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nvestments in Mutual Funds can be broadly classified into two types- lumpsum and SIP. A lumpsum investment is when the depositor invests a significant sum of money on a particular mutual fund scheme. SIP or Systematic Investment Plan, on the other hand, entails the investment of smaller amounts on a monthly basis. Both these type of mutual fund investment strategies have their fair share of benefits. Lumpsum investments are particularly preferred by a majority of investors, as there are lesser variables involved and returns are generally on the higher side What is a Lump Sum Investment Plan? Lumpsum investment plan is an investment method in which you make a one-time investment in a scheme of your choice. This typically involves a relatively large amount and you can use this technique of investing when you have a large corpus of cash available, such as after receiving your annual bonus or after a fixed deposit has matured. In the case of lumpsum investments in market-linked products, it is important to be mindful of prevailing market conditions. While timing your lumpsum investment correctly can lead to significant gains, investing at the wrong time can potentially result in losses. How can a Lump sum Calculator Help You? Mutual fund investors can use this calculator to figure out the estimated returns on their investments. Before getting into the benefits of using this calculator, one must know the types of return for a lumpsum investment. Absolute return Total return Annualised return Point to point return Trailing return Rolling return Formula to Calculate MF returns All lumpsum calculator mutual fund uses a specific method to compute the estimated return on investment. It is essentially a compound interest formula with one of the variables being the number of times the interest is compounded in a year. The formula is as follows: A = P (1 + r/n) ^ nt The variables are mentioned in the table below. A Estimated return P Present value r Rate of return t Duration of investment n Number of compounded interests in a year You can use this formula to compute your mutual funds returns accurately. For example, imagine investing Rs. 15 Lakh in a fund with a 12% return for 5-year period compounding every 6 months. The estimated return in this scenario will be- A = Rs. 15, 00,000 (1 + 12%) ^ 5 As you can surmise, it’s a complex equation which may be out of grasp for a majority of investors. A lumpsum MF calculator will calculate it instantly. In this case, your estimated return at the end of a 5-year period shall be Rs. 26, 43, 513. FAQs What is a lumpsum investment? A lumpsum investment involves investing a large amount of money into an asset or financial instrument at one time. This is contrasted with systematic investment plans (SIPs), where you invest smaller amounts regularly over time. How does a lumpsum investment plan work? In a lumpsum investment plan, you invest a significant sum of money upfront in mutual funds, stocks, or other investment vehicles. Your returns depend on the performance of the asset over time. For mutual funds, the number of units you purchase is based on the market price (NAV) at the time of investment.

Scoops Ice Cream is a popular ice cream chain that offers a variety of ice cream flavors, sundaes, shakes, and other frozen desserts. The brand is known for its unique flavors, high-quality ingredients, and a wide range of options that cater to different tastes and dietary preferences.Ice-cream is known to be a seasonal product with tremendous demand in the summer season, but in recent years, consumption of ice-cream and other frozen desserts in winters has been on the rise. In India, Scoops ice cream was introduced in the year 1989 by Haridwar group and is one of the fastest growing brands ice creams in the market. Scoops Ice Cream Franchise Services Provide a detailed operating manual for the franchise. Extensive and intensive training at Headquarters will be given for effective sales and marketing. Assists in all aspects of operating the franchise. On-going support will be available even after franchise startup. Guidance for selection of sites/location from experienced officials. Regular updates on the latest technological improvements and new flavors. What are the Requirements? Initial Investment: This includes the franchise fee (the upfront payment for the brand license), store setup costs, and equipment. Costs can vary depending on the location and store size. Royalty Fees: Franchisees usually pay an ongoing royalty fee, which is a percentage of the revenue. This fee helps cover the continued use of the brand and support from the franchisor. Marketing Fees: Franchisees might contribute to a national or regional marketing fund to promote the brand across all stores. Location and Setup: Scoops Ice Cream franchises need a location that aligns with the brand’s image, ideally in a high-traffic area like a mall or shopping center. Financial and Area Specifications An interested applicant is required to invest an amount of Rs.1 Lakh to Rs. 10 Lakhs as per the area specifications. The outlets are set-up with square feet ranging between 150-1000 square feet; and is located in potential areas such as Multiplex, educational institutions, Modern Trade or Malls, transport stations, Parlour on wheels, municipal transport gardens, etc. Proprietary Products The produced traded in such outlets are fully loaded with the Ice creams like Candies, Novelties, Scooping Gallons, Bars, Cups, Ice cream Cakes, Family Packs etc. Training Training for seven days will be given to the eligible applicant covering all aspects of conducting a franchise, will be held at the head office at Hyderabad or in any other desired location. Term of Agreement The Franchisee needs to sign an MOU which contains the written statement about the company terms and condition will sign a franchise agreement with selected franchise owner for five years initially. The agreement is however renewable if both the parties agree. Process for Applying Scoops Franchise Online Please visit the official website of Scoops Ice cream. Select the “Scoop Franchise” option from the menu bar on the home page of the portal. Click on ” Franchise Application form” to apply for Scoops franchise. The applicant has to fill the application form with the required details and click on the”Submit” button for successful registration. FAQs What is the Scoops Ice Cream Franchise? Scoops Ice Cream is a popular ice cream brand offering a variety of flavors, desserts, and beverages. The Scoops Ice Cream Franchise allows entrepreneurs to open their own Scoops outlet under the brand name, following its business model, and selling its products. What are the benefits of opening a Scoops Ice Cream Franchise? Brand Recognition: Benefit from the established brand presence and customer loyalty. Proven Business Model: The franchise provides a ready-to-implement business model with a clear operational structure. Support: You receive support in areas such as training, marketing, and supply chain management. Product Range: Access to a variety of ice cream products and innovative offerings. Ongoing Marketing Support: Franchisees receive marketing materials and promotiona

Section 80EE is a tax benefit provided under the Income Tax Act, which allows deductions of up to Rs. 50,000 annually on the interest paid to buy your first home. The Section was introduced earlier for FY 2013-14 and FY 2014-2015 with overall deductions of up to Rs. 1 lakh.  In FY 2016-17, Section 80EE was reintroduced with the following modifications: Rs. 50,000 annual tax deductions Until the loan is repaid completely What is Section 80EE of the Income Tax Act? Section 80EE offers tax relief to taxpayers who have taken out a home loan. It allows home buyers to take income tax benefits on the interest they need to pay on a home loan. As per this section, a deduction of up to Rs. 50,000 per financial year can be claimed. This deduction can be claimed only if the taxpayer opts for the old tax regime. *The home loan must be sanctioned between 1st April, 2016, and 31st March, 2017. What are the features of Section 80EE deduction? Section 80EE allows Income Tax Benefits on Home Loan to first-time buyers in the following events:- This deduction will be provided only if the cost of the property acquired is not more than Rs. 50 Lakhs, and the amount of the loan taken is up to Rs. 35 Lakhs. The loan should be sanctioned between 1st April 2016 and 31st March 2022 The advantage of this deduction would be possible until the loan payment continues. This deduction would be accessible from the financial year 2016-17 and onwards. Particulars Quantum of Deduction (Rs.) Self-Occupied Property Non-Self Occupied Property Section 24 (interest) 2,00,000 No Limit Section 80C (principal) 1,50,000 1,50,000 Section 80EE (interest) 50,000 50,000 The earlier tax deductions are per person and not per home. So in case a taxpayer has acquired a property collectively and has taken a joint home loan, each person repaying the loan amount would be qualified to claim the deduction individually. For declaring the above tax deduction, a taxpayer would be expected to furnish the declaration provided by the bank clearly showing the amount owed and paid towards interest and principal. Eligibility for claiming a deduction under section 80EE Individual taxpayers can claim benefits under this section either individually or jointly. If a person has purchased a property contemporaneously with his or her mate and they are both giving the payments of the loan, then both of them can claim this deduction.The tax benefit is not available to Association of Persons (AOP), Hindu Undivided Families (HUF), Companies, Trusts, etc. Only first-time home buyers can claim tax benefits under Section 80EE i.e., the assessee does not own any residential house property on the date of sanction of loan. To claim this deduction, the person must have received the loan from a financial institution or a housing finance company. Section 80EE tax benefit is available on a per-person basis and not on the basis of per property. The maximum deduction of Rs 50,000 can be claimed under this section. This tax deduction is over and above the limit of Rs. 2 lakh as per section 24(b). What are the conditions for claiming Section 80EE deductions to be met? The taxpayer should not own any residential house property on the date of loan sanction. The value of the house property should be up to Rs. 50 lakhs. The home loan taken should be up to Rs. 35 lakhs. Section 80EE provides a deduction only for the interest portion of a house loan. The house loan must be sanctioned by a Housing Finance organization or a financial institution. The tax benefit is not available for loans on commercial property for commercial businesses. For claiming deductions under this section, the loan must have been sanctioned between 01.04.16 to 31.03.2022 How to Claim House Loan Interest in ITR? Collect Loan Documents: Gather all the relevant documents related to your housing loan. This includes the loan agreement, interest certificate, and details of the principal and interest components paid during the financial year. Determine Tax Deductions: As a homeowner, you can claim tax deductions on the interest paid on your housing loan under Section 24(b) of the Income Tax Act. The maximum deduction allowed is up to Rs. 2 lakh per financial year for a self-occupied property. If the property is rented out, there is no maximum limit on the deduction, and you can claim the entire interest amount. Form 16 or Interest Certificate: If you are a salaried individual and have a home loan, your employer will provide Form 16, which contains details of the interest paid on the housing loan during the financial year. If you are not a salaried individual, your lender will issue an interest certificate reflecting the interest paid. Fill ITR Form: Use the appropriate ITR form based on your income sources and financial status. For most individuals with salary income and house loan interest, ITR-1 or ITR-2 is usually applicable. FAQs Who is eligible for 80EE? The Section 80EE deduction is available only to first-time homeowners. If two individuals co-own the home and both contribute to loan payments, they both qualify for the deduction. What is 80EE exemption? Section 80EE permits home loan tax benefits to individuals on the interest part of the residential house property loan taken from any financial institution. According to this section, one can claim a deduction of up to Rs 50,000 per financial year. You can claim this deduction until you have completely repaid your loan. Note that taxpayers can claim a deduction under 80EE only if they had a home loan that was sanctioned between 1 April 2016 to 31 March 2017. 

Craftsvilla is an Indian-based e-commerce platform that sells ethnic items for women, such as ethnic clothing, ethnic footwear, ethnic fashion accessories, ethnic handcrafted home accessories, lifestyle products, and beauty products from the industry. Craftsvilla, created in 2011 by Monica & Manoj Gupta, is an online marketplace for exclusive handmade, handmade, organic, and gift products. The firm claims to have more than 25,000 sellers on its website, offering nearly 3.5 million products. Worldwide, the Craftsvilla ship is free of charge for items worth over $250. The start-up claims to sell more than 4 million items to over 25,000 artisans and designers. The products are classified into different categories, each further divided into sub-segments, such as jewelry, handbags, home décor, clothes, food & health, footwear, etc. With almost 80% of buyers being women, Craftsvilla is so famous for ethnic wear. The push would be to improve craftsmanship and make it readily available. They try to keep things bright and vibrant, which draws customers from the 18-35 age group. About 50 percent of the orders come from cities in Tier 2. And as with e-commerce portals in India, Cash On Delivery makes up 50 percent of revenues (COD). What is Craft villa.com? Craft villa.com is basically an online platform for selling ethnic products, natural and organic products, etc like Flipkart, Amazon, etc. However, Craftsvilla offers a variety of products like sarees, lehenga, jewelry, handmade accessories, salwar suits, etc.  Craftsvilla becomes a bridge between the local seller and customers. It enhances the profits of the local seller, creates their business brand and preserves the culture of India and their locality. It is not mandatory that the seller must be of state level but any local seller can become a seller on Craftsvilla by following a simple process. Craftsvilla provides the facility of shipping products online. Documents required for Craftsvilla Seller Registration PAN Card GST Registration (if in case applicable) Identity proof Canceled cheque Bank Account details Trademark registration certificate, (if there is any). VAT/TIN Craftsvilla Registration – Requirements Business Registration There is no requirement for a specific type of business entity to become a seller on Craftsvilla. But, we recommended Craftsvilla sellers to be registered as a LLP or Private Limited Company to enjoy limited liability protection and easy access to credit. Further, being registered as a corporate entity would ensure that the business is scalable and transferable in the future. In addition, listing on other ecommerce portals would also be easier and faster while being registered as a corporate entity. VAT or Service Tax Registration To sell on Craftsvilla, VAT or TIN registration is not mandatorily required. VAT registration or service tax registration maybe required if the seller proposes to sell taxable goods or services through the platform. However, to complete the seller registration process, VAT or service tax registration details or documents is not mandatorily required. PAN and Bank Account PAN of the seller is mandatorily required on Craftsvilla. In addition, bank account details of the seller along like account holder name, account number, IFSC code and bank details are required to process payment to the seller. Trademark Registration On beginning to sell on online platforms, any brand would get a lot of exposure. Hence, its important to ensure that the brand is trademarked to avoid counterfeit goods or competitor listing for the same product in the long term. Hence, its recommended that sellers selling their own brand of goods or services on Craftsvilla  obtain Trademark registration. FAQs What is Craftsvilla? Craftsvilla is an online marketplace that specializes in ethnic products, including apparel, accessories, home decor, and handcrafted items. It allows artisans, designers, and sellers to showcase and sell their products to customers across India and internationally. Who can register as a seller on Craftsvilla? Anyone who creates or sells ethnic and handcrafted products, such as artisans, designers, small businesses, or independent sellers, can register on Craftsvilla. Sellers should have unique, authentic products in categories like apparel, accessories, jewelry, home decor, or other ethnic items.

The company is regulated by two bodies the shareholders and the directors. The shareholders provide funds to the director of the company and in return the directors of the company perform business from the funds that are received from the shareholders. Therefore the Board of directors is under an obligation to present the books of accounts to the shareholders in the General meeting; so that the shareholders can have to a close look on where there funds are being invested by the company, for the purpose the same the board of directors appoint an Independent person who is practicing Chartered accountant to conduct Statutory Audit. Purpose for Appointment of Auditor The purpose of the auditors in the company is to protect the interests of the shareholders. The auditor is obligated by law to examine the accounts maintained by the directors and inform them of the true financial position of the company. Auditor gives his independent opinion to the owners or shareholders of the company to protect and keep the company in a safe financial condition. Appointment of the first Auditor in the Company According to Section 139(6) of the Companies Act, the first auditor of a company that is non-governmental should be appointed by the board of directors within 30 days from the date of incorporation or registration of the company.And if the board of directors does not appoint an auditor, it informs the members of the company, who then appoint the auditor at an extraordinary general meeting within 90 days of this notification. Such an auditor, who has been appointed, holds the position of auditor until the end of the first general meeting. Appointment of an Auditor for Different Kinds of Companies Particulars Non-Government Company Listed/Specified Company Government Company Application for 1st Auditor post  Incorporation Appointed by the Board Of Directors.   This has to be done within 30 days from the date of Registration. Appointment can also be done by Members at Extraordinary General Meeting within 90 days of information. Appointed by Board Of Directors. This has to be done within 30 days from the date of Registration. Appointment can also be done by Members at Extraordinary General Meeting within 90 days of the information. Appointed by the  Comptroller and Auditor General of India. This has to be done within 60 days from the date of Registration. Appointment can also be done by Board Of Directors  within 30 days of incorporation. Members can also appoint  at an Extraordinary General Meeting within 60 days of Information. Auditor at First AGM with the written consent and a certificate of Auditor.  The appointment is done by the members He will hold office till the end of the 6th Annual General Meeting (AGM). The appointment shall be in accordance with the conditions laid down by the auditor. The appointment is done by the members for a maximum term of 5/10 consecutive years. Cooling off period of 5 years before next appointment will be there. The appointment is done by the Comptroller and Auditor General of India. He should be appointed within 180 days from the 1st of April. Appointment of Subsequent Auditor The appointment is done by the members and he will hold office till the conclusion of the  6th meeting. The appointment is done by the members for a Maximum term of 5/10 consecutive years. The appointment is done by the Comptroller and Auditor General of India within 180 days from the 1st of April. Casual Vacancy due to resignation and other reasons The appointment is by the members within 3 months of the recommendations of Board and he will hold office till the next AGM. The appointment is by the members within 3 months of the recommendations of Board and he will hold office till the next AGM.  The appointment is done by the Comptroller and Auditor General within 30 days.  Procedure for appointment of Auditors First Auditor: The auditor so appointed will hold office until the end of the first annual general meeting. The company is required to file the ADT-1 form with the Commercial Register along with the prescribed fees.In the case of government companies, the first auditor shall be appointed by the Comptroller and Auditor General of India within sixty days from the date of registration of the company and in case the Comptroller General of India does not appoint a such an auditor within the said period, then the board of directors of the company shall appoint such auditor within thirty days and in case, that the board of directors does not appoint a such an auditor within thirty days, a member’s approval is required within sixty days in an extraordinary Ordinary General Meeting. The first auditor serves until the end of the first annual general meeting. Subsequent appointment of auditor: The appointment is made by the members and he will hold office until the conclusion of the sixth annual general meeting. A resigning auditor may be reappointed at the annual general meeting if: Is not disqualified for reappointment; Did not show reluctance to the company for re-appointment; and No special resolution has been passed to appoint another auditor at the meeting or expressly provides that he will not be re-appointed. The following class of companies appoints or re-appoints: A natural person as an auditor for more than one five consecutive years  Audit firm as auditor for more than two terms of office of five consecutive years FAQs Who can be appointed as an auditor of a company? An auditor must be a qualified Chartered Accountant (CA) or a firm of Chartered Accountants that is registered with the Institute of Chartered Accountants of India (ICAI). In case of a company, the auditor must be an individual or a firm holding a valid certificate of practice issued by ICAI. When should an auditor be appointed for a company? An auditor should be appointed at the first Annual General Meeting (AGM) of the company. For subsequent years, the auditor is typically appointed at the AGM for a term of one year.

As per the Act of Registration of Births & Deaths Rule of year 1969, it is mandatory to register the birth of every child born in state of Madhya Pradesh. A citizen (applicant) can also fill the Birth Registration Form online available at the ULB portal. The applicant fills the form, attaches scanned copy of supporting documents while submitting the application form on-line and submits it on the portal. After online form submission, the required fees will displayed, the applicant has to make online payment. Once the payment has been successfully made, the system will generate a number on the payment receipt. However citizens who cannot make the online payment can take print out of filled up online form & submit at local ULB office. In case of birth at private hospital, the hospital provides Hospital Discharge card. The applicant submits the hospital discharge card and other supporting documents to the ward office while collecting the Birth Registration Certificate. In case of a birth at Govt. hospital, the birth registration can be done directly at the Govt. Hospital and the applicant need not visit the ULB ward office. Only Govt. Hospital has the authority to register and provide Birth Registration Certificate to the applicant whose child is born in that Govt. Hospital Registration fee is non-refundable in case of cancellation of registration due to false information or documents provided. Municipality cannot be forced to refund the money in such cases and legal course can be initiated against the applicant. Registering Birth If a birth occurs in a hospital, the person authorized by the medical officer is required to record the birth. If a birth occurs in a house, the household head or adult person in the house is eligible to record the birth with the concerned authority. Finally, if birth occurs in a public place, the head of the corresponding village in the case of a town or the officer in charge of the local police station is required to register the birth. Documents Required Proof regarding the place of birth (where the child was born) from the hospital. Parent’s identity proof. Marriage certificate of the parent, optional. Government Fee Period Charges Registration within 21 days of birth. No Fee. Registration is after 21 days but within 30 days of birth. Rs.2/- Registration after 30 days but within one year of birth. Rs.5/- Registration after one year of birth. Rs.10/- Application Procedure Step 1: Please visit the official website of Madhya Pradesh Government. Step 2: Click on “Birth Registration” option which is visible on the homepage of the portal. Step 3: Select your city from the drop-down list and click on the “Continue” button. Step 4: Fill up the application with the required details and upload the scanned documents. Step 5: Finally click on the “Continue” button for successful registration. FAQs What is a birth certificate? A birth certificate is an official document issued by the government that records the birth of a person. It includes essential details such as the name, date of birth, place of birth, and the names of the parents. How can I apply for a birth certificate in Madhya Pradesh? Visiting the local municipal corporation or nagar panchayat office where the birth was registered. Alternatively, you can apply online through the MP Online Portal.

The Reserve Bank of India (RBI) has stated that the facility to exchange or deposit Rs 2,000 banknotes will not be available on April 1 i.e. Monday. It is pertinent to mention that the Central Bank announced the withdrawal of Rs 2,000 denomination bank notes from circulation on May 19 last year. According to the RBI, around 97.62 per cent of the Rs 2,000 banknotes have already returned to the banking system at the close of business on February 29. Only around Rs 8,470 crore worth of the withdrawn notes are still with the public. The RBI announced that the the exchange and deposit of Rs.2000 banknotes is not available on 1 April 2024 at 19 of its issuing offices. This facility will resume on 2 April 2024. The government introduced Rs.2000 in 2016 after the demonetisation drive. On 19 May 2023, the Reserve Bank of India (RBI) announced that Rs.2000 note, India’s highest denomination currency, will be withdrawn from 30 September 2023. The RBI extended the last date to exchange or deposit Rs.2000 notes to 7 October 2023 from 30 September 2023. The RBI stated that withdrawing Rs.2000 was due to its ‘Clean Note Policy’ However, Rs.2000 will still remain legal tender after 7 October 2023. The RBI stated that people could visit their nearest bank branches and deposit or exchange their Rs.2000 banknotes by 7 October 2023. From 8 October, people can exchange or deposit Rs.2000 at 19 RBI Issue Offices up to a limit of Rs.20,000 at a time. Total Rs.2000 notes printed by RBI Around 89% of the Rs.2000 denomination notes were issued before March 2017. The total value of Rs.2000 banknotes in circulation has declined from Rs.3.56 lakh crore as on 19 May 2023, to Rs.8,470 crore as on 29 February 2024. It has been observed that Rs.2000 denomination currency is not commonly used for transactions. Further, the banknotes in other denominations continue to be adequate for meeting the currency requirements of the public. Deposit limit of Rs.2000 notes People can deposit Rs.2000 banknotes at the bank where they have an account. The RBI has stated that there is no deposit limit for Rs.2000 notes. But, the general KYC and other cash deposit statutory norms will apply. When a person deposits Rs.2000 notes in a Basic Savings Bank Deposit (BSBD) or Jan Dhan account, the usual limits will apply. In this regard, Canara Bank has informed that they are giving a 100% waiver on cash remittance charges on Rs.2,000 denomination notes deposits. This applies to savings and current accounts. As per Bule 114B of the Income Tax Rules, it is mandatory for an individual to quote the PAN number when the cash deposit in a single day with a  post office or bank exceeds Rs.50,000. Thus, if a person wants to deposit Rs.2000 banknotes amounting to more than Rs.50,000 in a single day, he/she must quote the PAN number. Quoting the PAN is not mandatory when the amount deposited is below Rs.50,000 in a day.  Last date The RBI has stated that people can approach the any bank or post office to deposit or exchange their Rs.2000 notes from 23 May 2023. The last date for the deposit or exchange of Rs.2000 notes was 30 September 2023, which is extended to 7 October 2023.  How to exchange Rs.2000 note in the bank? People can also exchange Rs.2000 banknotes at any nearest bank branch from 23 May 2023 within 7 October 2023. For exchange of Rs.2000 notes before 7 October 2023, the RBI provided clear instruction that exchange of Rs.2000 notes can be done across the counter without insisting on a request slip or ID proof since these notes continue to be legal tender. However, certain public sector banks have adopted a different strategy.  Certain public sector banks have issued guidelines for the exchange Rs.2000 banknotes from non-account holders to submit identity proof mandatorily. Below is a list of a few banks that have issued instructions regarding ID proof for exchanging Rs.2000 notes by 7 October 2023. FAQs Why is the Rs 2000 note being exchanged? The Reserve Bank of India (RBI) has announced the withdrawal of the Rs 2000 note from circulation. While the note remains legal tender, the RBI has advised people to exchange or deposit them in banks before the deadline. This measure is part of the ongoing efforts to streamline currency management. How can I exchange Rs 2000 notes in the bank? You can exchange Rs 2000 notes at any bank branch by visiting the counter and filling out a simple exchange form. You must present a valid government-issued ID proof (such as Aadhaar, PAN card, or voter ID) to complete the exchange process.

The taxpayers’ income tax returns are first collected electronically at the Centralised Processing Centre (CPC). Following the processing of the refund, the IRS sends an intimation to the taxpayers under section 143 (1) of income tax informing them of the findings. Individuals with a certain amount of taxable income in India are required by law to file an Income Tax Return within a certain time frame, according to government regulations. An income tax return is a form or a set of forms that assists a taxpayer in disclosing his gross taxable income, deductions, and net tax liability from different sources. Salaried people, self-employed individuals, businesses, banks, Hindu Undivided Families, and others have to file income tax returns. By visiting the Income Tax Department’s website, you can file your income tax returns online.  E-filing is the term used to describe the method of filing an income tax return electronically. Following e-filing, the Income Tax Department is responsible for handling the Income Tax Return applications. During the processing of the request, the Income Tax Department may discover inconsistencies in data, errors in calculations, incorrect entry of such data, and so on. The Department will issue a note, also known as an Intimation Order, in such situations. What is Intimation u/s 143(1)? The details submitted to the tax department and the details considered by the department to process the tax return are summarised in the Intimation u/s 143(1). The following are the details present in the Intimation u/s 143(1): Sequence number of refund Details of assesses, such as name, address, etc. As per Tax Department, the tax computed under section 143 (1) Other details related to Income Tax filing, such as filing date, acknowledgement number, etc. The tax calculation as provided in the Income Tax return Why is the Intimation u/s 143(1) Issued? Basically, when a return is submitted to the Income Tax Department, the department applies the following computerized checks as a part of its review procedure: An incorrect claim, which is apparent from any information in return. For example, if the deduction u/s 80C is claimed more than the maximum permissible deduction u/s section 80C i.e., Rs 1,50,000, the excess shall be disallowed and reflected in your intimation u/s 143(1). Another example may be that rent income is deducted from business income, which is not shown under Income from House Property. Disallowance of expenditure indicated in the audit report but not taken into account in computing the total income in the return Comparison of Advance Tax, Self-assessment tax and TDS, etc., from 26AS. Addition of income appearing in Form 26AS or Form 16A or Form 16 which is not included in ITR Claiming the losses for carry forward to next year when the return is submitted after the due date / set off of losses of the previous year where the return was filed after the due date. Whether deduction under section 10AA, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, 80-IE has been taken after the due date of the Income Tax Return Calculation of Tax, Late filing fees, Interest, etc. When does one Receive Intimation on ITR?   Discrepancies in the return filed When there is a difference between the sums you report and the records kept by the Income Tax Department, this condition will arise.  You may have failed to report any of your earnings or given incorrect details. You will be notified by the Income Tax Department in certain situations. TDS error The most popular form of error with Income Tax Returns is the TDS number error. Your boss may have deducted money from your paycheck for TDS purposes in the past.  You will get a notification from the IRS as a result of this. Document review The Income Tax Department may request a review of the documents on which a taxpayer has filed his Income Tax Returns in a variety of circumstances.  The Department should submit an intimation to the taxpayer for this reason, and the taxpayer should reply promptly with the appropriate documentation. Declaration of investments made in name of spouse Many citizens want to purchase valuable assets such as property, fixed deposits, buildings, and other items under the names of their spouses or other immediate relatives in order to avoid paying taxes.  These funds, on the other hand, belong to the owner and must be reported when filing an income tax return. Citizens will be notified by intimation from the Income Tax Department. Random Scrutiny The Income Tax Department may simply submit an intimation to the taxpayer to conduct a random audit of the records and data used to file Income Tax Returns.  Under this situation, the taxpayer must work with the Department to supply them with all relevant information. Intimation u/s 143(1) Both income tax returns are processed to correct arithmetical errors, internal irregularities, tax estimation, and tax payment verification at the Intimation u/s 143(1) level.  At this time, no income verification is carried out. It is done entirely by data engineering, with no human intervention. Types of Income Tax Intimations Intimation under 143(1) Income Tax Act- If an assessee has spent more or less than the sum he is currently entitled to pay, he will obtain intimation under Section 143(1). The assessee must make the payment and settle the problem if the payment is less than the real sum.In the event that he makes a reimbursement that is greater than the real sum, he will be notified of the refund amount by intimation. Notice under Section 142(1)- The Income Tax Department sends this notification with the purpose of collecting papers, books of accounts, or other written evidence in order to examine the assessee’s records and return. Notice under Section 143(2)- The Income Tax Department sends this notice to the assessee to remind him that his request for an income tax return will now be submitted for a thorough examination.This notice is normally submitted after the Notice under Section 142 has been sent (1). It indicates that the Assessing Officer has not acquired any valid documentation or that the collected documents are not

In India, a Trademark is an essential tool for protecting the identity of a business. A Trademark is a sign or symbol used to distinguish the goods or services of a particular business from those of its competitors. The validity of a Trademark in India is determined by the Trademark Act, 1999, which sets out the requirements for registering a Trademark. The Act also outlines the duration of the Trademark’s validity, ranging from a minimum of seven years to an indefinite period. Additionally, the Act establishes the grounds for opposition and cancellation of a Trademark and the process for renewal of a Trademark. Trademarks are symbols or logos used by companies to represent their services and brand. It assists people to recognise the firm, service, or business. These logos can be registered under the Trademark Act, 1999 with the trademark registry department. It prevents the copying of trademarks. However, one cannot permanently register a trademark, it has to be renewed from time to time. What is Trademark? A trademark is an important legal tool that provides protection for the unique branding of a business, product or service. It is a symbol, logo, phrase, or word that distinguishes a business from its competitors. In India, the Trademarks Act, 1999, governs the registration and protection of trademarks. The validity of a trademark in India is based on two main factors: registration and use. Removal of an Inactive Registered Trademark According to Section 47 of the Trademarks Act of 1999, the Registrar may remove trademarks from the Register for the following reasons: No valid (bona fide) intention to use the trademark A third party can file an application with the Registrar to remove a trademark from the Registry on the ground that the holder obtained the registration without intending to use it. However, the third party must ensure the trademark proprietor has not used the trademark for three months before filing an application to remove it from the Register. No usage of the trademark for five years following registration The Registrar may remove a trademark from the Registry if the owner hasn’t used it to identify the products or services for a continuous period of five years or more. Five years will be deducted by the Registrar from the date the trademark was first entered into the Register. As a result, after five years from the date of registration, a person or company loses ownership of a registered trademark if they do not use the mark. Validity of a Trademark The trademark is registered for ten years by the Registrar. Hence, following the date of registration indicated in the registration certificate, a trademark registration will be valid for ten years. The trademark registration must be entered into the Register of Trademarks by the Registrar when it is issued. By submitting a trademark renewal application to the Registrar prior to the initial registration expiry, the trademark owner can extend the trademark registration for an additional 10 years. Under the Trademark Act 1999, the duration of trademark registration in India is ten (10) years. The renewal for a further 10-years period will require prescribed renewal fees. You’ll have to decide if you want to renew or not before the expiration date. Anyone can claim your trademark after 10 years if not renewed. Trademark Renewal Trademark duration and validity is limited up to 10 years. After that, it must be renewed if you want to continue with the legal protection for your asset. Trademark renewal request must be filed within 6 months prior to the expiration of the registration. You will receive a notice of a reminder about the expiry of your trademark registration from the registrar of trademarks. The letter will include the conditions of the expiration and the payment of the fees required for the trademark renewal. If the registration or renewal is not obtained as mentioned in the conditions, the Registrar will remove your trademark for the official Trademark Register, known as the Trademark Journal. You’ll have 2 ways to renew your trademark registration. Application for renewal without any changes Application for renewal with changes and alteration to any sign or words in the existing trademark  You need to file a TM-R form which can be filed by an authorised representative or agent. There’s no need of the registered owner of the trademark to be involved whatsoever. Once the application is approved, the trademark will be republished in the official Trademark Journal. It will give the owner further legal protection on his/her asset while extending the trademark registration duration for another 10 years. FAQs What is the validity period of a trademark in India? In India, a trademark is valid for 10 years from the date of registration. After this period, the trademark can be renewed for another 10 years, and this process can continue indefinitely as long as the renewal fees are paid on time. How can a trademark be renewed in India? To renew a trademark in India: File a renewal application using Form TM-R with the Registrar of Trademarks. Pay the required renewal fee. The renewal should be done before the expiry date to avoid penalties. The renewal application can be filed within 1 year before the expiry date of the trademark.

As companies seek to maximize their profits and improve their operations, using the e-procurement process can be a convenient and lucrative option. Buying and selling goods online allows companies to reach a more diverse audience and enhance the speed of transactions. What is e-procurement? E-procurement, or electronic procurement, is a digital transaction process that involves using the internet to buy and sell goods and services. This process employs a supplier’s closed system, meaning that only their registered customers can use and gain benefits from it. Implementing e-procurement creates a direct connection between the supplier and buyer, helping to streamline business-to-business (B2B) or business-to-consumer (B2C) processes like emails, invoices, purchase orders and bids. Since e-procurement is an online business measure, it uses networked systems and web interfaces for supply chain operations.The e-procurement process is a development of the 1980s, having spawned from the introduction of Electronic Data Interchange (EDIT), a method that describes the transference of data and information from one system to another. With EDI principles, e-procurement enables companies to generate online catalogs for their suppliers. This process involves elements like contract management and supplier evaluation. There’s also specialized e-procurement software that you can leverage to automate B2B engagements between the supplier and company Benefits of e-procurement Creates information transparency: E-procurement makes the transference of information and data more transparent to the company and its supplier. You can use this information to view purchasing behaviors, leverage buying power, control non-compliant spending, and identify opportunities to consolidate suppliers. Helps companies save money: E-procurement can help a company save substantial amounts of money because it eliminates costly errors that may occur when handling manual orders and paperwork. The company can then use the money they save for other initiatives, like marketing and advertising. Automates procurement processes: By automating your procurement processes, you’re able to sustain more consistent and cost-effective operations. There’s a diverse range of procurement software that you can use to help you achieve this goal, helping lower the need to perform monotonous activities, like data entry and analytics. Shortens procurement and purchasing cycles: The benefit of shorter process cycles is that you’re able to obtain the goods and services that you need at a much faster rate. This helps to limit operation downtime, which ultimately helps to increase productivity, save costs and increase profits. Improves inventory management and control: It’s important for a company to better manage their inventory because it enables them to gather accurate information about their current supply of goods. They can then use this information to make more informed business decisions. Streamlines operations: This is an essential benefit of using e-procurement because it helps you save time and increases productivity. Having all of your online purchasing and selling processes functioning seamlessly creates a more uniform system and makes it easier to identify and resolve problems before they escalate. Larger product and service selection: Because all the transaction and procurement processes occur online, you have access to a broader range of products and services to choose from. This variety enables you to make comparisons between what’s available and select the goods that are best for your company and most cost-effective. Limits maverick spending: Maverick spending describes when an individual procures products that aren’t within the parameters of the designated contract and negotiations. Limiting these types of actions helps to ensure that all procurement processes meet compliance regulations set between the company and supplier. 5 steps of e-procurement 1. Online information transferring Online information transferring, or e-informing, is the stage that aligns with a traditional procurement cycle. It describes the exchange of information between two parties. This exchange often happens between internal units within the company and relevant external suppliers. This first step enables a company to optimize and streamline its e-procurement process. 2. Online sourcing Online sourcing, or e-sourcing, is the phase of procurement where the company pre-qualifies all of its potential suppliers. They make this determination based on the designated procurement requirements, allowing them to shortlist those suppliers for the evaluation step. This second stage coincides with defining business requirements by the company’s executive and procurement figures. 3. Online tendering Online tendering, or e-tendering, describes when the company requests information, quotes and proposals from its shortlisted suppliers. This stage coincides with the evaluation and solicitation process and helps the company analyze and better assess the potential suppliers. During this third stage, the company may implement strategies to ensure their assessment is transparent. 4. Online auctioning Online auctioning, or e-auctioning, is the stage when all involved parties set the contract terms and negotiate prices. After both parties come to an agreement, the buying company purchases the goods or services from the supplier. Sometimes there are multiple companies trying to secure a contract with the supplier, often by paying more. An alternative to this condition is e-reverse auction, which is when multiple suppliers compete to secure a contract with one buyer by offering them a lower price. 5. Online product ordering Online product ordering, or e-ordering, is the final step in the e-procurement process that involves the development and approval of requisitions. This is when the company places its orders and then receives them by the estimated date. To finalize the process, the company indexes the contracts in a digital catalog so employees can access them at a later date and place a new order. Procurement vs. purchasing Companies use procurement for a production environment, such as buying textiles and materials, to build an item. Comparatively, purchasing is for buying goods and products at wholesale that you can immediately resell for a profit. Therefore, procurement focuses more on the value of goods, while the priority for purchasing is the cost of buying those goods.The purchasing process is usually much simpler, often only involving the need to order, expedite and fulfill the payment of the items. Procurement is a more complex process that includes those steps, but also need-recognition, contract source and sourcing. Purchasing is usually reactive and dependent on customer reception, so it usually focuses more on the transaction than the supplier. Procurement is a