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PAN CARD

What Is Pan Card ?

Permanent Account Number (PAN) is a ten-digit alpha numeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who Applies for it or to whom the department allots the number without an application. PAN enables the department to link all transactions of the “person” with the Department. These transactions include tax payments, TDS/TCS credits, returns of Income/wealth/gift/FBT, specified transactions, correspondence, and so on.
PAN, thus, acts as an identifier for the “person” with the tax department. PAN was introduced to facilitates linking of various documents, including payment of taxes, assessment, tax demand, tax arrears etc. relating to an assesses, to facilitate easy retrieval of information and to facilitate matching of information relating to investment, raising of loans and other business activities of taxpayers collected through various sources, both internal as well as external, for detecting and combating tax evasion and widening of tax base.

INCOME TAX

Types of Income Tax Return Forms : – To file tax returns Income Tax Department had issued a series of forms applicable to different type of assesses:
ITR 1 : For Individuals having Income from Salaries, one house property, other sources (interest etc.) and having total income up to Rs.50 lakh.
ITR 2 : This form is applicable For Individual & HUFs not carrying out business or profession under any proprietorship.
ITR 3 : This form is applicable For Individuals & HUFs having income from a proprietary business or profession.
ITR 4 : This form is applicable For presumptive income from Business & Profession. 
ITR 5 : This form is applicable for a For persons other than – (i) individual,(ii)HUF, (iii) company, and (iv)person filling ITR-7 
ITR 6 : This form is applicable For Companies other than companies claiming exemption under section 11
ITR 7 : This form is applicable For persons including companies required to furnish return under section 139(A) or section (1394B) or section 139(4C) or section 139(4D) or section 139(4E)

MSME

MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.

The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries (As per msme.gov.in). When these industries grow, the economy of the country grows as a whole and flourishes. These industries are also known as small-scale industries or SSI’s.

What are Micro, Small and Medium Enterprise?

MSME are classified into two categories:

  1. Manufacturing enterprise; and
  2. Service enterprise.

They are defined in term of investment in Plant and Machinery/ Equipment as below

 

MICRO

SMALL

MEDIUM

Manufacturing Enterprises

Rs 2,500,000

Less than Rs 50,000,000

Less than Rs 100,000,000

Service Enterprises

Less than Rs 10,00,000

Less than Rs 20,000,000

Less than Rs 50,000,000

GST

In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.

For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.

GST registration usually takes between 2-6 working days. We’ll help you to register for GST in 3 easy steps.

*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.

FSSAI

The FSSAI is a governmental body tasked with ensuring food safety in India. The FSSAI registration was created at the central level, to ensure that food products being sold in the Indian marketplace would adhere to a set of guidelines and regulations at any given time. In other words, the main goal of an FSSAI registration was to ensure public health, through a mechanism of regulation and supervision of food safety in the country. The department issues licenses to various businesses on the basis of an FSSAI fee. The FSSAI fee is paid at the time of registration, and the subsequent number issued is printed on their product or mentioned in a prominent place, for the general public.

Income Tax Slab

Income Tax Slab For Assessment Year 2017-18
Individual resident aged below 60 years (i.e. born on or after 1st April 1957)or any NRI/ HUF/ AOP/ BOI/ AJP*

Income SlabsTax Rates
i. Where the taxable income does not exceed Rs. 2,50,000/-.NIL
ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.10% of amount by which the taxable income exceeds Rs. 2,50,000/-. 
Tax Relief u/s 87A – In case of tax payers, having total income not increasing Rs. 5,00,000/-, income tax chargeable on the income or Rs. 5,000/-, whichever is less.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-.Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable).

Education Cess : 3% of the total of Income Tax and Surcharge.

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1937 but before 1st April 1957)

Income SlabsTax Rates
i. Where the taxable income does not exceed Rs. 3,00,000/-.NIL
ii.Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-10% of the amount by which the taxable income exceeds Rs. 3,00,000/-. 
Tax Relief u/s 87A – In case of tax payers, having total income not increasing Rs. 5,00,000/-, income tax chargeable on the income or Rs. 5,000/-, whichever is less.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Super Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1937)

Income SlabsTax Rates
i. Where the taxable income does not exceed Rs. 5,00,000/-.NIL
ii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/–20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iii. Where the taxable income exceeds Rs. 10,00,000/-Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable) Education Cess : 3% of the total of Income Tax and Surcharge.

TRADE MARK

What is Trade Mark ?

A trademark is any word (PEPSI), name (TATA), symbol or device (Microsoft), slogan (Yeh Pyaas Hai Badi & Thanda Matlab Coca Cola), package design (Coca-Cola bottle) or combination of these that serves to identify and distinguishes a specific product from others in the market place or in trade. Even a sound (Britannia chimes) color combination, smell or hologram can be a trademark under some circumstances. The term trademark is often used interchangeably to identify a trademark or service mark.

Benefit of Trademark Registration

 

  • Constructive notice of ownership of the Trademark
  • ™ and ® is Prestige of your Brand and your Company
  • Its ownership and get exclusive rights over your trademark.
  • You can sale your Trademark ™ and ® and/or give license to other company to use your Trademark and get Royalty for the same.
  • The exclusive right to use the registered mark in commerce in connection with the goods or services specified in the registration
  • Establish the Goodwill and incontestability of rights in the registered mark
  • No one can make a copy of your trademark; if some one copy then you can take legal action against them and ask for damages.
  • Sue for counterfeiting of the registered mark and to obtain both civil and criminal penalties against counterfeiters
  • Similar advantages can be obtained from registering a trademark in most other countries of the world. In some countries, a registration is a requirement for any enforcement activities. Since the advantages necessarily vary from country to country.

 

Document for Trademark Application

 

  • Two Passport size Photo
  • Pan Card Copy
  • Address proof
  • Firm/Company/etc. Registration Copy ( In Case of Products/Services)
  • Color Logo/Name on your Letter Head

 

Duration of process of Registration

Time taken for application for registration is 7 working days from the time you appoint us for the work. Time taken for certificate of Registration of trademark is about 18 to 20 months.

Steps of Process of Trade Mark

The following steps are involved for trademark registration

 

  • Search has to be made.
  • In case the search result is positive, we make application for trademark in form TM – 1.
  • Once application is made, the acknowledge copy of Additional Representation is received from Trade Mark department.
  • The next step is getting examination report and formality check report from the department wherein any objection or clarification is sought by the department
  • A reply has to be made for the same within 1 month and 15 days respectively.
  • If the TM department is satisfied, the mark is advertised before acceptance in the trade mark department.
  • In case they still are unsatisfied with the reply, they call for hearing upon which it is decided whether the case is fit for advertisement or not.
  • Once the mark is advertised in trademark journal, there is 4 months time for others to object the mark.
  • If no objection is received in 4 months time, the Registrar issues the certificate of registration.

COPYRIGHTS

What is copyrights?

Copyrights means the Right to Copy or reproduce the work in which Copyright subsists. The Copyright vests in original work in whatever form it may be i.e. Literary, Artistic, etc. The registration of Copyright in India is not mandatory but useful in courts where Civil and / or Criminal Proceeding can be taken to protect it.Our services for copyright registration India, cover all types of creations and works under the broad categories of literary, artistic, photographic, musical, choreographic, cinematographic, sculptural, etc. Therefore, books, poems, novels, contented written article, diverse documents, audio and visual recordings, musical collections, paintings and drawing, architectural designs and layouts, films and movies, sculptural creations, and so on, are expeditiously and economically registered by our dedicated and flawless copyright services India. The copyright registration under Copyright Act, 1957 provides copyright protection in all across the entire country.

REQUIREMENTS FOR MAKING COPYRIGHTS APPLICATION
Full Name, Address and Nationality of applicant (s) & that of author.

  • The year & country of first publication of the work
  • List of Countries where the work has been published & the year of publication.
  • The year & The Country of last publication.
  • Six copies of the work.
  • Power of Attorney

ISO CERTIFICATION

What is ISO certification?

ISO, the International Organization for Standardization, promotes global Standardization for specifications and requirements for materials, products, procedures, formats, information and quality management. Certification under ISO standards is an assurance that the ISO-required management of processes and documentation is in place.
ISO 9001 Certification IRCA Training & Certificates. TVE CERT Provides Accredited Certificates

What is ISO ?

ISO is an international body that standardizes how businesses and organizations involved in commerce and industry manage information and processes. The ISO does not enforce regulations. Certification
An ISO certification is not a license that permits an activity. It merely certifies that a management system, manufacturing process, service or documentation procedure has all the requirements for Standardization and quality assurance.

Responsibility

The specific requirements and operating procedures are the responsibility of the individual business or organization. ISO standards and systems are tools that allow efficient implementation and communication, so that any organization in any country is able to conduct business with any other.

Common ISO Standards

Most ISO standards are specific to processes or products. However, ISO 9001 and ISO 14001 are generic management system standards that can be applied to any organization. They are the most

Common ISO certifications

ISO 9001 and 14001
ISO 9001 is a set of requirements for quality-management systems and ISO 14001 is for environmental-management systems. Neither regulates what is done or should be done by an organization but each establishes a framework for effective operation.

Audits

Certification in either ISO 9001 or ISO 14001 involves a series of internal audits and ISO audits to ensure that all procedural requirements and documentations are adhered to during every day practices

Company registration

What is company in India?

In corporate accounting , commerce students have to learn accounting treatment of issue of share capital , debenture and its redemption , bonus and right issue at graduation level . They also have to solve the problems of final accounts of different companies .
For proper accounting treatment , learning of Indian Company Law 1956 is must . So , this topic is being discussed here. If you are starting to learn Company or Corporate Accounting , then this article will be useful for you because after reading this article , you will understand , the brief history , meaning , definition of Company and its six features .

History

First of All, in France this word was used for body of soldiers see [Fr. Term Accompanied].. After year 1500, this word became famous in business. Group of businessmen was called company.
Example
I can explain the meaning of company with a simple example. Suppose, two persons want to do business at large scale but they have limited money. They are also not interested to make partnership due to its unlimited liability. They go to the office of registrar of companies and fill the form of creation of company and attaching required documents. They also pay the required fees. After this, registrar will register their company. This registered company will be independent Identity.

Definition of Company

Indian Company law 1956’s section 3(1) (i) define company, “Company is the Organization which is formed and registered under this law or any previous law”

Explanation of Company

From above example and definition, we can understand that company is voluntary and autonomous association of persons. This is made for achieving business objectives. It acts like human being. Company can purchase assets or sell it. It can take also debt. It can open bank account. It is fully free from its members. Company is operated through board of directors.

Company Registration Doc’s

List of documents required for Company Incorporation in India

Details of at-least two Directors / Promoters of the company for obtaining DIN (Director’s Identifications Number)

  • Complete Name
  • Address (including City, State, Pin Code, Country)
  • Father’s Name
  • Date of Birth
  • Nationality
  • Occupation
  • Photograph of every proposed Director. (Scanned photograph will do)
  • Copy of Passport as a proof of identity and copy of Electricity Bill / Telephone Bill / Bank Statement / Driving License as a proof of address. (Scanned copy will do)

Thereafter a provisional DIN would be obtained from the Ministry of Company Affairs and a copy would be send for obtaining signature of the applicant. In case of foreign residents the documents i.e. DIN Form, Proof of Identity and Proof of Residence have to be attested by notary of the home country. Details of proposed company to be incorporated THREE Proposed names of the company in order of preference. Main objects of the proposed company.