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Voluntary Provident Fund (VPF) is a voluntary fund contribution from the employee towards his Provident Fund account. This contribution is beyond the EPF contribution. It is not a compulsory investment but is usually opted for by individuals to secure the retirement phase. The maximum contribution in VPF is up to 100% of the basic salary and dearness allowance. Note that the interest earned on VPF is at the same rate as the EPF. What is Voluntary Provident Fund? Voluntary Provident Fund (VPF) aka Voluntary Retirement Fund is a voluntary fund contribution from the employee towards his Provident Fund (PF) account. This contribution is beyond the 12% of contribution by an employee towards his EPF. The maximum contribution is up to 100% of Basic Salary and Dearness Allowance. Interest is earned at the same rate as the EPF. Employers are under no obligation to contribute to their employees’ VPF portfolio. Likewise, an employee is also under no obligation to contribute to the VPF. Once the contribution is chosen in VPF, the same cannot be terminated or discontinued before the base tenure of 5 years is completed.  Features of Voluntary Provident Fund enure Up to resignation/retirement Interest rate 8.15% Investment Amount The amount depends on the employee Maturity Amount The amount depends on the investment   Eligibility Criteria Individuals who are employed in the organised sector of the economy are eligible for a Voluntary Provident Fund. Moreover, EPF is only mandatory for organisations that employ more than 20 individuals. Therefore, one must work in an EPF-recognised organisation to have a Voluntary Provident Fund.  Organisations with less than 20 employees might also choose to open an EPF account for their employees. However, that depends on the employer and not the employee. If such an employer chooses to open EPF accounts for their employees, only then can such employees create a VPF.  Maturity Period The minimum lock-in period for a Voluntary Provident Fund is 5 years. Moreover, since a VPF is maintained through an EPF account, an individual can withdraw such amount upon retirement, unemployment for more than 2 months, or to defray the following expenses –  Repayment of loan Purchasing or constructing a residential property Education of child Marriage of self or someone dependent Medical reasons Nevertheless, the minimum threshold to avail of all VPF tax benefits is 5 years. If an individual chooses to withdraw before 5 years of lock-in, then he/she might lose out on exemptions.  How to Open a VPF Account To open a Voluntary Provident Fund account, an employee should connect with his employer or the HR team of the company in writing, stating his/her objective to open a VPF account. He should duly mention deducting an additional amount from the salary for contribution to this fund. He should also specify the monthly contribution amount he wishes to invest. Note that an employee can open a VPF account at any time of the year, however, he/she cannot discontinue the investment under this scheme during the financial year. How to Check VPF Balance Go to the official website of EPFO. Click on ‘Our Services’ and select ‘For Employees’.  Choose ‘Member Passbook’ under ‘Services’.  Fill in the UAN and password and click on ‘Login’. Select the Member ID and click on ‘View Passbook’. You can find all the details in the EPF passbook regarding your account. FAQs What is the distinction between VPF and EPF? The VPF is an extension of the EPF. In order to open an EPF account, a person must contribute a minimum of 12% of his Basic Salary and Dearness Allowance to the fund. It is a voluntary contribution with a maximum ceiling of 100% in a VPF. If I change jobs, will my VPF account be affected? Your Aadhar Card is linked to your VPF account. As a result, moving your account from one employer to another is very simple.

Cheque Truncation is a process in which the physical movement of a cheque issued by the drawer at the presenting bank is stopped before it reaches the paying bank branch. This system means instead of moving the physical form of cheque, now one bank can send the scanned image of the cheque in electronic form to another bank. This process of cheque truncation system can help to reduce the financial burden on banks and that money and resources can be applied to complete more useful tasks. Cheque Truncation System (CTS) is an digital, scanned image-based cheque-clearing system which captures cheque images and Magnetic Ink Character Recognition (MICR) data at the collecting bank branch and then sends them electronically. It completely eliminates the need for physical movement of cheques. Introduction A cheque truncation system promotes the processing of a cheque electronically through the Magnetic Ink Character Reader (MICR) data and a scanned image. The physical cheque is not required. Benefits of Cheque Truncation System (CTS) Speed of Realization: Cheque Truncation System (CTS) enables the realization of cheque proceeds on the same day which creates customer satisfaction and streamline the payment process, enhancing efficiency of banks. Data Management: Cheque Truncation System (CTS) helps to facilitate easy storage and retrieval of cheque data. It helps in better data management and use of collected information in an efficient manner.  Risk Minimization: Cheque Truncation System (CTS) reduces risks as it introduces a secure cheque-clearing system. Cost Efficiency: Cheque Truncation System (CTS) is very cost efficient as it reduces costs associated with the physical movement of cheques.  Processing Mechanism: Cheque Truncation System (CTS) minimizes the excessive delays between cheque presentation and realization and thus streamlines the process. Shorter Clearing Cycles: Cheque Truncation System (CTS) offers shorter clearing cycles as there is a centralized image archival system in it.  Continuous Clearing: Cheque Truncation System (CTS) is trying to incorporate additional features so that it can clear cheques in a much shorter period of time. About Reserve Bank of India (RBI) The Reserve Bank of India (RBI) is the topmost body in the Indian financial system. It is the central authority for banking and is concerned with printing currency notes and framing monetary policy. The Reserve Bank of India was established on April 1, 1935, under the Reserve Bank of India Act, 1934. Its basic role is to regulate the issuance and supply of the currency of India i.e Indian Rupee (INR) apart from monitoring the working of the entire banking system in India. The most important task of RBI is dealing with ‘Kinds of Bills’ like Treasury Bills, Commercial Bills, etc. besides other negotiable instruments. Knowing these different types of bills is quite important, as they form the bedrock for the financial and monetary policies of the Reserve Bank of India. FAQs What is Cheque? A cheque is a financial instrument that directs a bank to pay a specific sum of money to the bearer or to the person or entity named on the cheque. What are different types of Cheques? Bearer Cheque, Order Cheque, Crossed Cheque, Post Dated Cheque, Stale Cheque etc

Taxes implemented on a company or individual can be of different types based on their income and deductions. In India, TCS stands out as the highest corporate taxpayer, while Akshay Kumar and Mahendra Singh Dhoni have been the highest tax-paying individuals.  In India, individuals and businesses are liable to pay direct taxes based on their income. Several factors influence tax computation, including costs, tax type, deductions, income and exemptions. Irrespective of the income that an entity earns, they have to pay taxes as per the applicable tax rates. Highest Taxpayer State in India Maharashtra tops the chart of the highest tax-paying states in India. Since the Financial year 2019-20, the Income Tax Department of India has collected the highest tax from Maharashtra. The government collected Rs.5,24,498 crore direct tax from Maharashtra in the previous fiscal year. It is followed by Uttar Pradesh and Gujarat.  Highest Taxpayer Company in India The highest-tax-paying company in India presently is Tata Consultancy Services (TCS). It is the largest company from Tata Group and the second-biggest organisation in India. TCS offers various technical services, including software services, IT services, cyber security platforms, and more. In the last fiscal year, TCS paid Rs.11,536 crore in taxes, accounting for 6.8% of its total revenue. Highest Individual Taxpayer in India in 2024 Rank Name Total Tax Paid (INR Crore) 1 Shah Rukh Khan ₹92 crore 2 Thalapathy Vijay ₹80 crore 3 Salman Khan ₹75 crore 4 Amitabh Bachchan ₹71 crore 5 Virat Kohli ₹66 crore 6 Ajay Devgn ₹42 crore 7 MS Dhoni ₹38 crore 8 Ranbir Kapoor ₹36 crore 9 Sachin Tendulkar ₹28 crore 10 Hrithik Roshan ₹28 crore Highest Taxpayers in India Reliance Industries Reliance Industries Limited  (RIL) is a Fortune 500 company and India’s largest private sector corporation. RIL paid the highest tax with a sum of Rs.20,713 crore in taxes during the financial year 2022-23. State Bank of India State Bank of India (SBI), a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. SBI paid a total sum of Rs.17,649 crore in taxes during the financial year 2022-23. HDFC Bank The Housing Development Finance Corporation Limited or HDFC Ltd, was among the first financial institutions in India to receive an “in principle” approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. The bank paid Rs.15,350 crore in taxes during the financial year 2022-23. Tata Consulting Services Tata Consultancy Services (TCS) is an IT services, consulting, and business solutions organization partnering with many of the world’s largest businesses for the past 50 years. TCS paid the Indian government Rs.14,604 crore in tax. ICICI Bank ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. The bank paid Rs.11,793 crore to the Indian Government as tax.  ONGC Oil and Natural Gas Corporation (ONGC) was founded on 14 August 1956 by the Government of India. It is the largest government-owned oil and gas explorer and producer in the country. ONGC paid a total sum of Rs.10,273 crore in taxes during the financial year 2022-23. Tata Steel Tata Steel was established in India as Asia’s first integrated private steel company in 1907. The company was developed in India’s first industrial city, Jamshedpur. Tata Steel paid Rs.10,160 crore in taxes during the financial year 2022-23. Coal India Coal India Limited (CIL), the state-owned coal mining corporation came into being in November 1975. With a modest production of 79 Million Tonnes (MTs) at the year of its inception, CIL today is the single largest coal producer in the world. Coal India paid Rs.9,876 crore in taxes during the financial year 2022-23. Infosys Established in 1981, Infosys is a NYSE-listed global consulting and IT services company with over 336k employees. The company paid Rs.9,214 crore to the Indian Government as tax.  Axis Bank Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The bank paid Rs.7,703 crore  FAQs Is Surcharge applicable under the new tax regime? Yes.The highest surcharge of 37% is reduced to 25% under the new regime. Which profession is the highest taxpayer in India? In India, the highest taxpayer is Akshay Kumar, an Actor and Film Producer. He belongs to the Media and Entertainment industry.

A consultant is a professional who specializes in a specific sector and serves as an advisor to a firm or a person. The type of consulting would be determined by the consultant’s industry and area of work. Consultants are an essential component of any company. A consultant is considered an expert in a particular field who may work as an advisor either to a company or another individual. The nature of advisory would depend on the sector that the consultant is involved in and the scope of work. Consultants are an important part of any business. In the last decade, U.S. businesses spent over 15 Billion dollars on consulting assignments alone. The advent of technology and the growth of specialised consulting firms like McKinsey, Boston Consulting Group etc. What is a Consultant? A consultant is typically an expert or professional in a certain sector who also has a broad understanding of the subject matter. A consultant is someone who works for a consultancy firm or is self-employed and works with a variety of clients. As a result, clients have access to higher levels of knowledge than they could hire in-house, and they may hire the outside consultant for as little or as much work as they like. A consultant is hired for his or her expertise in a particular field. Hence, a high level of competency along with a good track record is essential. The track record/ experience of the consultant may matter a lot depending on his field, for example, hiring fundraising consultants are general on the basis of their track record. If an NGO wants to hire a consultant to raise a million dollars, it only makes sense to hire an expert who has already done so for other companies. Problem identification is another area. Large organisations find it difficult to get to the root of a problem that may have adverse effects on their operations or strategy. In this case, bringing consultants for pinpointing the issue and suggest solutions.  Supplementing the staff many be another reason to hire a consultant as a business can save thousands of dollars a month by hiring consultants than hiring full-time employees as consultants don’t have to be paid benefits. A consultant may act as a catalyst to bring in change without bothering about the company culture, employee morale etc. especially when there is a reorganisation. They may also be hired to train and teach corporate staff, to impart diverse skillets, to create new business divisions and set the ball rolling so management can take over eventually. Registration for Consultants A consultancy can be started on an individual basis as a sole proprietorship firm or a limited liability partnership if there are 2 or more partners. The consultant can practice on an individual’s name as well. However, in the case of individual practice, if a specific taxable service is provided and the aggregate value of the service exceeds Rs. 20 Lakh during the financial year, then the consultant is liable for GST registration and must get registration for the same. To ensure that the business name, brand and logo are protected, registration under Trademark with Trademark Registrar under Trade Marks Act, 1999 is required. A market survey prior to the registration would ensure that the same/ similar log is not already in use in the market. It does not matter if the consultancy is run in the individual’s name or as a proprietorship firm from a tax point of view. unlike a partnership firm or a private limited company which has a separate legal identity and thus a separate tax entity, the sole proprietorship firm and the sole proprietor are considered the same entity legally and tax assessment will do in the name of the individual. The individual’s PAN card may also be quoted for the proprietorship firm in business dealings as there is no legal need to avail a separate one for the firm. Income and billing Billing comes with a catch 22 situation as the business will not be successful if the consultant charges too little and it will be difficult to get clients if he charges too much. One way to help decide charges would be to look at the competition’s prices. An entity which provides similar services could help determine prices. To account for unforeseen expenses, a miscellaneous line item could be added for contingency.  Although it do not require to mention the exact amount for contingency, it requires an upfront approximation. There are several options while setting rates including hourly rates, project fees and working on a retainer ship basis. Certain clients may prefer to be billed on an hourly basis while others may prefer project-based lumpsum payment. A consultant generally gets a fixed amount for a certain period of time (quarterly or bi-quarterly) while working on a project rate basis. A retainer can set monthly fees based on the availability of work for an agreed-upon number of hours for the client. Working on a retainer ship basis has its advantages as there will be guaranteed income every month since cash flows could be a problem when the business is new and just gaining traction. In India, the consultant’s income is taxable under the head ‘Income from Business or Profession’ and hence, it entitles to all expenses for the purpose of running the practise such as rent, travel expenses, depreciation on the property including cars, computers etc., telephone, stationery and printing etc. TDS for consultants @10 per cent is deducted under 194J (TDS on professional or technical services). Marketing and Advertisement It is essential to advertise in magazines/ trade journals depending on the types of services. For example, an architecture consultant may advertise in magazines such as ‘Architectural Digest’ or ‘Inside Outside’ and even showcase some work for maximum visibility. A consultancy may also publish articles in an established newsletter or start their own newsletter as it an effective means of communication within trade circles. Publishing a newsletter would also be a great way to stay updated on trade news as it would involve research. Certifications

Limited Liability Partnership (LLP), regular filing of returns is essential to uphold LLP compliance standards and steer clear of substantial penalties for non-compliance. LLPs benefit from a relatively lighter annual compliance burden compared to private limited companies. Nevertheless, the potential fines for non-compliance can be significant. While a Private Limited company might face penalties of INR 1 lakh for non-compliance, LLPs could incur penalties of up to INR 5 lakh. Compliances by LLP Limited Liability Partnerships are separate legal entities; hence, it is the duty of the elected partners for maintaining a proper book of accounts and filing an annual return with the Ministry of Corporate Affairs (MCA) annually. Limited Liability Partnerships are not required to audit their books of account except where their annual turnover is more than Rs.40 lakhs or if the contribution is more than Rs.25 lakh. Hence, an LLP is not required to get their books of account audited if it fulfils the above-mentioned condition, making the process of annual filing simpler. Limited Liability Partnerships are required to file their Statement of Account & Solvency within a period of thirty (30) days from the end of six (6) months of the financial year and Annual Return within sixty (60) days from the end of the financial year. Dissimilar to Companies, Limited Liability Partnerships are mandatorily required to maintain the financial year, from 1st April to 31st March. Hence, the Statement of Account & Solvency is to be filled on or before October 30th of every financial year and the annual return for LLPs is due on May 30th every year even if the LLP has not completed any business in that specific financial year. Some of the annual filings are mandatory whether the LLP has begun any business or not. What is Form 11? Form 11 is an annual return to be filed by all LLPs irrespective of turnover during the year. Even if the LLP does not carry out any operations or business during the financial year, Form 11 is required to be filled. Apart from the basic information about the name, and address of the LLP, and details of partners/designated partners, other details that need to be provided are: Total Contribution of/to partners of LLP Details of notices received of imposed penalties/compounded offenses committed during the financial year. What is Form 8? Form 8 is a statement related to account and solvency. It is a declaration by the LLP to the ROC that the financial position of the LLP is sound and that it can pay its liabilities or debts and also contains the key details of the financial statement of the LLP. The deadline for filing Form 8 LLP is 30 October of each financial year. Limited Liability Partnerships (LLPs) Compliance Requirements Limited Liability Partnerships (LLPs) are recognized as separate legal entities, and therefore, they are bound by specific compliance obligations. The responsibility for ensuring compliance rests with the Designated Partners of the LLP. The key LLP compliance requirements for LLPs include the following: Maintenance of Proper Book of Accounts Filing of Annual Return Filing of Statement of Accounts Filing of Income Tax Return (ITR – 5) Filing of Tax Audit (If Applicable) Ensuring annual compliances of LLP with these obligations not only maintains the legal status of the LLP but also helps in building transparency, credibility, and financial accountability. Maintenance of Proper Book of Accounts In LLP annual filing, one must diligently maintain accurate and up-to-date financial records. These records should encompass details of the LLP’s financial transactions, profits, expenses, assets, and liabilities. Proper bookkeeping is crucial to assess the financial health and performance of the LLP. Filing of Annual Return – LLP Form 11 LLPs are required to file an annual return with the Ministry of Corporate Affairs for each financial year. This annual return is submitted using Form 11, and it provides essential information. This form gathers essential details about the LLP, including the total number of designated partners, comprehensive partner information, contributions received by partners, and a summary of all partners involved. Filing Deadline All LLPs are required to submit Form 11 within 60 days after the conclusion of the financial year. This means that Form 11 should be filed by May 30th each year. Importance of Timely Filing It’s crucial for LLPs to adhere to this deadline, as failure to do so can have consequences. One significant implication is that an LLP will not be permitted to close or wind up its operations until it has filed all its annual returns, including Form 11. Penalty for Late Filing In the event that an LLP neglects to submit its LLP annual filing forms within the stipulated timeframe, it will incur a penalty of Rs.100 for each day of delay performed. Duration of Penalty The penalty will be applicable from the due date of filing the return and will continue until the actual return is filed. Filing of Statement of Accounts – LLP Form 8 LLPs must submit a Statement of Accounts & Solvency annually, which details the financial position of the LLP, including its assets and liabilities. This statement is filed using Form 8. Due Date LLPs are required to file Form 8 within 30 days from the conclusion of six months after the financial year ends. This means that Form 8 should be filed within this timeframe to maintain LLP compliance. Signing and Certification Form 8 can be digitally signed by two designated partners of the LLP. Additionally, it must be certified by a company secretary, chartered accountant, or cost accountant. Form Components: Form 8 consists of two main parts: Part A – The Solvency Statement: This section provides a statement of the LLP’s solvency, offering insights into its financial health and stability. Part B – Statement of Expenditure & Income, Statement of Accounts: Part B contains detailed information about the LLP’s income and expenses, along with a comprehensive statement of its accounts. Penalty for Late Filing It’s essential for LLPs to adhere to the filing timeline

A patent is granted to an inventor for a scientific invention. A patent is granted in a country under the specific act and rules. On fulfilling the criteria of patentability such as novelty, inventive steps and industrial applicability, a patent is granted to an inventor. A patent is a right given to an inventor to exclude others from manufacturing, selling, offering to sell, licensing or practicing any prohibited act which will account to patent infringement. On issuance of a patent to an applicant, a number is entered in the register and it is given to the issued patent, generally known as patent number. The system of patent number is different is most of the countries. For example, in the USPTO system, the patent number issued to a patent completely a new number series which is different from the application number of the patent. Whereas in EP, the patent number and patent application number is different only in the kind code attached to it. For a granted patent it appears with a code “B” and for a patent application, the kind code is “A” but the number issued to a patent application is not changed when it is granted. In some countries a patent number or application number is accompanied with a kind code which indicates the latest amendments to the prosecution state of the patent application. Patent Search Patent search is a search of the patent database to determine if there are any patent application similar or identical to an invention that is to be patented. Patent search can be done to improve the chances of obtaining a patent registration or to find information about new inventions that have patent protection.  How to do a Patent Search There is no cost for doing a patent search in India. A patent search can be done through the Patent database of India available at: http://ipindiaservices.gov.in/publicsearch. Depending on the status of a patent application, a patent search can be done under two publication types: published or granted. The user can choose the desired publication type by clicking on the checkbox. The user can view many categories like Application Date Title Abstract Complete Specification Application Number Patent Number Applicant Number Patent Number Applicant number Applicant Name Inventor Name Inventor Country Inventor Address Filing office PCT Application Number PCT Publication number The entire category has a drop down box from which the user has access to change the category. There is a search box next to every category where the user can enter the keyword of the patent that he wants to view. By entering a query in more than one box, the applicant can run very precise patent searches. Once the required keywords are entered in the respective boxes, there is a captcha code the user has to clear. Patent Information Once the code is entered, there are a number of relevant patent results for the patent search query that the user has entered. On selecting an application, the document opens with the Application Number, Title, Application Date and Status. The user can get further details about the patent by clicking on the Application Number, Title, Application Date and Status. Through patent search, the applicant can find the following information about the patent: Invention title Publication Number Publication Date Publication Type Application Number Application Filing Date Priority Number Priority Country Priority Date Field of Invention Classification Inventor Name, Address, Country, Nationality Applicant Name, Address, Country, Nationality Below this are is an Abstract and a complete specification of the Patent. Abstract Complete Specification When each column is selected, the patent application’s details about that section can be known by the user. When a user selects application number details like Invention Title, Publication number, date, type, etc. There are separate columns that give the user the inventor’s and the applicant’s Name, Address, Country, and Nationality. Importance of Patent Search Determining the probability of having a patent granted to a proposed invention. Determining the claims to be filed in the patent application. Determining the freedom to operate. Determining whether a granted patent can be invalidated. Knowing more about similar inventions and status of similar patent filings. FAQs What is a patent search? A patent search is the process of examining existing patents and published patent applications to check if an invention is novel or already patented. How to check Patent Status ? There is an Abstract column which has a summary of the patent application that the user can view. Under this, there is a complete specification that gives the details about the specification if the user has mentioned any. At the end of this, there is an option through which the user can view the application status. When this is opened, the user can get the application details.

Spot market refers to the place where financial instruments are traded for cash for immediate delivery. Assets traded in the spot market include commodities, currencies, and securities. Delivery occurs when the buyer and seller exchange cash for the financial instrument. A futures contract, on the other hand, is based on the delivery of the underlying asset at a future date. Exchanges and over-the-counter (OTC) markets may provide spot trading and/or futures trading What is a Spot Market? Spot markets are also referred to as “liquid markets” or “cash markets” because transactions are instantly and essentially exchanged for the commodity. While it may take time to legally transfer funds between the buyer and the seller, such as T+2 on the stock market and in most currency transactions, all parties agree to trade “right now.” A non-spot or futures deal is agreeing on a price now, but the distribution and transfer of funds will take place later. Potential deals in contracts that are about to expire are also sometimes referred to as spot trades since the expiring deal means the buyer and seller can immediately swap cash for the underlying asset. Non-Spot Bargain A non-spot or prospects bargain is conceding to a value now, however, the dispersion and move of assets will happen later. Expected arrangements in gets that are going to lapse are likewise some of the time alluded to as spot exchanges since the terminating bargain implies the purchaser and merchant can promptly trade money for the fundamental resource. Tradebulls is a registered brokerage firm and has emerged as one of the major stock trading platforms in recent years. The biggest advantages are our dedicated services that have been formulated for the best financial practices. The kind of fiscal consultancy that is given to budding investors and new traders here is unmatched and unparalleled. Spot Case A spot showcase is the place money related instruments are traded for sure-fire conveyance, for example, wares, monetary forms, and protections. Conveyance, here, implies money trade for a budgetary device. In correlation, a fates contract depends on the conveyance of the basic resource sometimes not too far off. Over-the-counter (OTC) markets and trades may give spot exchanging or potentially fates exchanging. The current cost is considered as the spot cost of a monetary instrument. The value an instrument can be quickly sold or bought at. By posting their purchase and sell requests, purchasers and merchants fabricate the spot cost. In fluid markets, as requests are filled, and new ones enter the commercial center, the spot cost may move constantly. Spot markets are the places where, for instance, gold is purchased or sold for practically prompt settlement. These business sectors don’t have a physical area, rather they are all the more an appropriated showcase comprising of bullion advertising merchants from everywhere throughout the world who exchange gold inside a typical arrangement of rules. Normally, there are two sorts of spot markets, to be specific trade and over the counter (OTC). Trade-specific – It alludes to a market where vendors just as the speculators meet up on the exchanging stage for managing different money related instruments and products. Spot Price The current price is considered as the spot price of a financial instrument. It is the price that an instrument can be immediately sold or purchased at. By posting their buy and sell orders, buyers and sellers build the spot price. In liquid markets, as orders are filled, and new ones enter the marketplace, the spot price may shift by the second. Spot Market and Exchanges Exchanges put brokers and traders who buy and sell commodities, shares, futures, options, and other financial instruments together. The exchange offers the current price and amount available to traders with access to the market on the basis of all orders made by participants. The New York Stock Exchange (NYSE) is an example of an exchange where traders buy and sell stocks. This is a spot market. The Chicago Mercantile Exchange (CME) is an example of an exchange where traders buy and sell futures contracts; this is a futures market. FAQs What Are Examples of Spot Markets? Many commodities have active spot markets, where physical spot commodities are bought and sold in real-time for cash. Foreign exchange also trades in the spot currency market where the underlying currencies are physically exchanged following the settlement date. Delivery usually occurs within two days after execution as it generally takes two days to transfer funds between bank accounts. Stock markets can also be thought of as spot markets, with shares of companies changing hands in real time. What Is a Spot and Forward Market? A spot market is where spot commodities or other assets like currencies are traded for immediate delivery for cash. Forward and futures markets instead involve the trading of contracts where the purchase is to be completed at a later date.

Vijaya Bank is one of the major public sector banks in India. The bank has its corporate office in Bangalore, Karnataka. It offers a number of financial services such as savings account, current account, fixed deposits, loans, PPF and other saving schemes. Each and every customer is provided with a Vijaya Bank account number for every product. Current accounts are used by companies, firms, public enterprises, businessmen who require a high number of regular transactions. This particular account provides deposits, withdrawals and contra-transactions. A current account can be opened in most commercial banks. A current account holder does not have a limit on the number of transactions.  A savings account is one of the most common types of deposit accounts in India. To open a savings account with Vijaya Bank, you need to visit the nearest Vijaya Bank branch and meet a representative who will guide you through the application process. You would have to fill up a form for opening a new savings bank account after which you will be assigned a Vijaya Bank account number. You can use this number to transfer funds and make use of other banking facilities. Eligibility Current accounts can be opened by an individual/ HUF, a proprietary concern, a partnership firm, a company, a trust, a local body, Government establishments signing prescribed account opening forms, and with proper introduction, identification, address proof, etc, accompanied by prescribed documents. Minimum Balance A sum of Rs. 3,000 is required for banks situated in urban and Metropolitan regions. A sum of Rs. 2,000 is required for banks situated in rural/ semi-urban branches. KYC Norms Companies Name of the company Principal place of business The mailing address of the company Telephone / Fax Number   Incorporation certificate along with Memorandum and Articles of Association Resolution of the Board of Directors in account opening and identification of those who have authority to operate the account A Power of Attorney granted to the managers, employees or officers to transact business on its behalf Copy of PAN allotment letter Copy of the telephone bill   Partnership Firms Legal name Address Names of all partners and their addresses Telephone numbers of the firm and partners   Registration certificate, if registered Partnership deed A Power of Attorney given to a partner or an employee of the firm for business purposes on its behalf Any officially valid document that mentions the partners and the persons holding the Power of Attorney and their addresses Telephone bill of the firm/partners   Trusts and Foundations Names of trustees, beneficiaries, settlers, and signatories Names and addresses of the managers/directors, founder, and the beneficiaries Telephone / fax numbers   Registration certificate, if registered A Power of Attorney given to transact business on its behalf Any officially valid document that mentions the trustees, settlers, beneficiaries and those holding Power of Attorney, founders/ managers/directors and their addresses Resolution of managing body of the foundation/association  Telephone bill Types of Current Account Vijaya Bank provides five types of Current Account to its customers. They are Current Account Ordinary Current Account Platinum Current Account Silver Current Account Gold V Plus Current Account Current Account Ordinary Current Account Ordinary is applicable for individuals, joint names, partnership, companies, trusts, HUF, Government Department and other. Minimum Balance Minimum balance for opening and maintaining Current Account. For banks in urban and metropolitan branches, a minimum balance of Rs. 3,000 is required. For banks in other regions, a minimum balance of Rs. 2,000 is required. Current Account Platinum The minimum average quarterly balance is Rs. 3,00,000 and provides 100% concession on various charges like folio charges, cheque book charges, RTGS/NEFT remittance charges, outstation cheque collection charges, DD exchange, Service charges on Cash deposits/withdrawals. There are no charges applicable on  Standing instructions within the Bank, Mobile Banking, Net Banking, ATM card issue, Credit card issue, Temple donations, RTGS/NEFT through V-Net Banking for all three variants of Current accounts. A sum of Rs. 650 is required for Point of Sale installation. Particulars Platinum Minimum Quarterly Average Balance Rs.3,00,000 Folio Charges Free Cheque book charges Free Fund Transfer NEFT/RTGS transactions Free Internal transactions Free Cash remittance Limit Free Outstation cheques collections Charge Free Credit Card Free Demand Draft Charges Free Service charges on cash deposits or withdrawals Free Standing Instruction Charges within the Bank Free Temporary Overdraft Facility As per the Lending Policy Mobile Banking Charges Free                        Net Banking Charges   ATM Card Cash Withdrawal Limit Up to Rs. 50,000 Demat Account Charges Free Monthly e-statement through e-mail Free Charges for not maintaining AQB Rs. 128 p.m.   NEFT/RTGS Transfer through V-Net Banking Free Donation for Temples Free Cash handling charges Free Point of Sale Installation Rs. 650 Point of Sale (Commission) 2% of the transaction amount. Current Account Silver Particulars Silver Minimum Quarterly Average Balance Rs. 1,00,000 Folio Charges 50% Cheque book charges 50% Discount Fund Transfer NEFT/RTGS transactions 50% Discount                           Intersol transactions 50% Discount Cash remittance Limit Free Outstation cheques collections Charge 50% Discount Credit Card Free Demand Draft Charges 50% Discount Service charges on cash deposits or withdrawals 50% Discount Standing Instruction Charges within the Bank Free Temporary Overdraft Facility As per the Lending Policy Mobile Banking Charges Free Net Banking Charges Free ATM Card Cash Withdrawal Limit Up to Rs. 50,000 Demat  Account Charges – Monthly e-statement through e-mail Free Personalized ATM Card Free Charges for not maintaining AQB Rs.  128 p.m. NEFT/RTGS Transfer through V-Net Banking Free                            Donation for Temples Free Cash handling charges Free Point of Sale Installation Rs. 650 Point of Sale (Commission) 2% of the transaction amount V Plus Current Account The bank has not specified any details regarding this current account. Current Account Gold The Minimum Average Quarterly balance required is Rs. 2,00,000 and provides a concession of 75% on various service charges like folio charges, cheque book charges, RTGS/NEFT remittance charges, outstation cheque collection charges, DD exchange, Service charges on Cash deposits/withdrawals. Particulars Gold Minimum Quarterly Average Balance Rs. 2,00,000 Folio Charges 75% Discount                          Cheque book charge 75% Discount Fund Transfer NEFT/RTGS transactions 75% Discount Intersol transactions 75% Discount

The government issues the Tamil Nadu Community Certificate to people who identify as members of the Scheduled Castes (SC), Scheduled Tribes (ST), Most Backward Classes (MBC), and DE notified Tribes (DNT). To qualify for any of the government’s benefits, reservations, or safeguards, a person must present this certificate as proof of their caste or community. The Community Certificate in Tamil Nadu is issued by the state’s Revenue Department. It is mandatory to apply for this certificate online to get benefits in the employment and education segment from the Government of Tamil Nadu. Community Certificate Tamilnadu Community certificate is an important document issued by the Revenue Department to certify that a person belongs to a particular reserved community like Scheduled Caste, Scheduled Tribe and Other Backward Classes. The Community certificate issued by the concerned State Governments is also known as caste certificate. Community certificate is mandatory for obtaining benefits in education and employment sectors from the Government. Eligibility The applicant should belong to any reserved category such as Scheduled Caste, Scheduled Tribe or Other Backward Classes The applicant should be an Indian citizen The applicant should be residing in Tamilnadu The applicant should have completed 3 years of age Documents Required for Community Certificate in Tamil Nadu Passport size photograph Proof of address Self-declaration of the applicant Community certificate of father/ Community certificate of mother/ Community certificate of siblings DE notified Community Certificate (DNC) Register in TN eSevai Portal and Generate CAN Number In order to apply to apply for Community Certificate online in Tamil Nadu, you have to complete the following tasks: Register in the Tamil Nadu eSevai Portal Register for CAN for getting the access the application form eSevai Registration Given below are the steps to register in the eSevai portal: Firstly, visit the Tamil Nadu eSevai portal. Next, click on ‘Citizen Login’. For the new users, they need to click on the ‘New User’. Enter all the required details. You will receive an One Time Password (OTP) in your registered mobile number to register in the eSevai portal. Once you are registered to the portal, you have to log in to the website using your credentials. Next, choose ‘Revenue Department’. Select ‘REV-101 Community Certificate’. Next, click on ‘Proceed’. CAN Registration The following are the steps to do CAN registration: Firstly, click on the ‘Register CAN’ button in order to apply for CAN registration. Now, enter all the required details in the prescribed format. Click on the ‘Register’ to submit the form. You also have to generate and verify the OTP before submitting the form. Once the registration is done successfully, the CAN number will be generated. Apply Online for Community Certificate in Tamil Nadu First, you have to enter the CAN Number and search for the records. The applicant who has a unique CAN Number, his or her record will be displayed in the search results. Select the record by choosing the option button. Now, click on ‘Proceed’. The details of the applicant such as permanent address, current address, and contact details will be displayed  and these are non editable. You also have to mention the details of your family members. Mention the details of the community certificate form and click on ‘Submit’ button. Then, attach the documents in the prescribed file type and file size. Once the documents are uploaded, click on ‘Make Payment’. Once the payment is done, you will receive the acknowledgement receipt. Click on Print Receipt to download and print the receipt for future reference. FAQs How to get community certificate in TN? To get a community certificate in TN, you need to apply at your local Tahsildar office or online through the Tamil Nadu eSevai porta What are documents required for community certificate in Tamil Nadu? The documents include proof of address, identity proof, ration card, aadhar card, and other supporting documents.

A charitable trust is a type of entity formed to provide the public with religious or humanitarian facilities. Trusts that are formed for charitable or religious purposes and not intended to do commercial activities are allowed various benefits under the Income-Tax Act. ITR-7 is filed when persons including companies are required to file their returns as per these section: section 139(4A): Income of Charitable and Religious Trusts section 139 (4B): Political Parties section 139 (4C): Scientific research institutions section 139 4(D): University, college or other institution Introduction of Income tax return for Trust & Society Charitable Trusts/Societies/Foundations are all covered under the head of NGO i.e. Non-Governmental Organisations that works for the social and economic welfare of the society. There are different forms of organisations that can be formed for raising out a hand for charitable activities. ‘Charitable purpose’ includes relief of poor people like education, medical relief, and the advancement of any object of general public utility. One of the benefit which NGOs have is Under Section 80G. Eligibility for Exemption The trust should be registered with the Commissioner of Income Tax as a Charitable Trust which is eligible for exemption under the Act. The registration shall be made in accordance with the guidelines available in Section 12A of the Act. The property of the trust should be bound by a trust deed or another similar legal obligation. The purpose of holding the property should be a charitable or religious purpose. The trust should not have been created for the benefit of any particular religious community or caste group. The income of the trust should not be applied for the benefit of the settlor or any person who can be considered as a close relative of the settlor. An exemption will be available exclusively for the portion of the income which is applied towards charitable or religious purposes. In case the income of the trust exceeds the basic exemption limit, the trust should mandatorily submit the books of accounts for audit. Assessees may note that in this context, income refers to the earnings of the trust prior to allowing the exemption offered by the Act to charitable trusts. The trust should submit the return of income if the income of the trust exceeds the basic exemption limit. The due date for filing the return varies depending on the circumstances of the trust. The trust may earn income which is accumulated towards application in the future. In such cases, the income which is accumulated towards future application should be invested separately. The mode of investment should comply with the provisions of the Act. ITR Form Return by charitable trust (section 139(4A)): Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes. Return by agency (section 139(4C)): Return under section 139(4C) is required to be filed by every:1. Scientific research association;2. News agency3. Association or institution referred to in section 10(23A)4. Institution referred to in section 10(23B)5. Fund or institution or university or other educational institution or any hospital or other medical institution. Return by business trust (section 139(4E): Return under section 139(4E) must be filed by every business trust which is not required to furnish return of income or loss under any other provisions under this section. Return by political party (section 139(4B): Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount, not chargeable to income-tax. Return by university, colleges (section 139(4D): Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision under this section. Return by investment fund (section 139(4F): Return under section 139(4F) must be filed by any investment fund referred to in section 115UB. It is not required to furnish return of income or loss under any other provisions of this section.   What is the Structure of the ITR-7 Form? The ITR-7 form has been divided into 2 parts and 23 schedules. From AY 2023-24, a taxpayer has to also provide information on the details of registration or approval. Part-A – General information Part-B – Outline of the total income and tax computation with respect to income chargeable to tax. Schedule-I: Details of amounts accumulated/ set apart within the meaning of section 11(2) or in terms of third proviso to section 10(23C)/10(21) read with section 35(1) in last 7 financial years viz., previous years relevant to the current AY. Schedule IA: “Details of accumulated income taxed in earlier assessment years as per section 11(3)” Schedule-D: Details of deemed application of income under clause (2) of Explanation 1 to sub-section (1) of section 11. Schedule-DA: Details of accumulated income taxed in earlier assessment years as per section 11(1B). Schedule-J: Statement showing the investment of all funds of the Trust or Institution as on the last day of the previous year. Part A-BS : Details of Application and Sources of Fund as on 31st March 2022 Schedule R: Reconciliation of Corpus of Schedule J and Balance sheet Schedule-LA: Details in case of a political party. Schedule-ET: Details in case of an Electoral Trust Schedule-VC: Details of Voluntary Contributions received. Schedule AI: Aggregate of income derived during the year excluding voluntary contributions Schedule A: Amount applied to stated objects of the trust/institution during the previous year from all sources referred to in C1 to C7 of this table Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statements as applicable Schedule-HP: Computation of income under the head Income from House Property Schedule-CG: Computation of income under the head Capital gains.  Schedule VDA: Income from transfer of virtual digital assets u/s 115BBH Schedule-OS: Computation of income under the head Income from other sources  Schedule-OA: General information about business and profession  Schedule-BP: Computation of income under the