New Income Tax Slab 2020-21 | Old Vs New Tax |

!!! Which is Better !!!

The new income tax calculations were announced with the new budget on 1st February by FM Sitharaman. According to the new budget, individual taxpayers can switch back and forth between the new tax regime and the old structure. The Central Board of Direct Taxes Chairman, PC Mody says that the new tax regime offers lower slabs without exemptions. Therefore, as an individual tax payer, if you opt for the new structure, you have to forego all tax breaks under this scheme to avail the reduced tax rates. Salaried individuals can switch between the old and the new structure.

This has no doubt created confusion amongst tax payers. Some people believe that the new tax structure is only beneficial to certain tax payers whereas other say that this is creating more confusion in the computation of taxes. In this article, we will highlight and discuss in detail the new income tax guidelines for the FY 2020-21 and also do a mock calculation of taxes with both the old and the new structure to show which one is finally beneficial for you.

As a taxpayer, you have two options available:

1. New Income Tax Structure – Forego all exemptions and breaks and avail lower tax rates

2. Old Income Tax Structure – At the existing income tax rates, benefit from the exemptions and tax breaks.

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The old regime have just 3 applicable tax rates of 5%, 20% & 30%, as against 6 granular rates of tax under new tax regime. Under the new tax regime, concessional tax rates are proposed for taxpayer earning income up to Rs. 15 Lakh. Income above Rs. 15 Lakh is unaffected whether it’s a new tax regime or an old tax regime.

New tax regime requires taxpayers to forgo most of the exemptions & deductions and so taxpayers are in a dilemma of making the right choice. Common question is – which tax regime is better – Old tax regime with higher tax rate offering exemption & deductions or the new concessional tax rate regime without any exemptions & deductions? Let us first compare the tax liability without any deductions & exemptions on income at every peak point of income slab in case of individual & HUF taxpayer (who is not a senior citizen & not salaried taxpayers):

(In New Income Tax regime, Tax slab rates are same for all individuals including senior citizens and Very Senior citizens).

Tax Deductions and Exemptions not allowed in the new tax structure

1. Section 80C – The most popular tax deduction under Section 80C of up to ₹1.5 Lakh is not applicable in the new tax structure. This means that any profits made from investments such as Life Insurance, PPF, School tuition fees, ELSS, PF etc. is not applicable. However, one can still claim deduction under Section 80CCD for employer contribution to the employee NPS.

2. Section 80D – Tax exemption under section 80D which allows for deduction for medical insurance premium and preventive health checkup is also not allowed.

3. LTA – Leave Travel Allowance exemption which is given to salaried individuals twice a year in a period of four years is also not allowed.

4. HRA – HRA or House Rent Allowance is a house rent limit provided by the employer to the employee for renting a house. In the old tax structure, one could claim a deduction up to a certain limit, but in the new tax structure it is not allowed.

5. Standard Deduction – A standard deduction of ₹50,000 was initially available to salaried individuals. This is not permitted in the new tax structure.

6. Section 80TTA – Section 80TTA provides an exemption of up to ₹10,000 on income generated from interest earned. This is not allowed in the new tax regime.

7. Section 80DDB – Section 80DDB provides benefits for disability up to ₹40,000. This is also not allowed in the new tax structure in case you were planning to switch over.

8. Section 80E – Section 80E allows for a tax break on the interest paid for education loans. This is also not permitted in the new structure.

9. Section 80G – Section 80G which concerns donations, says that one can claim a deduction of the equivalent amount made towards a donation. This also cannot be claimed in the new tax structure.

10. Section 24 – Section 24 for a Home Loan Interest allowed an individual to claim a tax deduction on the interest paid on a home loan up to an amount of ₹200,000. This benefit is also not available to you if you go for the new tax slabs.

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Though the new tax regime is simple to follow, yet it will be worthwhile to do the mathematics before opting for it. The million dollar question is, how should tax payers make this choice? Both regimes have their own sets of pros and cons. The choice would necessarily dependent on:

1. Income slab of every individual.

2. Extent of exemptions and deduction available with the taxpayers.

3. Alternate investments options & returns thereon if taxpayers prefer not to opt for the new regime.

4. Short term and long term financial goals of the taxpayers.

CRUX

One needs to calculate the total income tax under old as well as new regime individually. So long as the benefit of exemptions and deduction is more than impact of higher tax rate under the old tax regime, it would be advisable not to opt for the new tax regime but continue with the old tax regime. It makes sense to evaluate before taking a final call.

To be more specific, if any taxpayer have an admissible deduction & exemptions of more than Rs. 3 Lakh then it will generally be advisable for such taxpayers to remain in the old tax regime irrespective of their income slab.

Please ensure to file your income tax return as it has lots of benefits. I would soon be writing an article on it, so that you do not miss out such an important thing.

For any query, write back to us and we would be happy to help you

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How to Save Maximum Income Tax in India.

!!! 18 Legal Ways !!!

With the end of the financial year nearing, one question on every tax-paying citizen’s mind is ‘How can I save income tax?’ As the income increases, so do our worries about investing in the correct instruments and investing enough, so that we don’t end up paying too much in taxes.

Tax saving isn’t rocket science. If you know where to invest and what will provide maximum tax benefit, you can make the most of your investments. Before going to understand how to save the Income tax, first we have to clear the meaning of Income tax.

What is Income Tax?

Income tax is a portion of your income that you pay to the government. This tax is collected on an annual basis. The authorities use this money to perform administrative tasks.

Approximately 1.46 Crore people have filed tax returns in the financial year 2018-19. A total of ₹11.17 Lakh Crore has been generated as revenue from such tax collection from the masses, as reported by the Central Board of Direct Taxes (CBDT).

As the CBDT facilitates the more intricate tax collection and related services, individuals should develop an idea regarding how to save tax in India. There are different ways through which you can save tax. Some of them are:

Top 18 Best Legal Ways to Save

Tax on Your Income

18. Invest up to 1.5 Lakh under Section 80C:

When you invest in any of the options listed below, you can claim a tax deduction of up to Rs. 1.5 Lakh under Section 80C of The Income Tax Act, 1961.

• Tax Saving Fixed Deposits: These give you the dual benefit of tax exemption and high rate of returns. Tax Saving Fixed Deposits are ideal for those who want to invest their money in low-risk instruments.

• PPF (Public Provident Fund): PPF is a government established savings scheme with a maximum duration of 15 years. The interest earned on PPF is tax-free.

• ELSS Funds: These are the type of mutual funds that invest 80% of your money in equity shares. The lock-in period of ELSS funds is 3 years.

• NSC (National Saving Certificate): NSC has a tenure of 5 years and a fixed rate of interest. The interest you earn on your NSC investment falls under the limit of Rs. 1.5 lakh under Section 80C limit. You can claim tax deductions on this investment if no other investments are using up the limit.

• Life Insurance Premiums: If you have Life Insurance Policies towards which you pay regular premiums, you can use them to claim tax deductions.

• Home Loan Repayment: If you have taken a home loan and are paying premiums towards its repayment, the principal amount on your home loan is tax deductible up to Rs. 1.5 lakh per annum.

• Payment of tuition fees: If you are paying tuition fees for yourself, your spouse or children, you can you can use them to claim tax deductions.

• EPF (Employee Provident Fund): Under the EPF Act, 12% of the employee’s salary goes towards the Employees Provident Fund investment. This deduction is also counted towards the Rs. 1.5 lakh investment limit under Section 80C.

• Senior Citizens Savings Scheme: If you invest in SCSS, you can claim tax deductions under this. The maximum tenure of a SCSS is 5 years and it is available to those above 60 years of age.

• Sukanya Samriddhi Yojana: Parents with a girl child below the age of 10 can claim a deduction under this investment. Under this scheme, the investment holds for 21 years or until the girl marries after turning 18. The interest earned in this investment is tax free.

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17. Pay Health Insurance Premiums:

Health is the important focus today. What will you do if you have all the money and the lifestyle that you desired, but your health does not support you. Health is always to kept over wealth as later can easily be achieved if you have former. With the spread of disease, investment in health insurance is a must. You get a benefit upto 50000, if you are below 60 years old and parents are above 60 Years old. 25000 self-benefit and plus 25000 if you invest for your parents.

If your age is 45 and your parents age is 62, you get a benefit upto 50000/-. Also 5000 Rs medical checkup is also allowed as benefit.

Always advisable to go for cashless Mediclaim. It is always helpful and go for a policy which gives you maximum benefits. Don’t see the premium amount but see the benefits, as a difference of Rs. 2000 annually in the premium amount is not be checked. We spend 1000 Rs a day sometimes to party with friends and chill.

16. Tax deduction on house rent:

You can claim Rent paid to your tenant as a deduction for your Income tax purposes if you are a salaried person. Check the CTC Breakup given by your Company. In that, check the House rent allowance breakup given by your employer. Then see the rent you are paying to your tenant. Lower of two is the deduction that you will get. However, as per income tax there is a formula for claiming the HRA for tax benefits

• The actual rent that is paid should be less than 10% of the basic salary.

• In case you’re staying in a metro, 50% of the basic salary and 40% if you live in a a non-metro city.

• The actual amount received as the HRA from the employer.

Also, there are HRA Calculators online, check any of them. Fill in the details and you will get know how much benefit you can claim.

15. By buying a house:

Under Section 24, you can get deduction from taxable house property income, of Interest paid on Home loan upto `2 lakhs. Also, first time home buyers can claim an additional deduction from taxable income of 50,000 on home loan interest under section 80EE, provided the following criterions are met:

• The loan should not be more than `35 lakh

• The residential house value should be less than `50 lakh

• The home buyer should not have any other residential property registered in his name.

14. Donate to Charity

Donations made to specific organizations in cash are eligible for tax waiver amounting to ₹2,000 under Section 80G of the income tax act. Wire and bank transfers, on the other hand, enjoy complete or partial tax exemptions, respectively.

If you are donating to an organization facilitating scientific research or rural development, you are eligible to enjoy deductions under Section 80GGA.

Partial waivers in case of cash donations are granted, while transfers made through cheque or draft enjoy complete tax waiver.

13. Money Spent on Donation to Political Party:

There is no upper limit to tax deductions on money spent on giving a donation to a political party. Such deductions are a part of Section 80GGC. Such a donation amount equals to 100% deduction.

12. Profit from Selling Shares or Equity Mutual Funds

Only after 1-year holding (Long Term Capital Gains)

Maximum Tax-free Gains: Rs. 1 Lakhs

If you invest in stocks or mutual funds then you can make your profits 100% non-taxable up to Rs. 1,00,000.

For example, if you have invested Rs. 100,000 in TCS stock and in 11 months your investment becomes Rs. 1,20,000 then you have to pay tax on 20,000 profit. However, if you hold it for another month, then you are not liable to pay any tax on the profits.

Same is applicable to equity mutual funds.

Remember any long term capital gain over Rs. 1 Lakh attracts a tax of 10%. Further, in such case, you will not be able to avail indexation benefits

11. Dividends Received on Shares or Equity Mutual Funds

Stocks and Mutual Funds (Equity focused) distribute dividends to all the shareholders. The dividends are tax-free in the hands of the receiver.

Like in the previous example, where you bought stocks worth Rs. 100,000, let’s assume you receive dividends of Rs. 2000 after 10 months. Even though one year is not completed since the time you bought stocks, you still don’t have to pay any tax on such dividends received.

10. Money Received from Provident Funds (after 5 years)

You will save tax on investments in Provident Account in the year of investment. The good news is that you don’t have to pay taxes on interest received from EPF/PF investments (note that Interest received on Fixed Deposit is taxable).

You have to keep your Provident Fund active for at least five years before you start withdrawing money (however not recommended unless an emergency)

9. Fixed Deposit:

Do you know, your funds can be safe in bank plus can save you taxes? If you do not want to take high risk like investing in shares or mutual fund, investing in Fixed deposit is always a safe option. If you invest in Fixed deposit for a period of 5 years, you get a tax benefit u/s 80C of IT Act. Also you can take Overdraft against that Fixed deposit for your business purpose in case required by you, The amount of taxes that can be saved is less, but at least there would some savings.

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8. Educational Loan:

Education expenses are increasing daily. Every parent wants their child to get the best education and why not? They are the future of tomorrow. For the best education, you may definitely take educational loan from a financial or charitable institution. So here comes a benefit.

Income tax act provides benefit to individuals taking the loan be it parent or the child. Also, the befit available is only of the interest paid on the loan. Principal component paid cannot be claimed for tax purpose. If a loan is taken from relative, then the benefit cannot be claimed.

7. Wedding Gift:

A wedding is an eventful occasion for the entire family, especially for the individual getting married. In India, it is a humongous event where the bride and groom are showered with gifts. Under Section 56(2), such gifts are non-taxable. Be it a gift, cash, or cheque, gifts received on getting married do not attract tax. Such gifts can be from your relatives or friends.

6. Income from Agriculture:

Any kind of income from agricultural land defined as per section 10(1) is exempted from tax. Such an income can be related to rent from land, revenue from land, the amount generated through agriculture products, and the amount through a farm building.

5. HUF and Extra Income:

If you are someone who earns secondary income apart from your primary salary income, then you can save money paid as tax for the income apart from salary. For example, money earned from freelancing will constitute a secondary income. You will have to open a separate HUF account for the secondary income. And then you can invest that amount under section 80C to avail tax benefits for that amount.

4. Amount Received Through Inheritance:

The amount received through inheritance in the form of a Will is not taxable in India. Therefore, the amount you receive as per a Will shall not be taxed in India.

3. Expenses to treat Disabled Dependent:

Such deductions are a part of Section 80DD. Fixed deductions of Rs. 75000 are allocated for a person with 40 to 80% disability and Rs. 125000 for more than 80% disability. Such expenses should be for treating a disease, rehabilitation or training. You will have to furnish a certificate of disability to avail of the benefit of such deduction.

2. Expenses for Treating Specific Diseases:

This deduction is part of Section 80DDB. Tax benefits are applicable for expenses incurred towards treating specific diseases such as Dementia, Cancer, Aids, etc. For such diseases, tax deductions up to Rs. 40000 are applicable. In case the expenses are for a dependent senior citizen, then the amount increases to Rs. 1 lakh.

1.Income from Gratuity

Maximum Tax-free Amount: Rs. 20 Lakhs

Gratuity received on retirement or on becoming incapacitated or on termination or any gratuity received by his widow, children or dependents on his death is exempt subject to certain conditions.

The maximum amount of exemption is Rs. 20 Lakhs.

CRUX

Before choosing a tax-saving instrument, it is important to factor in the risk level, lock-in period, liquidity and returns. There is no point in opting for a tax-saver product if doesn’t suit your also individual needs. It also helps to stay updated about the latest developments in tax-saving provisions. Barring Section 80C, many taxpayers are not familiar with the other sections of the Income Tax Act using which they can significantly reduce their tax burden.

I hope that the above tips help you plan your taxes better. Also keep in mind, that if you are a business owner, check your Form 26AS on income tax site to see if someone has deducted your tax. If you are a salaried person, ensure that you collect your Form 16 form your Employer to get a complete detail of the salary breakup and the taxes deducted.

With these tax saving investment tips and tricks, you can invest your wealth wisely and save significantly on your Income Tax. Ensure that you plan your finances and explore a wide variety of saving instruments before filing for your Income Tax Returns. Happy saving!

Please ensure to file your income tax return as it has lots of benefits. I would soon be writing an article on it, so that you do not miss out such an important thing.

For any query, write back to us and we would be happy to help you

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The Government Has Given Various Relaxations For Making Compliance In Various Laws. Which Are Bifurcated As Follows:-

UNDER INCOME TAX

Government has provided following relaxation under the Income Tax to all type of assesses

1. Due date of linking Aadhar and PAN is extended till 30th June 2020 form 31st March 2020

2. The dates for making donation & payments under section 80G, 80C & 80D under the Income Tax Act, 1961 for eligibility as deduction in FY 2019-20 has been extended to 30th June 2020 form 31st March 2020

3. The due date for filling of Income Tax return of FY 2018-19 is extended to 30th June 2020 form 31st March 2020

4. The due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 and 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October, 2020.

5. The rate of payment of TDS has been cut off by 25% for contacts, professional fee, commission, dividend, brokerage etc.

6. All delayed payments of advance tax, self-assessment tax, TDS, TCS, equalization levy, STT, CTT made between 20/03/2020 and 30/06/2020 will be charges at reduced interest rate i.e., 9% p.a. instead of 12% p.a.

7. The due date for issue of notice, intimation, order, investment in tax saving instruments, investments for rollover benefit of capital gains under Income Tax has been extended to 30/06/2020.

8. The government has given relaxation of filling TDS return of March, 2020 quarter to 30th June 2020 from 30th April 2020 without any penalty.

9. “The Period of ‘Vivad se Vishwas Scheme’ for making payment without an additional amount will be extended to 31st December 2020”

10. “Due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.”

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UNDER GOODS AND SERVICE TAX ACT (GST)

The government has given following relaxations under the goods and service tax act (GST) to the stakeholder due to COVID-19;

1. The deadline to file February, March, April, and May month GST Return has also been extended to 30th June 2020.

2. Fin Min also announced that the companies with less than Rs 5 Cr turnover, will not have to pay interest, late fee, or penalty, however, for bigger companies, no late fee and penalty will be charged but the interest will be levied at a reduced rate of 9 per cent.

3. The due date of filling the Annual return of GST for FY 2018-19 is extended to 30th June 2020 from 31st March 2020

4. Due date of filling CMP-08 for composition taxpayer has been extended to 30th June 2020 form 18th April 2020.

5. The due date for opting into composition scheme has been extended to 30/06/2020 from 31/03/2020

6. The various time limits has been extended to 30th June 2020 for reply to Notice issued by the government and for filling of appeal by the assesses falls between 20/03/2020 to 29/06/2020.

UNDER THE COMPANIES ACT, 2013 TO COMPANIES, LLP’S (Falls under the Ministry of Corporate Affairs)

1. Considering the need to take precautionary steps to overcome the outbreak of the coronavirus (Covid-19), the Government has in-principle decided to relax the requirement of holding Board meetings with physical presence of directors under section 173 (2) r/w rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 for approval of the annual financial statements, Board’s report, etc. Such meetings may till 30th June, 2020 be held through video conferencing or other audio visual means by duly ensuring compliance of rule 3 of the said rules.

2. No additional fee shall be charged for late filing during a moratorium period (01/04/2020 to 30/09/2020) in respect of any document, return, statement etc required to be filed in MCA system irrespective of its due date

3. Additional time of 6 more months given to newly incorporated companies for declaration of commencement of business in e-form 20A. Now, it can be filed up to 1 year from the date of incorporation of company

4. Applicability of CARO-20 which was supposed to be effective from FY 2019-20 has been shifted to FY 2020-21

5. The mandatory requirement of holding Board meetings shall be extended by a period of 60 days till next 2 quarters i.e., till 30th September 2020

6. A company director who does not comply with minimum residency requirement of 182 days or more in India shall not be considered as violation

7. Independent Directors (lDs) are required to hold at least one meeting without the attendance of Non-independent directors and members of management. For the financial year 2019-20, if the lDs of a company have not been able to hold such a meeting, the same shall not be viewed as a violation. The lDs, however, may share their views amongst themselves through telephone or e-mail or any other mode of communication, if they deem it to be necessary.

8. SRNs where last date of Resubmission (RSUB) falls between 15th March 2020 to 31st May 2020, additional 15 days beyond 31st May 2020 would be allowed.

9. Names expiring any day between from 15th March 2020 to 31st May would be extended by 20 days beyond 31st May 2020 (applicable to both Companies and LLP).

10. FM also said that direct listing of securities by the public companies can be done in permitted foreign jurisdictions. Separately she said that private companies which list non-convertible debentures (NCDs) on the stock exchanges will not to be considered as listed companies.

UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC)

1. No fresh cases or proceeding will be initiated under this code

2. Criteria for application before NCLT under this code has been increased to 1 crore form 1 lakh

3. Debts due to COVID-19 situation are out of the defaults under IBC

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OTHER ANNOUNCEMENTS UNDER THE VARIOUS GENERAL LAWS WHICH AFFECTS THE COMMAN MAN

1. FM Sitharaman announced that there will be no penalty for not maintaining the minimum balance amount in the bank accounts.

2. FM has waived off extra charges on using other bank’s ATMs, giving people the facility to use nearby ATMs without paying any extra charge.

3. The government has announced MSME loan scheme of Rs. 3 lacs Crore to the MSME sector who have already taken loans on a reduced rate of interest @ 9.5% p.a. with one year moratorium repayable within four year. The loans will be given 20% to the current debt owns to the banks and financial institutions.

4. Due Date for filing Employee Provident Fund (EPF) electronic challan cum return for the month of March is extended to 15/05/2020 from 15/04/2020

5. Statutory PF Contribution by Employer and employee has been reduced to 10% from 12% for May, Jun, Jul 2020.

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* Companies Fresh Start Scheme 2020: *

Companies can file pending forms, returns without late fees; can make a fresh start.

“The Fresh Start scheme and modified LLP Settlement Scheme incentivize compliance and reduce compliance burden during the unprecedented public health situation caused by COVID-19,” said a statement by the Ministry of Corporate Affairs (MCA). The USP of both the schemes is a one-time waiver of additional late filing fees by the companies or LLPs with the ROC during the period starting from 1st April 2020 and 30th September 2020, it added. However, the normal fee will be payable for filing the statutory compliance.

Modi government has announced yet another regulatory relief for the companies registered in India. The government has introduced a fresh scheme – Companies Fresh Start Scheme, 2020 – to make a fresh start on a clean slate. Under the scheme, companies can file their pending documents such as Annual Return and Financial Statements without paying higher additional late fees. Adding to the Companies Fresh Start Scheme, the MCA has also introduced LLP Settlement Scheme to give relief to Limited Liability Partnerships.

In order to give an opportunity to the defaulting companies and to enable them to file the belated documents, MCA has introduced “Companies Fresh Start Scheme, 2020 (CFSS-2020) for condoning the delay in filing the returns with the Registrar, in so far as it relates to charging of additional fees, and granting of immunity from launching or prosecution or imposing penalty.

What is CFSS-2020?

Under this scheme, a ‘defaulting company’ can file belated forms with MCA-21.

‘Defaulting company’ means a company which has made default in filing of any forms, documents, statements, returns etc., including annual statutory documents on MCA-21 under the Companies Act, 1956 or the Companies Act, 2013 and the rules thereon.

Purpose of CFSS Scheme?

• This Scheme will enable companies to make good of any filing-related defaults, irrespective of their duration of the default, and to make a fresh start as a fully compliant entity.

• This Scheme will help to incentivize compliance and reduce compliance burden during the unprecedented public health situation caused by COVID-19.”

• “The schemes, apart from giving longer timelines for corporate to comply with various filing requirements under the Companies Act 2013, significantly reduce the related financial burden on them, especially for those with long-standing defaults, thereby allowing them to make a “fresh start.”

• This Scheme was introduced by the request of various stakeholders.

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Objectives of CFSS Scheme:

• To enable companies to correct any filing-related defaults and make a fresh start as a fully compliant entity.

• To provide a similar facility to Limited Liability Partnerships (LLPs), the MCA has also revised the ‘LLP Settlement Scheme, 2020.

• The Fresh Start scheme and modified LLP Settlement Scheme will reduce compliance burden during the public health situation caused by COVID-19.

• Both the schemes are a one-time waiver of additional filing fees for delayed filings by the companies or LLPs during the period starting from April 1 and ending on September 30.

Significance of CFSS Scheme:

• The Schemes would significantly reduce the related financial burden especially for those with long-standing defaults thus giving them an opportunity to make a “fresh start”.

• Both the Schemes also contain a provision for giving immunity from penal proceedings, including against imposition of penalties for late submissions.

• It also provides additional time for filing appeals before the concerned Regional Directors against the imposition of penalties, if already imposed.

• The immunity is only against delayed filings in MCA 21 and not against any substantive violation of law.

Period of CFSS Scheme:

From 1st April 2020 and ending on 30th September 2020.

Non Applicability of this scheme:

1. Companies against which action for final notice for striking off the name has been initiated

2. Where application already filled by companies for striking of the name

3. Amalgamated Companies

4 Where application filled by companies for obtaining dormant status

5. Vanishing Companies

6. Form SH-7 for the increase in authorized capital

7. Form CHG-1, CHG-4, CHG-8, and CHG-9 for charge related documents

Certificate of Immunity

After filling an application, within 6 months after the expiry of the scheme for immunity electronically in the form CFSS-2020, a Certificate of immunity will be issued by ROC.

CRUX

ROC shall take necessary action against companies who have not availed this scheme and are in default.

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FAQ’S OF THIS SCHEME:

To redress the grievance of various stakeholders Ministry of Corporate Affairs has issued 50 FAQs on Companies Fresh Start Scheme (CFSS), 2020 and LLP Modified Settlement Scheme, 2020

1. Is the CFSS 2020 applicable on foreign company? Will the forms FC-1, FC-2 and FC-3 be covered under the scheme?

Ans: Yes.

2. How to file the belated returns for companies under liquidation?

Ans: Only Refund form, GNL-2 (149, 152, 153, 154, 156, 157, 158, 159 and others), INC-28 (Amalgamation/Merger/Demerger/445, 466, 481, Others), MGT-14 (Others) and GNL-4 are allowed to be filed if the company status is under liquidation.

3. Can Deactivated director activated through this scheme?

Ans: Yes. He can file DIR-3 KYC eform/Web form and INC-22A (Active) as applicable without any payment of fee provided such director is not disqualified under section 164 of the CA 2013.

4. Should the returns be filed for the subsidiary where its Holding is currently under liquidation? But the returns relate to the period where the holding had its normal business activities. How to deal this?

Ans: Yes.

5. Under this scheme whether AoC-4 for a year can be filed, without filling the AOC-4 for the previous year?

Ans: Yes, you can file without filing for the previous year. There is no restriction, however it is expected that complete and continuous year filing (without skipping intermediate year) will be good corporate governance.

6. Whether any separate AOC 4 and MGT 7 has to be filed for companies under liquidation?

Ans: There is no separate AR/BS for companies under Liquidation.

7. Whether CFSS scheme is applicable for the companies which have been automatically struck off due to non-filing of annual documents i.e. Annual Returns?

Ans: The struck off companies have to approach the NCLT for reviving their companies first and a copy order of NCLT approving for such revival under section 252 of the CA 2013 to be filed in Form NO.INC-28. Later on they can take the benefit of this scheme.

8. With regard to LLP settlement Scheme, should the Indemnity Bond be executed on Non Judiciary Stamp Paper? If yes, then on what denomination.

Ans: No indemnity bond is required under the LLP Settlement Scheme.

9. Applicability of CFSS to a foreign company having Project Office in India. (FC Forms to be filed in ROC).

Ans: Yes. CFSS is applicable for foreign companies.

10. For filing MGT 14, AOC-4 for the past year, do we need to apply for condonation also?

Ans: For filing MGT-14 beyond 300 days, condonation is required. However, AoC-4 for the past year(s) can be filed without any condonation.

11. If the Company is in Active mode, but the directors’ DINs are deactivated, what should we do?

Ans: Deactivated DINs for not filing the DIR-3 KYC can be activated by filing it now without the fee of INR 5000 during the currency of the CFSS, 2020 provided such director is not disqualified under section 164 of the CA 2013

12. In our case, company was struck off and as a result both directors were disqualified. Now Company was Revived by NCLT and Revival order has been passed.

(i) How to remove disqualification of director u/s 164(2)(a)?

Ans: The removal of disqualification is not automatic and the same cannot be cured under the provisions of CA, 2013.

(ii) INC 28 is not filed till date (as it is required to be filed within 30 Days).

Ans: INC-28 can be filed by an authorised signatory who can be added from backend by the jurisdictional RoC based on evidence produced by the company.

(iii) How to do Annual filing of Past year?

Ans: Past year filings can be made as per applicable norms.

13. Can a company also file its old annual returns for 3 to 4 years without late fees?

Ans: Yes, without additional fee,

14. The company is an inactive company. The company has defaulted in filing form SH-7. It now wants to file form SH-7 under CFSS 2020 scheme and simultaneously make application for striking off the name by filing form STK 2.

Ans: SH-7 can be filed with applicable fee and additional fee. The additional fee waiver is not applicable for SH-7 and charge related forms.

15. Please let us know the List of eForms eligible for additional fee waiver during the currency of the CFSS, 2020 and LLP Modified Settlement Scheme, 2020?

Ans: List of forms (CA56/CA13/LLP) eligible for additional fee waiver is available at the link: http://www.mca.gov.in/Ministry/pdf/CFSS2020_02042020.pdf

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16. A Company was not able to file Satisfaction of charge in CHG 4 as the DIN of the director was deactivated. Now with this scheme can the company first update its returns, get the din activated and then file CHG 4 under this scheme even though there is a delay of 1 year?

Ans: Deactivated DIN can be reactivated by filing DIR-3 KYC now without payment of INR 5000. Filing of CHG-4 towards satisfaction of charges beyond 300 days is NOT permissible, however for delay in filing satisfaction of charges, form no.CHG-8 may be filed and the power for such Condonation of delay (satisfaction) is vested with Regional Director(s)

17. Is CFSS-2020 scheme applicable to subsidiary of a foreign company registered in India and foreign company itself?

Ans: Yes.

18. Can LLP with Under Strike off or ‘Defunct’ status file form 8 and form 11 for past 3-4 years? (as per the scheme or even in general)?

Ans: No.

19. Can we file STK-2 without filing INC-20A in this scheme? As company has not started its business and even bank account is not opened by company. So want to strike off the name and close company to avoid any defaults and penalties.

Ans: STK-2 can be filed by a company who has not filed INC-20A within 180 days of incorporation. After a period of 180 days of incorporation, filing of form INC-20A is allowed to be filed first. Thereafter, they can file STK-2 if they desire so by following the relevant provisions of the Act relating to Strike off procedure.

20. How to rectify AOC 04 filed with inadvertent errors?

Ans: AoC-4 or any other STP form filed with inadvertent errors can be marked as ‘defective’ by the jurisdictional RoCs based on evidence and formal request. Once the particular STP is marked as defective fresh filing has to be made.

21. A Company already filed MGT-7 but AOC-4 is not yet filed. Can it file AOC-4 now?

Ans: Yes.

22. Where orders have been passed by Hon’ble NCLT to restore the name of the company under section 252/253 subject to filing of all the pending documents and returns and no time limit is given in the order to file pending documents /forms/returns. The company has not yet filed the copy of order of NCLT with ROC. Can company avail this scheme and file all the pending documents without any additional fee?

Ans: Yes, after filing INC-28 with a copy of order passed by NCLT.

23. What about the additional fee already paid by the entities? Is this not a hardship on them who have already paid heavy additional fee in order to abide the compliance.

Ans: The CFSS 2020 and LLP Modified Settlement Scheme 2020 have been notified in view of the COVID19 To provide a first of its kind opportunity to both Companies and LLPs to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity.

24. In the CFSS,2020 please suggest whether it would be applicable to Project office of a company in India having FCRN no.?

Ans: Yes.

25. For filing commencement of business form to newly incorporated companies now additional 180 days is allowed but which companies are allowed such benefit. What is the cut off dates for newly incorporated companies i.e., to companies incorporated from which date this benefit will get passed on?

Ans: All newly incorporated companies are required to file a declaration for Commencement of Business within 180 days of incorporation under section 10A of the Companies Act, 2013. An additional period of 180 more days has been allowed for this compliance.(please see circulars issued in March, 2020)

26. In the case of a company whose status as per MCA is active (for filing) but whose all directors are disqualified, what is the way out to avail the benefits of the fresh start scheme?

Ans: Disqualification of Directors cannot be cured under the scheme.

27. An LLP is under non-compliance of one form. The LLP has applied for strike off in February 2020. Whether such an LLP can withdraw strike off application and file the form?

Ans: There is no specific process available for withdrawal of Form 24. If Form 24 is not yet approved, LLP may approach the jurisdictional ROC to ‘reject’ the form so that status of LLP gets marked to ‘Active’ and relevant filings can be made.

28. Can companies with paid up capital between 5 crores to 10 crores which did not file Active form since CS was not appointed file the form now since threshold was increased to 10 crores from 5 crores from 01.04.2020?

Ans: ACTIVE form can be filed without the fee of INR 10000.

29. What are options available to a company the name of which has been struck off by the ROC but is having business activities for availing this scheme.

Ans: The company has to approach NCLT and get an Order for reviving. Thereafter the company can take the benefit under CFSS.

30. Does the scheme cover default for DIR-3 KYC?

Ans: DIR-3 KYC can be filed without the fee of INR 5000.

31. Does the CFSS 2020 allows refund of the late filing fee and penalty which are already paid on Company fillings made before march 2020?

Ans: No.

32. Whether immunity certificate will be generated automatically once CFSS form is uploaded or it will be subject to approval of concern ROC.

Ans: Subject to examination and approval by the jurisdictional RoC.

33. Whether late fees/additional fees be waived off after filing of Immunity Form i.e. full amount will be paid in advance (while filing of any form out of 76 forms) and refunded back after filing of Immunity Form?

Ans: Additional fees would not be charged in respect of the 76 forms and such forms have already been displayed in MCA-21 portal.

34. Will MCA be refunding the Additional fees received as clients have paid the same while filing the same in ROC during 2019-20?

Ans: Additional fee waiver becomes applicable only during the currency of the scheme.

35. Can a company whose director has been disqualified can use this scheme?

Ans: The CFSS 2020 is applicable for defaulting companies to file the belated documents and does not extend to curing the disqualification of Directors.

36. Additional fee is still showing in enquire fees menu in MCA portal. Whether it needs to be updated in portal? Or it is get updated after filing forms and generating SRN.

Ans: Yes, it gets updated while generating challan.

37. In the original LLP Settlement Scheme, the additional fee was to be paid at INR 10 per day up to a maximum of INR 5000, in the modification LLP Settlement Scheme there is no additional fees. Is the understanding correct?

Ans: Yes..

38. If the director has been disqualified in FY 2016-17 and filling is pending, can still the benefit of the CFSS scheme can be availed by the company (if status of company is still active)?

Ans: CFSS 2020 does not cure the disqualification of Director. If there are no authorized signatories left in the company, the company may approach the jurisdictional RoC with a formal request to add one authorized signatory from backend. Later on the company may file the belated documents under the scheme.

39. Whether the scheme is applicable for companies already struck off by MCA and not voluntarily filed by the company?

Ans: The struck off companies may approach the NCLT for revival. Once the company is revived the belated documents may be filed.

40. Can you please explain again on the dual dates of August 31st and September 30th in LLP (Modified) Settlement Scheme, 2020?

Ans: The belated documents can be filed without additional fee till 31st August,2020. However belated documents could be filed till 30th September and no prosecution or punishment proceedings would be launched.

41. LLP is not in operation since incorporation in FY 2015-16, now wants to strike off from the register. LLP has already Form 11 for FY 15-16 but not Form 8, is it mandatory to file Form 8 availing LLP scheme before filing Form 24?

Ans: No. For list of attachments while filing Form 24, please refer to instruction kit available on the portal.

42. Which form to be file earlier CFSS-2020 or belated forms?

Ans: Belated forms have to be filed first. CFSS-2020 would be made available w.e.f 1st October, 2020.

43. Will this scheme be applicable on filing, if due date is falling between period April 2020 to September, 2020?

Ans: Irrespective of the due date additional fee waiver can be availed during the currency of the scheme.

44. Is every company availing this scheme need to file FORM CFSS-2020 before filling the all the belated documents or should we file the documents directly?

Ans: Belated documents have to be filed during the currency of the scheme. If the scheme benefits are availed, such a company has to file the CFSS eform on or after 1st October, 2020 and before 31st March, 2021.

45. Annual Returns as well as Auditor Appointment is not done since April 2015. Can the private limited company avail this scheme?

Ans: All companies can avail the scheme for filing belated documents.

46. If company is under NCLT, and Operations are managed by IP, whether he can opt under this scheme?

Ans: Yes, if the company status is not struck off and if it struck off it can take the benefit after it is revived.

47. Can there be a refund of late fee deposited for forms filed earlier the notification of scheme (forms filed are covered in scheme)?

Ans: No.

48. As under CFSS, CFSS Form needs to be filed between 01st October to 31st March, do we need to file any such form under LLP Modified Settlement Scheme to get immunity?

Ans: No such requirement for LLPs who have availed the benefit under the LLP Modified Settlement Scheme.

49. Is the Form CFSS 2020 currently available in the MCA portal for e-filing? If not, when will the form be made available?

Ans: The form CFSS 2020 would be made available w.e.f 1st October 2020 and till 31st March 2021 for filing purposes.

50. Form 8 is not allowing prefill for an LLP which is under defunct status. How should we avail the scheme for such LLP? Is the scheme available? Will new forms be made available then?

Ans: An LLP under struck off(Defunct) status cannot avail the benefit of LLP Modified Settlement Scheme.

Source- MCA

DISCLAIMER:

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How startup get funding ? How to raise funding for your startup? 10 Best Ways

The recipe for a successful business is a brilliant idea, strong enthusiasm and startup funding. According to recent stats, 29% of startups fail because they run out of cash. Startup funding is a critical component to your business venture and is a big issue to tackle. Even experienced entrepreneurs might face the obstacle of securing funds for their startup. The key is being ready and understanding the different options available through the different stages that your startup goes through. Finally, evaluating your options and not letting money stop you from pursuing your dreams.

There is an old management saying, “measure twice, cut once” which refers to the benefit of doing some planning. It’s the antithesis of “ready, fire, aim” which seems to be so prevalent in today’s society. The benefits you will receive from doing even some basic planning before you hit the fundraising trail are enormous.

This post has some basic advice on how to plan your raise before you hit the road. Many points will seem obvious, but we can tell you that most people get even the basics wrong.

Top 10 Best Ways to Raise Money

for Your New Business

1. Create a list

It sounds obvious but the starting point for any fund-raising planning is to create a list of prospects. I know this is CRM but I assure you most startups don’t do this or don’t do it well. Given the limited nature of how many people you’ll approach (i.e., not that many) I actually just do these in Google Sheets.

You can use this just internally for you and the people on your team helping you in the raise, or if you have existing investors or advisors you can open it up to share with them.

2. Personal savings

Put your money where your mouth is and go ahead and fund those early steps yourself. Investors will always try to figure out how invested you are in your idea and funding your own startup is definitely a good sign for them.

3. The business itself

The preferred startup funding source: let the business pay for itself and grow your business from the revenue coming in. In reality, this is the best type of funding and it shows that your business is truly taking off.

But your difficulty here is timing, as expenses typically come before revenue. Therefore you need to find a way to get cash up front. A great way to do this is by working with annual plans and prepaid orders.

Growing your business this way will allow you to keep total control and you’ll have a constant reminder of the importance of sales.

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4. Take help from family and friends

Self-made entrepreneurs often refuse to seek help from their family or friends. However, many of the world’s top business tycoons have admittedly borrowed money from their closed ones early in their entrepreneurial journey. Hence, you shouldn’t hesitate to do the same.

Taking short-term or long-term loans from family or friends doesn’t usually require you to pay added interests. In some cases, you don’t even need to pay them back. At the same time, it’s advisable that you only take a part of the total required funding from your family and friends in order to reduce the burden.

5. Seek grants from government and private bodies

Although you shouldn’t expect to cut a big check, there are several grants available, offered by both government and private bodies in the interests of promoting entrepreneurship, boosting the economy, generating employment opportunities.

These financial injections can help you set up the operations, purchase manufacturing equipment, and provide salaries to employees. However, winning grants can be tedious, time-consuming, and overall a complex process. In India, the government offers startup grants as part of its Startup India’s FFS (Funds of Funds) initiative.

6. Crowdfunding

Crowdfunding is a favorite of the digital economy, and probably the quickest way of obtaining finance for a new business. You don’t even have to be massively tech-savvy to launch a crowdfunding campaign, but what you do need is a compelling pitch, one which strongly references your start-up’s potential for growth, as well as a knack for interacting with your cash-rich community. If all goes to plan, you’ll have capital you don’t need to pay back, without ceding any operational control.

As a side benefit, crowdfunding is a nifty form of advertising, a way of stimulating public interest in your company before it’s even made its debut. The difficulty, needless to say, is in getting your voice heard in the vast crowdfunding landscape.

7. Get an angel investor on board

There are many online angel investment networks, as well as local investor groups you can pitch to in person, so do your research and start submitting your pitches.

Find the right angel investor and not only will you benefit from their financial support but also their wisdom: oftentimes, they offer mentor-ship as a side dish alongside their capital. On the other hand, they generally offer less financial backing than banks and venture capital funds.

8. Seek venture capital

Finding a venture capitalist who shares your vision, or at the very least believes in your ability to turn your idea into a successful, profitable venture, is a good way of raising cash. Of course, you will need a fine-tuned business model, ideally one that’s ready to scale.

The main con with this option is that venture capitalists are typically looking for the next big thing, and so many entrepreneurs struggle to convey the scale-ability of their enterprise. Venture capital funds, by their very nature, have a short shelf life as they generally seek to recover their investment, turn a profit then move on to the next fresh start-up.

9. Incubator or Accelerator

Business accelerators and incubators have sprung up all across the country, particularly near colleges with a strong business program. These spaces are part communal workspace and part mentor-ship development centers. Young businesses can get a great start here while partnering with some amazing people.

The downside? They are often focused on tech-heavy businesses, so you might struggle to find one that works for your company.

10. Bank loans

We use banks every day and bank loans are a very common source of startup funding.

A bank loan is money that you borrow over a fixed period of time from the bank. Depending on whether you borrow against an asset or not it is called secured or unsecured. Depending on whether the interest rate is fixed upfront or might change depending on certain market changes, it can be fixed or variable.

In order to get a loan, you will need to convince the bank of the viability of your project and your ability to pay back the loan on time without any problems. Your application will be thoroughly reviewed and typically banks will focus on your future cash flows, which is not always a great fit for startups.

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Needless to say, all of the aforementioned options require a good deal of consideration. What might be right for one budding tycoon may not be right for another. For example, you may have an excellent bank manager whom you implicitly trust, and a robust line of credit, making a bank loan the perfect option. Or you could have a supportive network of financially-secure family and friends willing to back your idea to the hilt. Perhaps a combination of funding options is best, but only you will truly know. The important thing is to go with a funding option with which you are comfortable and confident so that you can focus on turning your business idea into a success

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Understanding the Difference Between Bonds and Debentures

Bonds and debentures both are the debt instruments issued by the government, financial sector& public limited company.

As you are aware that finance and money are the backbone of any type of business. For expantion of business, funds are necessary and first need.

Funds can be raised through the debt instruments or by issuing the share capital of company to the investor or general public.

The businessman has the fear of lower stack in case of share capital if issued, so the businessman took funs by raising funds through debts and being free from les stack in comapny and paid some amount as interst on debt capital. and whenever the term of debt ends, he paid of as full and being free from making compliance or taking the process of redemption of share capital which is very lenthy process.

There is very minor differenece between the bond and debentures.

Defination of Bonds

Bonds are in secured in nature and issued in long run of time. Generally, they are secured by the underlying assets and rated by the Rating Agencies, which assured us for the safety of funds invested by us.

In general terms, it is an MOU between the issuer and an investor, that the investor will invest some amount in issuer organisation for a specific period of time for which the issuer pay him some amount as interst on periodically basis secured by the underlying assets of issuer.

In the Investment oppotunity, these has been treated as much safer then others. Bonds are generally issued by the government in India. Gold Bonds are the example of the same which are secured by the gold having security over the gold in the custy of custodian.

Bonds are not in speculative in nature.

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Defination of Debentures;

Debetures are the debt instrument which may or may not be secured in nature issued by the organisations. Debetures are defined in Companies Act, 2013 as a debt instrument issued by the company.

These may or may not be in redeemable in nature as the comapny has option to convert the same into equity in case of failure of repayment. So, it consists higher risk then the bonds.

Debetures is issued by the company in case of cash crunch of the company or to meet working capital requirement for starting a project. for example, in recent the Larsen & Tubro has issued carious type of debetures for a term of ten years for meet out ccapitla erquirement for startting its time-bound projects.

There are several type of debetures which may be difuracate as follows;

1 Unsecured Non Covertible debetures

2 unsecured convertible debetures

3 unsecured debentures with the option of conversion into equity or preference shares of company

4 Ir-reedemable debetures (These are not issued in India. As not allowed under the law.)

5 Secured convertible debetures

6 Secured debetures to be repaid on maturity of its term

7 Secured debetures with the option of conversion into equity on or before maturity

DIFFRENCE BETWEEN THE BONDS AND DEBENTURES

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A bond and a debenture both are forms of borrowed capital but the difference comes in the nature of both the instruments. A bond is backed by collateral while a debenture is not. But the scope of earning is always high with debentures. If you have the ability to gauge the creditworthiness of the provider of the debentures, you can definitely buy debentures for a better profit. But if you are new to the field of investment then bonds are a better choice for you. Bonds are relatively more secured as they are issued by Government agencies hence the returns are granted here. But if your risk appetite is high and wants to earn a better profit in less time, debentures will work better for you.

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How to apply for MSME loan online?

MSME stands for Micro, Small and Medium Enterprise, they are the backbone of the Indian economy. MSME are also known as small scale industries. With around 63.4 million units throughout the geographical expanse of the country, MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities as well as 33.4% of India’s manufacturing output. They have been able to provide employment to around 120 million persons and contribute around 45% of the overall exports from India. The growth of the Indian economy depends upon this sector.

The new MSME definition – turnover to define MSMEs

Investments will no longer characterize MSMEs. In October 2019, Union Minister Nitin Gadkari had said that the revised definition of micro, small, and medium enterprises may grant a unified description for all things related to taxation, investment, and more.

The changed definition was to be implemented via an amendment that would further refine the business scenario for Indian enterprises.

The Union Cabinet had approved the amendment to change the criteria to classify MSMEs from “investment in plant and machinery” to “annual turnover.”

On 13th May 2020, Finance Minister Nirmala Sitharaman added the additional principle of turnover along with the investment.

MSME definition – what is the change

As Finance Minister Nirmala Sitharaman made the announcement about the change, she also addressed the reasons behind it. She said the new definition will bring about many benefits that will aid MSMEs to grow in size.

Does registration under Udyog Aadhaar help in getting loans ?

Ease of doing business and simplification in regulatory procedures was an all-time requirement of the business sector, especially for MSMEs. Also, obtaining adequate finance for running their business activities was among their priority issues. Thus, the introduction of Udyog Aadhaar Memorandum was the biggest reform for the industry which helped them raise easy benefits of development and financial schemes of government.

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Step wise Process of Udyog Aadhaar Registration- Documents required and Benefits

In the recent years in order to boost the small scale business in the country the government of India has initiated the Udyog Aadhaar registration process. Previously, in case a person wants to start a business he/ she must get registered itself under both Small scale industry and MSME.

This process has now been made easy by introducing only two form under the Udyog Aadhaar registration which are Entrepreneur memorandum I and Entrepreneur memorandum II, whereas earlier one use to fill 11 different types of forms that were required earlier.

The following are the details required at the time of registration of Udyog Aadhaar:

1. Twelve-digit Aadhaar number which is issued to the applicant. In case of firm, company or any other body corporate the Aadhaar number of Managing Director, Authorized partner etc. must be provided.

2. Name of the of Entity under which it is conducting its business.

3. Type of Business entity like Individual, firm, company etc.

4. Postal Address of the business for communication purposes including contact numbers and email address.

5. Date of commencement of business.

6. Details of any previous MSME registration.

7. Banking details of the of the company which includes Bank Account number and IFSC Code.

8. Key areas of activity of the business –service or manufacturing.

9. The number of employees in the business.

10. Total amount investment in terms of machinery and equipment by the business.

11. Social Category- The Applicant may select the Social Category (General, Scheduled Caste, Scheduled Tribe or Other Backward Castes (OBC). The proof of belonging to SC, ST or OBC may be asked by appropriate authority, if and when required

12. Physically Handicapped- The Applicant can select Physically Handicapped status of Entrepreneur

13. Location of Plant- The Applicant may add multiple plant location in one registration by clicking Add Plant button

14. Major Activity- The major activity i.e. either “Manufacturing” or “Service” may be chosen by the enterprise for Udyog Aadhaar. If your enterprise involves in both type of activities and if major work involves in Manufacturing and small portion of activity involves in Service sector then select your major activity type as “Manufacturing” and if major work involves in Services and small portion of activity involves in Manufacturing then select your major activity type as “Services”

15. National Industry Classification Code (NIC Code)- The Applicant may choose multiple National Industrial Classification-2008 (NIC) Codes to includes all their activities. Which means user can select multiple NIC code of Manufacturing and Service sector by clicking “Add More” button.If you want to add Manufacturing then select “Manufacturing” radio button and keep on adding by clicking “Add More” button otherwise if you want to add Service then select “Services” radio button and keep on adding by clicking “Add More” button. The NIC codes are prepared by the Central Statistical Organisation under the Ministry of Statistics and Program implementation, Government of India.The Applicant may use National Industrial Classification-2008 (NIC) Codes searching facility to avoid 3 steps selection process.

Procedure for registration of Udyog Aadhaar:

Below is the procedure for Udyog Aadhaar registration:

1. Go to https://udyogaadhaar.gov.in/UA/UAM_Registration.aspx

2. Enter Aadhaar number and Name of the person who is the representative of the firm and validate the Aadhaar number:

3. Enter OTP and Validate further.

4. After validating it will redirect to Udyog Aadhaar form Enter the below details in the form.

o Social Category (like : SC/ST/OBC/General.

o Gender

o Whether physically handicapped or not

o Name of Enterprise

o Type of Organisation

o PAN no of the concern person

o Address of the business entity

o Communication address of the entity and Mail and Mobile number of the authorized person

o Date of commencement of Business Previous MSME registration details if any

o Bank details of the enterprise like IFSC code and Bank Account number

o Major activity of the unit (whether engaged in manufacturing or service)

o National Industry Classification (NIC) Code for Activities (One or more activities can be added)

o Total no of persons employed by the entity

o Total initial investment by the entity

o District where the entity is situated

Click on declaration check box and submit

5. After submission you will receive an OTP for submission of form- enter OTP and click on final submit

6. After submission it will redirect to Udyog Aadhaar memorandum page. Below the Udyog Aadhaar Memorandum you will find button for generating Udyog Aadhaar Certificate. Click on it and generate Udyog Aadhaar Certificate. After clicking on the generate Certificate button it will generate the Udyog Aadhaar Card

Complete Information About MSME.

Benefits of registration in MSME Udyog Aadhaar

1. Easy Bank Loan up to 1 Cr without Collateral/ Mortgage

2. Special Preference in Procuring Government Tenders

3. 1 percent Exemption on interest rate on Bank Over Draft (OD)

4. Concession in Electricity Bills

5. Protection against the delay in payment from Buyers

6. Tax Rebates

7. Special 50 percent discount on Government fees for Trademark and Patent

8. Fast Resolution of Disputes

Some Other Benefits Include:

• Protection

The business owner will get protection against delay in Payment.

• Collateral free loans

You can also avail collateral free loans from the bank.

• Octroi benefits

The business owner can avail octroi benefits.

• Claim charges

Claim stamp duty and registration charges.

• Rate of interest

Rate of interest from the banks can be reduced.

• Concession in electricity

The business owner who opts for Udyog Aadhar can get a concession on Electricity bills.

• Interest on OD

Exemption of 1% interest on Overdraft.

• Subsidies

Can avail subsidy from NSIC and credit ratings & Eligible for IPS subsidy.

• Reimbursement

Reimbursement on the payment made for obtaining the ISO certificate.

• Reservation advantages

Reservation of products for exclusive manufacturing by MSME and SSI.

• Excise exemption

Avail Excise Exemption Scheme.

• Government tenders

Avail exemption while applying for government tenders.

• Direct tax

Exemption under direct tax laws.

• Bank mortgage

Enjoy easy bank mortgage.

• International affairs

Can become a part of International business fairs.

• Benefits for States and Union territories

States and Union territories have their own package of facilities and incentives for small scale.

20 Business Plans Having Best Returns Without Any Investments.

Who can avail and Apply Online Loans and what amount?

Individuals/Proprietorship, Institutions, Incubation Centers, Companies, Firms, LLPs and any other legal entities

Business Loan In-principle approvals, with /without collateral, are currently provided for value from INR 1 Lac to INR 5 Crore. The Rate of Interest starts from 8.5% onwards. The Platform is integrated with CGTMSE to check eligibility of borrowers. Mudra Loan In-principle approvals are currently provided for value from INR 10,000 to INR 10 Lacs.

Personal Loan In-principle approvals are currently provided for value up to INR 20 Lacs, Home Loan In-principle approvals are currently provided for value up to INR 10 Crores and Auto Loan In-principle approvals are currently provided for value up to INR 1 Crore.

Documents required for MSME loan:

1. 6 months Bank statement in pdf

2. Business registration proof i.e. Incorporation certificate in case of company in pdf

3. Director/ Partner details

4. GST registration details in pdf

5. Profit and Loss and Balance sheet details for the last 3 years and estimated details for current year.

6. ITR in XML / Income tax returns in XML format. ITR related to Businesses and presumptive income scheme are eligible

Procedure to apply for MSME loan online:

The following is the step wise detail to apply for MSME loan online:

Step 1: Go to https://www.psbloansin59minutes.com/home and Click on “Apply Now”

Step 2: Sign up for the loan application by entering your Name, Mail Id and Mobile and click on Send OTP button. An OTP will be received on the mobile. Enter the OTP and click on Proceed button

You will be prompted to enter new password for Login. Enter the password and click on “Proceed”

Step 3: Submit your requirement

In the next step you will be asked to submit your requirement i.e. whether you want MSME loan or Business loan under Mudra Scheme.

Select “Business Loan” and Click on Proceed

Step 4: Filing of Loan application form:

The loan application is of 3 parts:

1. Provide Your Data

2. Select Banking Partner and

3. Get approval

Afterwards pay the processing fees of the bank. Once the fee payment is made you will receive the bank approval letter on the email.

A Platform For Every Businessman – Visit It –

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In Conclusion. MSME loans come with great benefits for small businesses, like no collateral, fast processing cycle and online account access, that meet the exact needs of small businesses at any stage of their growth.

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The Corona virus pandemic has suddenly increased the demand for hand sanitizers throughout the world because of the preventive requirement of frequent hand washing. With the soaring demand, the supply of hand sanitizers has reduced to a great extent, creating demand higher than before.

Hygiene is one aspect of life that practically everyone is always concerned about. This is especially true when it comes to children. It is a fact that the chances of infection and illnesses are highest when dirty fingers come in contact with food items. It is not always possible to find a wash basin or soap to wash your hands before eating. The next best option is to use a hand sanitizer. It kills all germs with just a few drops and makes it safe to ingest food in any situation. With life so fast paced, a hand sanitizer is to be found on the person of practically every individual. Thus, starting a hand sanitizer making business can be a great option for someone wishing to start their own business venture.

Starting a business whose products are used on a daily basis is the sure way to go if indeed you want to be profitable. In essence, starting a hand sanitizer production company is a business you should consider as an aspiring entrepreneur.

In this article, we will discuss about if you want to start Hand Sanitizer Manufacturing unit then what type of licenses and requirement you will require to start.

20 Business Ideas WIth Zero Investment & HUge Returns!!

Here is the Step wise Business Plan Guide to Start Hand Sanitizer Business:-

1. The Important Points to Remember in Making Hand Sanitizers:-

You know that alcohol-based hand sanitizers are now high in demand. You have to remember certain points regarding these hand sanitizers before you start making them.

A. Alcohol-based hand sanitizers should contain at least 60% or more of Alcohol in it.

B. The Alcohol you use for making the hand sanitizers should contain at least 90% or more alcohol in it.

C. The water you are using in making the hand sanitizer should be distilled water of normal room temperature. If it is not available, boil the normal water, cool it, and then use it.

D. If you are using Glycerine, you have to use pure glycerine or 98% glycerine.

E. Try to buy the required ingredients from a renowned chemist shop or a reputed online portal.

2. Making Hand Sanitizers

The method of making hand sanitizer is quite easy. At this time of the Corona virus pandemic, you should follow the WHO guidelines to make it.

For preparing 10 liters of hand sanitizer you have to take:

Ethanol (96% Alcohol): 8333 ml

Hydrogen peroxide 3%: 417 ml

Glycerol 98%: 145 ml

In the first step, pour the Ethanol in a 10 Litre jar or container with marks. Then add the hydrogen peroxide using a measuring cylinder.

Now add the glycerol with a measuring cylinder. Glycerol being very sticky, you can rinse it with distilled water or boiled cold water.

Now fill the container with distilled water or cold boiled water and cover it with a lid. Mix the ingredients by shaking mildly or with a paddle.

Now pour the solution in bottles of your choice (50 ml, 100 ml or 200 ml). Keep these bottles isolated in a cool place for 72 hours after which it is ready for use. This time is taken to see whether there are any spores in any of the ingredients or the bottles.

3. The Precautionary Measures for Homemade Hand Sanitizers

You have to follow certain precautionary measures while making the hand sanitizers. They are as follows:

Produce and store the hand sanitizers in a cool room. If there is an air-conditioned room, you can use it.

There should be no smoking or any flame in the room where you are making it or storing the bottles.

Undiluted ethanol is highly flammable you should directly dilute it. It is almost the same for Isopropyl alcohol also.

You can make up to 50 liters of hand sanitizer at a time in this method. For mass production, you need more facilities like specialized air conditioning and ventilation.

4. The Legal Requirements for Hand Sanitizer Business:-

There are certain legal requirements for you to start your business of hand sanitizers. You have to follow them to run the business successfully.

A. You have to register your business with the Government authorities. (You can connect with www.mydreamconsultant.com for the same)

B. Get your business insured.

C. Give your business a suitable name. (Get consult with team www.mydreamconsultant.com)

D. Open a bank account in the name of your business.

E. You have to get the permission of the local Food and Drug Authorities and obtain relevant licenses to start your business.

F. Since you have to use alcohol for making the hand sanitizers, you need the buying and storage license of Alcohol.

G. You also need to follow the Fire Safety Rules to run your business.

5. Manpower You Need for Your Hand Sanitizer Business Plan:-

It will be profitable for you if you can start your business with minimum people because you do not have expenses on salaries.

Start the business with a person to assist you, a delivery person to deliver the hand sanitizers to different selling locations (you can do this yourself too) and of course, a good marketing person.

Take care of the banking and accounts yourself to start with. That will show the progress of your business directly.

Get ₹ 1 Crore MSME Loan in 59 Minutes without Security!! Full information

6. Where to Sell Hand Sanitizers

Now that there is a huge demand for hand sanitizers everywhere, your list of prospective customers is a long one.

Households

Pharmacies & Medicine Shops

Hospitals & Health Centres

Quarantine Centres

Laboratories

Schools & Colleges

Hostels

Government Offices

Markets

Offices

Shops

Laundries

And many more.

7. Check List for documents to be submitted for Grant of Manufacturing Licences/ Blood bank.

A. Application on prescribed form as per annexure table “A” along with requisite fees given in the same.

B.Affidavit of Proprietor/ Partners/ Director(s)/ Managing Director on Rs 10/= Non Judicial Stamp Paper duly attested by Notary Public.

C.List of all the Partners/ Directors with age & complete postal & residential address.

D. Specific Power of attorney in favor of Authorized Signatory for submitting Application on behalf of the Company on Rs 10/= Non-judicial Stamp paper duly attested by Notary Public

E.Attested Photostat Copies of qualification, experience and approval certificates of Manufacturing Chemist.& Analytical Chemist

F.Site Master File duly signed.

G.Section wise list of Plant and machinery ,water system, analytical instruments, apparatus for physico chemical, microbiological , biological along with their attested photocopies of purchase invoices provided.

H.Water testing report

I.Registration from District Industries Center.2

J.Document pertaining to ownership for the proposed site of the unit & documents in its support.

K.Attested copies of partnership deed / Memorandum & article of Association.

L.Specific resolution for commencing Drug/Cosmetic- Manufacturing activities (if not already included in Memorandum of Association)

M.Section wise blue print of location of plant and machines.

CRUX

This is all about your hand sanitizer business plan. Remember, this is the initial planning for your business. After your business volume gets increased, you can add some value to your product by adding Aloe Vera Gel and Essential Oils to make the product more skin-friendly and with good perfumes. Then you can increase the price also.

With the increase in the volume of your business, you can also go for large scale production. In that case, hire a professional chemist and an accountant to take care of production and finance respectively.

Hand Sanitizer business plan is very much needed at this hour of the pandemic. However, the demand will be there afterward too. So, you will have no difficulty to establish and gradually stabilize your business.

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Golden Opportunity for MSME Sector -Economic Package of 3 lakh crores, Exemption of turnover up to 100 crores!!!

कोरोना वायरस से उपजे आर्थिक संकट से देश को बाहर निकालने के लिए प्रधानमंत्री नरेंद्र मोदी ने मंगलवार को 20 लाख करोड़ रुपए के आर्थिक पैकेज की घोषणा की है। इसे नाम दिया गया आत्मनिर्भर भारत अभियान। आज केंद्रीय वित्त मंत्री निर्मला सीतारमण इसपर विस्तार से चर्चा की। इससें सुक्ष्म, लघु और मध्यम उद्योग को फोकस किया गया है।

वित्त मंत्री निर्मला सीतारमण ने मीडिया से बात करते हुए कहा कि हमने एमएसएमई की परिभाषा को बदला है। इसकी मांग काफी दिनों से की जा रही थी। नई परिभाषा के तहत 100 करोड़ तक के ट्रनओवर वाले उद्योग को लघु उद्योग की कैटेगरी में रखा जाएगा।

आपको बता दें कि केंद्र सराकर ने आज एमएसएमई के लिए 3 लाख करोड़ रुपए के कि बिना गारंटी लोन की घोषणा की है। उन्होंने कहा कि इससे 45 लाख एमएसएमई को फायदा मिलेगा, जिसमें 12 करोड़ से अधिक लोग काम कर रहे हैं। वित्त मंत्री ने बताया कि यह ऑटोमेटिक लोन होगा। इसकी समय सीमा 4 साल की होगी। साथ ही उन्होंने यह भी कहा कि पहले साल में मूलधन नहीं चुकाने होंगे। एमएसएमई सेक्टर को बढ़ावा देने के लिए 5 महत्वपूर्ण कदम उठाये हैं

1. एमएसएमई की परिभाषा बदली गई

सुक्ष्म उद्योग: उन्होंने कहा कि सुक्ष्म उद्योग के तहत आने वाले मैन्युफैक्चरिंग एंटरप्राइज के लिए पहले निवेश की सीमा पहले 25 लाख और सर्विस इंटरप्राइज के लिए दस लाख रुपए थे, जिसे बढ़ाकर एक करोड़ कर दिया गया है। साथ ही पांच करोड़ रुपए के टर्नओवर तक को इसके माइक्रो के तहत रखा जाएगा। इन्हें पहले की तरह सारी सुविधाएं मिलेंगी।

लघु उद्योग: इसके तहत पहले मैन्युफैक्चरिंग एंटरप्राइज और सर्विस एंटरप्राइज के लिए निवेश की सीमा क्रमश: पांच करोड़ और दो करोड़ रुपए थे। नई परिभाषा के तहत सरकार ने इसे बढ़ाकर दस करोड़ कर दिया है। साथ ही 50 करोड़ तक का टर्नओवर होने पर उन्हें लघु उद्योग की श्रेणि की हर सरकारी छूट मिलेगी।

मध्यम उद्योग: वित्त मंत्री ने बताया कि मध्यम उद्योग के तहत पहले मैन्युफैक्चरिंग एंटरप्राइज और सर्विस एंटरप्राइज के लिए निवेश की सीमा क्रमश: दस करोड़ और पांच करोड़ रुपए थे। नई परिभाषा के तहत सरकार ने इसे बढ़ाकर 20 करोड़ कर दिया है। साथ ही 100 करोड़ तक का टर्नओवर होने पर उन्हें लघु उद्योग की श्रेणि की हर सरकारी छूट मिलेगी।

2. एमएसएमई और बिजनस के लिए 3 लाख करोड़ रुपये के लिए कोलैटरल फ्री ऑटोमैटिक लोन,

सूक्ष्म, लघु एवं मध्यम उद्योग, कुटिर उद्योग और गृह उद्योग मिलकर 12 करोड़ से ज्यादा लोगों को रोजगार देते हैं। इनके लिए 3 लाख करोड़ रुपये का कोलैटरल फ्री ऑटोमैटिक लोन का प्रवाधान किया गया है। किसी को अपनी ओर से किसी तरह की गारंटी देने की जरूरत नहीं है। इसकी समयसीमा भी चार वर्ष की होगी। पहले एक वर्ष में मूलधन वापस नहीं करना पड़ेगा। 31 अक्टूबर, 2020 से इस स्कीम का फायदा उठाया जा सकता है। इस योजना का लाभ लेकर 45 लाख यूनिट बिजनस ऐक्टविटी दोबारा शुरू कर सकते हैं और उनके यहां नौकरियां बचाई जा सकती हैं।

3. एमएसएमई के लिए 20 हजार करोड़ रुपये का सबॉर्डिनेट डेट

एनपीए वाले और स्ट्रेस्ड MSME 20 हजार करोड़ रुपये का सबॉर्डिनेट लोन दिया जाएगा। इससे 2 लाख से ज्यादा यूनिट को लाभ मिलेगा।

4.एमएसएमई फंड ऑफ फंड्स के जरिए 50 हजार करोड़ रुपये का इक्विटी इन्फ्यूजन

जो MSME अच्छा कर रहे हैं और वो बिजनस का विस्तार करना चाहते हैं, अपना आकार और क्षमता बढ़ाना चाहते हैं, लेकिन उन्हें सुविधा नहीं मिल पा रही है, उनके लिए फंड ऑफ फंड्स के जरिए फंडिंग मिलेगी।

5. 200 करोड़ रुपये के लिए ग्लोबल टेंडर की अनुमति नहीं

200 करोड़ रुपये तक की सरकारी खरीद में ग्लोबल टेंडर की अनुमति नहीं होगी। सरकार को घरेलू कंपनियों से टेंडर मंगवाने की बाध्यता होगी।

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India’s Leading and Experienced MSME Registering Experts…

Get Your Own Msme Registered In Just One Day

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You don’t always need a lot of capital to get a business up and running. In fact, sometimes you can get started with little to no funding. Starting a business with no money might initially seem like a far-fetched idea, but it’s not impossible. So in this article, we are going to discus regarding how To start a business when you have literally no money or very less money.

It’s true that to start and scale any business, you’re going to need more than just extra cash flow. You’ll likely need partners, investors and a solid plan for how you’re going to use your new business funds to grow. But, when you’re just starting out, you start out small. Even better: you can start out as small as you like.

If your plan is to open up a storefront where you sell your hand-crafted wares, you can always start by selling them to friends and family. You can build up a reputation and get initial feedback. Then, you can sell them on a third-party website online. After that, you can move on to hosting your own site and store. You get the idea.

If you’re worried, about how you can start a business with zero funds, here are top 20 ideas regarding the Online and Offline business where you can start.

20. Blogging:

A weblog which is also called as a blog is maintained by a blogger to give out information about a subject. Blogging has gained momentum now a days as it helps generate traffic and there is demand for bloggers in the market. Therefore, this can turn as an amazing online business in today’s time.

19. Vlogging:

Video blogging, or vlogging is an affordable avenue to use to help your small business grow. Video blogging is an innovative way to increase your brand awareness. You can upload your blogs on YouTube and make money out of it easily. All you need is confidence in front of the camera and some editing skills to start with.

18. YouTube Channel:

By 2021, it’s estimated that 82 percent of all internet traffic will be for video. Starting a YouTube channel gives you a powerful medium to produce and distribute video content, which is only going to become more important day by day. Youtubers help individuals and businesses build influence, income, and impact with YouTube and online video.

17. Freelance writer:

Freelance writing is any sort of writing assignment that you do for pay, outside of a staff position. You can meet client and write content for Web pages, Blog posts, Magazine articles, Newspaper articles etc many companies nowadays hire freelance writers for their business.

16. SEO Expert:

An SEO company offers search engine optimization services to businesses to help them improve their visibility online. Search engine optimization is the process of making changes to your website design and content to make your site more attractive to the search engines. If you are somebody who have an expertise in this area, then you are good to start a SEO Business.

15. Hosting Paid Webinars:

A webinar is an online event that is hosted by an organization/company and broadcast to a selected group of individuals through their computers via the Internet. A webinar allows a speaker from the hosting organization/company to share PowerPoint presentations, videos, web pages or other multimedia content with audiences that can be located anywhere. If you are someone with a good domain knowledge, then this is an exceptional business idea for you.

14. App Development:

Application development involves creating a computer program which performs different tasks that a business requires. Application helps businesses automate tedious process like calculating monthly expenses to scheduling sales reports, to increase efficiency. Many companies require this service so if you have the software skills you can make App development a profitable business.

13. Affiliate Marketing:

Affiliate marketing is the most profitable way to make money online. It is the oldest forms of digital marketing wherein you refer someone to any online product and when that person buys the product based on your recommendation, you receive a commission. You can start this business with very little investment.

12. Products Sell on Facebook:

Facebook has more than 2.3 billion monthly active users as of December 2018. Other than being a popular social networking website Facebook provides facility to make your own store or group online. If you have a product or service with some marketing knowledge you can sell it online on Facebook and make money out of it.

11. Domain Flipping:

Domain Flipping is the business of buying a domain at a lower cost and selling it at a profitable amount. It is a simple business which can lend you a lot of revenue without much effort.

10. Sell Photos Online:

There are many different websites to sell stock photography to be used further for making graphic designs or other resources. You can create portfolios of your images and earn money. There are many different websites to sell stock photography which can help you expand your business.

9. Stock Market Trading:

Stocks are a type of security that gives the investor a share of ownership in a company. Brokers buy and sell stocks through an exchange, charging a commission to do so. A broker is simply a person who is licensed to trade stocks through the exchange. A broker can be on the trading floor or can make trades by phone or electronically. This can be a profitable online business if you have good communication skills.

8. Sell Affiliate Products:

For this business, you only need a website and a good audience required for this purpose. And this setting can allow you to sell the product and services of the others and earn a commission. It doesn’t require any investment.

7. Seller on online platforms like:- E-BAY:

In order to sell on E-bay, you don’t require any type of investment. But it is one of the leading forms of earning. Check out these statistics. So, it is one of Business Ideas with low investment. You can choose the drop shipping format of the store to generate the results.

6. Fashion Designer:

If you have an interest in fashion designing, then you can choose it to be your career. For starting this profession, you actually need no investment, but once you’ll try to grow your business, then you’ll definitely have yo spend a lot of money.

5. Trainer

Opening a training institute through which you can provide training services to sportsmen and sportswomen can be another business idea. You don’t have to buy any equipment for this business. You can either get associated with a gym on freelance basis or you might want to contact the individual trainees through your own means.

4. Cleaning Services:

Opening up a cleaning company requires very low investment. You can buy the cleaning products at a very low cost and continue these services in order to generate income to go for purchasing machinery etc.

3. Dog Groomer:

Some of the people want help in getting the dogs groomed. Walking, bathing and playing with them are some of the activities that are expected to be performed by the dog groomer. So, you can be the one without requiring any investment.

2. Interior Designing:

Decorating the homes by giving unique idea and implanting your creativity is another Business Idea without investment. You can decorate the birthday parties, wedding ceremonies and anniversaries, depending upon the client requirements.

1. Photographer:

Photographers only require a good camera, In this idea of photography, you can start a photography agency online where you can offer your services and earn money.

CRUX

Offline businesses are solid and dependable, but have limited reach. Online businesses have potentially massive reach, but they involve a typically higher level of risk due to the greater competition. The comparatively low cost of online business makes it an attractive option for start-ups. Overall, online business is much simpler and less expensive, and you’ll have a lot less to lose with an online business that fails compared with running the same business as an offline venture.

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India’s Leading and Experienced MSME Registering Experts…

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