GST RETURNS

Every registered taxable person has to furnish outward supply details. A normal taxpayer has to submit three returns on a monthly basis and one such return annually. There are different returns for a taxpayer registered under the composition scheme. If there is no activity carried out in business, the business has to fie the returns. The return has to be filed and no paper returns will be acceptable in the GST regime.
The GST council has decided to relax the GST filing requirement for the first three months after GST implementation.
GST RETURNS
All registered taxpayers have to pay it thrice a month.
GSTR1 - Details of outward supplies, has to be filed by 10th of every month.

• The first GSTR-1 filing is now due only on 5th September 2017.
• If GSTR-1 filed on 5th September 2017 the taxpayer must file GSTR-1 on 20th September 2017
• If GSTR-1 filed on 20th September, the GST return due in August.

GSTR2 - Details of inward supplies, has to be filed by 15th of each month.
GSTR3 - it is monthly return and has to file 20th of every month. Compounding taxpayers have to file their returns on a quarterly basis.
GSTR5 - Return for non-resident foreign taxable person, 20th of the next month.
GSTR6 - Return for input service Distributor, 13th of the next month.
GSTR7 – Return for authorities deducting tax at source, 10th of the next month.
GSTR8 – Details of supplies effected through e-commerce operator and the amount of tax collected, 10th of the next month.
All returns are required to be filed digitally online through a common portal to be provided by GSTN, non-government, private limited company promoted by the central and state governments with specific mandate to build the IT infrastructure and the services required for implementing Goods and Services Tax (GST).
The Government has stated that no GST penalty will be levied for wrong or late filing of GST returns in the first two months of GST implementation.

This article is about GST Registration and SGST Registration for more information please visit our website: https://efilingportal.in

Income Tax on Interest from Savings Account

Section 80TTA of the income Tax Act deals with deduction with respect to interest income from savings Bank Account. Section 80TTA does not apply to interest income from fixed Deposits. Deduction u/s 80TTA is available to an individual assessee and also a HUF. Deduction is allowed for interest from savings Account held with a Bank, Co-operative society or a post office.
PURPOSE OF SECTION 80TTA
The reason for introducing this deduction into the income tax act is to promote savings among the salaried individuals. Taking lessons from the economic downturn in the US, India government has cotempted to act. This has led to drafting this provision in a record time of 6 months and introducing it in the Budget.
SECTION 80TTA DEDUCTION
The maximum deduction an individual or HUF can claim under this section cannot exceed Rs.10,000. It is hereby mentioned that this deduction is not available for interest from savings Accounts held by firms or BPOs.
APPLICABLE TO NRI
The ‘NRO Accounts’ do earn just like regular savings Accounts. Therefore, any interest earned by an NRI is also deductible under section 80TTA.
Interest earned on NRE Accounts is not covered under this section, because, such interest is already exempt from tax.
A NRI can claim interest Deduction under 80TTA, whether the account is maintained with a public sector or a Private Sector Bank.
RECURRING DEPOSITS COVERED UNDER 80TTA
As the words ‘Savings Account’ were clearly mentioned in the section, it is easy to conclude that any interest income earned from Recurring Deposits is not deductible under section 80TTA.
Any income from Recurring Deposits are liable to Tax and the payer shall also deduct TDS at the rate of 10%.
For More information please visit our website: eFiling Portal

Compliances Under Gst

A Tax invoice is an invoice issued by a registered dealer to the purchaser, showing the amount of tax payable. The invoice should be created in triplicate – Original for recipient, Duplicate for Transporter and Triplicate for supplier.

A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an input service Distributor, a person liable to deduct or collect the tax (TDS/TCS)

TYPES OF RETURNS
GSTR-1 (Registered taxable supplier)
- Details of outward supplies of taxable goods and/or services effected.
- 10th of the next month

GSTR-2 (Registered taxable recipient)
- Details of inward supplies of taxable goods and/or services effected claiming input tax credit.
- 15th of the next month

GSTR-3 (Registered taxable person)
- Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.
- 20th of the next month

GSTR-4 (Composition supplier)
-Quarterly return for compounding taxable person
-18th of the month succeeding quarter

GSTR-5 (Non-Resident Taxable Person)
- Return for non-resident foreign taxable person
- 20th of the next month

GSTR-6 (Input Service Distributor)
- Return for input service Distributor
- 13th of the next month

GSTR-7 (Tax Deductor)
- Return for authorities deducting tax at source.
- 10th of the next month

GSTR-8 (E-Commerce operator/Tax collector)
- Details of supplies effected through e-commerce operator and the amount of tax collected
- 10th of the next month

GSTR-9 (Registered Taxable Person)
- Annual Return
- 31st December of next financial year

GSTR-10 (Taxable person whose registration has been surrendered or cancelled)
- Final Return
- within three month of the date of cancellation or date of cancellation order, whichever is later.

GSTR-11 (Person having UIN and claiming refund)

- Details of inward supplies to be furnished by a person having UIN
- 28th of the month following the month for which statement is filed.

This article is about GST Registration for more information please visit our website:eFiling Portal

One Person Company (Opc) Incorporation

One person company is a new form of business introduced by the companies Act, 2013. It gives a single promoter full control over the company while limiting his liability to contribution to the business. This person will be the only director and shareholder (100% Shareholder).
OPC INCORPORATION ELIGIBILITY

• A person who is Indian citizen and resident in India can incorporate OPC (resided in India not lesser than 182 days)
• Other legal entities cannot incorporate an OPC.
• A nominee should be appointed by the promoter during incorporation
• Business involved in financial activities cannot be incorporated as OPC.
• It must be converted if the paid up share capital is in excess of 5 Lacs and turnover is in excess of 2 Crores.

HOW TO INCORPORATE OPC?
Documents Required for Incorporating OPC
It requires

1. Passport size photos of the applicant
2. PAN Card of the applicant and nominee
3. Identity proof of Applicant (Voter ID/ Passport/ Driving License/ Adhaar)
4. Adhaar Card Copy of the Nominee.
5. Address proof of the Applicant & Nominee (Bank Statement/ Mobile Bill)
6. ONE PERSON COMPANY (OPC) INCORPORATION

Obtaining Digital signature (DSC)
It is obtained for the sole promoter for processing the incorporation.
DSC for Nominee need not be obtained.
Obtaining Director Identification Number (DIN)
Once Digital signature is obtained, DIN must be obtained for the promoter/Applicant.
Name Availability

• After DIN is obtained, the name approval should be submitted to the MCA.
• The name should be unique and description should be related to the business.
• The State in which Registered Office is situated should be mentioned carefully. Once the Approval is obtained you cannot change.
• There are six name options to submit and the name will be approved within one or two days.

Incorporation

• After obtaining name approval, other documents like affidavits and declaration of the sole promoter must be submitted.
• Form INC3 must be attached for the nominee.
• Approval is granted by the Registrar of companies within 2 to 3 days. If there is any issue the incorporation application can be asked for resubmission.

 For More Information Please visit our website: eFiling Portal

Procedure For Striking Off Limited Liability Partnership (LLP)

E-form 24 is required to be filed for striking off the name of the LLP under clause (b) of sub rule 1 of Rule 37 of LLP Rules 2008. Winding up of an LLP may be voluntarily or compulsorily.
Voluntary Winding up

• The partners may decide to stop and wound up the operations of the LLP voluntarily.

Compulsory winding up

• The Limited Liability Partnership may be wound up by the order of a Tribunal or court.
• If the company is unable to pay its debts.
• If there is no business activity for the continuous period of 1 year or more.
• If the company has acted against the interest of the sovereignty and integrity of India, the security of the state.
• If the company has made a default in filing of statement of Account and solvency or annual return with the Registrar for any five consecutive financial years.

Section 63, 64 and 65 of LLP Act 2008 governs the process for Winding up of LLP.
DOCUMENTS REQUIRED TO WIND UP LLP

• Board Resolution
• Affidavits from the Designated Partners
• Consent of the creditors
• Report regarding the current valuation of the assets of the LLP, by a recognized valuer.
• Statement of Accounts
• Statement of Assets, liabilities, Debts, etc.
• Indemnity Bond from the Designated Partners
• Authorization to make an Application
• Application of Closure
• Consent of the Designated Partners to strike off the LLP

PROCEDURE TO WIND UP LLP

• An application to the ROC in eform 24 along with consent of all partners for striking off the name of the LLP.
• The LLP must pass a resolution in favor of at least ¾th of its total number of partners.
• The majority of the designated partners shall make a declaration in the form of affidavit that LLP does not have any dues towards Income Tax, Sales Tax etc. and there is no litigation pending against the LLP and the information furnished is true to the best of my knowledge and belief.
• Then the registrar will send a notice to the LLP
• The Registrar shall publish a notice on its website for a period of one month for the general public.
• If no reply is received within the prescribed period, registrar may strike off the name of LLP as it deem fit.

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Inclusion Of Anti Profiteering Clause In Gst Regime

Anti-profiteering means to stop a person from earning unreasonable profit through sale of goods and services It mandates a manufacturer and others in the supply of chain to pass on the benefits arising out to input credit and lower taxes to consumers at the pain of penalty. The main intention is to protect consumers from inflation after GST implementation.
MAIN REASONS FOR ANTI-PROFITEERING CLAUSE
There are three main reasons which make this clause necessary is

• To set up honest pricing policy, this will help to retain consumers in the GST regime.
• To examine whether input tax credits or lower tax rates actually result in a commensurate reduction in price.
• To observe the inflationary trends during the initial stages of GST introduction and to analyze and control its long-term effects.

FEATURES OF ANTI-PROFITEERING CLAUSE

• A state wise single registration for a taxpayer for filing returns, paying taxes and to fulfill other compliance requirements.
  (Most of the compliance requirements would be fulfilled through online)
• A taxpayer has to file one single return state wise to report all his supplies, whether made within or outside the state or exported out of the country and pay the applicable taxes on them. (CGST, SGST, IGST etc.)
• A business entity with an annual turnover of up to Rs 20 lakh would not be required to take registration in the GST regime, unless it voluntarily chooses to do so to be a part of the input tax credit (ITC) chain.
• In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course of business except on a few items listed in the law.
• In order to ensure that ITC can be used seamlessly for payment of taxes under the Central and the State law, it has been provided that the ITC entitlement arising out of taxes paid under the central law can be cross utilized for payment of taxes under the laws of the states or union territories.
• Detailed transitional provisions have been provided to ensure migration of existing taxpayers and seamless transfer of unutilized ITC in the GST regime.
• In order to mitigate any financial hardship being suffered by a taxpayer, commissioner has been empowered to allow payment of taxes in installments.
• To provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.

This Blog is About GST Registration for more information please visit our website: efilingportal

Government Loan Schemes For Small Scale Businesses

THE CREDIT GUARANTEE FUND SCHEME FOR MICRO AND SMALL ENTERPRISES

• It is launched by the Government of India to provide collateral free finance to the micro and small enterprise sector.
• The Amount is contributed by Government and SIDBI is 4:1 in ratio.
• It also provides credit facilities in the form of term loans and working capital facility of up to Rs.100lakh per borrowing unit.
• Rehabilitation assistance is also made available to sick units.

CREDIT LINK CAPITAL SUBSIDY SCHEME FOR TECHNOLOGY UPGRADATION

• Its main intention is to create an impact in the international trade.
• It is launched to facilitate technology up gradations by extending an upfront capital subsidy of 15% (max INR 15lakhs).
• The corresponding plant and machinery is important
• It is available to machinery to Sole Proprietorship, Partnership firms, Cooperative, Private and Public Limited Companies.

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA

• SIDBI is one of the most illustrious names among the government financial institutions.
• It played an active role in the promotion and development of the small business industry.

Schemes provided by SIDBI

• Direct Assistance Scheme
• Indirect Assistance Scheme
• Promotional and Development Activities
• National Equity Fund, scheme
• Technology Development and Modernization Fund scheme
• Single window scheme
• Mahila Udyami Nidhi (MUN)
• Scheme and Equipment Finance Scheme

NATIONAL SMALL INDUSTRIES CORPORATION LIMITED (NSIC)

• The main feature is to import machines on hire-purchase terms.
• It promotes awareness about advancements in the small scale industries sector of the country.
• It highlight on supply and distribution of both indigenous and imported raw materials as well as exporting the products of the small business units.

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

• NABARD mainly came into existence to promote agriculture based rural business enterprises.
• It mostly offers financial assistance to small scale industries viz,. Cottage and village industry.

MARKET DEVELOPMENT ASSISTANCE SCHEME FOR MSMEs

• It offers funding for participation in international trade fairs and exhibitions under MSME India stall.
• It also offers financing for sector specific market studies by industry association, export promotion councils and FIEO.
• This scheme offers reimbursement of 75% of a one-time registration fee and 75% of annual fees paid to GSI by SMEs for the first 3 years for the bar code.

TECHNOLOGY AND QUALITY UPGRADATION SUPPORT TO MSMEs

• It aims to improve the production quality of MSMEs to encourage them to adopt global manufacturing standards.
• The main aim of this scheme is to sensitize the manufacturing MSME sector to make use of energy sufficient technologies
• And also the manufacturing processes to reduce manufacturing cost and emissions of harmful gasses that can hamper the environment
• The Indian government provides financial support to the extent of 75% of the actual expenditure to assist manufacturing sector purchase energy efficient technologies for production.

MINI TOOLS ROOM AND TRAINING CENTRE SCHEME

• The mission of this scheme is to develop more tool room facilities to provide technological support to the MSMEs
• The training in tool manufacturing and tool design to create a skilled workforce of workers, supervisors, engineers/designers.
• 90% of the cost of machinery/equipment in case a new Mini tool room is to be created.
• In case an existing room to be upgraded – 75% of the cost is funded.

MUDRA LOAN (Micro Units Development and Refinance Agency Ltd.)

• The vision of Funding the Unfunded.
• It is established by Government of India for development and refinancing activities relating to micro units.
• It provides low cost funding for MFI (Micro Finance Institutes)
• It also supporting to the institutions , societies, trusts section 8 companies, co-operative societies, small Banks, Scheduled commercial Banks and Rural Banks which are in the business of lending to micro or small business etc.

For More Information Please visit our website: efilingportal

Business Registrations For Foreign Companies And Foreign Nationals

• Indian Private Limited Company must have Minimum two share holders and two Directors
• One of the directors must be an Indian Resident i.e. (Must be stayed in India for 182 days or more in the preceding year.)
• There is no requirement for the Indian Citizen to be a shareholder in the company. (100% FDI is allowed in automatic mode)

BASIC DOCUMENTS AND INFORMATIONS REQUIRED FOR COMPANY INCORPORATION
CASE 1 : Foreign national is residing in native country
If native country is a signatory of Hague convention
Attested & Apostatized Original Copy of

• Address Proof Copy
• Passport copy
• Authorization letter, Attesting Officer Proof
• Authorized Signatory Proof (In case of Foreign Company)

If native country is not a signatory of Hague convention
Attested Original Copy of

• Address Proof Copy
• Passport Copy
• Authorized Signatory Proof (In case of Foreign Company)

CASE 2 : Foreign national residing in India
Certified documents by Individual Embassy

• Resident Permit certificate issued by Assistant Foreigner Regional Registration Officer an officer of Bureau of Immigration India.
• Passport Copy
• Address Proof in INDIA
• Business Visa (Compulsory)

STEPS FOR THE INCORPORATION OF THE COMPANY
STEP 1 : Digital Signature For Foreign Nationals & Indian Nationals
DSC must be obtained for all the Subscribers of the company for their DIN issuance as well as for signing INC- 33 & INC-34.

STEP 2 : Obtaining Director Identification Number and Name Approval
Once DSC is issued, DIN needs to be applied for all the Directors and it is required for every individual intending to become a Director of a company in India.
After the issuance of DIN Number we can now apply for the company Name for its Approval from the Ministry of Corporate Affairs OR we can directly apply for the incorporation of the Company with direct method.

STEP 3 : Receiving the documents from the Foreign Nationals which are Subscribers
Once the Name gets approved we need some specific documents for the Foreign Nationals which need to be uploaded for the Final Incorporation.
CASE 1 : Foreign national is residing in native country

• DIR- 2 (In case he is also a Director)
• INC -9
• Declaration for not obtaining the PAN (If Applicable)
• MOA & AOA Subscribers Sheet

If the native country is a party to the Hague Apostille Convention then we need all above mentioned documents Notarized and Apostatized (BOTH)
If the native country is a Commonwealth Nation then we need all above mentioned documents Notarized Only.

If the native country is neither a Commonwealth Nation nor a party to the Hague Convention then we need all above mentioned documents Notarized and need to get attested by a Diplomatic or Consular Officer.
CASE 2 : Foreign national residing in India

We need certified documents by Individual Embassy

• DIR- 2 (In case he is also a Director)
• INC -9
• Declaration for not obtaining the PAN (If Applicable)
• Address Proof in INDIA
• Business Visa (Compulsory) (Only not applicable if the Foreigner is having a POI or OCI)

Rest other Documents of the India Subscribers and Registered Office will be as usual as per the Normal case.
In case a foreign company is a subscriber to the MOA & AOA of the proposed Indian Company:
The Foreign entity subscribing to the shares of the Indian company the following documents must be submitted.

• Board Resolution of The Foreign Entity authorizing Investment in shares of the Indian company.
• Copy of the Certificate of Incorporation of the Foreign entity
• Copy of address proof for the foreign company.

After accepting the documents with application, the Registrar would issue a Certificate of Incorporation PAN & TAN for the Indian Private Limited company.
Once the incorporation certificate is obtained, the Indian company can apply for a bank account for the company in India.

This article is about Business Registration For more information Please visit our website:efilingportal.in

Tax Benefit On Home Loan

A very important criterion to be kept in mind while taking a home loan is the Tax benefit on home loan. To explain the tax benefit on home loan, we would be dividing the repayment of home loan into 2 components.

Repayment of the Principal Amount

Repayment of the interest on Home loan
SECTION 80C -Under section 80c of the income tax act, one can avail tax benefits on principal amount of the home loan. Maximum deduction allowed is Rs.1,50,000. The tax deduction is on the payment basis irrespective of the year for which the payment has been made. The amount paid towards stamp duty charges and registration fees is allowed for deduction under section 80C. Tax benefit for repayment of principal loan amount is allowed after the construction of the house is complete.

SECTION 24 - Tax is available on the interest that is paid towards the home loan under section 24. The tax is deducted on an accrual basis. Maximum tax deduction allowed under section 24 is Rs.2lakh. This can be claimed on yearly basis even if no payments have been made during that year. If  the house is not constructed within 3 years from the end of the financial year that loan was taken  and allowed to claim only Rs.30000 as deduction.

If loan is taken to repair, reconstruct or renew your house, then you won't get any tax deductions on the interest paid. If the interest for the loan taken to purchase or construct the house has been paid before the house has been completed, then the aggregate of the amount is allowed for deduction in 5 equal instalments for 5 successive financial years.

Section 80EE tax benefit on interest paid on home loan for first time buyers. This deduction would be allowed only if the value of the property purchased is less than Rs.50lakhs and the value of loan taken is less than Rs.35lakhs. The loan should be sanctioned between 1st April 2016 and 31st March 2017. The benefit of this deduction would be available till the time the repayment of the loan continues. This deduction would be available till the time the repayment of loan continues. This deduction would be available from Financial year 2016 - 2017 onwards.

TO CLAIM TAX BENEFITS

The tax benefits have to be claimed at the time of filing your return if you have not informed. Deduction under section 80C. Here the taxpayer has to enter the contribution he has made towards PPF, EPF, LIC Premiums paid and the principal repayment made towards the home loan. Please note that if you are selling the property before 5 years from the date of getting possession, then the deductions claimed under section 80 C for principal repayment will be added back to your income.

Deduction under section 24, this deduction is for those who are buying a house for the very first time.

Deduction for interest earned on SB account under section 80TTA.
Deduction under section 80G that includes donations made to charitable organizations.
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GOODS AND SERVICE TAX - GST

The Goods and Service tax council decided to exempt  agriculturist and small traders with a turn over of less than 20 lakh from registering under GST regime. The council also agreed to provide a composition scheme to Dhabas and Small Restaurants, with less than 50 lakhs turn over. The GST council fixed a 5% tax rate on small hotels and restaurants. This  new indirect tax regime from july 1.
The all powerful council approved the final draft of central GST(CGST) and integrated GST (IGST) and will take up for approval the State GST had Union Territory GST (UT GST) Laws at its next meeting. Some of the features are

A State wise single registration for a tax payer for filing  returns, paying taxes and to fulfill other compliance requirements.

A tax payer has to file one single return state wise to report all his supplies, whether made within or outside the state or exported out of the country and pay the applicable taxes on them.
A business entity with an annual turnover of uo to Rs.20 lakhs would be required to take registration in the GST regime.

Most of the compliance requirements  would be fulfilled online, thus  leaving very little room for physical interface between the taxpayer and the tax official.
Taxes which need to be paid by the assessee under GST regime can be Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST) , Union Territory Goods and Services Tax (UTGST) and integrated goods and services Tax (IGST).

A business entity with turnover up to Rs.50 lakhs can avail the benefits of a composition scheme under which it has to pay a much lower rate of  tax and has to fulfill very minimal compliance requirements.

The composition scheme is available for all traders, select manufacturing sectors and for restaurants in the services sector.

I n order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course  or furtherance of business, except on a few items listed in the law.
In service sector, the existing mechanism of input service Distributor (ISD) under the service tax law has been retained to allow the flow of ITC in respect of input services within a legal entity.
An agriculturist, to the extent of supply of produce out of cultivation of land, would not be liable to take registration in the GST regime.

To provide certainty in tax matter, a provision has been made for an Advance Ruling  Authority.
Detailed transitional provisions have been provided to ensure migration of existing taxpayers and seamless transfer of unutilized ITC in the GST regime.
In order to mitigate any financial hardship being suffered by a taxpayer, commissioner has been empowered  to allow payment of taxes in installments.

For more details please visit our website: service tax registration

VAT REGISTRATION

VALUE ADDED TAX   is an indirect tax, which is imposed on goods and service at each stage of production, starting from raw materials to final products. It avoids the double taxation   of a direct tax. Any trading or manufacturing business, whether a sole proprietorship or a partnership firm or a private limited company, that sells its products is liable to be registered for VAT.
PROCEDURE

Submit an application for VAT in form 1 along with the following documents
•    Central Sales Tax Certificate (form A).
•    Professional tax registration certificate.(form 2)
•    Copy of important documents such as the address proof , ID proof of the proprietorship/partner/director
•    Four PP size photographs of the proprietorship/partner/Director
•    PAN NO. & Bank Account no. of the proprietorship/partner/Director
•    Copy of  rental agreement of the business place
•    Details of  business activities
•    Partnership deed (in case of partnership firm)
•    Memorandum of Association and Article of Association (in case of a private limited company)

The authorities from the local VAT office will inspect the premises of where you conduct business within a prescribed time.
Once the inspection is over, you will have to pay a specified fee to the local office for VAT   registration.
On payment of the fee, a TIN number will be allotted to you for your business and you will also be given the VAT registration  certificate.

For more details please visit our website: https://efilingportal.in   

PRADHAN MANTRI GRAMIN DIGITAL SAKSHARTA ABHIYAN

Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDSA)  is a new upcoming  scheme which has been  approved  by the  union cabinet on 8th February 2017.Rs.2,351,38 crore aims to make 6 crore rural households digitally literate by March 2019. The union cabinet chaired by the Prime Minister approved  the scheme with an outlay of Rs.2,351,38 for implementation till march 2019 under the Digital India Initiative.

In last few months we have seen Indian government working real hard towards promoting use of digital technologies all across the country. Government has clearly shown its plan towards upcoming trends.

           The scheme would be launched very soon because the government  aims to train about 25 lakh candidates within the current financial year. Out of six crore targeted 2.75 crore will be trained in FY 2017-18 and rest 3 crore in FY 2018-19. It is expected to be the world’s largest digital literacy program launched. It is implemented under the overall supervision of Ministry of Electronics and government is going to use the IT to accomplish this program with states and union territories through their designated  state implementing Agencies, District e-governance Society etc.

IMPLEMENTATION

It would be implemented across the country and to ensure the equitable geographical reach the government would encourage  registration of about 200-300 candidates by each of the 2.5 lakh  gram  panchayats.

TRAINING

Sending and receiving e-mails, Browse internet

Making digital payments, Searching  information  on internet

Accessing  Government information

Basic IT application

Digital access  devices such as Smartphone and tablets

The main aim is to create literacy in rural area. So every year they will took 200-300 lakh people from Gram Panchayats to literate them. It is all about making rural area literate about digital transactions. It mainly target the rural houses that don’t have a internet connection or anyone among the family haven’t used computer services yet. Only about 1.8 crore rural households have a computer out of the total 16.85 crore as per the 71st NSSO Survey on Education  2014, thus a significant number of rest  15 crore households are likely to be digitally illiterate.

The literate people would be able to use  the mobile banking  or net banking  for cashless transactions thus contributing to  the  cashless India initiative of Central government.

For More information please visit here: eFiling Portal

ONE PERSON COMPANY

One Person Company was recently introduced as a strong improvement over the sole proprietorship. It gives a single promoter full control over the company. This person will be the only director and shareholder (there is a nominee) holds 100 percent shareholding. The company incorporation Rules provide that only a natural person who is a resident of India and citizen of India can form a one person company. It means that other legal entities like companies or societies or other corporate entities (foreign citizens) cannot  form a one person company. A person cannot have two different one person companies in his name. The sole shareholder shall also be the sole director in the one person company.

               The person forming the one person company has to nominate   with his written consent who, in the event of  death or inability to contract of the owner of the one person company, shall come forward and take over the reins of the one person company. If the nominated person is already a member of another one person company , at the same time by virtue of rules has to decide within 6 months which one person company he/she  has to continue.
It gets freedom from complying with many requirements as normally applicable to other private limited companies. Annual returns can be signed by the Director himself instead of a company secretary.

INCORPORATION
DIN – Director Identification Number, DSC - Digital Signature Certificate
Name approval from MCA and Consent of the nominee
Memorandum and Articles and other required documents.
Final  incorporation certificate.

When the company reaches a paid up capital of 50 lakh rupees or more when the average turnover of the company which is Rs.2 crore or more  for a period of 3 years then the company shall be converted into a private limited company after making the changes in the memorandum of association and article of association.

For more information please visit our website: eFiling Portal

Reverse Money Transferred To Wrong Account

Misdirect payments are a common mistake, and often  occur when people get just one digit wrong. In the world of internet banking millions of  electronic payments are made every day,  but a slip of the finger and  the wrong sort  code or account number . Just contact your bank  straight away to let it know  about the mistake.
As per the Reserve Bank of India’s guidelines, it is the responsibility of  the  remitter to  provide correct beneficiary account number and details while making payment. Hence in case of wrong transfer  to an account , only the remitter is responsible and liable,  not the bank. Bank can only act as a facilitator. Bank’s also cannot  reverse money from its end without approval from the beneficiary.
The easiest way to get  back wrongly transferred  money,  is when the account number is invalid or does not exist, the money is transferred back to the remitter automatically. The other way to get the money wrongly transferred is to send a written letter to the bank. In case the remitter and the beneficiary are in the same bank. In case the account was transferred to a wrong account  with another bank then contact the Branch Manager of the wrong Beneficiary and  explain the situation in a written letter. The manager could then contact the wrong beneficiary and request for re-transfer of  wrong credit to the remitter.

REMEDY
          In case a wrong beneficiary fails to return the money back, then a written complaint must be lodged  immediately with the money back, then a written complaint must be lodged immediately with the concerned Banks. Then a lawyer can be engaged to provide a notice to the wrong  beneficiary, requesting that the money  be transferred back. If he or she refuses to give the money , even after a legal notice,   then a legal case can be initiated, though it’s a expensive and time-consuming route for resolution. Hence, its best to employ a legal route, only if sum involved in large enough to warrant the legal expense and time.

EASY PRECAUTION
Banks normally ask you to type the account number twice , if you happen to commit  a mistake in typing, the mismatch in the two numbers will not allow  you to proceed further. Then, if the IFSC code is correct, it will ensure that the intended bank and branch are at least coordinated. If you want to transfer a large sum of money online, you can do a ‘test’  transfer. Once you received  a conformation, you can check then safely transfer the rest.

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