on) while using the same customer ID. All of the accounts will be linked.

Buying an existing property, the seller has to provide the possession certificate of the concerned property to you stating the date of possession. This certificate can be used to include the property in the land revenue records. You can also use this document to get a home loan. In case of any legal dispute concerning the ownership of property, you can use the certificate as evidence. Possession certificate is an important property-related document held by every property owner. The legal possession of the property by the owner is valid only with a possession certificate. Possession certificate contains the details of the possession date of the property; hence it is used to claim one’s right to a particular property. Concerned Tahasildhar issues possession certificate in rural areas and Revenue Divisional Officer (RDO) in urban areas Uses of Possession Certificate To obtain subsidy provided by statement Government For applying for housing loan Documents Required Ration card Income proof Scanned passport-size photo Applying for Possession through MeeSeva Franchise Step 1: Visit your closest MeeSeva Franchise. Step 2: Submit the application form at the franchise in the prescribed format with all the required details. Step 3: Submit all the required documents along with the application form to the MeeSeva Franchise. Step 4: The request will be forwarded to the concerned authority. Step 5: A field visit will be conducted by Tahsildar or RDO. Step 6: Upon the completion of verification, the possession certificate will be issued within 7 working days Applying Online through MeeSeva Online Portal Step 1: Visit MesseSeva’s official website and click on “MeeSeva Online Portal” located at the bottom of the right side of the page (https://ap.meeseva.gov.in/DeptPortal/UserInterface/LoginForm.aspx). Step 2: It will redirect you to a new page where you have to register yourself by clicking on the “New Registration” tab located on the left-hand side of the page. Step 3: Register on the portal by providing the required details and click on the “Submit” button.  Step 4: After registration, log in to the portal by using your login ID and password. Step 5: Select “Possession Certificate” and enter all the details required for the certificate. Step 6: Upload all the necessary documents and submit them. Step 7: This will be followed by a verification process. Step 8: Upon verification, your possession certificate will be issued. FAQs What is a Possession Certificate in Andhra Pradesh? A Possession Certificate is an official document issued by the local revenue authorities in Andhra Pradesh that certifies an individual’s ownership and possession of a particular property or land. Why is a Possession Certificate important? A Possession Certificate is crucial for: Proving ownership and possession of property. Applying for loans or mortgages where property documents are required. Legal disputes related to property ownership.

To form or setup a co-operative society one has to follow certain set rules or guidelines which have to be followed in sequential order which will be dealt in the latter part of this paper, but firstly it is important to ascertain the nature and importance or advantages of forming a society in present scenario over other business structures. The co-operative movement started because to protect the interests of weaker sections of society. The primary or main objective of this movement is ‘how to protect economically weaker sections of society’ from the middlemen who gain illegally by eating away the major chunk of the profits. In all forms of business structures whether be it is a sole trade, partnership or joint stock company, the primary motive is to increase profits. The laws governing the societies are “THE co-operative societies act, 1912” which is a central Act formed by the Union with the liberty to the concerned states to form their State Act governing the societies to suit their local conditions but the condition being that it should not be in derogation to the central Act. Many states have enacted their own co-operative society Act and rules there under but more or less the requirements to be met by persons who want to form the society remains the same. A co-operative society may be governed by the respective state’s Co-operative Societies Act or by the Multi-State Co-operative Societies Act, 2002. The societies whose primary objective is to serve the interests of its members in a particular State are governed by the co-operative societies Act of that specific state. While, a Society whose primary objective is to serve the interests of its members in more than one state, is governed by the Multi-State Co-operative Societies Act of 2002. The National Co-operative Union of India (NCUI) and the National Co-operative Development Corporation (NCDC) are the essential agencies working for the promotion of co-operative movement in India. Types of Co-operative societies Housing Society Producer’s Society Agricultural Marketing Society Consumers Society Co-operative Bank Federal Society Objectives of Co-operative Societies Promotion of cooperative movement. To encourage and promote the growth of co-operative societies. Render services, not for profit. Mutual help, not competition. Self-help, not dependence. Laws Applicable to Co-Operative Society The Cooperative Societies Act, 1912 expanded the sphere of cooperation between its members and provided for supervision by central organization. A cooperative society, which has its object the promotion of the economic interests of its members in accordance with the co-operative principles may be registered with limited or unlimited liability by filing application to the registering authority with requisite documents to be submitted by them Co-operative Societies Act under which the same is registered whether it be under state Act or Cental Act. Co-operative Societies rules made there under whether it be central or state rules Bye-laws approved by the registrar at the time of registration and amendments made from time to time and approved by the registrar, these bye-laws have to be formed by the concerned members themselves and present it to the registration authority for its approval. Notification and Orders by the concerned Government Co-operative Societies under the Income Tax Act As stated in Section 2(19) of the Income Tax Act, 1961, “Co-operative Society” means a co-operative society officially registered under the co-operative societies Act, 1912 (2 of 1912), or under any other declared law for the time being in force in any State for the registration of co-operative societies. According to the Co-operative Societies Act of each State, a Co-operative Society registered within any State under the law of that particular State is not allowed to operate in any other State without the permission and sanction of the Government or Registrar of co-operative societies of that State. In the case of a Multi-State co-operative society, it can work in more than one State as a matter of right, under the Act and the permission of any other State is not required to do its business. Eligibility An individual competent to contract, attained majority and is of sound mind and belongs to a class of persons if any for whom the society is formed as per its bye-laws. A society registered or deemed to be so under the Co-operative Societies Act. The Central Government and any State Government, or the Government of a Union Territory Checklist to Form a Co-operative Society The following are the steps involved in establishing a Co-operative Society under the State Act. The prescribes application duly filled in shall be made to the Registrar of Co-operative Societies. The application should be attached along with four copies of the proposed bye-laws of the co-operative society. All the applicants must be individuals, and the number of applicants shall be above ten. All the applicants should sign the application if the applicants are individuals. If the applicant is a society by itself, then by a member duly authorised by such society. Taxability The co-operative society is a separate entity under the Income Tax Act of 1961. However, it is not explicitly mentioned either in the definition of ‘assessee’ or the ‘person’. One has to look for the provisions of Section 80P which provide tax incentives to co-operative societies to find out whether co-operative society is an ‘assessee’ or not. As per the section, since co-operative societies are explicitly mentioned for the availability of exemption benefit, it can be inferred that co-operative societies are also assessees within the meaning of the Act. Taxpayers should remember that the co-operative societies do not enjoy complete exemption from taxes. They are entitled to certain specified deductions from the total gross income. The total gross income is determined in the same way as in the case of any other assessee. That is, the income is computed under specified heads of income and then aggregated to arrive at Gross Total Income. In the case of a co-operative society, the total income is computed as in the case of any other assessee. From the Gross Total Income, the deductions available under Section 80 are