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dir 3 kyc of directors

dir 3 kyc of directors

Director identification number (DIN) is a unique identification number given to a person wanting to be a director or an existing director of a company. In this digitised era, application in e-Form DIR-3 was sufficient to obtain DIN. This was a one-time process for any person who wants to be a director in one or more companies.  Purpose of the Form DIR-3 KYC  Every director shall inform all the companies in which he/ she is a director of the DIN allotted to him/her in Form DIR-3B within 30 days of the receipt of intimation of approval of DIN. Similarly, the Secretary and Manager of a company shall inform the company of their Income-tax Permanent Account Number (PAN). The company needs to provide further information about the DIN of the directors to the Registrar in Form DIR-3C within 15 days of receiving the intimation. Who Needs to File e-Form DIR 3 KYC? As per the announcement by the MCA department, any director whose Director Identification Number (DIN) was approved by 31st March 2018 must submit his KYC details. Moreover, the disqualified directors are also required to follow this procedure. Every director who has been allocated a DIN on or before the end of the financial year and whose DIN has been approved shall file form DIR-3 KYC before 30th September of the following financial year. For Example, The DIN or Director Partner Identification Number (DPIN) holders and directors assigned DPIN by 31st March 2023 need to complete the eForm DIR-3 KYC by 30th September 2023. Type of DIR-3 KYC Filing KYC Details Update Via e-Form DIR-3 The web services are available to the DIN holder who has previously submitted the e-Form DIR-3 KYC in the past financial years and also does not require an update in KYC details and can make annual KYC updation. KYC Update via Web Services of DIR-3 The holder of DIN filing the KYC details in the initial period as per the MCA should file the details of KYC via the e-Form DIR-3 KYC and the web services access is not available to the person, also the DIN holder needs to update the KYC via the e-Form DIR-3 KYC if the update has to be updated. There is no access to the web services for the updation of DIR-3 KYC Checkpoints for filing the e-Form DIR-3 KYC Every director’s personal mobile number and email address will have to be provided while filing the e-Form. This number and email address will be verified by an OTP (one-time password). The director has to use his/her own digital signature while filing this e-Form. The director has to ensure that complete and right information is provided on the e-Form and it should be certified by a practising Chartered Accountant (CA) or Company Secretary (CS), or Cost Accountant. Consequence of not filing e-Form DIR-3 KYC within the specified due date In case a director who is supposed to file the e-Form does not file it by 30th September on MCA 21 portal, the department will mark the DIN of such director as ‘Deactivated due to Non-filing of DIR-3 KYC’.  If the director wishes to re-activate his/her DIN in future by filing the missed out e-Form DIR-3 KYC, he can do so after paying a late fee of Rs 5,000. This fee would be payable on or after 30th September of the year in which the e-Form DIR-3 KYC (Web) is to be filed. This form needs to be filed annually by the directors. Documents required for filing e-Form DIR-3 KYC Permanent address proof, such as Voter’s ID, driving license or PAN card.  Present address proof, such as utility bills not older than 2 months, rental agreement, etc. Aadhaar card. Passport. Other optional documents. Apart from the above documents mentioned above, please keep the following things ready: Digital Signature Certificate (DSC) of the director filing the form (applicant). DSC, membership number, certificate of practise number from a practising professional, such as CA, CS, or Cost Accountant.  Step-by-step guide to file e-Form DIR-3 KYC Step 1: Login to MCA website Login to the MCA website by clicking ‘Sign In/Sign Up’ button on the homepage. If you have not registered on the MCA website, you can register by clicking the ‘Register’ button, entering the required details and logging in by entering the User ID and password. Step 2: Enter the mobile number and email After logging into the MCA website, go to ‘MCA Services’ tab, then ‘Company e-Filing’, ‘DIN Related Filings’ and click ‘Form DIR-3 KYC’ or ‘Form DIR-3 KYC Web’. On the form, the director must enter the DIN number, mobile number and email. OTP will be sent to mobile number and email. Enter the OTP and click on ‘Next’.  Step 3: Enter the details in the DIR-3 KYC Form The director has to enter the below details on the next page: Name Father’s name Nationality Date of birth Gender PAN number Mobile number OTP sent to mobile number Email ID OTP sent to email ID Aadhaar number Permanent residential address Present residential address If the director is filling e-Form DIR-3 KYC (Web), the above details will be pre-filled. The details which are not pre-filled will have to be filled by the director. Note: It is mandatory to declare Permanent Account Number (PAN). After entering PAN details, director will have to click on the ‘Verify income-tax PAN’ button. The system will verify the details based on the PAN card number. If the foreign nationals do not have a PAN, the name mentioned in the form must be the same as the name mentioned in the DSC for successful validation. Step 4: Attachments and e-Form certification Next, the director must upload the required documents. After documents are attached, the director must make the declaration that the information provided by him/her on the e-Form DIR-3 KYC is correct and attach his/her DSC. The e-Form should also be digitally signed by a practising CA, CS or Cost Accountant. It is important to enter the details of the practising professional and then attach their digital signature. Last, click the ‘Submit’ button to submit

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department of school education

The school education system in India is vast and complex. It is overseen by three national bodies: The All India Council for Technical Education, the University Grants Commission, and the National Council of Educational Research and Training. In addition to these, each state has its Department or Ministry of Education, which regulates school education within its jurisdiction. In India, the literacy rate for people aged seven and above is 74.04%. The male literacy rate is 82.14% while the female literacy rate is 65.46%. The Gross Enrolment Ratio (GER) for higher education in India is 26.30%. The GER is the percentage of people aged 18-23 who are enrolled in higher education institutions. In India, there are more than 700 universities and 37000 colleges. The education system of India as a whole is not up to the mark. There are many problems in the education system. The quality of education is not good. There is a lot of corruption in the education system. The government is not doing enough to improve the education system. There are many private schools in India which are providing good quality education. But the fees of these schools are very high. So, only rich people can afford to send their children to these schools. Many public schools in India are not provided with good quality education. The government is not doing anything to improve the condition of these schools Governing Bodies All India Council for Technical Education (AICTE) The AICTE is responsible for regulating technical education in India. It was established in 1945 as an advisory body to the Government of India and became a statutory body in 1987. The AICTE accredited and approved institutions for technical and management education in India. As of 2019, there are more than 3000 AICTE-approved institutions in India. University Grants Commission (UGC) The University Grants Commission is a statutory body that provides recognition to universities in India. It also provides financial assistance to eligible universities and colleges. The UGC was established in 1956 and currently has fifty-six members. National Council of Educational Research and Training (NCERT) The National Council of Educational Research and Training is an autonomous organisation that advises the Government of India on education policy. It was established in 1961 and its headquarters are located in New Delhi. The NCERT develops textbooks, teacher training materials, and research journals. School education in India starts at the age of three with pre-primary school. Pre-primary school is not compulsory and is not part of the formal education system. The pre-primary stage is followed by five years of primary schooling, which is divided into two cycles of two years and three years. After the completion of primary school, children can either attend middle school or high school. The middle school comprises Grades VI to VIII, while high school includes Grades IX to XII. Upon successful completion of high school, students can pursue higher education at a university or college. Types of Education in India Formal Education:  Formal education is imparted in schools, colleges, and universities that follow a set curriculum. In India, the formal education system consists of five years of primary schooling, followed by three years of middle school and two years of high school. After the completion of high school, students can pursue higher education at a university or college. Informal Education:  Informal education is provided outside the formal education system and does not follow any set curriculum. It includes training programs, workshops, and internships. Informal education can be beneficial for students who want to learn specific skills or knowledge that are not covered in the formal education system. It can also be helpful for students who want to gain work experience before entering the workforce. FAQs What are the types of education offered in India? The types of education offered in India include primary, secondary, and tertiary education. Primary education is free and compulsory for all children aged six to fourteen years. Secondary education is not compulsory, but it is free for all children aged fifteen to eighteen years. Tertiary education includes both undergraduate and graduate programs. Undergraduate programs typically last four years, while graduate programs can last anywhere from two to eight years. What is the curriculum like for schools in India? The curriculum for schools in India is based on the National Curriculum Framework, which was last updated in 2005. This framework outlines the goals of education in India and guides what should be taught at each level of schooling. The curriculum includes subjects such as language, mathematics, science, social studies, and art.

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Adultery: A Ground for Divorce in India

Adultery as defined under Section 497 of the Indian Penal Code, 1860, is whoever has sexual intercourse with a person who is and whom he knows or has reason to believe to be the wife of another man, without the consent or connivance of that man, such sexual intercourse not amounting to the offence of rape, is guilty of the offence of adultery.” Personal laws all over the world censure the act of adultery, and it is contemplated as a ground for divorce or separation. Moreover, the Hindu law that has no concept of separating or divorcing once married also condemns the act of adultery unambiguously. In the current scenario, adultery is a ground for divorce or separation. An act of sexual intercourse outside marriage The intercourse should be voluntary Adultery is a crucial matter, and it has always been a matter of disparity in the related judgments of the courts. The primary reason is to decide which circumstantial evidence can be considered as proof of adultery. For example, Odisha High Court in the case of Banchanidde vs Kamladas said that only irresistible conclusion could be adultery, as circumstances should be so compelling. However, in the case of Subbarma vs Saraswathi, Madras High Court said that if an unrelated person is found with the wife after midnight, it may be considered as an adulterous act. In another case Maclenna vs Maclenna, Outer House, Court of Session, Scotland, the court faces a dilemma when the question raised that whether a wife using Artificial Insemination Donor (AID) without her husband’s consent can be considered as adultery or not. However, the court stated that AID could not be considered as adultery and rule in favour of the wife. Nevertheless, it is noteworthy that the burden of proof that whether the act of adultery took place or not lies on the petitioner only. Hindu Laws On Adultery As A Ground For Divorce Adultery as a ground for divorce in India has been defined under Section 13(1) of the Hindu Marriage Act, 1955, as the act of having voluntary sexual intercourse with a person who is not the spouse of the respondent. Hence, it becomes essential for the petitioner to prove that she/he was indeed married to the said respondent and that the respondent had voluntary sexual intercourse with a person other than him/her. The spouse who wants to file a divorce petition has to substantiate the statements with proper evidence. The Indian Courts time and again had stressed that adultery has to be proven beyond reasonable doubt. However, in the recent years, the Supreme Court is seen to be deviating away from such notions stating that proving beyond reasonable doubt is essential in criminal cases and not in civil cases. In the case of Dastane v. Dastane, the apex court held that there certainly is no necessity of the presence of proof beyond reasonable doubt where personal relationships are involved especially those between a husband and wife. In the case of Ammini E.J. v. Union of India, the Kerala High Court held that the husband is in a favorable position with respect to it being a ground for divorce because the wife has to prove adultery along with some other aggravating circumstances and hence it is discriminatory towards the wife. The Court also ruled that the wife may file for divorce only on the grounds of adultery, without any other qualifying offence such as cruelty or desertion. Before the enactment of the Marriage Laws, 1976, adultery was treated as a conduct of grave immorality. It was a thing of grave shame irrespective of the gender, however it wasn’t a ground for divorce. After the 1976 Amendment, the grounds for judicial separation and divorce are the same and it is a mark of great development in the Hindu Personal Laws. Section 10 of the Hindu Marriage Act, 1995 defines adultery as a ground for judicial separation. The provision states that the parties to a marriage may file for a decree of judicial separation under any of the grounds mentioned in Section 13(1), irrespective of the marriage being solemnized after or before the commencement of this act. In the case of Sulekha Bairagi v. Prof. Kamala Kanta Bairagi, both Section 10 and Section 13 of the Hindu Marriage Act. According to the husband, she used to visit the house of the co-respondent and was even found in a compromising situation with him and that she used to neglect her duties. In this case, the decision was taken in the favor of the petitioner on merit of the evidence provided, and judicial separation was granted. The above cases are mainly testament to the fact that cases such as these are indeed taken on a case to case basis, and decided on the merits of that particular case. The Marriage Laws (Amendment) Act, 1976 The Marriage Laws (Amendment) Act, 1976 passed and made the ground for divorce and judicial separation common. Under the amendment, any aggrieved party can file a petition for divorce or judicial separation by choice. Prior to this, enactment was considered as the conduct of immorality. Though adultery was a matter of grave shame, still it was not a ground for divorce. This amendment made the grounds for divorce and judicial separation same, and it was marked as a significant development in the category of Hindu Personal law. Adultery Under Hindu Marriage Act, 1955 Section 10 of the Hindu Marriage Act, 1955, says adultery is defined as a ground for judicial separation. The section states that the parties can file a decree for judicial separation or divorce because they are mentioned under Section 13(1) of the act. However, it is irrespective of the fact that before or after the commencement of adultery marriage being solemnized. In the case of Sulekha Bairagi vs Prof. Kamala Kanta Bairagi, Calcutta High Court, the matter was that according to the husband, his wife used to visit the co-respondent and was caught in a compromising position. The wife was also accused of neglecting her marital duties.

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Corporate Insolvency Resolution Process

corporate insolvency resolution process

The Corporate Insolvency Resolution Process (‘CIRP’) is a recovery mechanism for the creditors of a corporate debtor. A corporate debtor means a company or Limited Liability Partnership (‘LLP’) that owes a debt to its creditors. The Insolvency and Bankruptcy Code, 2016 (‘IBC’) lays down the provisions for conducting insolvency or bankruptcy of individuals, partnership firms, LLP and companies. However, the process of insolvency and liquidation of corporate debtors under the IBC applies where the minimum default amount is Rs.1 crore only. What is the Meaning of Insolvency Resolution Process (IRP) Under the Insolvency Bankruptcy Code 2016, when a company fails to make payments to creditors, the National Company Law Tribunal (NCLT) takes charge of the Insolvency Resolution Process (IRP). An operational creditor, financial creditor, or the company itself can apply for IRP.  After initiation, the company’s assets are put on hold from being disposed of for six months by the NCLT. During this time, the NCLT evaluates and decides on the appropriate action to be taken, which may involve restructuring the company, resolving debts, or liquidating assets. Creditors Under IBC When a company or LLP becomes insolvent or commits a default, the financial creditor, operational creditor or the corporate debtor can file an application to initiate the CIRP by the Adjudicating Authority, i.e. National Company Law Tribunal (‘NCLT’).  A financial creditor is a person to whom the business owes a financial debt and includes a person to whom such debt is legally transmitted or assigned. A financial debt means a debt along with interest disbursed against the consideration for the value of money and includes-  The amount borrowed against the payment of interest. The amount raised by acceptance under the acceptance credit facility or its dematerialised equivalent. The amount raised under the note purchase facility or the issue of notes, bonds, loan stock, debentures or any other similar instrument.  The amount of the liability relating to a lease or hire purchase contract that is deemed as capital or finance lease under the Indian Accounting Standards or such other accounting standards. Receivables discounted or sold other than the receivables sold on a non-recourse basis. The amount raised under any other transaction, including any purchase agreement or forward sale having the commercial effect of a borrowing. Any derivative transaction entered in connection with benefit from or protection against fluctuation in any price or rate. Any counter-indemnity obligation relating to a bond, indemnity, guarantee, documentary letter of credit or other instrument issued by a financial institution or bank. The amount of liability relating to any of the indemnity or guarantee for any of the points mentioned above. An operational creditor is a person to whom the business owes an operational debt and includes persons to whom such amount has been legally transferred or assigned for services or goods given by them.  Process of Corporate Insolvency Resolution Initiation of CIRP- The financial creditor can initiate the CIRP against the corporate debtor by applying to NCLT. The operational creditor should first give a demand notice of an unpaid invoice to the corporate debtor demanding the default payment amount. When the operational creditor does not receive payment from the corporate debtor after the expiry of ten days of delivery of the demand notice or invoice demanding payment, he can apply to NCLT for initiating the CIRP. A partner or member of the corporate debtor authorised to initiate CIRP or a person in charge of managing the affairs or who has control and supervision over the financial affairs of the corporate debtor can initiate the CIRP with NCLT.  NCLT will pass an order within fourteen days of either admitting or denying the CIRP application. The CIRP will commence from the admission date of the application by NCLT. The CIRP completion period is 180 days from the admission date of the CIRP application.  Declaration of Moratorium and Public Announcement- After the admission of the CIRP application, NCLT will pass an order-  Declaring a moratorium for prohibiting certain actions and transactions. Causing a public announcement of initiating the CIRP and call for the submission of claims. Appointing an interim resolution professional.  NCLT orders on the CIRP commencement date declaring the moratorium for prohibiting the following-  Continuation or institution of suits or proceedings against the corporate debtor. Encumbering, transferring, disposing of or alienating by the corporate debtor of its assets or beneficial interest or legal right. Any action to recover, foreclose or enforce any security interest created by the corporate debtor relating to its property, including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.  Recovery of any property by a lessor or owner, where the property is in possession or occupied by the corporate debtor. The public announcement of the CIRP should contain the following information-  Name and address of the corporate debtor.  Name of the authority under which the corporate debtor is registered or incorporated. Last date for submission of claims. Details of the interim resolution professional who will be responsible for receiving claims and take over the management of the corporate debtor. Penalties for misleading or false claims. The date of closure of the CIRP, i.e. 180th day from the admission date of the CIRP application. The interim resolution professional appointed will have the following powers relating to the corporate debtor from the date of his appointment- Management of the affairs of the corporate debtor. Exercise the powers of the board of directors or partners of the corporate debtor and suspension of the powers of the director or partner of the corporate debtor. Officers and managers of the corporate debtor will have to report to the interim resolution professional and give access to the records and documents of the corporate debtor. Financial institutions having and maintaining accounts of the corporate debtor will act on the instructions of the interim resolution professional and furnish all available information relating to the corporate debtor. Committee of Creditors- The interim resolution professional will constitute a committee of creditors after collating all received claims against

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Odisha Property tax

Property tax is a direct tax imposed on real property and is a significant source of income for the local government. The taxation system requires the owners, lessees or occupiers of the property to pay the tax that is calculated on an annual basis. The collected money is utilized for various public services like constructing libraries, repairing roads, sanitation etc. Payment of property tax on time is essential to avail tax benefits and avoid legal hassles. In Odisha, the terminology holding tax is used to depict property tax. As per Odisha Municipal Act, 1950, the State Government of Odisha collects holding tax. However, the state government has planned to get rid of holding tax and introduce property tax all municipal bodies / urban local bodies of the state. For property tax to be introduced, the Odisha Municipal Act, 1950 and Odisha Municipal Corporation Act, 2003 have to be amended. The rules and regulations regulating the property tax are still under process. Therefore, currently, Holding Tax is being collected under the Odisha Municipal Act, 1950. Properties Liable for Property Tax Residential Commercial Recreation and Sports Industrial Hospitals and nursing homes Educational Public purposes Hotels and Restaurants Calculation of Odisha Property Tax The holder who is in title with any holding within the corporation limits is liable to pay the Holding Tax @ of 20.5% of the annual rental value of the property depending on its nature, i.e. either residential or commercial. The method of calculating holding tax is as follows. Annual Rental Value = Annual Rental Value per square feet X Total build up area (in square feet) Annual Rental Value Calculation: a)Residential    The Annual Value of a Holding for residential purpose is calculated as per following procedures. Step I   – Plinth area of the holding in Sq. Meter x Rs 13.65 Step II  –  Deduct 15% of the preceding value towards repair & maintenance Step III – Add 0.5% of the land cost where the holding is located (Land cost to be determined as per G.A. Department Notification dated 01.05.1998) Holding tax of 20.5% of the Annual Value is levied that includes Latrine Tax – 2.5% and Street Light – 5% . b) Commercial holding  The Annual Value of Holding of a Commercial unit is calculated as follows. Step I   – Add Civil Cost of the building + the cost of P.H & Electric fitting Step II  – Take 7.5% of the arrived value Step III – Add 0.5% of the land cost with the previous value Step IV – The Holding Tax payable per annum is 20.5% of the cost arrived at Step III. C) Residential holding used on rent Calculation of tax for holdings given on rent is as follows: Step I – Monthly rent of the building x 12 Step II – Deduct 15% of the previous value towards maintenance cost Step III- Add 0.5% of the Land Cost where the building is located Step IV- Hence, the annual value of the building is the sum of Step I and Step III, from which the value arrived at Step II is deducted. Note: Government buildings, government hospitals, government educational institutions, government cultural institution and other such government institutions are being exempted of paying 10% Holding Tax as per the Act. Categories of buildings and rates of annual rental value:  Residential Buildings Rs 2.00 per sq ft Small Shops Rs 5.00 per sq ft Kalyan Mandap, Gold Shop, Nursing Home, Hotel & Lodging etc. Rs 7.00 per sq ft Bank, Insurance, Companies & Show Rooms Rs 10.00 per sq ft Online Payment of Odisha Property Tax Step 1: Visit the official website of e-Municipality Odisha Step 2: Under “Quick Services” click on Property/Holding Tax Step 3: Choose your District and the respective ULB from the given dropdown. Step 4: Click on “Login”.  Enter the login credentials to access the e-Municipality application. Step 5: Provide required details and make necessary payment. To view demand or check payment status before payment, click on ‘View Demand/Payment Status’ under property tax services.  Fill all the details and click on “Search” button. In the screen that appears, check the assessment Details, Demand Details and Payment Details. Step 6: After making required payment, print the receipt. FAQs What is Odisha Property Tax? Odisha Property Tax is a tax levied by the local municipal authorities on property owners within the state. This tax helps fund essential public services like sanitation, road maintenance, and other civic amenities. Who is required to pay property tax in Odisha? Property owners, including individuals, companies, and organizations that own residential, commercial, or industrial properties within municipal limits, are required to pay property tax in Odisha.

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GST State Code List and Jurisdiction

GST State Code Jurisdiction

GST. These taxes are levied upon goods and services at every stage of the supply chain. The GST is classified into CGST (Central Goods and Service tax which is levied by the center), SGST (State Goods and Service tax which is charged by the state), and IGST (Integrated Goods and Service tax which is levied by both center and the state). GST was introduced on 1st July 2017, and the classified business category is required to get a unique ‘GST Identification Number’. This unique number combines several numbers; the first two are made up of state code. The GST state code list is a numerical code that represents each state and union territory in India, which is used by taxpayers while registering for GST and entering invoice details in GST returns. GST state code and GST jurisdiction are important data points for businesses to ensure a hassle-free processing of GST returns, applications, and assessments, and to avail facilities under the law. The government has classified jurisdictions based on geographical region, PIN codes of distinct locations, and distinct districts to make GST registrations easier for businesses and professionals. GST State Code A temporary GST state code will be assigned to you when you file your business enterprise on the GST portal, and after 7 working days, a permanent GST state code will be assigned to you, as long as all of your documents are accepted. The GST state code is extremely important and should be used on any invoices you receive or send. No firm agency will lead company and tax suppliers in the name of GST without a GSTIN. The GSTIN identifies a business and aids the supplier in determining whether or not the person for whom they’re transacting is registered on the platform and whether the fine print is right. Although the GSTIN may seem to be a random digit code or number, it is meticulously planned, with each digit/alphabet having a meaning. The first two digits of your GSTIN are used to determine where your company is located and where it is supplying. Objective of GST State Code GST Code assists the government in determining whether IGST, SGST, or CGST should be charged to a taxpayer or a business enterprise.  The state code of GST for a buyer can be accessed from the buyer’s Goods and Services Tax Identification Number, which is shown in the “Place of Supply” section of the GST invoice.  IGST would be fined if both the customer and the supplier’s state codes are different. If the two-state codes are the same, the SGST and CGST would be applied.  A taxpayer will use the code list to register with GST and enter invoice information in GST returns. GST Jurisdiction Any taxpayer who registers on the GST Portal is also expected to provide information about their GST jurisdiction. The method of determining your authority has become much simpler, with the GST platform providing a step-by-step guide. Classification of GST Jurisdictions The central and state jurisdictions are as the following- 1) 90% of the taxpayers having a turnover below Rs 1.5 crores will fall under state administration. The rest 10% of taxpayers will fall under central administration. 2) 50% of the taxpayers having a turnover above Rs.1.5 crore will fall under the state administration. The remaining 50% will be taken up by the Centre. The GST Jurisdictions are bifurcated on the basis of size, geographical location, hierarchy, etc. It is as follows- Zone Commissionerates Range offices Division offices The list of the States and Union Territories is mentioned below along with their GST codes. Name of the States and Territories State Codes Alphabetical Code Jammu and Kashmir GST Code 01 JK Himachal Pradesh GST Code 02 HP Punjab GST Code 03 PB Chandigarh GST Code 04 CH Uttarakhand GST Code 05 UT Haryana GST Code 06 HR Delhi GST Code 07 DL Rajasthan GST Code 08 RJ Uttar Pradesh GST Code 09 UP Bihar GST Code 10 BH Sikkim GST Code 11 SK Arunachal Pradesh GST Code 12 AR Nagaland GST Code 13 NL Manipur GST Code 14 MN Mizoram GST Code 15 MI Tripura GST Code 16 TR Meghalaya GST Code 17 ME Assam GST Code 18 AS West Bengal GST Code 19 WB Jharkhand GST Code 20 JH Odisha GST Code 21 OR Chhattisgarh GST Code 22 CT Madhya Pradesh GST Code 23 MP Gujarat GST Code 24 GJ Daman and Diu GST Code 25 DD Dadra and Nagar Haveli GST Code 26 DN Maharashtra GST Code 27 MH Andhra Pradesh GST Code 28 AP Karnataka GST Code 29 KA Goa GST Code 30 GA Lakshadweep Islands GST Code 31 LD Kerala GST Code 32 KL Tamilnadu GST Code 33 TN Pondicherry GST Code 34 PY Andaman and Nicobar Islands GST Code 35 AN Telangana GST Code 36 TS Andhra Pradesh (New) GST Code 37 AD Where do we need State Code in GST? (1) GST registration Accurate and complete details must be entered by the applicant to obtain a valid GST registration. One such crucial information is the state and central jurisdictions for primary place of business. The information given by the taxpayer is verified by the officer. Thereafter, the applicant is allotted a GSTIN containing the relevant GST state code. (2) GST invoice and e-Invoicing GST state code becomes relevant for accurate invoicing and e-invoicing under GST. Valid GSTINs of buyer, seller and consignee contain the relevant state codes which are used to identify the place of supply of such sale. Eventually, place of supply decides type of GST to be charged based on whether it’s an interstate or intrastate sale. Suppose, a seller mentions buyer’s GSTIN with a wrong GST state code on the invoice. Then, it may lead to wrong charge of IGST instead of CGST and SGST or vice versa with an incorrect place of supply being picked up. If the seller happens to comply with e-invoicing by law, it can lead to cancellation of IRN due to incorrect state code GST and the need to raise

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World GDP Ranking 2024 List

World GDP Ranking List

GDP or “Gross Domestic Product” refers to the monetary value of all goods and services produced in a nation during a given year. A higher GDP indicates that the country is financially strong and growing at a stable rate. According to the World GDP Ranking 2024 list, India is the fifth largest economy in the world. Other prominent countries like the United States of America, China, Japan, Germany, etc., have a significant presence in this GDP Ranking list.  Top 10 GDP Countries 2024 S. No.  Country Name Continent GDP (USD Billion)* GDP Per Capita (USD thousand)* 1 United States America 28,783 85.37 2 China Asia 18,536 13.14 3 Germany Europe 4,590 54.29 4 Japan Asia 4,112 33.14 5 India Asia 3,942 2.73 6 United Kingdom Europe 3,502 51.07 7 France Europe 3,132 47.36 8 Brazil  America 2,333 11.35 9 Italy Europe 2,332 39.58 10 Canada America 2,242 54.87 India GDP 2024 Rank With strong macroeconomic fundamentals, robust domestic demand, fiscal discipline, high saving rates and demographic trends, India is now the fifth-largest economy in the world. Today, India’s leading economic contributors are traditional and modern agriculture, technology services, the handicraft industry, and business outsourcing.  With a real GDP of 173.82 lakh crore in 2023-24 generated by a population of over 1 billion, India is among the highest population-based economies in the world. Additionally, as per the recent data, India will tend to grow at 6.5%-7% in 2024-25. This means India’s economic growth next fiscal year will be the fastest among major economies. Therefore, in the upcoming years, rising consumption and investments, both domestic and foreign, will contribute to the nation’s growth and may also help India to rank higher in the World GDP Ranking list. India GDP Per Capita 2024 / India Per Capita Income 2024 India’s rank in the World GDP Ranking 2024 list, it is evident that the value of output per person is quite substantial. India’s per capita income of the population for 2024 is 2.73%. As per the Union government, the rise in the per capita income of people has pushed many households into higher income brackets.  In the financial year 2023, India’s per capita income is nearly 2 lakh.  On the contrary, in the financial year 2012, India’s per capita income was 71,609. It has increased by 175% in the last 10 years. The drastic increase in population and demand for employment has significantly increased the nation’s GDP per capita.  Calculating GDP GDP is calculated using the following formula:                    Y = C + I + G + (X − M) C represents consumption, which includes spending on services, non-durable goods, and durable goods. I represents investment, which consists of spending on housing and equipment. G represents government expenditure, which includes salaries of employees, construction of roads, railways, airports, schools, and military expenses. The difference between total exports and imports is referred to as net exports, denoted by (X-M). In this context, Y represents the Gross Domestic Product. FAQs What is the World GDP Ranking List? The World GDP Ranking List is a ranking of countries based on their Gross Domestic Product (GDP). It reflects the economic output of each country and helps in comparing the economic performance of different nations. What is GDP? Gross Domestic Product (GDP) measures the total value of all goods and services produced within a country’s borders over a specific period, usually a year. It is an important indicator of a country’s economic health.

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Karnataka RERA Registration for Projects

Karnataka RERA Registration for Projects

The official portal of Real Estate Regulatory Authority Karnataka (RERA Karnataka) is developed under section 4.3 of the Real Estate Regulatory Authority (RERA) Act, 2016. The RERA Act, 2016 was introduced to reform the real estate segment of the country, thereby encouraging better transparency, citizen centricity, financial disciple and accountability. To improve the responsibility and accountability towards consumers, the Real Estate Regulation and Development Act (RERA) has mandated real estate promoters developers (real estate developers) to register the project and to obtain a valid registration number before proceeding the work. The promoter will not be permitted to market, advertise or sell the units before the RERA Project registration. In case the project is to be developed in phases, the promoter has to obtain registration for each phase separately. Real Estate Regulation and Development Act (RERA) The Real Estate Regulation and Development Act (RERA), 2016 is considered as one of the landmark legislation passed by the Central Government. Its key objective is to reform the real estate sector in our country, encouraging greater transparency, citizen centricity, accountability and financial discipline.  RERA is in line with the vast and growing economy of India as in future; many people will be investing in the real estate sector. Real Estate Projects Registration Area of the land proposed to be developed is more than five hundred square meters More than eight apartments including of all phases The promoter has not received a completion certificate for a real estate project/phase of the project before the initiation of this act. If the certificate is not obtained, the promoter has to pay the penalty which will extend up to ten percent of the estimated cost of the real estate projects. If the promoter violates the rules continuously, then he will be punishable with imprisonment up to three years (3 years) or with a fine which will extend up to a further ten per cent of the estimated cost of the real estate project or both Any alternation or deed in the real estate project which involves advertising, marketing, selling or new allotment of an apartment, and plot or building Function of Promoter According to RERA act the function and duties of promoters are explained in detail below: Disclosing all the information about the project; Adherence to approved plans and projects specifications as approved by competent authorities; Rectification of structural defect within two years of possession. Obligations regarding the veracity of the advertisement Refund of money in cases of default notification Applicable Fee The fee structure for obtaining the Karnataka RERA registration for Projects is described below: According to RERA act, the promoter should compulsorily deposit 70 percent of the amounts realised for the real estate projects from the allottees in a separate account in a scheduled bank within fifteen days to cover the cost of constructions. Within three months of the application for project registration with the Authority, the Promoters are to deposit in separate bank accounts, 70% of the amounts already realised from the allottees. In case the receivable of the ongoing project is less than the estimated cost of balanced construction, then the promoter has to deposit 100% of the amounts to be realised in the separate account. Project Registration Fee To conduct the real estate business, the developer has to pay the registration fee while applying for registration of the project with the RERA authority. They can pay the registration fee through online payment mode. Housing project In the case of a group housing project, the following is the fee structure: Rs 5 per square meter – If the area of land proposed to be developed does not exceed 1000 square meters Rs 10 per square meters – For projects where the area of land proposed to be developed exceeds 1000 square meters. In the case of mixed development (residential and commercial) projects Rs 10 per square meters- For projects where the area of land proposed to be developed do not exceed 1000 meters Rs 15 per square meter – For projects where the area of land proposed to be developed exceeds 1000 square meters Commercial projects In the case of commercial projects, the following is the fee structure: Rs 20 per square meters- For projects where the area of land proposed to be developed does not exceed thousand square meters Rs 25 per square meter (capped up to Rs. 10 lakhs) – For projects where the area of the property proposed to be developed exceeds one thousand square meters. In the case of plotted development projects Rs 5 per square meter, but capped to Rs. 2 lakhs Documents Required Self-attested copy of the promoter PAN card of the promoter Annual reports – Audited profit and loss account balance sheet, cash flow statement, director’s reports and the auditor’s report of the promoter for the immediately preceding three financial years Number of parking slots available in the real estate projects Authenticated copies of the of the legal title deeds reflecting the title of the promoter to the lands on which the development of the project is proposed along with legally valid documents for a chain of the title; The details of encumbrances on the property for which permission is given under section 109 of the Karnataka Land Reforms Act, 1961 The Certified copy of the conversion order as per section 95 of the Karnataka Land Revenue Act, 1964 The permission of change in land use granted under section 14 of the Karnataka Town and Country Planning Act, 1961, on which development is proposed including any rights, title, interest or name of any party in or over such lands along with details; If the developer is not the owner of the land on which development is proposed, details of the consent of the owner along with the self-attested collaboration agreement, development agreement, joint development agreement or any other agreements. The copies of the title and other documents reflecting the title of such owner on the land proposed to be developed; If the promoter is an individual, Name, photograph, contact details and address of

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FRRO Registration Process

frro registration process

The FRRO is the primary authority overseeing the stay and activities of foreign nationals in India. Registration with the FRRO is mandatory for individuals holding a visa of more than 180 days. This process is aimed to build a structured framework for monitoring the financial activities of foreign nationals residing within Indian borders. What Is FRRO Registration? Foreign nationals visiting India for more than 180 days on a student visa, business visa, medical visa, research visa or employment visa are required to get themselves registered with the Foreigners Regional Registration Officer (FRRO). FRRO registration must be obtained within 14 days of arrival in India from a Foreigners Registration Officer (FRO) having jurisdiction over the place where the foreigner intends to stay. Pakistan nationals visiting India are required to obtain FRRO registration within 24 hours of their arrival. All Afghan nationals irrespective of the length of stay are required to obtain FRRO registration within 14 days of arrival except those Afghan nationals who enter India on a visa valid for 30 days or less provided the Afghan national concerned gives his/her local address in India to the Indian Mission/FRRO/FRO. Documents Required for FRRO Registration Original valid passport and Visa along with 4 passport size color photographs Completed FRRO registration form Three photocopies of the relevant pages of the passport (photo page, the page is indicating validity, page bearing arrival stamp of Indian Immigration. FRRO undertaking letter (3 copies signed by Indian Host/ sponsor/ Guarantor along with anyone valid identity document like passport, election identity card, official identity card, PAN card, etc.). Proof of Residence (3 copies of either electricity bill/Telephone bill/ Municipal bill/ certificate of municipal authority/Leave & Licence agreement or any other valid proof of residence). Submission of letter from the hotel or receipt of payment is sufficient in case of registration on a Tourist visa. FRRO Registration fee- Rs. 100/-. In case of registration on an Employment visa, three copies of the terms and conditions of the contract of assignment, including salary, designation, tenure of employment, etc. In case of registration on Employment or Business Visa, three copies of PAN card or the application made for grant of PAN card. In case of registration on Employment or Business Visa, forwarding letter of concerned company/ Firm /Business undertaking, duly signed by the authorized signatory mentioning the name, designation & telephone, and mobile number. In case of registration on a student visa, three copies of Bonafide certificate from School, College or Academic Institute for the academic year mentioning relevant particulars, including the validity of admission and nationality of the foreign student. In case of registration on a medical visa, requires the letter from the concerned hospital along with supportive medical documentary/diagnostic test reports with medical certificate about the tentative period of treatment. In case of registration on a medical visa and the applicant admitted in the hospital requires a medical certificate bearing a photo of the applicant attested and certified by the doctor. Procedure for Obtaining FRRO Registration Foreign nationals arriving in India to stay over 180 days must obtain FRRO registration within 14 days of arrival in India. Further, foreign nationals planning to stay in India for more than 180 days can at any point well before the expiry of the 180 days, apply for FRRO registration from a FRO. Steps for FRRO Registration Complete online FRRO registration form and schedule FRRO interview (Online FRRO registration website) Generate a unique Registration number by the system. Schedule FRRO appointment. Attend and complete the FRRO interview with all relevant supporting documents. Usually, the FRRO registration process completes within 24 hours. The registration officer is responsible for enquiring fields or any other check under this process. Failure or late  FRRO registration attracts a penalty of USD30, which is changed from time to time. Hence, it is important for all foreign nationals staying in India for over 180 days to obtain an FRRO registration as early as possible. FAQs Who needs to register with FRRO? All foreigners visiting India on a long-term visa (more than 180 days) need to register with FRRO within 14 days of their arrival. This includes employment, student, research, and medical visa holders. How can I register with the FRRO? You can register with the FRRO online through the e-FRRO portal. The process involves filling out an application form, uploading required documents, and scheduling an appointment at the nearest FRRO office.

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Maharashtra Death Certificate

Maharashtra Death Certificate

In adherence to the Registration of Birth & Death Act, 1969 regulations, every death in Maharashtra necessitates reporting to the state government. The issuance of death certificates in Maharashtra falls under the jurisdiction of the following state departments: Municipal Corporation of Greater Mumbai Rural Development Department Urban Development Department Purpose of Obtaining Death Certificate The death certificate is a necessary proof, as it states the cause of death The death certificate provides information related to time, death and place of death of a person Death certificate needs to be submitted to relieve the person from legal, social and official commitments To settle property inheritance, a death certificate is one of the important documents A family member of the deceased to receive insurance and other benefits needs to furnish the death certificate Who Is Responsible for Registering a Death in Maharashtra? The head of the family is responsible for registering a death, in case the death occurs in the house  If a death occurs in a hospital or medical institution, the medical in charge of the institution is responsible for registering the death If a death occurs in jail, the head jailer is responsible for registration  The head of an area or local police station in charge can register the death if a newborn child or body is found deserted in an area. The person-in-charge person needs to register a death in case the death occurs in a hostel, choultry, Dharamsala, boarding-house, lodging house, tavern, toddy shop, barrack or public resort, The superintendent of a plantation can register the death, in case death occurs on a plantation. Registering Death In case death occurs in a house, the head of the family is responsible for registering the death The medical in-charge need to register if the death occurs in a hospital or medical institution Jailer in-charge is responsible for registration if a death occurs in a jail If a new-born child or body is founded deserted in an area, headman of that area or local police station in-charge can register the death In case the death occurs in a hostel, choultry, Dharamsala, boarding-house, lodging house, tavern, toddy shop, barrack or public resort, the in-charge person of that place needs to register In case death occurs in a plantation, the superintendent of the plantation can register Documents Required Declaration by a close relative or family member in the prescribed format Application Form Address Proof of deceased (Voter ID card, electricity, gas, water, telephone bill, passport, valid ration card or Aadhaar card, name of the deceased) Time Frame The time frame for issuing Maharashtra death certificate is within 5 days from the date of application. Procedure for Death Certificate Registration Through Rural or Urban Development Department: Step by Step Guide Step 1: Go to the official website of Aaple Sarkar. Step 2: From the home page, select RTS. The page will automatically redirect to the new page. Step 3: Enter your username and password to access the portal. If you are a new user, you must first register in the portal before you can apply for a certificate. Step 4: Go to the Rural Development or Urban Development menu and select the Death Certificate option. Step 5: Fill out all of the certificate information on the new page. Step 6: Review the information you’ve entered and select a payment method. Take note of the application number after payment. The application will be transferred to the appropriate department. Step 7: The applicant can check the status of his or her application by going to the Aaple Sarkar website. After the application has been approved, the applicant can obtain the death certificate from the Aaple sarkar gateway. FAQs Can a death certificate be obtained for deaths that occurred outside Maharashtra but involve residents of the state? Yes, residents of Maharashtra can obtain a death certificate for deaths that occurred outside the state. The application process involves providing necessary documents and details related to the deceased. What information is typically included in a death certificate issued in Maharashtra? A Maharashtra death certificate typically includes essential details such as the name of the deceased, date and place of death, cause of death, and other relevant information required for legal and administrative purposes.

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