GST Registration, GST Registration Procedure,IEC Registration, TDS Return filing, MSME Registration, Drug License, Tax Audit, trade license, RERA Registration, NGO Registration,Shareholders Agreement, Investor Pictch Deck, memorandum of understanding, Franchise Agreement, Joint Venture Agreement, founders agreement, investment term sheet, share purchase agreement, master service agreement, service level agreement, vendor agreement, consulting agreement, legal notice, gift deed, rental agreement, sale deed, non disclosure agreement, will document,business plan Consultant,EPF Registration,ESIC Registration,section 8 company registration,society registration,income tax return filing,eating house license,Political Party Registration
It is said that a good idea only when nicely planed turns out to be good venture and a good idea if not nicely planned may turn out into a disaster. In order to start a business, certain pre planning is definitely required.
What is meant by business plan A person who establishes the business or proposing to establish a business, if asked about his/her business plan, then it may happen that he will write it on a piece of paper about his business plan and yes is nothing but a business plan. But then the next question is has he/she covered all the aspects of business? Yes he may be and yes he may not have covered all the aspects of business. A business plan should contain all such essentials in such a manner that after reading it, the reader get to know exactly what the business is all about and are engaged into. It shall include following: 1. Business Description It is the short description of the business outlook, future plans, market dependency, present scenario, trend , possible change in trend and its impact on the business, induction of any new product or such other development. 2. Potential competition In order to stay competitive, knowing your competitors is very important. Analysis of strength and weakness of competitors, and finding the loophole in it and looking for potential of development in it. Competitive strategies usually fall into these five areas:
Clearly defined market strategies, next steps, the target market and at present position of the company in the market are of great importance. Business Plan Consultant main aim is to create a development budget that will enable the company to reach its goals. 4. Financial Goals What is the goal of company in coming years in terms of finance? It can be framed in short term and long term goals basis. As Financials of any company is the back for it and the most vital reason to run a business is nothing but to run the business profitably. 5. Promotion Plan The promotion strategy shall include every marketing tool utilized in the communication effort. This may includes Advertising, Packaging, Public relation, Sales promotion, Personal sales etc. 6. Costing budgeting and cash flow of the company Take into account all the expenses and profit sourced areas to run the business. The cash-flow statement is one of the most critical information tool in business, helping in reaching out to the fact that how much cash will be needed to run the business and survive in the market, when it is going to be required, and from where the company will be able to manage safely. 7. Design & Development Plan The product's design, chart its development within the context of production, marketing and the company itself, and create a development budget that will enable the company to reach its goals. 8. Operations & Management Plan How the business functions are going to run. It shall include the details of the logistics of the organization which shall include various responsibilities of the management team, the tasks assigned to every division within the company. Business plan should be concise and touching on most of the important aspects of the business, at the same time it should be drafted in such a manner that the reader without getting bored , gets a fair idea about our the business engagements. Source url – https://entersliceindia.dudaone.com/business-plan-summary-of-future-plans-of-an-enterprise
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MSME stands for Micro, Small and Medium Enterprises. MSME registration is required for each and every micro, small and medium enterprises to get benefits of various incentives provided under the Micro, Small and Medium Enterprises Development Act (MSMED Act).
In this blog, we will briefly discuss about MSME registration. Here we will cover:
Who can apply for MSME registration? Any type of business entity can apply for MSME registration. List of the business entities who are entitled to apply for MSME registration is given below:
MSME registration is not mandatory until yet but it is advisable to obtain MSME registration because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc. Benefits of MSME registration There are numerous benefits of MSME registration and some are discussed below:
MSME registration can be done through online as well as through offline. The process of MSME registration is given below: 1) Visit the website - To obtain MSME registration, first of all, visit the website as prescribed by the government 2) Filling up Registration Form- After successful login, you have to select the register option and then need to fill up MSME registration form along with various documents like:
4) Issuance of MSME Registration - Upon successful submission of the Registration Form and after proper verification of the Registration Form, the concerned authority will issue MSME registration certificate. Documents required for MSME registration List of the documents required for MSME Registration is listed below:
MSME acts as an engine which helps in the growth of the economy and promoting equitable developments. Enterslice provides world's best service in a matter of MSME registration. If you are planning to apply for MSME registration, then kindly contact the expert team of Enterslice to get best and affordable service. Source url - https://entersliceindia.dudaone.com/easy-steps-for-msme-registration Are you a micro or small or medium business? If yes, then MSME registration is assuredly compulsory for you. Legally it is not mandatory, but it is always advised to obtain the MSME registration for availing the benefits offered under the MSMED Act.
In this blog, as the title suggests, we will see the MSME registration certificate sample. But before that, it's necessary to have a quick through on MSME and MSME registration. What is MSME?MSME stands for Micro Small and Medium Enterprises, and it plays a very significant role in the Indian economy or better says, it's a backbone of the Indian economy. Therefore, the government of India has introduced various schemes, subsidies, and incentives to support and promote MSME/SSI (Small Scale Industries). What is meant by MSME registration?MSME registration is a process through which a company register itself under the Micro, Small and Medium Enterprises Development (MSMED) Act. An enterprise registered as MSME is allowed to avail various benefits offered by the Central and State Government. MSME registration eligibility criteriaYou are eligible for MSME registration under the following conditions:
Know about reliefs provided to MSME borrowers. For more details on MSME registration process or SSI registration online, contact Enterslice. Source url - https://entersliceindia.dudaone.com/msme-registration-certificate-sample Have you ever heard people talking about import export business? I heard few talking about their import export business the other day, they were discussing few insights, I never knew. It stuck to my mind, there would be so many people like me, who must be unaware of the details of this kind of business and I decided to write this blog to educate you regarding the same business.
Further, we will discuss the detailed procedure of getting the import export license. Online registration process of getting import export license There is an online application available that needs to be filed with the Directorate General of Foreign Trade (DGFT). It takes around 15 to 20 days to issue the import export code by DGFT. Let’s a take a look at the steps need to be followed to get the import export code in India.
Let’s talk about the list of documents required for filing the application of IEC. List of documents required for the IEC Code OnlineBelow the list of documents for getting the IEC code online-
Source url - https://www.playbuzz.com/item/cf4875b4-9c11-4214-97f9-a85360765792 Have you ever come across the abbreviation MSMEs while going through the newspaper (especially business columns) or watching business news on TV? If yes its good, if not then let us inform you that MSMEs stand for micro, small and medium enterprises. MSMEs are considered to be playing a very important role as they are expected to offer higher employment by 2020.
This sector has also been contributing to the government’s initiatives; MAKE IN INDIA and SKILL INDIA. The introduction of GST (Goods and services tax) led so many questions and confusion to rise. People had expectations, what all would be affected by it. Difficulties faced by the MSMEs on the introduction of GST
According to the reports published in the economic times, daily sales outstanding turned out to be higher, after the introduction of GST registration. Changes in the cost of borrowing for MSMEs Most the MSMEs had outstanding inventories, which would be taxed under the new GST regime. However, as these MSMEs lacked compliance infrastructure to have the tax invoices for those inventories. This lead to the weak credit profile, due to which these MSMEs could not the avail the bank loans, which ultimately pushed them to approach non-banking financing options, And these non-banking financial entities charged a higher rate of interest in comparison to the banks. Effect on the sales of MSMEsBecause of the introduction of the GST registration, there was a decline in the sales of MSMEs. GST brought more steps, which caused delays in the whole MSME Registration procedure. This also led to high costs, which was not under control. Future ExpectationsOnce MSMEs become the part of GST regime, these would be a part of larger compliance climate. There would be a better level of preparedness and discipline in conducting the business. Our government of India is also committed to providing support to these MSMEs, ultimately would take a positive turn for everybody’s benefit. These were all the effects of GST registration on MSMEs, but in the long run it would benefit us all. TDS return filing is a quarterly statement which is supposed to be filed by the deductor and submitted to the income tax department. Typically TDS stands for Tax Deducted at Source and is a tax that the deductor pays in advance in the form of salary, contract payment, dividends, Funds, etc. to the government of India.
A deductor is a person who deducts the tax. However, a deductee is an entity whose tax is cut by the deductor. Any organization or individual making payments is supposed to deduct TDS and file the TDS return if the paying amount surpasses the threshold limit. In this blog, we will discuss the two most important aspects of TDS return filing as follows:
Quarter Period/Term Due dates for TDS return filing 1st Quarter 1st April to 30th June 31st July 2nd Quarter 1st July to 30th September 31st October 3rd Quarter 1st October to 31st December 31st January 4th Quarter 1st January to 31st March 31st May Essential documents for TDS return filingBefore TDS return filing, you need to gather the required documents so that you don't face any trouble while doing the same. Documents required are as follows: Form 26AS: The form is an abstract of taxes deducted on your account by the deductor, details on tax deposited by the taxpayers and tax fund received in the financial year. You can receive the form from the Income Tax return filing Department and access it from the I-T department's website. Form 16: The form is for salaried employees who are issued by the employer indicating the details on the TDS deducted from employees' salary and deposited with the authorities. Form 16 contains details you will require to prepare and file your income tax return. Form 24Q: It's a form that consists of the details of salary paid to the employees and TDS deducted on such payment. Form 24Q requires to be submitted on a quarterly basis. The form consists of two annexure- Annexure I and Annexure II.
Section 80C Investment documents: Investments made under ULIPS, ELSS, NSC, PPF, LIC, etc. qualify for deductions under Section 80C. A deduction of Rs. 1, 50,000 can be claimed from your total income. The deduction is allowed to a Hindu Undivided Family or an individual. Documents regarding interest income:
Source url - https://enterslice1.wordpress.com/2018/12/24/documents-required-for-tds-return-filing-2/ Almost every employee seeks medical benefits from the organization they work in, and even there's a scheme for the same. That scheme is ESI which stands for Employee State Insurance. The Employee State Insurance Corporation manages ESI. ESIC is a self-governing body formed under the Ministry of Labour and Employment, Government of India.
Under the ESIC scheme, workers or employees of the organization can avail various medical, monetary and other benefits by the employer. Any company that consists of more than 10 employees (in some states it is 20 employees) and has a maximum salary of Rs. 21000 per month or less has to mandatorily register itself with the ESIC. Under this scheme, the employer contributes 4.75% of the total monthly salary payable to the employee. However, an employee contributes only 1.75% of his monthly salary. Employees whose salary is less than Rs. 100 per day are exempted from his contribution to the ESI scheme. In this blog, we are going to talk about the documents required for ESIC registration. Apart from that, we will discuss a few more things as follows:
Under the ESI Act, the employer secures legal liability which can arise from any mishappening, incident or accident at the workplace. If the employer is registered with ESI and any such incident occur at the workplace with the employee, the ESI Corporation will bear all the expenses of the employee. Benefits of ESIC registration in IndiaUnder the ESI scheme, employees and their dependents can avail the following benefits:
Source url - https://www.storeboard.com/blogs/legal/documents-required-for-esic-registration/950011 Starting a consulting firm needs a Business Plan Consultant, doesn't it sound intriguing and strange at the same time? Yes, it does. To understand how and why we first need to learn what consulting firm and business plan consultant means. So let's get started with the introduction.
What is a consulting firm?A consulting firm is a company or organization that has a team of experts who have clear and thoughtful insights into the business. Such an organization provides professional advice to an individual or an organization for a fee. Who is known as a Business Plan Consultant?A business plan consultant, as the name suggests, is a person who advises businesses or organization on achieving various objectives such as generating revenue, attracting clients, time management, etc. These consultants play a significant role in inviting investors to invest in the business and ensure that the company is following the business plan. They make the goal and vision of the company transparent to the members. In a nutshell, a business plan consultant is somebody who lays out the business plans and strategies or outlines the future reformations of the company. Why is a business plan consultant necessary for starting a consultant firm?Here are the following reasons:
Conclusion From the above discussions, it's clear that for starting a consulting firm, you must consult a business plan consultant first because he or she can guide you to move in the correct direction, and help you to overcome the challenges in the way. If you're looking to hire one, then contact Enterslice. We have a remarkably intelligent and experienced team of experts to guide you in outshining your business. Source url - http://enterslice.blogrip.com/2018/11/30/starting-a-consulting-firm-needs-a-business-plan-consultant MSME registration is one of the critical processes required for every micro, small, and medium businesses and it plays a crucial role in the Indian economy. Moreover, businesses can avail several unexpected benefits from MSME registration, and we will discuss the same in the blog later.
We have covered a few significant aspects of MSME and MSME registration in this blog. Below, you can find the list of the topics covered:
Investment in Plant & Machinery Micro Enterprises: The investment made isn’t more than Rs. 25 lakhs. Small Enterprises: The investment is between Rs. 25 lakhs to Rs. 5 crores. Medium Enterprises: More than five crores but doesn’t go beyond Rs. 20 crores. Investment in Equipment Micro Enterprises: Investment doesn’t exceed Rs. 10 lakhs. Small Enterprises: Investment is more than Rs. 10 lakhs but doesn’t exceed Rs. 2 crores. Medium Enterprise: The required investment is more than Rs. 2 cores but doesn’t exceed Rs. 5 crores. Key benefits of MSME registrationThere are a plethora of advantages that companies or businesses can avail through MSME registration. A few of them are described below:
Source url - http://entersliceindia.dudaone.com/msme-registration-requirements-and-its-benefits According to section 44AB of the Income Tax Act, following are mandatorily required to get their accounts audited:
· An individual engaged in business with Rs.1 crore and above as the annual turnover of business. · An individual engaged in any sort of profession with income receipts in a year aggregated to be Rs.50 lakhs and above. · An individual who, under Section 44AD, qualifies for the presumptive taxation scheme but at a later stage claims that the profits for the business are lower than the profits calculated earlier as per the presumptive taxation scheme. It is also applicable in case, the income on record is calculated to be more than the amount which is not chargeable for taxation or is tax-free. · If the assessee qualified under the presumptive taxation scheme, after a specific period opts out of it, will lose the ability to go back to the said taxation scheme for a continuous period of 5 assessment years after opting out. · An individual who qualifies to choose the presumptive taxation scheme of selection under Section 44AE but then claims that the profits for such business are lower than the profits calculated in accordance with the presumptive taxation scheme of section 44AE. · An individual who qualifies to choose the presumptive taxation scheme of selection under Section 44BBB but then claims that the profits for such business are lower than the profits calculated in accordance with the presumptive taxation scheme of section 44BBB. You can submit your tax audit report easily with the help of Enterslice. Source url - https://entersliceindia.blogspot.com/2018/11/who-is-covered-under-tax-audit.html What is TDS :
It’s an indirect tax collected by the government where individual is liable to deduct a certain percentage from the payment such as salary, commission, professional fees, interest, rent, etc. Now the assessee needs to file the TDS return quarterly to the Income tax authorities in order to intimate the amount of TDS deducted from the various payments WHEN TDS NEEDS TO BE DEDUCTED 1. SALARY INCOME: On the individual salary income, TDS is deducted 2. INTEREST INCOME: If the interest on FD and RD exceeds 10,000 per year, then TDS is deducted @10% if PAN otherwise @20% 3. EPF WITHDRAWLS: If the employee withdraws min 50,000 before 5 years of service , then TDS is deducted FORMS OF TDS RETURN 1. FORM 24Q- Statement of TDS from salaries 2. FORM 26Q-Statement of TDS from payments other than salaries 3. FORM 27Q- Statement of TDS from interest, dividend or amount payable to non residents 4. FORM 27EQ- Statement of collection of tax at source MODE OF FILING OF TDS RETURN ONLINE FILING The return can be furnished online at NSDL TIN website after registering to NSDL OFFLINE FILING TDS return can be furnished at any of the TIN- FC’s managed by NSDL. The details and addresses of TIN- FC’s are provided at the linkhttps://www.incometaxindia.gov.in/Pages/default.aspx DUE DATES FOR TDS RETURN FILING Apr-June- 31ST July 2017 July-Sept- 31ST Oct Oct- Dec- 31ST Jan 2018 Jan- March- 31ST may 2018 PENALTY FOR DELAY IN FILING OF TDS RETURN LATE FILING If the assessee makes delay in TDS return filing as per the due dates, penalty of Rs. 200 is applicable till the time default continues. **Note: · Total amount of penalty calculated as above cannot exceed amount of tax. · Late filing fees shall be deposited before filing the TDS return. · Rs. 200 per day is not penalty but it is a late filing fee. NON FILING If the assessee fails to file the TDS return till 1 year from due date of filing, penalty of min 10,000 and max 1,00,000 is applicable **Note: Penalty is in addition to late filing fees However, it was proposed in Budget 2018 to waive the fees for delay in filing of TDS return. But unfortunately this recommendation was not taken into consideration No penalty in case of delay in filing the TDS return in case of the following: 1. TDS is paid to credit of Government 2. Late filing fees is paid to the credit of Government 3. TDS return filed before expiry of 1 year from due date **Note: Apart from above relaxation, the Principal Commissioner of Income-tax or Commissioner of Income-tax has power to waive or reduce he penalty for non filing in genuine case. WHO ARE REQUIRED TO FILE ELECTRONIC TDS RETURN The following assesses are mandatorily required to file E- TDS return : 1. Corporate deductors 2. Government deductors 3. If the account of deductor is required to get tax audited 4. If the number of deductees in the preceding FY exceeds 20 as per the records in quarterly statement REVISION OF TDS RETURNS If any errors are noticed after the submission of the return, a correction statement can be filed by the deductor. Following corrections can be made : 1. Deductor’s personal details such as name and address can be updated under this category 2. Details such as serial no. amount, tender date and BSR code in challan 3. Deductee details can be added/deleted or updated 4. Salary detail records can be added/deleted 5. Updating PAN of deductee The charges would also be required to be again paid in case a Revised Return is filed by the deductor and it can be filed multiple times to incorporate no. of changes. Source url - https://entersliceindia.dudaone.com/all-about-tds-return Society registration was started for the development, improvement and promotion of charitable activities like sports, music, art, education etc. Society registration begins with the association of several individuals, who supports the common agenda; and is govern by the society registration act, which was introduced in 1860.
The first step of society registration is to select the name of the society, after selecting the name; we need to focus on society memorandum, which involves the details of the members and offices with their KYC verification. It takes approximately one to months for the society registration to complete. PROCEDURE FOR SOCIETY REGISTRATION For society registration, you just need to fill in the details in society registration form, regulated by the society registration act 1860 and submit the required documents. The documents required for the society registration are as follows ; ownership of the registered society, ID proofs of all the members, address proof of all the members, electricity bill/water bill (business place) , copy of property papers(if owned property), landlord NOC. Society registration requires the involvement of at least seven members or more, who are above eighteen years of age. Society registration is done for the benefit of general public with a motive of helping the people in some way. Society registration is taken ahead as a nonprofit organization, which has sheer focus on overcoming the challenges faced by common public. Charitable societies, the military orphan funds or societies established at the several presidencies of India, societies established for the advancement of arts, science and literature, public museums and galleries, collection of natural history etc comes under society registration. Source url - http://enterslice.over-blog.com/2018/11/society-registration-through-these-simple-steps.html MSME registration plays a vital role in the Indian economy as it provides support to the industries through the supply of raw materials, goods, and finished products.
MSME Classification In India, MSME is classified into two broad categories that are in terms of investment made in plant & machinery and equipment. The details of the same are as follows: Investments made in plant & machinery • Micro Enterprise: An enterprise which invests less than Rs. 25 lakhs in plant and machinery. • Small Enterprise: An enterprise which invests between Rs. 25 lakhs to Rs. 5 crores. • Medium Enterprise: An enterprise which invests between Rs. 5 crores to Rs. 10 crores in plants and machinery. Investments made in Equipment • Micro Enterprise: An enterprise investing less than Rs. 10 lakhs. • Small Enterprise: An enterprise investing more than Rs. 10 lakhs but less than Rs. 2 crores. • Medium Enterprise: An enterprise investing more than Rs. 2 crores but less than Rs. 5 crores. What is MSME Registration? MSME Registration is an act of registering a business under the MSMED Act which is Micro, Small and Medium Enterprises Development Act. With MSME registration, it's easy to receive loans from the government as well as from the banks and that too at a very concessional rate so that micro, small, and medium businesses can root their first brick. One can obtain the MSME registration by filing an application for the same on the official website of Udyog Aadhar Registration at http://www.udyogaadhaar.gov.in/. Documents required for MSME registration
MSME Registration method is completely an online process and for the same, you need to file an application form for MSME registration form with the help of professional and procure the approval from the department. The MSME registration isn’t obligatory for the companies though it is always advised to obtain. The process has been described below: • As per the rules and regulations, MSME registration needs filing of an application with the concerned government department. • In application, the applicant company has got to offer the details of the business they require to run with the required details and documents. • Aadhaar Number of the applicant is must. • Details of the applicant like name, gender, PAN number, email ID and mobile number. • Details of Enterprise like type of the company, PAN of company, location of fitting a plant, address of the organization, date of the commencement of the business, range of staff. • Bank Account range and IFS Code. • Primary business activity of the enterprise. • NIC 2 Digit Code. • Investment in Plant & Machinery / instrumentality. For the completion of all the documentation for SSI Registration/MSME registration method takes around 2-3 operating days. All the required formalities should be completed to avoid any future problem and to finish the method in a hassle-free manner. For any further queries relating MSME and MSME registration procedure, you can contact Enterslice and avail best consulting and legal services ever. Source url - http://enterslice.over-blog.com/2018/11/what-is-msme-and-msme-registration-procedure.html In India if you wish to register a Non- profit Organization it can be done in three forms;
Basic attributes of a Section 8 Company Registration If you are planning to set up a non-profit organization via Section 8 Company Registration following attributes must be known before initiating Section 8 Company registration;
STEP 1: Digital Signature Application submission As all the forms are required to be verified and signed by the applicants thus they are required to apply for Digital Signature Certificate. All the subscriber of shares and proposed directors are required to apply for DSC and submit all the required documents along with passport size photograph of the applicant. STEP 2: Apply for Name Reservation The applicant shall finalize on a name for the proposed non profit organization and file for name reservation. Name reservation application is submitted via RUN service available on the Ministry of Corporate Affairs portal. Full form of RUN is Reserve Unique Name. Maximum two names can be applied for through RUN service. This application is processed within 2-3 days’ time. Once a name is approved by the authorities it will be reserved for 20 days within which time the Section 8 Company registration is required to be completed. STEP 3: Prepare Incorporation Documents After name approval is done prepare all the necessary documents required for Section 8 company registration. These documents include;
In order to complete Section 8 company registration the applicant is required to obtain license from Central Government. Application for this license is to be filed in Form INC-12 and AOA, MOA etc. are to be submitted as attachments. STEP 5: Submit SPICe Form Once the License is issued in Form INC 16 to the applicant the only step left in Section 8 Company Registration is to file the Incorporation application through SPICe Form. Along with basic attachments copy of license issued shall also be attached in the section 8 company registration application. Once the application is verified and the authorities are satisfied certificate of incorporation is issued. Source url - https://entersliceindia.dudaone.com/section-8-company-registration-a-practical-approach The day GST (Goods and Services Tax) was levied by the Government of India; the country has undergone various economic reforms till then. And not only that, but India has become the sixth biggest economy in the world. Despite this fact, many people are still skeptical about the GST registration and its benefits.
GST is an indirect tax imposed by the Government of India that has replaced all other indirect taxes (VAT, Excise, Sales, Service Tax, and more) imposed earlier by the central and state government on the supply of goods and services. In this blog, we will come across various exemptions under GST registration. But before that, it’s important to know what people or businesses are eligible for GST registration. Who is liable for GST Registration in India? People or businesses falling under special category defined below are liable for GST registration in India. They are:
There are a few people who are exempted from GST Registration in India. They are:
Income tax return is the amount of money which you have to pay to the government, if your earnings for the year exceed the figure; pre-decided by the government; according to income tax 1961. Income tax return filing is a plain and basic process, which you can do it online. It can be done from your office, home or wherever you are; according to your convenience. You don’t have to take a special day off to file your income tax returns. Sometimes dealing with the taxes is quite challenging and time consuming, so people prefer to call professionals to do the task.
Now a day there are several professional companies, which are just one call away to help you with your income tax return filing and make all your income tax return filing a hassle free task. WHO HAS TO FILE THE INCOME TAX RETURNS? Individuals, NRIs, partnership firms, LLPs, Companies and trust have to file income tax returns every year on the basis of their PAN (Permanent account number), which is essential to file the income tax return.
Every taxpayer is supposed file their income tax returns before the due date, if they fail to do so in any case; then they are charged with the late payment fees under the penalty provision. LATE CHARGES OF INCOME TAX RETURN FILING
Filing income return requires few forms to be filled, ranging from Income Tax Return1 (ITR1) to Income Tax Return7 (ITR7). You need fill the every minute detail of your possessions and earnings, which may take little longer time than expected and some additional disclosures. ADVANTAGES OF INCOME TAX RETURN FILING Many of us overlook the mandate of Income Tax Return filing, without knowing the benefits of maintaining it. Here are the few basic perks and benefits to the income tax payers.
MSME stands for micro small and medium enterprise. These enterprises play a crucial role in developing country’s economy. MSME basically supplies the raw material, goods and finished products. It includes the investment made in plant & machinery and equipment.
Classification On The Basis Of Investment
Small Enterprise-when the investment in plant and machinery is between twenty five lakhs and five crores. Medium Enterprise-when the investment in plant and machinery is between five crores and ten crores.
Small- When the investment is between ten lakhs and two crores Medium-when the investment is between two crores and five crores Schemes under MSME Registration Government has started lots of schemes and benefits for the promotion of MSME. Even banks have started to help and providing loans to get these enterprises going. But before availing these benefits you need to register yourself. For registration of MSME, you need an aadhar number and fill the MSME registration form available on the official website of udyog Aadhar Registration at www.udyogaadhar.gov.in and can be verified by aadhar OTP. These small scale industries and enterprises plays an important role in overall growth of the nation, as they generate the employment and improves the economical growth. Significance of MSME Registration MSME registration brings accountability and credibility to the enterprise, when registered with the MSME authorized government body. There are ample of perks and benefits, but for availing these advantages, the MSME registration is mandatory. Advantages of MSME Registration The MSME registration is not mandatory, but if you register your enterprise under MSME registration, then you do have the opportunity of gaining some benefits over the non registered small scale industries.
Your organization falls under MSME if it follows the one or multiple criterion listed below.
One has to submit the following documents for MSME registration in India.
1. A Supplier of taxable goods and services whose turnover in a financial year exceeds the following threshold limit state wise is eligible for GST registration:
S.NO States Threshold limit (in lakhs) 1 North eastern states (Assam, Nagaland, Manipur, Tripura, Arunanchal Pradesh, Meghlaya, Mizoram, Sikkim) 10 2 Hilly states (J&K, Himachal Pradesh, uttarakhand 10 3 Other states 20 2. The following list of persons are required to obtain GST registration without the threshold limit S.No Category of person 1 Inter State supplies 2 Persons who are required to pay tax under reverse charge 3 Casual taxable persons 4 Non Resident taxable persons 5 Electronic commerce operators 6 Notified persons who are required to make TDS 7 Persons who supply goods on behalf of other persons whether as an agent or otherwise 8 Input service distributor 9 Persons who are supplying goods/services through electronic commerce operators 10 Every electronic commerce operator 11 Every person supplying online information & database access from a place outside India to a unregistered person in India 12 Any other class of persons notified by Government WHO ARE NOT ENTITLED FOR GST REGISTRATION? 1) A person whose aggregate turnover in a financial year is below the prescribed threshold limit 2) A person who is engaged in supplying of non-taxable goods/services or goods/services which are wholly exempt from GST 3) An agriculturist (Individual, HUF) to the extent of supply of produce out of cultivation of land OBTAINING REGISTRATION UNDER GST Every Person required to GST registration shall obtain it on the GST portal information required within a period of 30 days from the date of his liability to register. However, casual taxable person or a non-resident taxable person (requires self attested copy of Passport) shall apply for registration at least five days prior to the commencement of business GST Registration is a one-time except for casual taxpayers and non-resident taxpayers, who have to apply for renewal of registration after every 90 days from effective date of registration DOCUMENTATION REQUIRED FOR GST REGISTRATION 1. PAN of the applicant 2. Address proof place of business 3. Proof of business registration or Certificate or Incorporation 4. Identity Proof and address Proof of Promoters in case of Company registration in GST 5. Photograph of Promoter 6. Bank account Statement Source url - https://entersliceindia.dudaone.com/who-are-entitled-for-gst-registration Registering a start up company as a micro, small or medium scale enterprise under MSMED Act in India automatically conveys a plethora of benefits on the enterprise. The MSME registration is a totally optional process for all relevant enterprises but companies prefer the certification because of the following reasons:-
What are the Criteria for MSME registration? The Ministry clearly specifies the outline defining segregation of enterprises into micro, small and medium scale business entities:-
MSME registration can be done online as well as offline. The offline process involves filing the relevant form and submitting it along with self-attested documents like Personal Aadhar number, Industry name, and bank account details, address proof of the registered office, certificate of incorporation, Partnership Deed, bill copies of machines purchased, sales and purchase bills. MSME Registration online Online MSME registration can be done from the government website. The registration form requires the applicants to fill in details like Aadhar Number, name of entrepreneur, social category, gender, physically handicapped, name of enterprise, type of organisation, PAN, address of the factory/plant, registered office address, mobile number, email id, date of business commencement, bank account number, IFSC code, main business activity of enterprise, NIC 2 Digit code, additional details of the business, number of employees, investment amount in plant and machinery in lakh. The scanned copies of Aadhar card is required to be uploaded here. Udyog Aadhar Registration Udyog Aadhar is a unique 12-digit number that is an official government identification number. The Udyog Aadhar is granted by the Ministry of Micro, Small and Medium scale enterprises. Once the MSME registration is done, the ministry provides the relevant certification and the Udyog Aadhar number. While this number can be applied for online as well as offline – with the Udyog Aadhar number the unit gets special government subsidies, 15% subsidy for upgradation of technology and 50% subsidy for getting patent registration; financial support to participate in industry specific exhibitions in foreign countries etc. The Udyog Aadhar Memorandum, also called UAM is a document meant for self-certification of certain mandatory particulars of the MSME like its bank details, owner’s Aadhar details etc. Is SSI Registration the same thing? Yes, it is one and the same thing. SSI registration is for small scale business units and their ancillary units. The SSI unit needs to be registered with the Director of Industries at the state government level. With such registration, the enterprise gets special provisions like priority sector lending, excise exemption scheme, also exemption under direct tax laws, and interest on delayed payment etc. SSI Registration online The SSI registration online can be from the website of the Ministry of MSME. In fact, the application form for SSI registration and MSME registration is exactly the same including the details that need to be furnished. The Provisional Registration certificate is granted in the pre-operation stage. The provisional certificate is applicable for a period of five years. Once operations commences, the unit needs to apply for the Permanent registration. However if the business does not start its production in the initial five years, it can re-apply for the provisional certificate. Source url - http://entersliceindia.dudaone.com/msme-registration-and-its-importance This is a mandatory registration for all business entities in India involved in export and import of products and services. IEC Code is issued by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industries, it is a 10-digit number called the IEC Code that can be issued to a business entity as well as the owner or the proprietor of the business. The underlying importance of the IEC Code registration is that without it neither can import units import any goods nor can exporters export their products outside the country. The best thing about the code is that it has lifetime validity and does not require filing of any returns.
Why IEC Registration?
Source url - http://aakk750351.moonfruit.com/iec-registration/4594448027 GST stands for goods and services tax which is a newly implemented tax rule that unifies all the other individual taxes making it more concise and convenient. GST registration is a mandatory requirement for the taxpaying entities. By rule, if your annual turnover of the business you run goes above the amount of Rs.20 lakhs then you must compulsorily get GST registration. Exception for the special states like Jammu and Kashmir, north eastern states and other hilly states that they must get GST registration if their turnover exceeds the amount of Rs.10 lakhs. For all these mentioned business situations, the GST registration is an absolute mandatory obligation. If you fall into that category and continue to run business without GST registration then you are liable for hefty penalties.
Who are supposed to Get GST Registration? Following are the situations where you are supposed to get a GST Registration. 1) The individuals registered under the excise duty or VAT or even Service tax or similar taxes which were taxes existing before enforcement of GST. 2) Any Businesses with a turnover exceeding the amount of Rs.20 lakhs and Rs.10 lakhs for the special states as mentioned above respectively are obligated by law to have a GST registration. 3) Any taxable individual or a non resident taxable individual. 4) Input service distributers that are agents of a certain supplier. 5) Individuals that fall into the category of tax payment under the reverse charge mechanism. Know the Documents Required for GST Registration · PAN of the Applicant · Aadhar card · Proof of business registration or Incorporation certificate, · Identity proof and Address proof of the Promoters and/as well as the directors of your business or company with their passport-sized photographs. · Address proof of the place of business. · Bank Account statement or Cancelled cheque. · Digital Signature or a DSC. · Letter of authorization or Board Resolution for the Authorized Signatory Follow the GST Registration Procedure Online with the Help of Experts · Visit the official government provided website first of all. The website is reg.gov.in. · Once you log on to the website, you will see an option sitting to register now. This is an option for the new tax payers. · On the site, you shall see two options in order to select from, it could either be a new registration or temporary reference number. This is also known as TRN for short. · After you through this, the next thing that will be asked would be if you are a tax payer or not along the column saying “I’m a?” and here you will put in “tax payer”. Mention along with the state or the district you are running your business in. This is also where you shall mention your legal name that is supposed to be just the same as on your PAN card. Next, simply mention your further details as asked like your registered contact and mail id, then the type of business you are running. · Once you finish with filing these details, you will receive an OTP. This OTP is for verification. Once you verify through it, you will receive an ARN number if all your documents that you submitted are correct. · Just in case any fault is found, you will be asked to correct it by the department or cancelled leaving you with options of either refiling the form of correcting your details. Mostly it’s the second. Once satisfied, you will get your GST registration procedure completed and done. More info visit - http://aakk750351.moonfruit.com MSME is termed as Micro, Small and Medium Enterprise and also include any other category of business which falls under. MSME enterprises are becoming a prime factor for developing countries to grow and helps to improve economic stability, promoting equitable development for all. The government of India is also supporting such enterprises by providing various aid such as subsidies, schemes, and incentives to promote MSME. For availing such benefit from Central or State government, the enterprise needs to get registered under MSMED Act. Micro, Small and Medium enterprise whether a manufacturing or service sector needs to get registered under MSMED Act. Registration under MSMED is not compulsory, but to avail benefits for business, one should register it.
Definitions of Enterprises engaged in providing services: · Micro Enterprise: An enterprise where the investment does not exceed Rs. 10 Lakhs. · Small Enterprise: An enterprise where the investment is more than Rs.10 Lakhs but does not exceed Rs. 2 Crores. · Medium Enterprise: An enterprise where the investment is more than Rs. 2 Crores but does not exceed Rs. 5 Crores Definitions of Enterprises engaged in providing Manufacturing: · Micro Enterprise: An enterprise where the investment does not exceed Rs. 25 Lakhs. · Small Enterprise: An enterprise where the investment is more than Rs. 25Lakhs but does not exceed Rs. 5 Crores. · Medium Enterprise: An enterprise where the investment is more than Rs. 5 Crores but does not exceed Rs. 10 Crores However, as per the Press Release of 07the February, 2018, Section 7 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 will accordingly be amended to define units producing goods and rendering services in terms of annual turnover are as follows: · A micro enterprise will be defined as a unit where the annual turnover does not exceed 5 crore rupees; · A small enterprise will be defined as a unit where the annual turnover is more than 5 crore rupees but does not exceed Rs 75 crore; · A medium enterprise will be defined as a unit where the annual turnover is more than 75 crore rupees but does not exceed Rs 250 crore. · Additionally, the Central Government may, by notification, vary turnover limits, which shall not exceed thrice the limits specified in Section 7 of the MSMED Act. Presently the MSMED classifies the Micro, Small and Medium Enterprises (MSMEs) on the basis of investment in plant and machinery for manufacturing units, and investment in equipment for service enterprises. Who can apply for MSME Registration? · Proprietorship firms, · partnership firms, · LLPs, · Private Limited Company’s, and · Public Limited Companies When to apply for Registration? MSME Registration can be done after the commencement of business. The date can be a past date but not a future date. Benefits under MSME Registration?
Registration Process is divided into two parts namely Pre-operative and post-operative. Registration before setup of unit: Depending upon the legal entity of the business whether a sole proprietor or a company, needs to submit PAN, Aadhar, Register office proof, MOA and AOA in case of company and other documents demanded by the authority. The Registration Certificate of MSME is issued for a maximum period of two years from its date of issue. The certificate is valid until the commencement of the production or for a period of two years from the date of issue, whichever is earlier. Registration after the commencement of production: Once the entity is registered under MSME, the business gets various privileges during its post-operation period. The certificate is not mandatory and it can be applied once the production process starts. Conclusion The Development of Micro, Small and Medium Enterprise involves various acts and rules, among which MSMED Act is one of them. After the implementation of the Act, there have been many changes for the benefit of Micro, Small and Medium Enterprise in India. It is not compulsory to register under MSMED for every entity, however, it is beneficially to get it registered. Source url - http://enterslice.over-blog.com/2018/10/what-is-msme-registration-in-india.html To setup an NGO in India, you must have genuine desire to help others. For NGO registration in India, you have to pass through a legal process and start making contacts with minded people of society. To run an NGO, funds must be arranged and proper plans must be there by preparing budget proposals.
NGO is not for profit therefore there should be enough transparency in its dealings. Without expecting any profit, functions of the NGO are carried out for the welfare of the society. You must have a strong vision and dedication to serve the society. NGO (Non-Government Organization) is a type of organization which works for the charitable purpose and not for profit. There are mainly 3 ways of NGO registration in India:
Forms required to be filed for Section 8 Company Registration in India Forms Description RUN(Reserve Unique Name) Name approval form SPICE (Simplified Proforma for Incorporating Company Electronically) Incorporation Application INC-9 Affidavit from each subscriber DIR-2 Consent to act as directors from all the proposed directors INC-12 Application for license INC-13 Memorandum of Association INC 14 Declaration from professionals INC 15 Declaration from the each person making application for Section 8 Company Registration INC-16 Section 8 Company license Note: Now there is no need to file separate application for obtaining DIN, it can be directly applied through SPICE form. Step by Step procedure for Section 8 Company Registration Step 1: Initially, proposed directors of the section 8 company have to obtain DSC (Digital Signature Certificate) from the certifying authority. Step:2 After obtaining DSC for all the proposed directors of the company, RUN form is filed with the ROC (Registrar of Companies) for name approval along with the prescribed fee of Rs. 1000/-. In RUN form maximum two names can be mentioned out of which one will be allotted by the ROC on the basis of the availability of the name. Step: 3 After name approval, form INC 12 is filed with the ROC in order to obtain section 8 company license along with the necessary below mentioned attachments:
Step: 4 After verification of the above mentioned documents, ROC will issue the license in form INC 16 to section 8 company. Step: 5 Once the license is obtained, incorporation application in SPICE form will be filed with the prescribed fees along with the necessary below mentioned attachments:
Note: There is no need to file DIN application separately as DIN (Director Identification Number) can be applied directly through SPICE form. For more information, you may contact us. Source url - http://enterslice.over-blog.com/2018/10/3-ways-of-ngo-registration-in-india.html The e-commerce businesses are wide spread across the globe and are clearly overpowering the physical retail businesses with the digital distribution. But it has always been the goal to capitalize their e-commerce industry and apparently is quite successful in that.
When we talk about the e-commerce industry, what really comes to our mind is the global audience. An audience which is in control and getting their goods and services delivered to them conveniently at their doorstep. The keen e-commerce industryhas been observant of the consumer activity, tracking their behaviours via cookies on the websites to induce more relevant search results and attracting their attention. On top of that, they launch several schemes and discounts in order to continue with their expansion of horizon. Many smartphone users and digital device users not just with the speedy Wi-Fi connections but also through the 4G technology have boosted their operation which in turn boost the e-commerce industries via minimizing the gaps between the known popular brands and the mass population in demographics. The targeted population here is of the most active class of people, the youth. This goes on with reaching the semi-urban areas, where the physical outlets of the big brands are less and commerce shopping comes handy in these regions then. But the question here arise, is how the newly implemented GST law has affected or impacted the e-commerce empire? What are the operators of E-commerce Under the GST Law? Before the introduction of the GST law, there were separate taxes like VAT and CST etc which were to be paid by the sellers themselves to their respective state orcentral government. The e-commerce collects tax at the rate of just 1% it breaks as (0.5% of central GST + 0.5% of state GST), this is the net value of all the supplies that are taxable and the amount of tax collected from is called the TCS which is a short abbreviation of tax collecting at source. This TCS is applied over the collection of 1 month that is to be paid to the government. The amount of TCS can be seen under the GST registered supplier’s GSTR-2 on whose behalf the TCS is collected. All of the e-commerce operating sellers are supposed to submit a statement online with regard to the details of all the products that are sold by the respective sellers to the GST registration portal and the TCS via the form number GSTR-8. These submitted details by the respective sellers will be verified or matched with the seller’s furnished details in their form. In case both of the details are not matching, the seller and the e-commerce sales operating seller and the supplier are sent a notice mentioning the fact and to correct it. The impact of GST on e-commerce industry sellers in the marketplace
A franchise agreement is a kind of legal agreement on a document that is entered into by two parties, one being the franchisor and the other being franchisee. This is done for opening and operating a franchise unit. And it’s usually a single unit. However, if the franchisee wants to open additional units then separate agreements for each unit will be required. These franchise agreements vary greatly with respect to the franchisor. But there are certain common elements in it, which are given below:-
Elements of a Franchise Agreement
Franchise Fee & Consideration The terms of franchise fees, its deposits, and royalties along with the advertising fees and other changes are mentioned in lengths in a separate section. The mode of payments and the due dates of those payments are also mentioned in detailed lengths. It is important to ensure these terms of franchise fees are mentioned in the franchise agreement and are as per the basic agreement and understanding between the two parties that is the franchisor and the franchisee before both the parties sign the final franchise agreement. Business Operations One of the biggest assets in a franchise agreement is that the franchisor is involved and helps with the operations of the units of the franchise. These are based on their past experience and their expertise. Now all the franchise agreements are supposed to contain information regarding what level of support will be provided by the franchisor and what responsibilities will be taken by the franchisee. Following are some of the covered major areas of a franchise agreement:-
Mentioning governing laws and jurisdiction in the document is a good practice. In case of the franchise agreement that’s being held between any Indian entity and any foreign entity then both the parties to the franchise agreement can designate the law of a foreign country and then submit it to the jurisdiction of a foreign Court, Be it exclusive or non-exclusive provided such a court has inherent jurisdiction over the dispute. So these are some of the elements to include in a franchise agreement and more could be added. But the above mentioned are the base of this agreement. We at Enterslice are the renowned organization where we have hired many professionals who have years of experience in handling the legal processes. You don’t need to hesitate a bit in contacting as we can help you with the accurate procedure of Franchise Agreement anytime when you reach us. We have provided our phone number as well as the email address on our website, you can contact our representatives through that. We are 24/7 hr available at your end to assist you in a proper way. Source url - http://enterslice.over-blog.com/2018/09/what-is-the-importance-of-getting-franchise-agreement.html |