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

MSME industries are the backbone of the economy. They are also known as Small Scale Industries (SSIs). The government of India provides an MSME registration to the industries classified by the government as Micro, Small and Medium Enterprises (MSME) in India. The MSME registration helps MSMEs to obtain various benefits provided by the government for their establishment and growth.  What is MSME? MSME stands for Micro, Small, and Medium Enterprises. It is a classification introduced by the Government of India following the Micro, Small, and Medium Enterprises Development (MSMED) Act of 2006. These enterprises primarily produce, manufacture, process, or preserve goods and commodities. The MSME sector is crucial to India’s economy, contributing significantly to employment generation and overall economic growth What is Udyam Registration/MSME Registration? Udyam Registration is an electronic certificate issued by the Indian government to Micro, Small, and Medium-sized Enterprises (MSMEs) operating in the country. It has replaced the earlier Udyog Aadhaar Memorandum (UAM) registration process. While Udyam registration is not mandatory, it offers significant benefits to MSMEs, making it advantageous for them to apply for this registration. By obtaining Udyam registration, MSMEs become eligible for various government benefits and incentives exclusively available to enterprises under the MSME category. The registration process for Udyam is entirely based on self-declaration, eliminating the need to upload any documents, papers, certificates, or proofs. MSME Registration Eligibility All manufacturing, service industries, wholesale, and retail trade that fulfil the revised MSME classification criteria of annual turnover and investment can apply for MSME registration. Thus, the MSME registration eligibility depends on an entity’s annual turnover and investment. The following entities are eligible for MSME registration: Individuals, startups, business owners, and entrepreneurs Private and public limited companies Sole proprietorship Partnership firm Limited Liability Partnerships (LLPs) Self Help Groups (SHGs) Co-operative societies Trust Eligibility for MSME Registration Process Micro Enterprises: Micro enterprises are those whose investment in machinery, plant, or equipment does not exceed Rs. 1 crore, and their annual turnover is below Rs. 5 crore. Small Enterprises: Small enterprises are those whose investment in machinery, plant, or equipment is below Rs. 10 crore, and their annual turnover is less than Rs—50 crore. Medium Enterprises: Medium enterprises are those whose machinery, plant, or equipment investment does not surpass Rs. 50 crore and their annual turnover does not exceed Rs. 250 crore. Documents Required for MSME Registration PAN Card Number: The enterprise’s Permanent Account (PAN) card number. Aadhaar Number: The Aadhaar card number of the individual associated with the enterprise, depending on the type of organization: Proprietorship Firm: Aadhaar card number of the proprietor. Partnership Firm: Aadhaar card number of the managing partner. Hindu Undivided Family (HUF): Aadhaar card number of the Karta. Limited Liability Partnership (LLP), Company, Cooperative Society, or Trust: Aadhaar card number of the authorized signatory. GST Number: The enterprise’s Goods and Services Tax (GST) identification number. Benefits of Udyam Registration Access to Government Schemes: Udyam registration is a prerequisite for MSMEs to avail themselves of various government schemes and programs the Ministry of MSME offers. These schemes include the Credit Linked Capital Subsidy, Credit Guarantee, Public Procurement Policy, and more. Registering under Udyam ensures that MSMEs can tap into these initiatives and receive essential financial support and incentives. Seamless Integration: The Udyam portal seamlessly integrates with other critical government systems, such as the income tax portal, GST identification systems, and government e-marketplace. This integration streamlines various administrative processes, making it easier for MSMEs to manage their financial and tax-related affairs efficiently. Priority Sector Lending: With Udyam registration, MSMEs become eligible for priority sector lending from banks. This special lending consideration enables them to access credit facilities more efficiently and at favorable terms, further supporting their business expansion and investment plans. Extended MAT Credit: MSMEs with Udyam registration are entitled to carry forward Minimum Alternate Tax (MAT) credit for 15 years instead of the previous ten years. This extension provides them additional tax benefits, facilitating better financial planning and stability for their long-term growth. Lower Interest Rates: One of the most significant advantages of Udyam registration is the ability to secure bank loans at lower interest rates. Typically, MSMEs with Udyam registration can avail of loans as low as 1% to 1.5%, reducing their financial burden and enhancing their capacity to invest in business expansion and innovation. How to Get Udyam Registration Online? Step 1: Visit the Udyam registration portal. Step 2: On the homepage, click the option ‘For new entrepreneurs who are not registered yet as MSME or those with EM-II.’ Step 3: Enter the ‘Aadhaar Number’ and the ‘Name of Entrepreneur,’ then click the ‘Validate & Generate OTP’ button. Step 4: An OTP will be sent to the mobile number linked with the Aadhaar card. Enter the OTP and click on the ‘Validate’ button. Step 5: Once the Aadhaar is validated, proceed to the PAN verification page. Enter the ‘Type of Organisation’ ‘PAN’ number, and click the ‘Validate’ button. Also, indicate whether you have filed the previous year’s ITR and if you have a GSTIN. Step 6: The Udyam registration application form will appear. Fill in all required details, including the name of the entrepreneur, mobile number, name of the enterprise, location of the plant/unit, address of the enterprise, status of enterprise, bank details, activity of the unit, NIC code, and number of persons employed. Step 7: Provide the following Details. Click the Submit button and Get the Final OTP. Investment in plant and machinery details and turnover details. Select the declaration. Step 8: Enter the final OTP received and submit the form. You will receive the Udyam e-registration certificate in your email. FAQs What is the MSME registration verification? Entrepreneurs can verify their Udyam registration number by following the below steps: Visit the Udyam registration portal. Click on the ‘Print/Verify’ option and click on the ‘Verify Udyam Registration Number’ option. Enter the ‘Udyam Registration/Reference Number’, enter the captcha code and click on the ‘Verify’ button.  How to cancel MSME registration? Once the MSME application is submitted, it cannot be cancelled. MSME Registration Certificate will be issued within 2-4 days of submission of MSME online application form

Gifting is one of the many mediums through which one can transfer their property to another person. To give this transaction legal backing, a gift deed must be drafted, executed and duly registered after the payment of applicable gift deed stamp duty and registration charges. In India, property transfers as gifts are governed by the Transfer of Property Act, 1882 (“Act”). A gift of a property involves transferring the ownership of one’s property to another person by executing a gift deed. The gift deed is an instrument through which the immovable or movable property owner transfers his/her property to another person without consideration as a gift. The person gifting his/her property is called the donor, and the person accepting the gift is the donee. The donor must voluntarily gift the property to the donee without considering the gift to be valid under the Act. The donee should accept the gift within the lifetime of the donor for the gift to be legally valid. The gift of immovable property will be effective when the gift deed is registered with the appropriate Registrar or Sub-Registrar. The gift of movable property is effective when the gift deed is registered or by delivery of the property. When the gift deed is registered, the transfer of the property from the donor to the donee takes place immediately, and the parties need not go to court for its execution.  Registration of the gift deed is mandatory when the donor wishes to gift immovable property to the donee. A gift deed must be executed out of love and affection towards the donee without any consideration in return. A Gift Deed: What is it? A gift deed is an agreement that is used when a person wants to donate their property or money to someone else. With a deed of gift, a movable or immovable thing can be donated voluntarily, from the donor to the recipient. A gift deed allows the property owner to gift the property to anyone and prevents future disputes arising from inheritance claims. A registered deed of gift is also proof in itself and unlike a will, the transfer of property is instant and you will not have to go to court to execute the deed of gift thus a deed of gift also saves time. Parties in a Gift Deed There are two parties in a gift deed, i.e. donor and donee. The donor is the person who gifts his property, and the donee is the person to whom the property is gifted. The donor should have a sound mind and must be competent to enter into agreements at the time of making the gift.  A minor is incapable of gifting property as he/she is incapable of entering into agreements. However, the guardian of a minor can accept the gifts given to a minor on his/her behalf. The donor should make a gift without any consideration, i.e. the donor should not receive anything from the donee for making the gift. Clauses in a Gift Deed Details of Donor and Donee – The gift deed should mention the name, address and relationship between the donor and donee.  Consideration – The gift deed should mention that the donor is transferring the gift property out of love and affection towards the donee, and there is no consideration of any other type involved in the transfer.  Voluntary Transfer – The gift deed should mention that the donor is voluntarily and freely transferring the ownership of the gift property to the donee. The transfer shall be free of any fear, coercion or threat.  Ownership of Property – The gift deed should mention that the property is in existence and the donor is the absolute owner of the gift property, and the donor has delivered the possession of the gift property to the donee.  Property Details – The gift deed should specify the detailed description of the gift property.  Rights of the Donee – The gift deed should mention the rights of the donee. It includes the rights of the donee to enjoy the property peacefully and sell or mortgage or lease the property.  Acceptance by Donee – The gift deed should mention that the donee accepts the gift of the property. Delivery – The gift deed should mention the intention of delivering the possession of the gift property, expressly or impliedly.  Witnesses – The gift deed should mention the name and address of the witnesses. It should be signed and attested by at least two witnesses mandatorily. Revocation – The gift deed need not have a revocation clause of the gift property, but it is advisable to avoid any conflict in the future. Properties that can be donated by gift deed The donor can donate real estate and movable property to the recipient. Immovable property means land or any benefits arising from land or anything connected with land but does not include growing crops, standing timber, or grass. Real estate that is not considered immovable property is considered movable property.However, the donor can only donate real estate that exists at the time the donation contract is drawn up. He cannot donate property that he expects or will acquire in the future. The donor can only donate property of which he is the rightful owner. The donor must own the gift property at the time of donation. Gift Deed: Important Points to Mention There is no force or money involved: Be sure to add this consideration clause to the gift agreement. It must be stated that no money is exchanged and that the deed of gift is made purely out of love and affection, not money or coercion. When making a gift, you are the owner of your property: Only the owner can donate the property. If you are not the owner (title holder) of the property, you cannot gift it to someone else, even in advance. Describe the property: All information related to the property such as structure, type of property, address, area, location, etc. must be given in the format of the gift deed of the property. The donor and the recipient

A bill of lading (BL or BoL) is a legal document that’s issued by a transportation company to a shipper. It details the type, quantity, and destination of the goods being carried. A bill of lading also serves as a shipment receipt when the carrier delivers the goods at a predetermined destination. This document must accompany the shipped products no matter the form of transportation. It must be signed by an authorized representative from the carrier, shipper, and receiver. What is Bill of Lading ? A Bill of Lading is essentially a contract of carriage between the Shipper, Consignee, and Carrier stating the terms and conditions of carriage. Shipments cannot be executed without a Bill of Lading. BoLs must be issued for goods to travel from Point A to Point B. They are legally binding documents, and they often serve as proof of ownership over the goods being carried. A bill of lading is issued by the carrier and, in doing so, he acknowledges that the goods have been received from the shipper/exporter in good condition. Contents of Bill of Lading Names and Addresses – In this section, the full names and addresses of both the shipper and the receiver should be mentioned so it would be straightforward to locate the document. Purchase Orders or Special Reference Numbers – These numbers are considered essential to the business in terms of freight that has to be released for pickup or accepted at delivery. Special Instruction – Under this section, all the instructions for carriers, not for extra service requests, like a lift gate or delivery notification, are taken down. Date – The pickup date will be mentioned here to track the freight when shipping invoices are composed. Description of Items – All shippers must note the number of shipping units, the dimensions and weight, and the description of the material and its makeup. Packaging Type – Items such as cartons, crates, pallets, and drums used when shipping must be noted. NMFC Freight Class – Freight classes impact the cost of the shipment. In general, freight shipments are divided into 18 categories based on weight, dimensions, density, storage capability, ease of handling, value, and liability. Department of Transportation hazardous Material Designation – Hazardous shipments must be mentioned, and special rules and requirements are applicable while shipping. Purpose of Bills of Lading The carrier does not require to submit all the originals before the delivery. The exporter has to retain control over the complete set of the sources until the payment is effected, a bill of exchange is accepted, or some other assurance for the price has been made. Therefore, an account of lading is significant when making shipments. The bill acts as an agreement between a carrier and a shipper for the transportation of goods, and on other conditions, it serves as a receipt issued by a page to the shipper. Types of Bill of Lading Clean Bill of Lading A clean Bill of Lading is issued by the Shipping Company or its agents without any declaration of the defective Constitution of the goods/ packages taken on Board/ stuffed in containers. Received for Shipment Bill of Lading A received Bill of Lading is a document issued by a carrier as evidence of receipt of goods for shipment. It is given before the vessel loading and is not an onboard bill of lading. Through Bill of Lading Bills of Lading are more complex than most BOLS. The document permits the shipping carrier to pass the cargo through several modes of transportation or several distribution centers. Depending on the destination, this bill includes an Inland Bill of Lading and an Ocean Bill of Lading. Claused Bill of Lading A claused Bill of Lading is issued when the cargo is damaged, or the quantity goes missing. Container Bill of Lading A container Bill of Lading is a document that gives information about goods delivered in a safe container or containers from one port to another. House Bill of Lading A House Bill of Lading is a document generated by an Ocean Transport Intermediary freight forwarder or non-vessel operating company. The paper is an acknowledgment of the receipt of shipped goods issued to the suppliers when the cargo is received. This Bill of Lading is also known as the Forwarder’s Bill of Lading. Master Bill of Lading A Master Bill of Lading is a document created for shipping companies by their carriers as a transfer receipt. The document specifies the terms required for transporting the freight, details of the consignor or the shipper, the consignee, and the respective person who possesses the goods. Charter Party Bill of Lading A Charter Party Bill of Lading is an agreement between a charterer and a vessel owner. The vessel’s charterer issues the document to the shipper for the goods shipped on board the vessel. Multimodal Transport Document/ Combined Transport Document A multimodal Transport Document or Combined Transport Document is a type of Through Bill of Lading that involves a minimum of two different modes of transport, land or ocean. However, the modes of transportation can be anything from freight boats to air. Stale Bill of Lading A stale Bill of Lading is presented for negotiation after 21 days from the date of shipment or any other date/ number of days stipulated in the documentary credit. Short-term/ Blank Back Bill of Lading A short-term or Blank Back Bill of Lading is issued when the detailed terms and conditions of the carriage contract are not given on the body of the Bill of Lading or the back of the Bill of Lading. Straight Bill of Lading A straight Bill of Lading indicates that the goods are consigned to a particular person and are not negotiable free from the existing equities. This means that an endorsee acquires no better rights than those the endorser holds. This bill is also called a non-negotiable bill of lading. At the same time, this type of lading is unsafe from a banker’s perspective. Order Bill of Lading Order Bill of Lading is

Developed by the National Payment Corporation of India (NPCI), UPI enables real-time fund transfers between two accounts through mobile devices. Also known as Unified Payment Interface, this payment system makes it extremely convenient to make payments instantly and digitally. One of the compelling reasons for UPI’s immense popularity is that you don’t have to pay additional fees or charges for money transfers and payments. The National Payments Corporation of India (NPCI) developed the Unified Payment Interface (UPI). UPI allows real-time transfers between personnel accounts, banks and merchant accounts through mobile devices. It also facilitates instant bank-to-bank payments, making online payments convenient and easy. It is the most preferred payment system in India. What is a Prepaid Payment Instrument (PPI) in UPI? The Prepaid Payment Instrument (PPI) in UPI means digital wallets that allow a person to store money and make real-time payments online. Wallets, smart cards, preloaded gift cards, vouchers and magnetised chips also come under PPIs. Payments through PPI are made when a transaction is done via a wallet, like a PhonePe wallet, by scanning a UPI QR code. A few more examples of wallets are the Paytm wallet, SODEXO vouchers, Amazon Pay, Freecharge wallet, etc.  What are UPI’s Transfer Limits? While UPI payments are fast, convenient, and easy, there is a limit to the amount and number of transactions you are allowed to make daily. As per NPCI, the maximum UPI transaction limit is Rs. 1 lakh daily. Educational institutions and healthcare facilities are provided a limit of Rs. 5 lakh per day. The bank-to-bank transfer limit varies from Rs. 25,000 to Rs. 1 lakh based on the bank account linked with your UPI. The UPI transfer limit is set daily or monthly, depending on the bank.  UPI New Regulations As per the new rule, an interchange fee of up to 1.1% on UPI transactions above Rs.2,000 made through PPIs, applicable from 2024.  Surcharge/Interchange fee on UPI payment When UPI transactions are made through PPIs, such as wallets, interchange fees will be imposed. The interchange fee is associated with card payments and is charged to cover the processing, accepting and authorising transactions costs. This fee is similar to the merchant discount rate applicable to credit cards. It increases revenue for payment service providers and banks. In UPI transactions, the interchange fees are transaction fees the merchant must pay when a customer processes a transaction. Thus, when a customer makes a payment through UPI using a PhonePe QR code at a store, the merchant should pay the interchange fee to the payment service provider, i.e. PhonePe.  The interchange fee is applicable in the range of 0.5-1.1% on different services. An interchange fee of 0.5% is applicable on fuel payments, 0.7% for the post office, telecom, utilities, agriculture and education, 0.9% for supermarket payments, and 1% for insurance, mutual fund, government and railways. Will customers have to pay the interchange fee on UPI payments made via wallets? Customers will not have to pay the interchange fees for UPI payments made through PPIs for Peer to Peer (P2P) and Peer to Merchant (P2M) transactions. P2P transactions mean transferring an amount between two individuals or individual accounts through UPI. P2M is where customers make payments through UPI to merchants for purchases. One bank charges the interchange fee to another bank for processing a transaction. In the case of UPI transactions, the merchant bank (the business or person receiving payment) pays the interchange fee to the payer bank (the person making the payment). Thus, the interchange charges only apply to PPI merchant transactions, and there is no charge to customers. Customers or users do not have to pay interchange fees for the UPI payments when the UPI is linked to a bank. Merchants will pay the interchange fee when the UPI is linked to the wallet. The interchange fee will also not affect customers who make UPI payments to family, friends, other individuals or the merchant’s bank account.  FAQs Are there any charges for UPI transactions? UPI transactions are free for users. There are no fees for sending and receiving money through UPI or bank transfer. Only merchants that accept payments from customers through digital wallets need to pay interchange fees.  Do banks impose transaction fees for UPI transfers between banks? No, there are no transaction fees involved for UPI transfers between banks. The National Payments Corporation of India (NPCI) has facilitated seamless bank transfers through UPI without additional charges. 

A salary hike, also known as an increment is an increase in the current wage by a fixed percentage. This is expressed as a percentage of the current salary and is known as the percentage hike. A salary hike refers to an increment in salary. It includes upward adjustment of a person’s compensation package. It is usually given by an employer based on important factors like an employee’s performance, his experience, inflation, or fluctuations in the job market. Salary hikes are important achievements in an employee’s career. It shows recognition for their contributions and provides them with opportunities for increased financial stability and professional growth.. What is a salary hike? A salary hike is an addition to an employee’s compensation besides the bonus. Employers use salary hikes to adjust base salaries and compensation regularly. This type of salary increase is distinct from bonuses and commissions, which are typically performance-based. A salary hike typically recognises an employee’s long service to a company and reflects changes in the employee’s responsibilities towards them. Salary Hike Calculator Work Input Current Salary Details: Users can start by entering their current salary data into the calculator. This includes their current salary amount, any extra benefits or allowances received, and other details like bonuses or commissions. Enter Proposed Salary Adjustments: After that, users input the proposed salary adjustments. This could include factors such as a percentage increase in salary, a fixed amount of raise, or any changes in benefits or allowances. Calculate Salary Hike Percentage: Once the current and proposed salary details are entered, the calculator applies a predefined formula to calculate the percentage increase in salary. This formula typically involves subtracting the current salary from the new salary, dividing it by the current salary, and then multiplying by 100 to obtain the percentage increase. Display Updated Salary Amount: After the calculation is complete, the calculator displays the updated salary amount post-hike. This provides users with a clear understanding of how their salary has changed and what their new income level will be. Optional Features: Some advanced Salary Hike Calculators may offer additional features such as comparison tools to analyze different salary hike scenarios, charts or graphs to visualize the impact of salary adjustments, and options to factor in tax implications or other financial considerations. How to Calculate Salary Hike Percentage? Determine Current Salary: Start by identifying the individual’s current salary. This could be their annual salary, monthly salary, or any other period-specific amount. Identify New Salary: Next, determine the new or proposed salary after the hike. This could be the result of a salary increase, promotion, or any other change in compensation. Calculate the Difference: Find the difference between the new salary and the current salary. This can be done by subtracting the current salary from the new salary. Calculate Percentage Increase: Divide the difference obtained in step 3 by the current salary. Then, multiply the result by 100 to express it as a percentage. Formula to calculate hike percentage (New salary – Old salary) * 100 / (Old salary) = Salary hike percentage Here is an example to help you understand:Suppose your monthly salary was ₹30,000 and your new salary is ₹36,000. The salary increase would be ₹35,000 – ₹30,000 = ₹6,000. Here, the hike percentage would become (₹6,000100) / ₹30,000 = 20%. Common reasons for salary hike Displaying a good work ethic and positive attitude: A positive attitude and a strong work ethic can help you influence and improve the performance of your colleagues. Managers reward employees who uphold ethical standards and are diligent, as this fosters productive engagement within the organisation. Inspiring and challenging your colleagues: Employees who exhibit leadership abilities and understand their teammates’ motivations are likely to be the next generation of managers and senior staff. A salary hike is one way to motivate them to stay with the company. Being proactive: Performing tasks without being asked and trying to boost your skills and knowledge can help you become a greater asset to the company. When you are proactive and can identify what the company has set as a criterion for a salary hike, you can fulfil them and increase your prospect of receiving an increment. FAQs When was the last time you received a salary hike? The date you started your job and the last time you received a raise can also affect your chances of receiving a successful salary increase. If you joined the business recently, or if you have received a raise within the last six months, your employer may not consider your request for a pay increase. It may be a good time to request a raise if you have not received one in years and have continued to take on more responsibility at work and perform well. If you believe you are due for a raise, consider the following to help you gauge your progress and quantify it in terms of the deserved salary hike: Collect all information about your work history and increasing responsibilities, including dates and amounts of previous hikes. Compile a list of your significant accomplishments and completed projects since your last salary hike. What makes me deserving of a hike? By asking yourself why you deserve a raise, you can determine your major objectives. Perhaps you deserve a raise because of the value you bring to the company, or you wish to earn additional money to increase your disposable income. When requesting a salary increase, it is crucial to exhibit your value to the organisation. If you believe that you deserve a salary hike, it can be easier to convince your employer for the same. With the following tips, you can request an adequate raise: Compare your compensation to the national average for the same role. This can help you establish a starting point for salary negotiations. Compile a list of initiatives you have taken, your skills and expertise that can benefit the company and use it to determine your eligibility for a raise.

Any trust, organization, or Section 8 charity that accepts a foreign contribution or donation must register under Section 6(1) of the Foreign Contribution Regulation Act, 2010. This kind of registration is called an FCRA registration because it is mandated by the Foreign Contribution Regulation Act of 2010. the world is more focused towards social and environmental causes. Businesses themselves, apart from their regular objective of profit-making, are actively involved in activities that promote social, economic, cultural and environmental growth and prosperity.  The world today is so well connected and so well linked that accessibility to any part of the world is easy. Transactions between people, places and countries take place on a day to day basis. As a result, the flow of foreign currency into and out of each country is now completely natural and an absolute commonality.  The Objective of FCRA 2010 The Foreign Contribution Regulation Act, 2010 was enacted with a view to:- Regulate the acceptance and utilization of foreign contribution or foreign hospitality by certain individual associations or companies. Prohibit the acceptance and utilization of foreign hospitality or foreign contribution for any activities unfavourable to national interest and for matters related to therewith or incidental thereto. The Eligibility Requirements Standard Procedure for Registration Regular registration necessitates that applicants fulfill certain conditions. An application must be eligible under the law, which may necessitate registration as a Section 8 business under the Companies Act of 2013 or as a society under the Society Registration Act of 1860 or the Indian Trusts Act of 1882. Must have significantly impacted the world by accomplishing novel things within its field. Must have put in at least Rs—10,00,000 over the past three years to succeed (Excluding administrative expenditure). Please include copies of audited financial accounts prepared by qualified Chartered Accountants for the prior three years to apply. A newly constituted corporation can get approval from the Ministry of Home Affairs to accept foreign donations for a specific purpose, activity, and source through a process called Prior Permission (PP). The Requirement for Preceding Authorization and Documentation Prior Permission Registration The Prior Permission route is ideally suited for those organizations which are newly registered and would like to receive foreign contributions. This is granted for receipt of a specific amount from a specific donor for carrying out specific activities/projects. The association must:- Be registered under the Societies Registration Act, 1860 or the Indian Trusts Act, 1882 or registered as Section 8 Company as per the Companies Act, 2013 or any such Act as may be required. Submit a specific commitment letter from the donor to the Ministry of Home Affairs which indicates:- Amount of contribution given Purpose for which it is proposed to be given Where the Indian recipient organization and foreign donor organization have common members, the following conditions need to be met: The Chief Functionary of the Indian organization can’t be part of the donor organization. At least 51% of the members/office-bearers of the governing body of the Indian recipient organization should not be employees/members of the foreign donor organization. Where the foreign donor is an individual: He cannot be the Chief Functionary of the Indian organization. At least 51% office bearers/members of the governing body of the recipient organization should not be the family members and close relatives of the donor. Criteria for grant of FCRA Registration The ‘person’ or ‘entity’ making an application for registration or grant of prior permission- Is not fictitious or benami; Has not been prosecuted or convicted for indulging in activities aimed at conversion through inducement or force, either directly or indirectly, from one religious faith to another; Has not been prosecuted or convicted for creating communal tension or disharmony in any specified district or any other part of the country; Has not been found guilty of diversion or mis-utilisation of its funds; Is not engaged or likely to engage in propagation of sedition or advocate violent methods to achieve its ends; Is not likely to use the foreign contribution for personal gains or divert it for undesirable purposes; Has not contravened any of the provisions of this Act; Has not been prohibited from accepting foreign contribution; The person being an individual, such individual has neither been convicted under any law for the time being in force nor any prosecution for any offence is pending against him. The person being other than an individual, any of its directors or office bearers has neither been convicted under any law for the time being in force nor any prosecution for any offence is pending against him. The acceptance of foreign contribution by the entity / person is not likely to affect prejudicially – The sovereignty and integrity of India; The security, strategic, scientific or economic interest of the State; The public interest; Freedom or fairness of election to any Legislature; Friendly relation with any foreign State; Harmony between religious, racial, social, linguistic, regional groups, castes or communities. The acceptance of foreign contribution- Shall not lead to incitement of an offence; Shall not endanger the life or physical safety of any person. How to Apply for FCRA Registration The first step is the one where the online portal of FCRA needs to be accessed. Form FC – 3A (Application for FCRA Registration) or Form FC – 3B (Application for FCRA Prior Permission) is to be clicked on, as the case may be. The webpage will next present the user with an option to apply online. Once the “Apply Online” option is selected, the next step is to create a username and password by clicking on “Sign Up”. Once a username and a password have been created, and the message regarding the same is displayed on the screen, the applicant may log in to the account. Once logged in, the “I am applying for” will have a dropdown list from which FCRA Registration has to be chosen. “Apply Online” is to be selected next, following which “Proceed Registration” has to be selected. Next, in the title bar, the FC-3 menu is to be clicked on to start

Financial statements are reports compiled by businesses that detail the company’s financial activities and health. Financial statements are often audited by government agencies and accountants to ensure accuracy and for tax, financing, or investing purposes. The primary financial statements of for-profit businesses include the balance sheet, income statement, statement of cash flow, and statement of changes in equity. Nonprofit entities use a similar set of financial statements, though they have different names and communicate slightly different information. Components of Financial Statements Balance Sheet– A balance sheet depicts the value of economic resources controlled by an enterprise, as well as the liquidity and solvency of an enterprise. This is used to estimate the ability of the enterprise in meeting its financial commitments. Statement of Profit and Loss- Portrays the outcome of the functioning of the organization. Cash Flow Statement– Outlines the way of determination of income, as well as its usage. Notes and Schedules– Provides supplementary information explaining different modules of financial statements. A few examples can be risks and uncertainties affecting an enterprise, accounting policies etc. How Financial Statements Work A business’s financial data is used by internal and external parties to analyze that company’s performance and make predictions about the likely direction of its stock price. One of the most important sources of reliable and audited financial data is the annual report, which contains the firm’s financial statements. The financial statements are used by investors, market analysts, and creditors to evaluate a company’s financial health and earnings potential. The three major financial statement reports are the balance sheet, income statement, and statement of cash flows. Objectives of Financial Statements Financial statements are prepared to provide information that suits the common needs of all users. Users of financial statements could be any of the following: Investors Employees Lenders Suppliers and other trade creditors Customers Government and their agencies Public Accounting Assumptions Going Concern In this case, the financial statements are usually prepared on the assumption that the entity will continue functioning in the foreseeable future, and neither there is an intention, nor a need to materially curtail the scale of operations. Consistency This assumption specifies the use of identical accounting policies for similar accounting transactions in all accounting periods. Such a practice makes way for easier comparison of financial statements. Accounting policies, if in need of a change, can be modified by a statue or accounting standard, given the need for more appropriate financial statements. Accrual Basis of Accounting Termed as the most logical approach in determining profit, accrual basis of accounting is an assumption where transactions are recognized immediately after their occurrence. Accrual basis warrants better matching between revenue and cost. Very importantly, profit/loss on this basis reflects activities of the enterprise during an accounting period, in contrast to the cash flow basis where noting but cash flows are generated. Qualitative Characteristics Qualitative characteristics enhance the usefulness of information provided in a financial statement. The following are the qualitative characteristics that a financial statement must adhere to: Understandability The presentation of financial statements must be lucid and concise, to the extent that a person with reasonable business knowledge can decipher. Too much of information, especially the irrelevant ones make a statement clumsy. However, non-disclosure of vital information must be avoided. Relevance The financial statements must only reveal the information which influences the economic decisions of the users. Information of that kind may assist the user in evaluating past, present and future events, or on the other hand help in confirming or correcting past evaluations. Reliability The information provided must be reliable, and for an information to be reliable, it must be accurate and free of errors, bias etc. The following are the traits of reliability: Transactions and events reported are faithfully represented. Transactions and events are reported based on their substance and economic reality, and not on the basis of legal form. The reporting of transactions and events are neutral i.e. without any prejudice or bias. Prudence exercised in reporting uncertain outcome of transaction or events. Comparability Comparison of statements is one of the most frequently used and most potent tools of financial analysis. The financial statements must permit both inter-firm and intra-firm comparison. True and Fair view Financial statement must always depict a true and fair view of the performance, financial position and cash flows of an enterprise. Application of other qualitative characteristics combined with the usage of proper accounting standards will help in providing a true and fair view, much in concurrence with the common thought that the results of today are based on yesterday’s actions. FAQs What Are the Main Types of Financial Statements? The three main types of financial statements are the balance sheet, the income statement, and the cash flow statement. These three statements together show the assets and liabilities of a business, revenues, and costs, as well as its cash flows from operating, investing, and financing activities. What Are the Benefits of Financial Statements? Financial statements show how a business operates. They provide insight into how a business generates revenues, what those revenues are, what the cost of doing business is, how efficiently it manages its cash, and what its assets and liabilities are. Financial statements show how well or poorly a company is managed.

Advance tax is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end. Also known as earn tax, advance tax is to be paid in installments as per the due dates decided by the income tax department. Advance tax is a type of tax payment that is made in instalments based on the projected income for the year rather than paying the entire tax bill at the end of the year. Anyone with an expected tax burden of $10,000 or more for the year is required to pay advance tax. It’s paid in monthly instalments. What is Advance Tax? Advance tax is the income tax that is paid in advance instead of lump sum payment at the end of the financial year. It is the tax that you pay as you earn. These payments have to be made in instalments as per due dates provided by the income tax department.   Advance tax meaning, in simple words, would be paying tax liabilities before the end of a fiscal year, is called an advance tax or pay-as-you-earn scheme. It is payable when the tax liability of an individual exceeds Rs.10000 in a given fiscal year. Notably, such a tax is paid in instalments on due dates and is paid in the same year the income is generated.  It is considered to be favourable for the government as it facilitates a smooth and constant flow of income around the year. In case the estimate of a taxpayer’s income increases or decreases as the instalment progresses, then the payable advance tax amount can be adjusted accordingly.  Who Should Pay Advance Tax? Salaried individuals, freelancers and businesses– If your total tax liability is Rs 10,000 or more in a financial year, you have to pay advance tax. The advance tax applies to all taxpayers, salaried individuals, freelancers, and businesses. Senior citizens– People aged 60 years or more who do not run a business are exempt from paying advance tax. So, only senior citizens (60 years or more) having business income must pay advance tax. Presumptive income for businesses–The taxpayers who have opted for the presumptive taxation scheme under section 44AD have to pay the whole amount of their advance tax in one instalment on or before 15th March. They also have the option to pay all of their tax dues by 31st March. Presumptive income for professionals– Independent professionals such as doctors, lawyers, architects, etc. come under the presumptive scheme under section 44ADA. They have to pay the whole of their advance tax liability in one instalment on or before 15th March. They can also pay the entire amount by 31st March. Who is exempt from paying Advance Tax under the Income Tax Act of 1961? f the person is a one-of-a-kind; Is an Indian resident as defined by the Income Tax Act of 1961; At any point during the year, you are 60 years old or older; Has no revenue that is taxable under the heading “Business or Profession.” What is the significance of advance tax? Advance tax is a type of income tax that is paid in advance for income produced during a given fiscal year. Normally, the tax is due when the income is received. Even yet, under advance tax regulations, the payer must estimate his or her income for the entire year. And the tax is paid at particular intervals depending on this estimate. It is critical that the tax payer assesses his or her income and then calculates the predicted tax on it to see if and how much advance tax is due. Advance Tax Due Dates For FY 2024-25 Due Date Advance Tax Payment Percentage On or before 15th June 15% of advance tax On or before 15th September 45% of advance tax (-) advance tax already paid On or before 15th December 75% of advance tax (-) advance tax already paid On or before 15th March 100% of advance tax (-) advance tax already paid For taxpayers who have opted for Presumptive Taxation Scheme under sections 44AD & 44ADA – Business Income Due Date Advance Tax Payment Percentage  On or before 15th March 100% of advance tax How does it work? 1. Estimated total income calculation? Particular(Estimated) Amount Income under the head “Salaries – Income under the head “Income from House Property”   – Income under the head “Income from Business or Profession – Income under the head “Capital Gains” – Income under the head “Income from Other Sources” – Gross Total Income – Less: Deductions under section 80C to 80U – Net Total Income – 2. Estimate the advance tax on the above-mentioned net total revenue. Particular(Estimated) Amount Tax calculated on Net Total Income at applicable rates – Less: Rebate under section 87A – Balance Tax  – Add: Surcharge (if applicable) – Total tax after surcharge               – Add: Health & Education Cess @ 4%                – Total tax                – Less: Relief under section 89, 90, 90A or 91               – Less: TDS, TCS, MAT, AMT already paid             – Total Advance Tax Liability             –   3. Pay the tax on the due dates indicated for this purpose if the total Advance tax debt determined as above is Rs. 10,000 or more: Taxpayer Types Due dates         By 15th June By 15th Sept By 15th Dec By 15th March Everyone who pays taxes (other than those who opted for Presumptive taxation scheme under Section 44AD or 44ADA) Minimum 15% of Advance Tax Minimum 45% of Advance Tax Minimum 75% of Advance Tax 100% of Advance Tax Taxpayers who chose the Section 44AD or 44ADA Presumptive Taxation Scheme NIL NIL NIL NIL   A corporate taxpayer (i.e., a company) and a taxpayer (other than a company) whose accounts must be audited must pay Advance tax electronically through an authorised bank’s internet banking

An ABC ID is a unique identification number,a 12 digit number that is assigned to students in India when her or she enroll in a graduate or postgraduate course. It serves as a centralized link to your academic credentials, securely storing and managing details like: Degrees Diplomas Certificates Training details Co-curricular accomplishments The Ministry of Education (MoE) plays a crucial role in transforming and maintaining a quality educational system across Indian educational institutions. They have introduced several schemes and programs to evaluate and innovate the educational fields for quality assurance.  The ABC ID card is one such initiative that helps transform the education system strategically with a crucial approach toward student growth.  ABC ID Full Form Full form of ABC ID card is the Academic Bank of Credits. As the name suggests, it records higher educational credits earned by a student from UGC-recognised institutions, which can be transferred between institutions. What is ABC ID? ABC ID cards store the academic credits and information of students in a digital ID to keep them safe and secure. The NEP (National Education Policy) launched this program as an initiative from the UGC (University Grants Commission). The MoE (Ministry of Education) and MeitY (Ministry of Electronics and Information Technology) oversee this programme. Students in India can obtain the Academic Bank of Credits (ABC) ID, a unique 12-digit code, to digitally manage, store, and access their academic credits, including certificates, diplomas, degrees, training details, and co-curricular achievements. The ABC ID acts as a link to DigiLocker, where students can securely store essential documents like exam mark sheets.  The ABC ID receives students’ academic credits from institutions through the National Academic Depository. These credits awarded by registered institutions to a student for a programme will be stored digitally in the ABC, which can be shared or transferred from one institution to another upon students’ consent. This streamlines the authentication for admissions or jobs, simplifying the verification of academic records.  Benefits of Having an ABC ID An ABC ID offers a multitude of advantages for students, including: Simplified Record Management as no more scrambling for physical certificates is possible in such a recording of academic credits. Your ABC ID provides secure access to your academic records anytime, anywhere. Streamlined Applications help forget lengthy verification processes while applying for higher education or jobs, institutions can easily authenticate your credentials through your ABC ID, saving you time and effort. Enhanced Transparency with all your academic credits consolidated under one roof, you gain a clear picture of your educational progress. Improved Mobility as the ABC system facilitates credit transfer between institutions, promoting greater flexibility in your academic path. Increased Recognition as your ABC ID serves as a validated testament to your achievements, adding credibility to your academic profile. Purpose of ABC ID Academic Bank of Credit (ABC) will help open, close, and validate every student’s academic account. Apart from gathering students’ academic credits, ABC ID verifies them and stores the credits to transfer or promote them as per requirements. ABC ID will store credits earned by students from online and distance courses offered by the government of India. Students can redeem the credits and seek direct admission at any university in the second year. How to Create an ABC ID? Step 1: Visit the DigiLocker portal. Existing users can log in by clicking on the ‘Sign In’ button, and new users can click on the ‘Sign Up’ button to create a new account and sign in. Step 2: Use your username and password or Aadhaar number and mobile number to log in. Step 3: After logging in, click on ‘Search Documents’. Step 4: Under ‘Education and Learning’, click on ‘Academic Bank of Credits’. Step 5: Next. select ‘APAAR/ABC ID Card’. Step 6: Enter the details such as your name, gender, date of birth, admission year, institution name, Identity Value, etc. After filling out all the required details and ticking the consent box, you need to click on the ‘Get Document’ button. FAQs What is ABC ID used for? ABC ID, or Academic Bank of Credit ID, helps store the credits earned by each student from higher education. It helps the faculty analyse each student’s weakness and strengthsnt and manage the educational approaches accordingly. Is ABC ID compulsory for students? As per the UGC norms, every student in India must have their ABC ID while pursuing higher education.