Business

The attestation of a Chartered Accountant on a certificate or any such document is of immense value since it usually signifies that the Chartered Accountant, in his professional opinion, has ensured that there is no misrepresentation by the entity issuing/submitting such a document. A prime example of this being an audit report issued by the auditor in respect of the financial statements of an entity stating the financial statements reflect a true and fair view of the state of affairs of the entity. It is because of this attestation or signature made by the Chartered Accountant that the investors and other stakeholders can rely on the performance of an entity. What is CA Certification Service? “Certificate” is an official document which attests a fact. Certificate can be needed to attest any basic fact such as Date of Birth, Marriage, Death etc. or it can be required to attest any critical facts like Medical status of a person, Financial figures, Achievement in any course or training etc. Every section of the society including individuals, partnerships, corporate entities, or business entities has an indispensable need of certification from Chartered Accountants under various statutes, rules, regulations, procedure in India and abroad. This is considered to be one of the most comprehensive and essential services rendered. Certification and Attestation can be carried out under various categories and there is no exhaustive list for that. However, following are few common areas where certificate from Chartered Accountant is mandatory : Certification under the Income Tax Act 1961 Certificate under GST Law Certificate under Company Law Certification for LIC, passport, credit card, etc Documents for banking related requirement Net worth Certification Attestation and certification under various other laws Apart from statutes, certificates from Chartered Accountants can be required by various other persons to authenticate correctness of facts such as Turnover certificate required in government tenders. What are some popularly Issued certificates by a CA? Following certificates are popularly issued: 1. Certificates which are issued on the basis of financial statements and books of accounts namely: Capital Contribution Certificate Gross Turnover Certificate Sundry Debtors Certificate Closing Stock Certificate Statutory Liabilities Certificate 2. Certificates which forms the basis of statutory records mandatory to be maintained under several laws such as the Companies Act 2013 3. Certificates under the ambit of merger and demerger Fair Value Certificate for Shares Buy-Back of Shares Allotment of Shares Transfer of Shares from Resident to Non-Resident and Vice Versa. 4. Form 15 CB is the certification issued under Income Tax Act, 1961 to determine liability of payer to deduct on TDS on payment made to non-residents.  5. Net worth Certificate. The major purpose of issuing this certificate being: For Bank Finances For Bank Guarantees Issuance for Visa Student Study Loan Some governmental tenders 6. Section 92 of the Income Tax Act 1961, requires a certification to determine arm’s length price of underlying transaction 7. Fund utilization or Grant utilization certificates are also required by the following clients: Non Governmental organizations Statutory bodies Autonomous bodies Charitable organizations 8. Deductions claimed under section 80IA, 80IB, 10A or 10B of the Income tax Act 1961 also requires certification to ensure that the concerned person complies with other requirements of statute Claim for refund under GST Act or other Indirect tax laws can be done only after it is certified by a chartered accountant. Exchange Control Legislation requires a certification for imports, ECB, EOU, DGFT, remittances, etc. Companies planning for initial public issue needs several certificates. Privilege and limitation certificates described under different laws and regulations. Transfer Pricing certificate. Certificate for different exemptions under federal tax regulations. 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 | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice  Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon

A comprehensive guide to Class 29 of the Trademark Filing Classification. Trademarks must be applied or registered under classes and each class represents a distinct class of goods or services. In this post, we comprehensively cover the goods which fall under Class 29 of trademark classification. Trademark Class 29 Trademark Class 29 pertains to meat, fish, poultry and game; meat extracts; preserved, frozen, dried and cooked fruits and vegetables; jellies, jams, compotes; eggs; milk and milk products; edible oils and fats. The following goods are also classified under Class 29: Milk beverages (milk predominating). Therefore, Trademark Class 29 includes mainly foodstuffs of animal origin as well as vegetables and other horticultural comestible products which are prepared for consumption or conservation. The following goods must NOT be classified under Class 29: Certain foodstuffs of plant origin; Baby food; Dietetic food and substances adapted for medical use; Dietary supplements; Salad dressings; Fertilised eggs for hatching; Foodstuffs for animals; Live animals. Comprehensive list of goods classified under Trademark Class 29 ajvar [preserved peppers] albumen for culinary purposes albumin milk / protein milk alginates for culinary purposes almonds, ground aloe vera prepared for human consumption anchovy animal marrow for food apple purée artichokes, preserved aubergine paste / eggplant paste bacon beans, preserved edible birds’ nests black pudding [blood sausage] / black pudding / blood sausage bone oil, edible preparations for making bouillon broth / bouillon broth concentrates / bouillon concentrates butter buttercream caviar charcuterie cheese chocolate nut butter / cocoa butter clams, not live coconut butter coconut, desiccated coconut fat coconut oil compotes condensed milk cranberry sauce [compote] crayfish, not live cream [dairy products] croquettes crustaceans, not live crystallized fruits / frosted fruits curd dates non-alcoholic eggnog eggs* fat-containing mixtures for bread slices edible fats fatty substances for the manufacture of edible fats fish fillets fish, not live fish, preserved fish, tinned [canned (Am.)] fish meal for human consumption fish mousses fish roe, prepared foods made from fish fruit, preserved fruit, stewed fruit jellies fruit pulp fruit salads fruit peel fruit chips fruit preserved in alcohol fruit-based snack food frozen fruits fruits, tinned [canned (Am.)] game, not live preserved garlic gelatine* gherkins ginger jam ham herrings, not live hummus [chickpea paste] isinglass for food jams jellies for food kephir [milk beverage] / kefir [milk beverage] kimchi [fermented vegetable dish] kumys [kumyss] [milk beverage] / koumiss [kumiss] [milk beverage] lard lecithin for culinary purposes lentils, preserved linseed oil for culinary purposes / flaxseed oil for culinary purposes liver pâté / liver pastes liver lobsters, not live low-fat potato chips maize oil / corn oil margarine marmalade meat meat jellies meat extracts meat, preserved meat, tinned [canned (Am.)] milk milk beverages, milk predominating milk products milk shakes milk ferments for culinary purposes milk of almonds for culinary purposes mushrooms, preserved mussels, not live nuts, prepared edible oils olive oil for food olives, preserved onions, preserved oysters, not live palm kernel oil for food palm oil for food peanut butter peanut milk for culinary purposes peanuts, prepared peas, preserved pectin for culinary purposes piccalilli pickles pollen prepared as foodstuff pork potato crisps / potato chips potato fritters potato flakes poultry, not live powdered eggs prawns, not live prostokvasha [soured milk]] raisins rape oil for food / colza oil for food rennet rice milk [milk substitute] ryazhenka [fermented baked milk] salmon, not live salted meats salted fish sardines, not live sauerkraut sausages sausages in batter sea-cucumbers, not live seaweed extracts for food seeds, prepared sesame oil shellfish, not live shrimps, not live silkworm chrysalis, for human consumption smetana [sour cream] snail eggs for consumption preparations for making soup soups soya beans, preserved, for food soya milk [milk substitute] spiny lobsters, not live suet for food sunflower oil for food sunflower seeds, prepared tahini [sesame seed paste] toasted laver tofu tomato purée tomato juice for cooking tomato paste tripe truffles, preserved tuna, not live vegetable soup preparations vegetable juices for cooking vegetable salads vegetable mousses vegetable marrow paste vegetables, preserved vegetables, cooked vegetables, dried vegetables, tinned [canned (Am.)] whey whipped cream white of eggs yoghurt / yogurt yolk of eggs FAQs Q.Can I register a trademark for a specific type of food product in Class 29? Yes, you can register a trademark for specific goods within Class 29, provided they meet the criteria for trademark registration. Q.What products fall under Class 29? Products in this class include meat, fish, poultry, eggs, milk, and various dairy products, as well as preserved, dried, and cooked fruits and vegetables. Q.Can I lose my trademark rights in Class 29? Yes, trademark rights can be lost through non-use, abandonment, or failure to enforce the mark against infringing uses. 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 | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice  Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon

Businesses use many capital goods on which input tax credit is available.The registered person who is involved in the export of goods or services or taxable supply or both can utilize qualified ITC on goods or services or both used in the development of the business. ITC can be utilized on inputs, input services, and capital goods.Input Tax Credit (ITC) reversal calculations, input tax credit availability and non-availability calculations, and input tax credit calculations for capital under GST each have their own unique special rules. Additionally, capital items that are utilized for both taxable and exempt deliveries are given special treatment. In this article, we examine the application of the GST’s input tax credit for capital goods in further depth, as well as the GST’s Input Tax Credit calculations Meaning of Capital Goods as per CGST Act, 2017 The Section 2(19) provides for definition of capital goods. It provides, capital goods are those goods, values where of have been capitalized and  are used or intended to be used in the course or in furtherance of business. Hence, capital goods which are not capitalized, that is to say, not debited to respective asset account, ITC in respect thereof, is not available  to be taken credit.However, Section 2(59) provides that “input” means  any goods other than capital goods used or intended to be used in the course or in furtherance of business. It has implication that wherever word input is used, and not input tax, the same shall mean input other than capital goods.Capital goods are regarded as items that assist in creating finished goods and preparing them for shipment. Many capital goods items use longer than one year. As a result, the cost may not apply as a business expense for the current year, and the deduction happens at set product usage lifetimes. Capital assets help the business or sector by generating goods. Capital goods are assets such as buildings, machinery, equipment, vehicles and tools that an organization uses to produce goods or services. For example, a blast furnace used in the iron and steel industry is a capital asset for the steel manufacturer.    Difference between Capital Goods & Other Inputs Goods utilized to create a finished product are known as input goods. In other words, input goods are many items combined to create a finished good. It may also be regarded as a component of the product’s manufacturing process. The price of making these raw items qualifies as a business expense. Let us take an example. You are making a cake in your oven. You add ingredients such as eggs, water, flour, butter. These are your inputs. The cake is your final product. The oven is the capital good which helps you to make the cake. Inputs are consumed while making the final product and are treated as business expenses as cost of production.  Capital goods are not consumed when the final product is made. They are not consumed in a single year of production. Therefore, they cannot be entirely deducted as business expenses in the year of their purchase. Instead, they are depreciated over the course of their useful lives. The business recognises part of the cost each year through accounting techniques as depreciation, amortization and depletion.    What is Credit on Capital Goods? So, you’ve invested in that shiny new machinery. The good news? You’re eligible for a sweet deal—the Input Tax Credit on Capital Goods. This credit allows businesses to offset taxes paid on capital goods against their output tax liability. When you purchase anything, you are required to pay GST on it. Later, you can claim input tax credit on the GST paid on your purchases. Similarly, when you are purchasing any machinery for your factory, you will pay the applicable GST rate. This GST paid can be claimed as credit in the same way as inputs. However, if you claim depreciation on the GST paid while purchasing the capital asset, you cannot claim input tax credit. Concept of Common Credit Businesses often use the same assets and inputs for both business & personal use. For example, Ms. shruti is a freelance designer and Youtube blogger . She has a personal Desktop which she also uses for her freelance work. She can claim the input credit of GST paid on purchase of Desktop only to the extent it pertains to her freelance business. Ms. shruti has also purchased a special designing software. Since this pertains only to her business, she can claim full ITC on this.  Common Credit: The Concept 1.The Unity Principle:Common Credit pools the credits of both inputs and capital goods. A unified approach for streamlined taxation. 2.Crossing Borders:Applicable when a business has multiple units across states.Ensures seamless credit utilization. Why is common credit important? Financial Fluidity: Smooth cash flow as taxes paid on capital goods find purpose. Empowers businesses to invest in growth. Reduction in Tax Burden: Common Credit mitigates the tax burden on the end consumer. A win-win for businesses and customers alike. ITC is only offered for commercial use. The same inputs are used by many traders for both professional and personal purposes. Taxpayers are not permitted to deduct personal costs from their taxes. Once more, products that are exempt from GST already pay 0% GST. ITC claims for inputs used in certain exempt items are not permitted since doing so would result in negative taxes. ITC on inputs for exempted items would thus be eliminated as well. Input Tax Credit on Capital Goods All individuals who have registered for the GST are permitted to get input tax credits, according to Section 16 of the CGST Act (ITC). The registered person is eligible to use the ITC for company expansion or other related reasons. When purchases of capital items are made solely for business use, and when GST’s input tax credit is applicable. The taxpayer must document the business transaction when completing the GST return in order to receive the input tax credit for capital goods. Use of Capital Goods for both Personal Use and Exempt Sales Personal

Universal Account Number (UAN) is important for EPF account holders as the entire process related to the Employee Provident Fund (EPF) services are now operated online. Accessing your PF account services like withdrawal, checking EPF balance without the help of an employer, and PF loan application is easy due to the EPFO portal The Employee Provident Fund (EPF) in India and wondering how to activate UAN? The EPF ensures a steady retirement savings plan for employees and employers alike. To make the management of your EPF account seamless and hassle-free, the Universal Account Number (UAN) was introduced. Activating your UAN is the key to unlocking a host of benefits and services.  In this article, we will discuss how to activate UAN number on EPFO portal. What is UAN? The Universal Account Number or UAN is a 12-digit unique number assigned to every employee contributing to the EPF. It is generated and allotted by the Employees’ Provident Fund Organisation (EPFO) and authenticated by the Ministry of Labour and Employment, Government of India. The UAN of an employee remains the same throughout his life irrespective of the number of jobs they change.  Every time an employee switches his/her job, EPFO allots a new member identification number or EPF Account (ID) linked to the UAN. As an employee, one can request a new member ID by submitting the UAN to the new employer. Once the member ID is created, it gets linked to the UAN of the employee. Hence, the UAN will act as an umbrella for the multiple member IDs allotted to the employee by different employers. The UAN remains the same and portable throughout the life of an employee. The employee shall have a different member ID when switching between jobs. All such member IDs are linked to the employee’s UAN to ease the process of EPF transfers and withdrawals. Significance of UAN Every new PF account with a new job will come under the umbrella of a single unified account. It is easier to withdraw (fully or partially) PF online with this number. The employees can transfer the PF balance from old to new using this unique account number. Any time you want a PF statement (visa purpose, loan security, etc.), you can download one instantly – either by logging in using the member ID or UAN or by sending an SMS. There is no need for new employers to validate your profile if the UAN is already Aadhaar and KYC-verified. UAN ensures that employers cannot access or withhold the PF money of their employees. It is easier for employees to ensure that their employer regularly deposits their contribution in the PF account. Documents required for UAN activation Aadhar card PAN card Bank account details Your EPF member ID Some other proof of identity or residence may be necessary. How to Activate UAN for Your EPF Registration? Visit the UAN portal: To activate your UAN, visit the official UAN member portal. Ensure you have access to a stable internet connection and have the necessary documents like your PAN, Aadhar, and bank account details readily available.. Select ‘Activate UAN’: Look for the ‘Activate UAN’ option on the portal’s homepage. Fill in the details: Input your UAN, Aadhar, PAN, and other required details. Generate OTP: An OTP (One-Time Password) will be sent to your registered mobile number. Enter it to verify your identity. Create a password: Set a secure password for your UAN account. Remember, the key to your financial fortress deserves a strong guard! Login with credentials: Once your UAN is activated, log in using your UAN and password. Complete KYC details: To make the most of your UAN account, ensure you link your KYC (Know Your Customer) details such as Aadhar, PAN, and bank account details. This step helps streamline various EPF services and ensures smooth transactions. Access EPF Services: Congratulations! Your UAN is now activated, and you can access a range of EPF services conveniently through the UAN member portal. These services include checking your EPF balance, updating personal details, and managing EPF transfers or withdrawals. UAN Activation Time The UAN activation process through the Umang app or any other approved method provided by the Employees’ Provident Fund Organization (EPFO), the activation should happen almost immediately or within a few hours. If you encounter any issues or if your UAN activation is delayed for an extended period, it’s best to contact the EPFO helpline or visit the nearest EPF office for assistance and to check the status of your UAN activation. FAQs Q1: What if I forget my UAN password? A: No worries! You can use the ‘Forgot Password’ option on the UAN portal. Follow the steps to reset your password and regain access to your account. Q2: Can I activate my UAN without Aadhar and PAN? A: No, both Aadhar and PAN are essential documents for UAN activation. They are required to verify your identity and ensure the security of your financial information. Q3: Is UAN activation a one-time process? A: Yes, activating your UAN is a one-time process. Once activated, your UAN remains the same throughout your career, making it a constant link to your EPF account. Q4: Is UAN activation mandatory for EPF withdrawals? A: Yes, UAN activation is a prerequisite for managing your EPF account, including withdrawals. It ensures a streamlined and secure process for accessing your funds. 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 | Income Escapement

The organisation’s objectives, activities, and associations with investors and the rest of the world are completely spread out in this central report. However, the initial MOA may need to be modified to accommodate new strategies, expansions, or regulatory changes due to the constantly shifting business environment. Memorandum of Article is a vital document for the Company, which provides the Scope, objectives, and limitations of it. It lays down the framework within which the company operates, and any changes to the MOA can have far-reaching consequences for the company and its stakeholders. An alteration of the MOA may become necessary due to various reasons, such as changes in the company’s business model, expansion plans, or legal requirements. The Companies Act, 2013 provides for the alteration of the MOA, subject to the approval of the shareholders and the Registrar of Companies (ROC). In this article, we will discuss the step-by-step procedure for Alteration of Memorandum of Association (MOA), documents required, clauses mentioned under MOA and many other. the company may have to alter the specifications of its Memorandum of Association. Defining the word ‘alter’ or ‘alteration’, Section 2(3)  of the Act states that it includes the making of additions, omissions, and substitutions. For instance, when the company shifts its principal office to some other location, the Registered Office Clause of the company’s Memorandum of Association will have to be altered. Nevertheless, such alteration cannot be done without satisfying the steps mandated under the provisions of the Companies Act, 2013 .  In this article, we shall understand the process of altering the contents of a Memorandum of Association.  Brief about Memorandum of Association Memorandum of Association is like the identity card of any company.  It is a document drafted before incorporating any company. It is a public document prepared by the promoters of the company. A Memorandum of Association is also called the ‘charter of the company’ and specifies the affiliation between the company and its shareholders or creditors. The entire structure of any company depends upon the Memorandum of Association. It marks the scope of a company’s operation. It means that the company must function only as per the provisions of its Memorandum of Association. MOA is a legal document that defines the constitution and scope of a company’s activities. It contains the fundamental rules and regulations that govern the company’s affairs and sets out the company’s objectives, powers, and limitations. The MOA is a critical document that forms the basis for the company’s relationship with its shareholders, creditors, and other stakeholders. It is also required for the incorporation of a company and must be registered with the Registrar of Companies (ROC) at the time of incorporation. The MOA must be drafted and executed in accordance with the provisions of the Companies Act, 2013, and any amendments thereto. Any alteration to the MOA must also comply with the provisions of the Act and require the approval of the shareholders and the ROC. Clauses mentioned under MOA The MOA is like a treasure chest of clauses, each holding a key piece of information. From the company’s name and registered office to the objects it pursues and the liability of its members, it’s all there. These clauses aren’t just legal jargon; they’re the heartbeat of your company. 1.Name Clause: The name clause outlines the name of the company and specifies whether it is a public or private company. 2.Registered Office Clause: This clause states the registered office of the company. That is the official address of the company and where all official communications and notices will be sent. 3.Liability Clause: The liability clause outlines the liability of the members of the company. In the case of a company limited by shares; the liability of the members is limited to the amount unpaid on their shares. In the case of a company limited by guarantee, the liability of the members is limited to the amount they have agreed to contribute to the company’s assets. 4.Association Clause: This clause confirms the intention of the subscribers to form the company and become its members. 5.Capital Clause: The capital clause outlines the company’s authorised share capital. This is the maximum amount of share capital the company is authorised to issue. 6.Objective Clause: This clause defines the main objectives and scope of the company’s activities. It also outlines the objects that the company is authorized to pursue and the activities that it is not authorized to undertake. When is alteration of a Memorandum of Association allowed? Alteration of a MOA is allowed in the following circumstances: Change in Objectives: If a company wants to change its objectives or expand its business activities, it may need to alter its MOA to reflect the new objectives or activities. Change in Name: If a company wants to change its name, it must alter its MOA to reflect the new name. Change in Registered Office: If a company wants to change its registered office from one state to another, it must alter its MOA to reflect the new address. Change in Authorized Share Capital: If a company wants to increase its authorized share capital, it must alter its MOA to reflect the increase. Any other change required by law: The Companies Act, 2013, or any other law may require a company to alter its MOA to comply with the legal requirements. Documents needed for Alteration of MOA Notice of the General Meeting: A notice of the general meeting of the company, along with an explanatory statement, must be sent to all the shareholders of the company. Draft Resolution: A draft resolution proposing the alteration of the MOA must be prepared and included in the notice of the general meeting. Altered MOA: The altered MOA, with the proposed changes clearly highlighted or underlined, must be prepared and circulated to the shareholders. Board Resolution: A board resolution must be passed by the board of directors of the company approving the proposed alteration of the MOA. Shareholders’ Resolution: A special resolution must be passed by the shareholders of the company approving the proposed alteration of the MOA. Minutes of the General Meeting: Minutes of the

Introduction A legal notice is a document is sent to the person to whom you are about file legal proceedings in the matters with whom you are not legally satisfied with that person. For the all the legal litigations and matters such legal notice has to be sent as the first step to the legal proceedings. Such notice can be drafted on the plain paper. All forms of formal communication have a pre-planned arrangement which every person who indulges in it, has to follow. This pre-planned arrangement is known as a format. Legal Notice is one such type of formal communication which has its own format which details how and what information needs to be provided in the notice. Sometimes without going through the long-drawn process of the litigation it is possible to resolve the matter through a mere legal notice. By sending a legal notice helps in most of the cases by resolving the actual dispute or issue with the clear intention of filing a lawsuit against the other party, consequently the other party opts for a settlement or resolving the legal issue to escape liability or damages in an amicable manner. A persons’ grievances can be easily described in a legal notice A “Legal Notice” is the legal intimation sent by the person aggrieved to the opponent indicating his/her intention to file a lawsuit against the concern in case of the demand mentioned in the relevant notice is not being fulfilled. Legal Notice Meaning A legal notice is a formal written communication between the parties. Through a legal notice, the sender notifies the recipient about his intention of undertaking legal proceedings against the latter. A legal notice also helps in making the receiving party aware of the grievances of the sender. It works as a last warning to the receiver to fulfil a certain condition if he does not want a court battle. It is used in a wide variety of situations: In Consumer Forums: In case, a faulty product or service is provided to a person he or she can send a legal notice to the concerned person and ask him to rectify the deficiencies.  Disputes related to property such as partition, eviction or issues relating to possession of the property.  Loan Defaulters: Under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act), the debt recovery proceedings begin by sending a legal notice to the defaulters. Cases under the Negotiable Instruments Act: In case of dishonour of cheque, the aggrieved can send a legal notice for recovery of payment.  Money Recovery Cases: The first step in money recovery cases is sending a legal notice to the concerned person. Employee and Employer/Company: If the employer in any way deprives the employees of their salary, then the employee can send a legal notice to the employer. When a legal Notice is sent? A legal notice is issued generally by an advocate appointed by the person aggrieved on behalf of his or her client for the purpose of soliciting a settlement. There are various reasons for which legal notice can be sent to a person or a legal entity, following are the most common reasons for which legal notice may be sent :- Property related issues or disputes like mortgage Delay in possession of the house delivery by the builder Eviction of the tenant on the unreasonable grounds Partition of family, the property, etc. Notice for terminating employees wrongfully or unpaid salary to the employer Violation of the rights of employees by the employer etc Notice for violation of the Human Resource policies or committing sexual harassment at workplace or leaving the job without dropping the resignation letter or violation of any provision of the employment agreement etc to any employee Notice to any company engaged in manufacturing or providing services of contaminated/low standard quality product or negligent services or fraudulent advertisement etc. In case of cheque bounce notice is issued to the issuer of the cheque. Notice may be sent in case of personal conflicts for instance divorce or the child custody or division of maternal property etc. Advantages of Sending The Legal Notice 1.Providing a fair and reasonable chance-Legal notice is one of the important parts of the adjudication process which provides a fair & reasonable chance to settle the issues or the disputed points and to intimate the same to the parties of the legal action. 2.A Stitch in Time-A well-crafted legal notice can sometimes resolve issues without the need for lengthy court battles. 3.Legal Leverage-It puts you in a stronger position if the issue does go to court. You can showcase that you’ve exhausted all reasonable avenues for resolution. 4.Reaching at Common consensus-Sending a legal notice provides a chance to both the parties to reach a common decision. It enables them to put forward their grievances and complaints. Contents of The Legal Notice Name, description and the residential address of the sender Name & address of the person to whom legal notice is issued Material facts Cause of Action or Summary of the fact No Minimum Capital requirement. Signature of Lawyer and his/her Client is a must. Reasonable time for replying the notice by a receiver FAQ’s On Legal Notice Q: Is a legal notice legally binding? A: A legal notice itself is not legally binding, but it sets the stage for future legal action if necessary. Q: What happens if the other party ignores the legal notice? A: Ignoring a legal notice may result in further legal proceedings, depending on the nature of the dispute. Q:Is serving of legal notice mandatory? As stated in Section 80 of the Code of Civil Procedure, 1908 it is mandatory to serve a legal notice to the opponent before the filing of a lawsuit if such opposite party is Government or Public officer. Generally, a legal notice is served before the filing of all the Civil cases. Though, it is not mandatory to serve a legal notice in all the civil

Company compliance is an important aspect that has to be taken into account while running a business. It is mandatory to adhere to all the ROC compliance to avoid penalties. All private limited companies, one-person companies, limited companies, and section 8 companies must maintain annual compliance with respect to the Companies Act of 2013. These company compliances are usually independent of the total turnover or the capital amount involved. The ROC compliance for registered private limited companies is mandatory. Not being able to adhere to the annual compliances for private limited companies may result in serious action on the firm. Annual Compliances refers to the set of legal and regulatory requirements that a Private Limited Company must comply with on an annual basis. These compliance requirements are mandated by the Companies Act, 2013, and other applicable laws & regulations. Applicability of Annual Compliance All companies registered in India, like private limited companies, one-person companies, limited Companies, and section 8 companies, must maintain annual compliances like annual returns and income tax returns each Year.  Benefits of Annual Compliance Greater Company’s Credibility The regularity in compliance also increases the business’s credibility, attracts more customers and helps in obtaining the government tenders and loan approval.  Attract more Investors The main focus points with regard to the investors are financial records and compliances. Before investing in any company, the investors first look into the regularity of filing  Maintain the Active status of a company and avoid penalties It is important for a company to file annual compliances on a regular basis to avoid penalties. Failure to file the annual compliance reduce status What compliances are to be maintained by Company? The compliances can be categorized as below: Registrar related Compliance Non-Registrar Compliance Registrar related Compliance Declaration of Commencement of Business-Form INC-20A(To be filed within 180 days from the date of incorporation)  Directors KYC-Form DIR-3KYC  Directors’ disclosure of not being disqualified-Form DIR-8 (Each company director in each financial year must file a non-disqualification report with the Company.)  Mandatory Appointment of Auditor- FORM ADT-1(Every Company will have to appoint an Auditor within 15 days of the incorporation. However, Form ADT-1 may be filed post-first company AGM) Meetings of the Board of Directors-A firm will have to hold a minimum number of four Board meetings. The maximum gap between two sessions is at most 120 days, and a meeting is held every quarter.  Annual General Meeting (AGM)-AGM shall be held within six months from the closing of the financial year   Annual Return-Company Annual Return should be filed Within sixty days of the date of holding the AGM.The annual return Form MGT-7  should be filed for the period 1 April to 31 March for the respective Year. Financial Statements-The form AOC-4 is used for filing  Financial Statements Within thirty days of holding the AGM. Other Non-RoC Compliances Payment of periodic dues (GST Liability, TDS, TCS payment, Advance tax, and PTax) Filing of regular returns – Monthly/Quarterly/Annual GST Returns Quarterly TDS Returns Assessment of advance tax liability Filing of Income Tax Returns Filing of Tax Audit Report Filing of half-yearly ESIC returns Filing of PF returns Filing of professional tax (PTax) returns Frequently Asked Questions Q1: What does the register should contain? All the companies pertaining to the Private limited category are expected to have sanctioned records maintained update for the following members, charges, loans and investments Q2: What happens if I don’t comply with annual requirements? Non-compliance can lead to penalties, legal troubles, and even the dissolution of your company. Q3: Is compliance the same for all types of companies? No, it varies based on factors like your company’s structure, size, and industry. 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 | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice 

Introduction In the quest for entrepreneurial success, every business owner seeks opportunities to enhance their company’s growth and secure various benefits. With the Indian government’s focus on promoting Micro, Small, and Medium Enterprises (MSMEs), the Udyam Registration scheme has emerged as a game-changer. This blog aims to provide you with an in-depth understanding of Udyam Registration, its What is Udyam Registration in Jaipur ? Udyam Registration is an online certification process introduced by the Indian government to promote and support MSMEs. It replaced the previous registration process known as Udyog Aadhaar. This simplified and streamlined registration scheme aims to provide various benefits and incentives to eligible businesses. The Udyam Registration Certificate serves as proof of a business’s classification as an MSME. It enables enterprises to access various government schemes, subsidies, and credit facilities tailored to their needs. Whether you’re a small-scale manufacturer, service provider, or trader, obtaining Udyam Registration can significantly enhance your business prospects. Benefits of Udyam Registration Obtaining Udyam Registration brings a multitude of advantages to MSMEs, empowering them to thrive in a competitive market. Let’s take a closer look at the key benefits: Access to Government Schemes and Incentives: Udyam Registration enables businesses to participate in various government schemes like Credit Guarantee Fund Scheme, Performance and Credit Rating Scheme, and more. MSMEs can enjoy subsidies, tax benefits, and financial assistance provided under schemes such as the Prime Minister’s Employment Generation Programme (PMEGP) and the Technology and Quality Upgradation Support to MSMEs. Ease of Obtaining Bank Loans: With Udyam Registration, businesses gain easier access to credit and collateral-free loans. The government has introduced a dedicated portal to facilitate loan disbursement and faster processing for registered MSMEs. Protection against Delayed Payments: Udyam Registration equips enterprises with the power to seek relief through the Micro and Small Enterprises Facilitation Council (MSEFC) in cases of delayed payments from buyers. This provides added security and ensures the timely flow of funds for MSMEs. Enhanced Market Opportunities: Udyam Registration opens doors to participate in government tenders and procurements, giving MSMEs the chance to expand their customer base. Businesses can access exclusive exhibitions, trade fairs, and vendor development programs, providing exposure to potential buyers and collaborators. Who can apply for Udyam Registration in Jaipur? The Udyam Registration scheme is open to a wide range of businesses falling under the Micro, Small, and Medium Enterprise categories. Here’s a breakdown of the eligibility criteria based on investment and turnover: Micro Enterprises: For manufacturing enterprises, the investment in plant and machinery should not exceed INR 1 crore. For service-based enterprises, the investment in equipment should not exceed INR 50 lakhs. Small Enterprises: Manufacturing enterprises should have an investment between INR 1 crore and INR 10 crores in plant and machinery. Service-based enterprises should have an investment between INR 50 lakhs and INR 2 crores in equipment. Medium Enterprises: Manufacturing enterprises should havean investment between INR 10 crores and INR 50 crores in plant and machinery. Service-based enterprises should have an investment between INR 2 crores and INR 5 crores in equipment. It’s important to note that the turnover of the business is also considered while determining the eligibility for Udyam Registration. The revised MSME definition under the Atmanirbhar Bharat package includes the turnover criteria. For micro enterprises, the turnover should not exceed INR 5 crores. For small enterprises, the turnover should not exceed INR 50 crores, and for medium enterprises, the turnover should not exceed INR 250 crores. If your business falls within these investment and turnover limits, you are eligible to apply for Udyam Registration and unlock the benefits that come with it. Revised MSME Definition – The Atmanirbhar Bharat Package After 14 years since the MSME Development Act, a revision in the MSME definition was announced in the Atmnirbhar Bharat package on 13.05.2020 to bring more units under the purview of the schemes announced. According to this package, the composite criteria for the definition of MSME are investment and turnover; the limit has been revised upwards. The distinction between the service and the manufacturing sector has also been eliminated. The limit of the Micro units (both manufacturing and services) was increased to Rs. 1 Crore investment and Rs. 5 Crore turnover. Similarly, the limits of the small unit also increased to Rs. 10 Crore of investment and Rs 50 Crore of turnover. The limits of the medium enterprises were increased to Rs. 20 Crore of investment and Rs. 100 Crore turnover. When to apply for Udyam Registration? If your business meets the eligibility criteria, it’s crucial to understand when to apply for Udyam Registration. The registration process is simple and can be done online through the Udyam Registration Portal. It’s recommended to apply for Udyam Registration as soon as your business meets the eligibility criteria to ensure you can access the benefits at the earliest. Additionally, it’s important to note that the Udyam Registration Certificate is valid for a lifetime. However, it requires periodic updating and renewal of information. Documents Required for Udyam Registration Online To complete the Udyam Registration process smoothly, you need to gather the necessary documents. Here’s a list of the documents typically required: Aadhaar Card: The Aadhaar number of the business owner or the authorized signatory is essential for Udyam Registration. PAN Card: The Permanent Account Number (PAN) of the business or the authorized signatory is required for registration. Business Details: You need to provide information about the name of the business, its address, and other contact details. Bank Account Details: Furnish the bank account details, including the account number and IFSC code, to link it with your Udyam Registration. NIC Code: The National Industrial Classification (NIC) Code that represents your business activity needs to be mentioned during the registration process. Investment and Turnover Details: Provide the investment in plant and machinery or equipment, as well as the turnover of your business, as per the eligibility criteria. Ensure that you have these documents ready before starting the Udyam Registration process to avoid any delays or complications. Udyam Registration of New

Statement Containing Salient Features of Financial Statements The statement containing features of documents referred to in first proviso to sub-section (1) of section 136 shall be in Form AOC-3. 1[Provided that the Companies which are required to comply with Companies (Indian Accounting statndards) Rules,2015 shall forward their statement in form 1AOC-3A] Ammendments: 1.Inserted by The Companies (Accounts) Ammendment Rules,2018 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 | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice  Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon

SECTION 1 Short title, extent and commencement SECTION 2 Definitions SECTION 3 Officers under this Act SECTION 4 Appointment of Officers SECTION 5 Powers of officers under GST SECTION 6 Authorisation of officers of State tax or Union territory tax as proper officer in certain circumstances SECTION 7 Scope of supply SECTION 8 Tax liability on composite and mixed supplies SECTION 9 Levy and collection SECTION 10 Composition levy SECTION 11 Power to grant Exemption SECTION 12 Time of Supply of Goods SECTION 13 Time of Supply of Services SECTION 14 Change in rate of tax in respect of supply of goods or services SECTION 15 Value of Taxable Supply SECTION 16  Eligibility and conditions for taking input tax credit SECTION 17 Apportionment of credit and blocked credits SECTION 18 Availability of credit in special circumstances SECTION 19 Taking input tax credit in respect of inputs and capital goods sent for job work SECTION 20 Manner of distribution of credit by Input Service Distributor SECTION 21 Manner of recovery of credit distributed in excess SECTION 22 Persons liable for registration SECTION 23  Persons not liable for registration SECTION 24  Compulsory registration in certain cases SECTION 25 Procedure for registration SECTION 26 Deemed registration SECTION 27 Special provisions relating to casual taxable person and non-resident taxable person. SECTION 28 Amendment of registration SECTION 29 Cancellation 1[or suspension] of registration SECTION 30 Revocation of cancellation of registration SECTION 31 Tax invoice SECTION 32 Prohibition of unauthorised collection of tax SECTION 33 Amount of tax to be indicated in tax invoice and other documents SECTION 34 Credit and debit notes SECTION 35 Accounts and other records SECTION 36 Period of retention of accounts SECTION 37 Furnishing details of outward supplies SECTION 38 Communication of details of inward supplies and input tax credit SECTION 39 Furnishing of returns SECTION 40 First return SECTION 41 Availment of input tax credit SECTION 42 Matching, reversal and reclaim of input tax credit SECTION 43 Matching, reversal and reclaim of reduction in output tax liability. SECTION 43a Procedure for furnishing return and availing input tax credit. SECTION 44 Annual return SECTION 45 Final return SECTION 46 Notice to return defaulters SECTION 47 Levy of late fee SECTION 48 Goods and services tax practitioners SECTION 49 Payment of tax, interest, penalty and other amounts SECTION 49a Utilisation of input tax credit subject to certain conditions. SECTION 49b Order of utilisation of input tax credit SECTION 50 Interest on delayed payment of tax SECTION 51 Tax deduction at source SECTION 52 Collection of tax at source SECTION 53 Transfer of input tax credit SECTION 53a Transfer of certain amounts. SECTION 54 Refund of tax SECTION 55 Refund in certain cases SECTION 56 Interest on delayed refunds SECTION 57 Consumer Welfare Fund SECTION 58 Utilisation of Fund SECTION 59 . Self-assessment SECTION 60 Provisional assessment SECTION 61 Scrutiny of returns SECTION 62 Assessment of non-filers of returns SECTION 63 Assessment of unregistered persons SECTION 64 Summary assessment in certain special cases SECTION 65 Audit by tax authorities. SECTION 66 Special audit SECTION 67 Power of inspection, search and seizure. SECTION 68  Inspection of goods in movement. SECTION 69 Power to arrest SECTION 70 Power to summon persons to give evidence and produce documents SECTION 71 Access to business premises SECTION 72 Officers to assist proper officers SECTION 73 Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any willful-misstatement or suppression of facts SECTION 74 Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any willful- misstatement or suppression of facts SECTION 75 General provisions relating to determination of tax SECTION 76  Tax collected but not paid to Government. SECTION 77 Tax wrongfully collected and paid to Central Government or State Government SECTION 78 Initiation of recovery proceedings SECTION 79 Recovery of tax. SECTION 80 Payment of tax and other amount in instalments. SECTION 81  Transfer of property to be void in certain cases SECTION 82 Tax to be first charge on property SECTION 83 Provisional attachment to protect revenue in certain cases SECTION 84 Continuation and validation of certain recovery proceedings SECTION 85 Liability in case of transfer of business SECTION 86 Liability of agent and principal SECTION 87 Liability in case of amalgamation or merger of companies SECTION 88 Liability in case of company in liquidation SECTION 89 Liability of directors of private company SECTION 90 Liability of partners of firm to pay tax. SECTION 91 Liability of guardians, trustees, etc SECTION 92 Liability of Court of Wards, etc SECTION 93 Special provisions regarding liability to pay tax, interest or penalty in certain cases SECTION 94 Liability in other cases SECTION 95 Definitions of Advance Ruling SECTION 96 Authority for advance ruling SECTION 97 Application for advance ruling SECTION 98 Procedure on receipt of application SECTION 99 Appellate Authority for Advance Ruling SECTION 100 Appeal to Appellate Authority SECTION 101 Orders of Appellate Authority SECTION 101a Constitution of National Appellate Authority for Advance Ruling. SECTION 101b Appeal to National Appellate Authority SECTION 101c Order of National Appellate Authority SECTION 102 Rectification of advance ruling SECTION 103 Applicability of advance ruling SECTION 104 Advance ruling to be void in certain circumstances SECTION 105 Powers of Authority and Appellate Authority SECTION 106 Procedure of Authority and Appellate Authority  SECTION 107 Appeals to Appellate Authority SECTION 108 Powers of Revisional Authority. SECTION 109 Constitution of Appellate Tribunal and Benches thereof SECTION 110 President and Members of Appellate Tribunal, their qualification, appointment, conditions of service, etc SECTION 111  Procedure before Appellate Tribunal SECTION 112 Appeals to Appellate Tribunal SECTION 113 Orders of Appellate Tribunal SECTION 114 Financial and administrative powers of President SECTION 115  Interest on refund of amount paid for admission of appeal SECTION 116 Appearance by authorised representative SECTION 117 Appeal to High Court. SECTION 118 Appeal to Supreme