KNOWLEDGE BANK

  " If people are doubting how far you can go, go so far that you can’t hear them anymore.”   MSME (MICRO, SMALL & MEDIUM ENTERPRISES) The aim of  Udyog Aadhar/UDYAM Registration is to simplify the process for the business owners to register their business under Micro Small Medium Enterprise or MSME.  Udyog Aadhar is a government registration that is provided along with a recognition certificate and a unique number  [Udyog Aadhaar Memorandum No. (UAM)].  In order to certify small/medium businesses or enterprises. The main motive to launch this facility is to offer a way to the government to provide the maximum benefits to medium or small-scale businesses or industries in India, who are registered via  MSME . Now, it has become one of the main requirements to resume your business in the phase of COVID-19 during the lockdown. Recently, Ministery of Micro, Small & Medium Enterprises, Govt. of India, launched a web portal for MSME Ba...

  " All our dreams can come true, if we have the courage to pursue them”     FACELESS TAX ASSESSMENT SCHEME   •      The name of the Assessment Scheme has been changed from E-assessment Scheme, 2019 to Faceless Assessment Scheme 2019 . •    ‘ Best Judgment Assessment’ under section 144 is also covered under the definition of‘assessment’ in the new Faceless Assessment Scheme 2019 in accordance with the amendments introduced by Finance Act, 2020. •       It has now been defined that the term ‘Rules’ used in the Faceless Assessment Scheme 2019 shall mean the Income Tax Rules, 1962. •       The new Faceless Assessment Scheme provides for seeking adjournment or extension of time limit for filing his response by the assessee. •       The Faceless Assessment Scheme shall now cover a penalty order for the filing of an appeal against the assessment ord...

  "    The best preparation for tomorrow is doing your best today     " BUSINESS REGISTRATIONS IN INDIA   In India, every business must register themselves as a part of mandatory legal compliance. These registrations are required to manage and run our business smoothly and efficiently as per Government Norms and Guidelines. Even a small business requires getting itself registered at various places.   Surprisingly, a survey shows that we have around 250 Types of Registrations in India. Some of them are as follows: SOME PIVOTAL REGISTRATIONS Registration under Good & Service Tax Act(GST) Registration under Food Safety Act(FSSAI) Registration under Income Tax Act Registration Under Start Up Trademark Registration REGISTRATION UNDER PROPREITORSHIP Registration Under Shop & Commercial Establishment Act Registration Under MSME (Micro, Small and Medium Enterprises) Registration Under Hindu Undivided Family (HUF ) REGISTRATION UNDER PARTNERSH...

“The secret of getting ahead is getting started”   INC-20A: Commencement of Business Certificate   Applicability Companies registered on or after 02 November 2018 are required to file Declaration for Commencement of Business with Registrar of Companies. Due Date Within 180 Days of its Incorporation. Attachments Subscribers Proof of Payment for the value of shares (Bank Statement of Company). If  Bank Statement is not available then Valid Payment Proof Like NEFT/ IMPS Receipts. Certificate of Registration issued by the RBI (Only in case of Non-Banking Financial Companies)/from other regulators.   Consequences of non-filing/incorrect filing Additional Penalty as per slab defined in the Form Penalty for not obtaining Commencement of Business For Company: Maximum Rs 50000.00 For Every Officer in Default : Rs 1000 per day but maximum up to 100000.00 Consequences if Form is not filed within tim...