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Beta testing is an opportunity for real users to use a product in a production environment to uncover any bugs or issues before a general release. Beta testing is the final round of testing before releasing a product to a wide audience. The objective is to uncover as many bugs or usability issues as possible in this controlled setting. What is Beta Testing? Beta testers are “real” users and conduct their testing in a production environment running on the same hardware, networks, etc., as the final release. This also means it’s the first chance for full security and reliability testing because those tests can’t be conducted in a lab or stage environment. Beta tests can either be open or closed. In an open test, anyone can use the product and is usually presented with some messaging that the product is in beta and given a method for submitting feedback. In closed beta, the testing is limited to a specific set of testers, which may be composed of current customers, early adopters, and/or paid beta testers. Sometimes they are conducted by diverting a certain percentage of users to the beta site instead of the current release. Testing can either last for a set period or run until new issues stop being reported and all-important ones have been addressed. The difference between beta testing and alpha testing The primary difference between an alpha test and a beta test is who is doing the testing—alpha tests are typically performed by internal employees in a lab or stage environment, while actual users in a production setting conduct beta tests. The goal of the alpha test is to catch as many issues as possible before the product has any public exposure or usage. A test aims to ensure that real users can complete their tasks, get a wide range of users interacting with the product, and test the product’s scalability, performance, and reliability under real-world usage scenarios. What is the Objective? Beta testing is the best chance to find bugs and usability issues before a product is fully released. While internal testing can uncover many problems, nothing can truly simulate real users trying to complete real tasks. Additionally, beta testing is the first opportunity to test software in an actual production environment versus a lab or stage setting. This ensures the software can perform under real workloads and that speed, storage, and scalability all work as expected. In addition to finding problems, testing is an opportunity to validate hypotheses about how users will use new functionality and ensure the product meets requirements and expectations. While beta testing is not typically a period when new features or functionality is introduced, it can inform any “fast follows” required to satisfy users’ needs fully. Beta testing is also a chance to refine the positioning, marketing, and communication about the product, as these can be tested out against people who are now using it. Another potential objective of testing comes when invitations to the beta are “exclusive.” This is because it’s more relevant for new products than for subsequent releases. However, getting some early-adopting influencers into the beta testing pool can build some buzz and anticipation for the general release. How do Product Managers use Beta Testing? Product managers can tap into the feedback flood of beta testing to collect a host of ideas and suggestions to consider for future releases. In addition, because testers are encouraged (and sometimes incentivized) to provide feedback, they are far more likely to make requests and comments than typical users proactively. Beta testing is also a chance to begin looking at usage behavior and analytics to confirm that users interact with the product as expected or discover unexpected usage patterns. Gathering these learnings before a general release can inform priorities about user education, onboarding, user help, and documentation to make it a smoother experience for the general user base. How to Use the Beta Test Feedback Feedback from testing can also be used as ammunition if there is a dispute over how big a deal a “known issue” might be. For example, if product development was resistant to address something, the input from beta testers can help product management make a stronger case that it should be resolved. Product managers can also run experiments and a/b tests during beta tests, seeing which different prompts, notifications, messaging, layouts, and featured content move the needle and drive the desired behavior. Looking at the performance of the production environment during testing can also contribute to how aggressively the product should be rolled out. For example, if scalability appears to be an issue during the beta test, the rollout can be slowed down to avoid a major outage or performance issues. At the same time, the infrastructure is ramped up for a more significant load. Finally, it can validate that any KPIs or OKRs correlate to the expected behavior. For example, a user completing a particular task may be expected to lead to increased usage or repeat visits. Yet, if the numbers don’t bear that out, those metrics may need to be adjusted or deprioritized. FAQs Why is beta testing important? Beta testing allows developers to receive real-world feedback from users, uncover bugs or issues that may not have been identified during internal testing, and ensure that the product meets user expectations. Who are beta testers? Beta testers are individuals or groups selected to use the software before the official release. They can be internal employees, external users, or a combination of both. What are the different types of beta testing? Closed Beta Testing: Limited group of selected testers. Open Beta Testing: Anyone interested can participate. Private Beta Testing: Limited to a specific group of users. Public Beta Testing: Open to the general public. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit |

The startup scheme of Hindustan Petroleum Corporation Limited (HPCL) is a program which funds the innovators and entrepreneurs to work on innovative projects. Under this start-up scheme, HPCL grants fund for the entrepreneurs who have established proof of concept (POC) for the successful commercialization of innovation. Objectives of the Scheme The objectives of the HPCL start-up fund scheme is given below: To provide fund for the projects in energy and hydrocarbon by promoting the creation of new start-ups and establishing or validating proof of concept (POC) leading to business development. To promote innovators and entrepreneurs or projects have established proof of concept (POC) with commercial potential to eventual commercialization/implementation. Nature of Projects The below-listed project areas are supported under this fund: Any projects that propose a product innovation with significant impact or commercial potential. Any projects with clear technology objectives. Any projects focused on establishing or validating proof-of-concept for an innovative idea. Any projects proposed to reduce uncertainties in technology. Any projects focused on providing the scientific data needed to demonstrate an idea to potential licensors/investors, etc. Any innovative ideas which are relevant to HPCL’s line of business/petroleum industry/future areas of the industry. Note: It does not apply to: basic projects that aim to exhibit scientific principles without technology commercialization objectives. projects without any ideas for promoting commercialization. projects with no element of innovation. projects with ethical severe and Environment Health Safety (EHS) risks. projects which are not similar to the objectives of the Start-up India scheme. projects which have received funding for the same objectives from other companies. projects which are in kind of Research and Development with no potential for commercialization. projects which are not connected to the nature of HPCL business or allied services. Note: Funding under this scheme cannot be used to support PhD student research or any other academic research. Eligibility Criteria Individual- To apply for assistance under this scheme, an individual should possess the following criteria: The individual must be an Indian citizen, including NRIs who are willing to work in projects with innovative technologies. The applicant should be employed or registered as a student with a profit/non-profit academic or research organization.  In such cases, the student has to produce a No Objection Certificate (NOC) from the head of the organization, indicating that the organization allows the applicant to participate in startup scheme and undertake HPCL projects. In case of an employee, the applicant should provide the resignation/relieving/retirement letter as supporting document before final approval of the fund. Company- To apply for startup assistance under this scheme, the company should possess the following criteria: The company must be registered under the Indian Companies Act. The company must be owned and controlled by an Indian citizen. The company should have Research and Development facilities that are functional and adequate to execute the project. If the company does not own a functional laboratory of its own, then it should have plans for incubation with institutions/centres/ organizations with adequate laboratory facilities. Note: If a company has already availed HPCL support, then the company will not be eligible for this support again. Project Lead Every proposal must identify a Project Leader who will take responsibility for the technical and managerial aspects of the project execution. The project leader must satisfy the below-mentioned criteria: The Project Leader should be technically qualified to undertake the project. The Project Leader should have completed a graduate/post-graduate course in engineering/chemistry/biotechnology/sciences. Focus Sector The following are the areas that will be supported under the HPCL Start-up scheme: Alternate Usages of Petroleum Products, Lubes & Base Oils. Automation/Robotics – LPG, Retail, Refineries. Business Analytics, including IOT. Business process/re-engineering software/IT and logistics related development. Cashless payments solution – Retail. Cost Optimization solution – Storage/Logistics/Usage/Packaging. Cross country pipelines security & safety. Customer Loyalty Program Development of a device for cracks/leak detection in pipelines. Gas/liquid leak detection and protection system. Improved Asset Utilization. Innovative scheme for zero effluent in refineries. Innovative storage solution – Energy, Petroleum Products, Lubes, Base Oils. Inventory Management – Petroleum Products, Lubes, Base Oils. Lightweight LPG cylinders with improved safety measures. Low-cost fuel quality monitoring and onsite detection devices. Low-cost Model for Waste to Energy. Low-cost on-site lube condition monitoring techniques. Low-cost process for desalination of sea water. Low-cost synthetic Lube base stocks Polyalpha Olefins (PAOs)/Esters and friction modifiers. Lube Packaging. Manufacturing of biofuels, including Ethanol. Manufacturing of NanoMaterials/Catalysts. Non-fuel business model for Retail Networks/LPG. Portable bio-toilets for Retail Outlets. Replacing the heat source in refineries by renewables. Secured Digital Marketing solution. Significant reduction in emissions. Waste disposal. Other open areas related to the petroleum refining, marketing and alternative energy. Documents Required The following documents are to be furnished at the time of submitting the application form: Copy of letter of commitment from scientific advisors to serve as honorary advisors, if applicable. Copy of letter of intent of key members of the team. Copy of letter of interest/intent from the incubator, if any. Evidence of access to key facilities needed to execute a project. Letter of acceptance or Memorandum of Understanding (MoU) with the incubator, if any. Formal agreements/MoUs with other key facilities/suppliers. Any other due diligence documents if required by HPCL. Application Procedure To apply for the HPCL startup scheme, the applicant has to visit the HPCL Start-up portal and enrol as the new user by filling the new user registration form. After registering into the portal, the applicant has to fill the application form with the required details and then upload all the necessary documents and submit your application online. After submitting the startup application form, you will receive an acknowledgement for further reference. Selection of Beneficiaries Applications that are received under the HPCL Start-up portal will be considered for monitoring, evaluation and selection. The proposal will then be reviewed based on relevance, business potential, deliverables and scalability for shortlisting. Due-diligence of the shortlisted proposals will be carried out along with finalisation, schedules and agreements. The final selected proposals will be intimated to the applicant for further start-up proceedings, including the signing of an agreement with HPCL. Evaluation Criteria Feasibility of the

SMEs, or small and medium-sized enterprises, are defined differently around the world. The country a company operates in provides the specifics on the defined size of an SME. The sizing or categorization of a company as an SME, depending on the country, can be based on a number of characteristics. The traits include annual sales, number of employees, the number of assets owned by the company, market capitalization, or any combination of these features.  What are Small and Medium-sized Enterprises (SMEs)? Small and Medium enterprises (SMEs) are businesses that maintain revenues, assets, or a number of employees below a certain threshold. Each country has its own definition of what constitutes a small and midsize enterprise. Certain size criteria must be met, and occasionally, the industry in which the company operates is taken into account as well. SMEs make up the majority of the businesses operating around the world. Generally, they are independent firms with less than 50 employees. However, the maximum number of employees is different from one country to the next. For most companies, the upper range sits around 250. Some countries dock the total number of employees at 200. Importance of Small and Medium-sized Enterprises 1. Favors flexibility and innovation- Many technological processes and innovations are attributed to small and mid-size enterprises (SMEs). Since large enterprises tend to focus on improving the old products to produce more quantities and obtain general benefits of dimensional economy, such companies are not as flexible as SMEs. In order to be successful, SMEs focus on creating new products or services; hence, they are capable of adapting faster to the changing requirements of the market. SMEs play a vital role in shaping a country’s economy. They can be considered an attractive and huge innovative system. Due to the socially and economically beneficial effects of the SMEs, the sector is considered an area of strategic interest in an economy. 2. Creates a more competitive and healthier economy- Small and medium-sized enterprises stimulate competition for the design of products, prices, and efficiency. Without SMEs, large enterprises would hold a monopoly in almost all the activity areas. 3. Assists big enterprises-Small and medium-sized enterprises help large companies in some areas of operation that they are better able to supply. Hence, SMEs are dissolved immediately; the big enterprises will be forced to be involved in more activities, which may not be efficient for these enterprises. Activities such as supplying raw materials and distributing the finished goods created by big enterprises are developed more efficiently by SMEs. The significance of small and medium-sized enterprises is also recognized by the governments. Hence, they offer regular incentives to SMEs, such as easier access to loans and better tax treatment. What Is the Role of SMEs in an Economy? Though small, SMEs play an important role in an economy. They outnumber large firms, employ vast numbers of people, and are generally entrepreneurial in nature, helping to shape innovation. Small and medium enterprises can exist in almost any industry but are more likely to reside within industries requiring fewer employees and smaller up-front capital investments. Common types of SMEs include legal firms, dental offices, restaurants, and bars. SMEs are segregated from large, multinational companies because they fundamentally operate differently. Large, complex firms may require advanced enterprise resource planning (ERP) systems—for accounting, supply chain management and financial reporting, and interconnectivity across offices around the world—or deeper organizational processes. SMEs, on the other hand, may require fewer systems given their narrower scope of operations What is MSME? MSME stands for Micro, Small, and Medium Enterprises. In accordance with the Micro, Small, and Medium Enterprises Development (MSMED) Act in 2006, the enterprises are classified into two divisions. Manufacturing enterprises – engaged in the manufacturing or production of goods in any industry Service enterprises – engaged in providing or rendering services Difference between micro, small and medium enterprises There are different business enterprises and companies, starting from small neighbourhood outlets or stores to the bigger grocery store chains or franchise stores. These firms employ several people depending on their manpower requirements. To start such business ventures, there is a minimum capital requirement. We see a large number of micro and small business enterprises on a daily basis, ranging from the photocopy shop in the neighbourhood market or the chaat stall that makes an appearance every evening to the small restaurant in the town square and the home decor outlet. The government has recently redefined MSMEs by raising the investment limit cap, adding an additional turnover criterion, and removing existing differences between the manufacturing and services enterprises. As per the latest revision, all those units or businesses with an investment of over Rs 10 crore but less than Rs 50 crore and a turnover of Rs 50 crore to Rs 250 crore are categorised as medium enterprises. Those firms with up to Rs 1 crore-Rs 10 crore investment and a turnover of over Rs 5 crore, but under Rs 50 crore are termed small enterprises. Lastly, those companies with up to Rs 1 crore investment and a turnover of less than Rs 5 crore are defined as micro-enterprises. Key differences: Micro, small and medium enterprises Composite Criteria: Investment in Plant & Machinery/equipment and Annual Turnover [1] Classification Micro Small Medium Manufacturing Enterprises and Enterprises rendering Services Investment in Plant and Machinery or Equipment:Not more than Rs 1 crore and Annual Turnover not more than Rs 5 crore Investment in Plant and Machinery or Equipment:Not more than Rs 10 crore and Annual Turnover not more than Rs 50 crore Investment in Plant and Machinery or Equipment:Not more than Rs 50 crore and Annual Turnover; not more than Rs 250 crore Frequently Asked Questions What is meant by MSME? MSME stands for Micro, Small, and Medium Enterprises. It was introduced by the Government of India in agreement with the MSMED (Micro, Small, and Medium Enterprises Development) Act of 2006. As per this act, MSMEs are the enterprises involved in the processing, production, and preservation of goods and commodities. What is the MSME limit? Investment limit for Micro Enterprises:

The Concept of Trademarking is not new to the society. A lot of us might have commonly heard the word Trademark. However, usually, when we come across terms like Collective marks or Certification Marks, we get confused. Are these terms similar to each other? Are there more alternatives available to Trademark? Are these genesis of Trademark or Are they a separate category? Well, a certification mark is used for a different purpose than a traditional trademark. Although certification marks aren’t as common as traditional trademarks, they are still as important for organizations, businesses, and associations as traditional trademarks. Today, we are surrounded by various logos and marks which instantly make us resemble the product or the service they belong to. Be it a half-bitten apple (Apple), a black tick (Nike), a lady in a green circle (Starbucks), or a big yellow colored ‘M’ (McDonald’s). A lot of you might have resonated with these brands through their logos.  Trademark A trademark is considered a type of intellectual property. It consists of a recognizable design, sign, or any such expression that makes it easy to identify the brand, goods, or services associated with the mark. Certification Trademark Certification trademarks are such marks that generally certify certain characteristics of the nature of the services or goods. Such marks are certified to the proprietor of such mark in respect of; Origin of Mark, The authenticity of the claimed quality of the product, The material used in the products, Mode of manufacture of goods, Performance of services,  Quality of products and services, Accuracy, Other characteristics of goods or services  Examples of Certification Trademarks in India AGMARK– Inspection seal that ensures quality for agricultural products, BIS- Provides assurance of any product’s reliability, quality, and safety to the consumers, WOOLMARK- Certifies that products are made from 100% wool,  ORGANIC INDIA- Certifiesmethod/mode of manufacturing, and  ISI Mark- Ensures that products meet a set of standards provided by the Bureau of Indian Standards Usage of Trademark and Certification Trademark Trademarks: A trademark identifies the owner of the brand and distinguishes the particular product or service from others similar in nature. Trademarks are used to establish ownership of the brand with the help of some marks, signs, expressions, logos, symbols, sounds, and a group of marks, color combinations, or a set of combinations.  The unauthorized use of trademarks by trading in a counterfeit name for products and goods is known as brand piracy. Therefore, registered trademarks help the owners by safeguarding their rights.  Certification Trademarks: The sole purpose of certification trademarks is for indicating that the necessary standards of the mark have been met. Proprietors provide the consumers of their products with a certain set of promises regarding the authenticity of the quality of the product, accuracy, the material used in it, etc. In such cases, certification of marks helps the proprietor to that they are providing quality products to the consumers.  The similarity between Trademark and Certification Trademark Trademarks are intellectual property that consists of designs, signs, expressions, or any other distinguishing factors for identifying differences between the origin of products and services.  Trademarks in India are protected under the Trademarks Act 1999. Trademarks are generally classified into four categories according to their nature and description of the services and products.  These four categories are; Classification Mark,  Collective Mark,  Well Known Mark, and  Non-Conventional Marks A certification Trademark is a mark that certifies the material, origin, accuracy, quality, performance, and other characteristics of goods or services. Conclusively, if authenticity and origin are considered as genus then trademark and certification trademark can be considered their species, i.e. same thing used for different purposes.  How to choose between a Trademark and a Certification Mark? Certification marks must opt for if an owner wants to assure that the brand meets the standards that it claims.And regular trademark registration is a better choice for easy administration and flexibility in using the mark Benefits of Certification Trademark Consumers often want assurance that the products and services they are using meet desired standards. To assure that this desired demand is fulfilled, the companies in the market get a certification mark.  This works as proof of quality for the products. It also satisfies and builds the trust of consumers in the brand. Benefits of a Trademark Complete control over the mark, Safeguard from counterfeit attacks or possible theft of brand recognition, Familiarity with the concept among consumers, Less paperwork, Worldwide recognition Trademark and Certification Trademark Differences Usage: A certification mark does not indicate the source of the products or services. It also does not distinguish between the goods and services of one brand from the goods and services of another producer. However, a traditional trademark describes the source of goods and services of one party from other that are similar. Purpose: A certification mark provides a description of the quality and nature of goods and services, while regular trademarks describe the origin and details of the brand that produces the goods and services. FAQs How is a trademark recognized? A trademark may be recognized by the packaging, voucher, or label, or may be located on the product itself. Why is a trademark required? In the market, there are several similar products and services which creates confusion among consumers. This is where owning a trademark comes to the rescue. A mark helps the service providers in distinguishing their products from others and it saves the consumers from any confusion among the similar products available to them. What is a composite certification mark? These types of certification marks include a service mark or trademark. It is only used for signifying that the products or services meet certain standards.  Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration

A unique selling point (USP), also called a unique selling proposition, is the essence of what makes your product or service better than competitors. In online marketing, communicating your USP clearly and quickly is one of the keys to getting potential customers to convert on your site. What is unique selling point (USP)? A unique selling point (USP), also called a unique selling proposition, is a marketing statement that differentiates a product or brand from its competitors. A USP might boast the lowest cost, the highest quality, the most experience, the first in its product class or another trait that sets the offering apart from the competition. A unique selling point can be thought of as “what you have that competitors don’t.”  Why are unique selling points important? A unique selling point defines your company’s unique position in the marketplace, getting at the heart of your business: the value you offer and the problem you solve. A strong USP clearly articulates a specific benefit – one that other competitors don’t offer – that makes you stand out. If all the products appear to be the same, your prospective customers won’t know which one is right for them. Being clear about your unique selling proposition helps them differentiate between the variety of choices available to them. It is a crucial part of effective selling, otherwise all your marketing efforts will go unnoticed and blend in, especially online with so many options. A USP can also serve an important role internally, as it forces you to consider your company’s mission and its very reason for being. A successful business often determines which of their key competitive differentiators are clear. As a business owner, you need to consider and communicate who your business is for, what drives you to offer the services you offer, and how you want to make impact in the target market. Your USP is your key differentiator and the reason your customer will buy from you and an important part of your marketing strategy for attracting new customers. Examples or good unique selling points Toms Shoes is a shoe manufacturer. Again, there is nothing especially unique about that. But Toms Shoes’ unique selling point is that for every pair of shoes a customer purchases, the company donates a pair to a child in need. Toms Shoes helps put shoes on needy children’s feet; this is a strong unique selling proposition. Nike is yet another company known for selling shoes. Yet they are differentiated from Toms because they focus primarily on athletic shoes with prominent sponsorships with star athletes. Their USP is that they provide the best quality shoes for athletes and fitness in general. Those are just a few examples of unique selling propositions. USPs are by their nature unique to each business, but roughly fall into three major categories: Quality – Superior materials or ingredients, superior craftsmanship, proprietary manufacturing methods, one of a kind Price – The lowest price guaranteed, price matching, free shipping, bulk discounts, special offers Services – Easy returns, personalization, great customer service or even advice and a curated selection of products and goods Unique selling points differences per industry Depending on the type of products or services your company is trying to sell, different selling points may be relevant. For example, if you’re and entrepreneur selling clothing goods as a retailer, you might find different selling points appeal to customers than if you’re a small business selling consulting services. Here are some templates you can follow: For retail, typically customers are looking for unique selling points around products and services. You can add value to existing products as well, if you’re not producing them yourself. Are your goods unique to your store, or is your selection hand-curated. An example of the latter could be products that are very durable or environmentally friendly, customers would seek out your store for that guarantee. Do you offer any services other retails don’t, like payment plans or free returns If you’re reselling goods, can your goods be personalized or made unique For Manufacturing and Wholesale companies, it can be hard to find a competitive advantage when most companies compete on price. It’s important to be entrepreneurial and offer compelling usps to set your company apart. Are you offering faster shipping or securities (like insurance) Special bulk or tiered pricing for purchasing commitments Do you have stock of products that are hard to come by otherwise, like local distribution or EOL (end of life) products Services might find different reasons appeal to customers all together. It can be hard to adapt your business model to feature more unique selling points, but that’s all the more reason to focus on them to set yourself apart from the pack. Focus on high-quality services, maybe your company can differentiate itself in quality of services delivered Address common pain points customers might be dealing with, for example a travel agency might add car rentals on top of their flight and hotel offerings to save customers a step when planning a trip How to communicate your unique selling point There are many ways a company can communicate their USP to their customers and prospects. A few commonly employed methods include: Advertising – Traditional media advertising and brand marketing campaigns can be a good way for a new business to get their brand in front of their target audience and communicate their USP. Social Media – Social media is a large driver of brand awareness for many companies. Having a strong presence on social networks and working with social media influencers can be a way for companies to communicate their USP. Content Marketing – Creating interesting or viral content that also talks about how and why a company is different from the competition can be a good way to communicate USPs. Digital Marketing – For an online store or digital business, the USP is often presented as the tagline of a webpage or as a bulleted list on a product page. Search Marketing – Improving a website’s SEO and

RTO No objection Certificate (NOC) is an official document issued by the local Regional Transport Office (RTO) to allow re-registration of the vehicle with another RTO in a different state. Also, it is a document certifying that there are no pending dues of tax on the concerned vehicle. Travelling to another state for less than three months and planning to take your vehicle with you, you are not required to obtain an NOC. As per the regulations, you are required to apply for a change of address and re-registration when you are going to another state for over a year. The application for change of address and re-registration needs an NOC from the local R.T.O where you got your vehicle registered. Purpose of Obtaining NOC As per the Motor Vehicle Act, the owner of a vehicle must obtain NOC if he or she desires to remove or sell his/her vehicle to the other state. However, an application for change of address and registration needs a NOC from the local RTO where you got your vehicle registered.  Service Charge The prescribed fee of Rs.50/- for all class of vehicle will be charged in the issuance of NOC. Documents Required The following are the documents to be furnished along with the application form: Copy of Police certificate from NCRB Copy of Registration certificate Copy of Insurance certificate Valid tax details Offline Application Procedure for NOC The No Objection Certificate (NOC) can be obtained using the form no. 28 that the applicant needs to fill with the required details and submit at the Regional Transport Office (RTO) along with the documents required to issue NOC. Once the application form is submitted will be checked by the concerned authority of the RTO in order to obtain the report of the vehicle from the police authority to verify that the vehicle is involved under any criminal case or stolen. On verification, if there is no DSA cases pending or outstanding dues against the vehicle, then the receipt of clearance can be obtained, and No Objection Certificate (NOC) is issued. Online Application Procedure for NOC Step 1: The applicant needs to access the official portal of Ministry of Road Transport & Highways.  Step 2: Select the state from the list of states as given below. Step 3: Click on “Apply Online” and select “Services on Driving Licence” to apply for NOC. Step 4: Now, read the following instructions carefully and click on the “Continue” button to move further. Step 5: Enter the details of the driving license, date of birth and click on the “Go” button. Step 6: The applicant name with other details are displayed and then select the respective state and RTO and click on the “Proceed” button.  Step 7: On the next page, details of the driving license is displayed to verify the details shown and click on the “Confirm” button to proceed. Step 8: Issue of NOC page is displayed, select the required service and click on the “Proceed” button, then data accepted successfully message will be shown. Step 9: Enter the captcha as same and click on the “Submit” button. Step 10: The acknowledgement form will be created with the applicant details and the service requested and clicked on the “Proceed” button. Upload Documents  Step 11: To upload the documents required, click on the “Upload Documents” button and press “Next” button. Step 12: To continue with uploading the documents click on the “Ok” button. Step 13: Select the respective address proof from the documents list, upload the same and click on the “Submit” button. Step 14: On the next level, select the age proof from the documents listed, upload the same and click on the “Confirm” Step 15: Select the “Form-1” for uploading and click on the “Upload” button to confirm. Click on the “Next” button to proceed. button. Upload Photo and Signature  Step 16: Under this step, click on “Upload Photo and Signature” button to upload the photo and signature and click on the “Next” button.  Step 17: Read the below-listed instructions carefully for the size of the photo and signature and click on “Upload and View files” button. Step 18: On uploading the “Photo and signature” successfully, the message will be displayed and then click on the “Next” button. Payment of Fee Step 19: Select the “Fee Payment” and click on “Next” Step 20: Now, read the below-listed instructed carefully and “click here to continue e-payment” for the continuation of the payment process. button to pay the prescribed fee. Step 21: Calculate the fee in the application fee window and select the bank or gateway by providing captcha. Step 22: Click on “Pay Now” for continuing the payment process. Step 23: On the next screen/page, verify all the details and click on “Proceed for payment” for the continuation of the payment process. Step 24: Click on the “Continue” button to log in to the bank gateway for the continuation of the payment process. Step 25: On successful payment, the acknowledgement message for payment successful will be displayed. Step 26: Click on the “Print Receipt” button to generate payment receipt, and then the payment receipt will be generated and verify the details given in the payment receipt. Step 27: On approval of your application, the No Objection Certificate (NOC) will be provided in thirty days from the day of receipt application. Validity of NOC No Objection Certificate (NOC) is valid for a period of six months within which the owner of the vehicle must initiate the process of re-registration.  Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases |

The full form of ESOP is “Employee Stock Ownership Plan”. Employee compensation has progressed beyond the basic wage package provided by businesses. Employees are now given much more than just pay stubs; one such benefit is the Employee Stock Ownership Plan (ESOP). An Employee Stock Ownership Plan (ESOP) refers to an employee benefit plan that gives the employees an ownership stake in the company. The employer allocates a certain percentage of the company’s stock shares to each eligible employee at no upfront cost. The distribution of shares may be based on the employee’s pay scale, terms of service, or some other basis of allocation. What is ESOP? An ESOP (Employee stock ownership plan) refers to an employee benefit plan which offers employees an ownership interest in the organisation. Employee stock ownership plans are issued as direct stock, profit-sharing plans or bonuses, and the employer has the sole discretion in deciding who could avail of these options. However, employee stock ownership plans are just options that could be purchased at a specified price before the exercise date. There are defined rules and regulations laid out in the Companies Rules that employers need to follow for granting employee stock ownership plans to their employees. Why Company offers ESOPs to their employees? Organisations often use Employee stock ownership plans as a tool for attracting and retaining high-quality employees. Organisations usually distribute the stocks in a phased manner. For instance, a company might grant its employees the stocks at the close of the financial year, thereby offering its employees an incentive for remaining with the organization for receiving that grant. Companies offering ESOPs have long-term objectives. Not only do companies wish to retain employees for the long term, but also intend to make them the stakeholders of their company. Most of the IT companies have alarming attrition rates, and ESOPs could help them bring down such heavy attrition Start-ups offer stocks for attracting talent. Often such organisations are cash-strapped and are unable to offer handsome salaries. But by offering a stake in their organisation, they make their compensation package competitive. ESOPs from an employee’s perspective With ESOPs, an employee gets the benefit of acquiring the shares of the company at the nominal rate, and selling them (after a defined tenure set by his employer) and making a profit. There are several success stories of an employee raking in riches together with founders of the companies. A very notable example is Google when it went public. Its founders Sergey Brin and Larry Page became the richest persons in the world, even the stock-holder employees earned millions too. How does an Employee Stock Ownership Plan (ESOP) work? An organisation grants ESOPs to its employees for buying a specified number of shares of the company at a defined price after the option period (a certain number of years). Before an employee could exercise his option, he needs to go through the pre-defined vesting period which implies that the employee has to work for the organisation until a part or the entire stock options could be exercised. Employees can use their ESOPs to purchase business stock at allowed prices that are lower than the market value. Employees can also sell shares purchased through ESOPs and profit from their investments. If an employee leaves or retires before the vesting term, the corporation must purchase back the ESOP at fair market value within 60 days. Cost of ESOPs and Distributions Legal fees, accounting fees, and administrative expenditures may be included in the initial costs of an Employee Stock Ownership Plan (ESOP) in India. The cost of establishing and sustaining an ESOP varies according to the plan’s size and complexity. Furthermore, ESOP distributions in India may occur in a variety of ways. When an employee exercises their stock option to obtain shares, they have the option of selling them immediately or storing them for future appreciation. If the employee decides to sell the shares, the proceeds, less any taxes due on the gain, will be sent to them. If the employee agrees to keep the shares, they will own a piece of the company and may be eligible for dividends or capital gains if the stock price rises. ESOP Taxation ESOPs have dual tax effects: When an employee exercises their rights and purchases company stock When the employee sells the stock after purchasing it Let’s take a closer look at these examples: Tax treatment at the time of buying the shares Employees can purchase shares after the vesting date at a price less than the share’s Fair Market Value (FMV) on that date. As a result, the difference between the FMV and the exercise price of the share is considered a pre-condition in the employee’s hands and taxed at his income tax slab rate. However, in the case of new businesses, the government has softened the tax implications of ESOPs. Employees at the start-up would not have to pay the tax on the perk in the year in which they exercised the ESOP. TDS on ESOPs would be delayed until the sooner of the following dates: Five years from the date of the ESOP grant When does the employee sell the ESOP? Date of departure from the company Tax treatment at the time of selling the shares If the employee sells the shares, the difference between the selling price and the FMV on the date the share was exercised is taxable as capital gains. If you sell your shares within a year of buying them, you will have to pay a 10% tax on any profits over Rs.1 lakh. If the shares are sold within 12 months, the profits are taxed at 15%. Taxation of foreign ESOPs in India is also similar, and you would be taxed in India on the perquisites earned from a foreign company.  Benefits of ESOPs for the employers Stock options are provided by an organization as a motivation to its employees. As the employees would benefit when the company’s share prices soar, it would be an incentive for the

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Wealth is one of the measures of financial success. High-net-worth individuals (HNIs) are wealthy individuals occupying financially privileged positions in society. In India, HNIs are those with investable assets of over Rs. 5 crore.  HNIs need to invest and must have a long-term vision. Most HNIs are owners of big companies who are in positions of CEO, chairpersons, CTO, etc. Such wealthy individuals must be cautious and incorporate proper financial planning to keep up with their expensive lifestyle and ensure to preserve their capital.  That is why many private banks, financial advisors and firms play an important role in providing specialised services to help HNIs achieve their desired financial objectives. Types of HNIs in India High net worth individuals (HNIs) are classified into three categories based on their total net worth. The three types of high-net-worth individuals are: High Net Worth Individuals (HNWIs): Individual investors holding liquid assets of up to Rs. 5 crore fall under this category. Very High Net Worth Individuals (VHNWIs): Individual investors with a net worth between Rs. 5 crore and Rs. 25 crore are considered very high-net-worth individuals. Ultra High Net Worth Individuals (UHNWIs): Individual investors with a net worth above Rs. 25 crore are considered ultra-high-net-worth individuals. For Initial Public Offerings (IPOs), the Securities and Exchange Board of India (SEBI) has further categorised NIIs (HNIs) into two different categories based on the amount they are willing to invest. The two different types of NIIs are: Small NII: High net worth individual investors investing anywhere between Rs. 2 lakh to Rs. 10 lakh are categorised under this category. Big NII: individual investors investing more than Rs. 10 lakh are considered big NIIs. Who Are High Net Worth Individuals (HNIs)? A high net-worth individual (HNI) falls under the category of investors in the Indian stock market.  Individual investors exceeding its net worth value of Rs. 5 crore are categorised under high-net-worth individuals in India. These individuals are mostly business owners, corporate executives, entrepreneurs and more.  In the IPO application category, SEBI defines anyone investing an amount over Rs. 2 lakh as an HNI. Furthermore, there is a subcategory of investors bidding between Rs. 2 lakh and Rs. 10 lakh with one-third reservation of the HNI portion. The large HNIs are those investing above Rs. 10 lakh, and they have two-thirds reservation of the HNI portion.  In most cases, private wealth managers prefer working with high-net-worth individuals because of the complexity of managing wealth. HNIs demand personalised services in estate planning, planning of taxes and other financial areas. It is important to note though that the exact threshold for HNWIs varies across countries and financial institutions.  Countries with the Most High-Net-Worth Individuals As per several studies and reports, the countries with the most high net-worth individuals are the United States, Japan, China and Germany. The USA comprises the highest number of HNWIs in the world, with approximately 18 million individuals. China ranks second with approximately 4.4 million high-net-worth individuals. On the other hand, Japan constitutes around 3 million NHWIs and Germany around 1.5 million approximately.  In India, there were 7,97,714 HNI individuals with assets of over USD 1 million in 2022. The number is expected to grow considerably in the next few years.  The number of net-worth individuals varies depending on factors such as income inequality, economic growth, opportunities for investment and financial conditions. However, the distribution of HNWIs is likely to change in the upcoming years with the change in these factors over time.  What Are the Investment Options for HNIs in India? Alternative Investment: Alternative investments have become a popular option among HNIs in India. There exist numerous reasons behind this. By opting for alternative investments like private equity, fractional real estate and P2P lending, HNIs can diversify their portfolio with assets which have a low correlation to typical options like stocks and bonds. Individual investors also can earn high returns from these investments. Both skilled and professional fund managers possessing a clear understanding of the financial needs of NHIs manage these funds. If you are new and looking for the right AIF option, you should consult a financial planner first.  Portfolio Management Scheme: This is an ideal investment option to consider for HNIs. The minimum investment required here is Rs. 50 lakh. PMS schemes provide a great deal of flexibility to HNI investors. They can personalise the scheme according to their requirements. For instance, individuals can opt for concentrated bets and choose a fund manager to assist them in investing in a particular sector or region. At the same time, investors must also remain aware of the higher risks associated with these funds and decide to invest accordingly.  Market Linked Debentures (MLDs): Market Linked Debentures generally follow benchmark indices such as the gold index, equity index, G Sec yields, etc. Investors gain exposure to various market segments and avoid the risks of direct exposure to any asset. HNIs can choose this investment option especially when the market is volatile or when investors expect the market to be volatile shortly. Real Estate Funds/Commercial Real Estate: Many HNIs invest in the real estate sector for portfolio diversification. Other than directly purchasing real estate, HNIs can invest in REIT (Real Investment Investment Trusts) to invest in multiple projects. They can also invest in commercial real estate through various alternative funds. Commercial real estate is capable of delivering higher returns than residential real estate. Commercial real estate considers not only office spaces but also warehouses and shopping centres. Interested HNIs can also invest in serviced apartments or co-living spaces.  Angel Investing/Unlisted Equity: HNIs can also consider investing in start-up companies, commonly referred to as Angel investing. It would be even better if HNIs could diversify their angel investments across 8-10 companies to successfully manage high risks. HNIs can also provide support to some entrepreneurs with inputs and contact.  What Are the Key Challenges Faced by HNIs? Market Risk: HNIs investment in some market-linked investment options stays highly sensitive to price movements and volatility. Investors face a high risk of losses because of investment in risky options like hedge funds, and structured products that are more influenced by market fluctuations. Liquidity Risk: When

Revenue run rate, or sales run rate, is a financial metric that projects current revenue in a given period over a future period of time to give businesses a baseline understanding of future earnings. Companies can use weekly, monthly, or quarterly revenue data to extrapolate their annual income and inform strategic planning. What is Revenue Run Rate? Revenue Run Rate is an indicator of financial performance that takes a company’s current revenue in a certain period (a week, month, quarter, etc.) and converts it to an annual figure to get the full-year equivalent.  This metric is often used by rapidly growing companies, as data that’s even a few months old can understate the current size of the company. Another term for this is the Sales Run Rate. In general, the run rate uses the current financial information, such as present sales and present revenue, to forecast performance. As it extrapolates the current financial information and performance there is an implied assumption that the present financial environment will not change significantly in the future. Revenue Run Rate Formula Run Rate = Revenue in Period  /  # of Days in Period  x  365 The Revenue Run Rate takes information on present financial performance and extends it over a longer time period. Consider the following example: Company XYZ generates revenue of $5 million in the first quarter of 2017. The company’s president wants to find out how much revenue his company is likely to generate for the rest of the year if conditions don’t change. He can use the Revenue Run Rate for this purpose. In this case, Company XYZ is operating at a Revenue Run Rate of $20 million a year. When a company uses the data currently available to make projections about future financial performance for the whole year, the company is said to annualize the data. The above example is a case of the annualization of data. The benefits of calculating run rate Estimated earnings- Run rate calculations are an easy and fast method for gauging your company’s current and future financial health, assuming that sales continue along the same trajectory.  Estimate future growth- Having an idea of your company’s annual revenue run rate helps you predict your future cash flow needs.  Project future savings-You can use the revenue run rate to predict how well you expect to do for the following year. For instance, you can determine how much you will save and whether you can afford to make capital improvements or purchase new manufacturing equipment.  Make smart budgeting decisions- Understanding your revenue run rate helps you allocate a budget where necessary. For instance, if your revenue run rate predictions fall short of the past years, you can find ways to minimize expenses and boost sales.  Manage inventory – Accurate run rate calculations can help you manage your inventory better by ensuring you don’t overstock or run out of merchandise every other month.  Provides a benchmark for your company- You can use the revenue run rate benchmark to track your company’s progress and compare it to SaaS averages. Why Do Companies Use Revenue Run Rate? Revenue Run Rate can be a very helpful indicator of financial performance for a young company that has only been in business for a short period of time. Revenue Run Rate can be an especially powerful tool if the company is relatively sure that the financial environment won’t change drastically. The Risk of Using the Revenue Run Rate 1 Changes in the environment- The Revenue Run Rate, like all Run Rate figures, makes the critical and often unrealistic assumption that the financial environment will remain relatively unchanged in the future. The modern financial market is extremely unpredictable and fickle and making financial decisions solely on the basis of Run Rate type figures would be extremely foolish. 2 Seasonality- In addition, even if we discount the threat of sudden changes to the financial environment, the Revenue Run Rate and other Run Rate type figures can be very deceiving. Consider the case of seasonal industries. Retailers experience a massive rise in both Revenue and Profits in the month of December due to the winter holiday season. If retailers such as Walmart and Target use the revenue and profit figures from this period to construct Revenue Run Rates or Profit Run Rates, then their estimates would be greatly inflated. On the other hand, if they calculated their Revenue Run Rate during a slower season of the year, not factoring in the Christmas rush would produce deceptively low figures. 3 Changes in company performance- Revenue Run Rate and other run rate type figures are usually constructed based on the most recent available data and often do not account for events that could have caused a change in the financial performance of the company at a specific point in time. For example, technology firms such as Microsoft, Sony, and Apple tend to experience a rise in sales and revenue whenever they release a new product. How Revenue Run Rate and Annual Recurring Revenue (ARR) Are Different Since the revenue run rate is an annualized revenue projection, it is often confused with the annual recurring revenue (ARR). But they are different metrics. The annual recurring revenue (ARR) is the total annual contract value (ACV) of subscriptions in a SaaS business. In other words, it only accounts for revenue you can reasonably assume due to customer contracts. ARR is more commonly used than revenue run rate since it is a more stable predictor of revenue. However, ARR can’t show the complete picture of your revenue since it excludes one-time purchases and fees. So it is usually only used by companies with a subscription model. Businesses often use ARR to show growth rate over time by comparing each year’s recurring revenue.   What It Is Why Use It Business Type Revenue Run Rate Annual revenue based bookings from subscription sales. Projecting future revenue for non-annual contracts or non-subscription revenue streams. Any business and business model can use the revenue run rate metric. Annual Recurring Revenue Annual revenue based bookings from subscription sales. Gauging the top-line health of