Trademark Registration in delhi

Registration of TM is not mandatory.  If TM is registered it provides a remedy against violation, However, violating a non registered TM  is passing off.  A TM is registered in the following way-

STEP 1: An application for registration of TM is filed to the registrar.

STEP 2 : After filing application, an application number is allotted.

STEP 3: The TM applied is examined. After examination an examination report is issued.

STEP  4: If the TM applied for is similar to other registered TM, then-Written submission is mad and user affidavit, if applicable, is filed. Show cause hearing. TLA Order, registration may either be accepted or rejected.

STEP 5 : Then, the registered TM is advertised in Trade Mark journal. It may be opposed. In case, there is no opposition, registration certificate is issued.

Click on Trademark Registrations for better known.

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Procedure For Vat Registration

VAT (Value Added Tax) is tax levied on the sale of goods and services when it is ultimately sold to the customers. VAT is levied on the producers and sellers by the Government which is ultimately collected from the customers. It is a multi stage procedure. VAT Registration is mandatory if the turnover of the trader is more than Rs. 10 Lac in Delhi.

Procedure for registering DVAT in Delhi-

DVAT is applicable on goods and services sold within Delhi. If the goods and services is purchase or  sold outside Delhi , then registration of  DVAT apart from CST (Central Sales Tax) is compulsory. Following are the step by step process of registering DVAT online.

STEP 1

Go to the official website of DVAT i.e www.dvat.gov.in

Then, go to New Registration Segment.

STEP 2: A form will appear after clicking on new registration. Fill it carefully.

STEP 3:  After submission of the form, a confirmation mail will be sent to your registered mail- ID.

STEP 4 : After, PAN confirmation, a new confirmation mail will be sent wherein reference number will be mentioned.

STEP 5: Go to the Dealer login page on the website and use your reference number as User ID and mobile number as a password you have received through the second  mail.

STEP 6: Fill the registration form.

STEP 7: Upload the required documents.

STEP 8: Pay the court fee wither through online or  offline mode.

STEP 9 : Submit It.

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How External Factors may Impact on Upcoming Indian Financial Market

The year of 1991 marked a new beginning of the Indian economy downturn. The earlier rigid model was repealed with the introduction of ‘Globalisation and Privatisation’ in various sectors. The then Finance Ministry, under the leadership of Dr. Manmohan Singh, envisaged the forward-looking step which was approved by the Government under P.V. Narsimha Rao’s leadership. In the simpler language, the Indian economy was opened for the inflow of foreign investment, and thus, License Raj was abolished. India saw a new dawn in the global market, and domestic companies started competing in the international market.

With the slowdown after the 2008 crisis, India regained the process of  recession under the new reformative policies and government initiatives. The recently held ‘Make in India’ week in Mumbai brought billions of investment in the country. As aspiring by many leaders, India is seen as one of the fastest growing economies in the global market, and ideal destination for foreign direct investment. But, the Indian financial market is not independent from the influence of the external factors such as war, economic crisis and turmoil, etc. The world witnessed a global financial accounting services in delhi crackdown after the 2008 crisis. Various developed countries underwent the severe financial depression, and India, i.e. a developing country, could not escape from its effect. Recently, after the state sponsored capital punishment by Saudi Arabia of an Iranian cleric escalated the already flaming sectarian violence in the region. The diplomatic relations between Iran and Saudi Arabia were on a standstill, which impacted various global economies because both countries are the largest exporters of  oil. Such other reasons, especially upcoming presidential elections in the United States America, would have a deep impact on the Indian financial market.

The Indian interest has exponentially grown to West Asia. The Indian markets are dependent upon the export of crude oil  and natural gas  by the Middle-East countries. Any geopolitical conflict thereat has a direct impact upon the rise in prices of crude oil. With the lifting of sanctions from Iran, after the successful negotiation between P5+1 countries and Iran, Indian interest has grown. The payment mechanism will be common, and future endeavours can be initiated with its entrance in the global competition. The growing Indian market has vast interest in trade and commerce, and the visionary Nuclear Deal has served the Indian interest. India is a heavy importer of oil from Saudi Arabia as well. The recent growing diplomatic relations between India and Saudi Arabia has made landmark achievements. Apart from economic interests, India also shares deep cultural and religious cooperation with these two countries. But, the recent crisis can possibly jeopardise many future projects which could be detrimental to the Indian interest. But, India must take a leading role as being a regional partner with both nations to resolve the crisis through diplomatic channels. This would definitely go in favour of India’s interest if dealt judiciously.

Eurozone crisis or the European Debt crisis also impacts the growing Indian economy. Indian engineering and mechanical sector could be affected by the worsening of the situation. The rapidly shrinking Greek economy needs a new life of recession. This could also avalanche the crisis in the various other European economies which in the end would result in affecting India’s economic interest. But, the Government of India has taken effective measures to deal with the crisis. The EU-India Summit will be held this year after the gap of four years. This would likely to bring up various stalled projects, and modes would be established to channelize the investment in a more business friendly atmosphere. The Hon’ble Prime Minister too is likely to deliberate upon the Free Trade Agreement that would surely enhance deeper and prosperous cooperation between the European Union and India.

The upcoming American Presidential elections scheduled in 2016, is closely watched around the globe. The international condemnation of Donald Trump’s Anti-migrant and Muslim policies has raised many eyebrows. The democratic nominees Hillary Clinton and Bernie Sanders are seen as ideal candidates to the Indian interest, but nothing can be predicted in the watertight race. The recent announcement to raise the H1B visa fee was a cause for concern for India, as the Indian IT sector has a deep interest in the American markets.  This policy would impair the IT professionals migrating from India to US for jobs. But, the policy is on a standstill, and Indian authorities too had taken a staunch stand on taking this issue to the international forum. All that can be hoped is that newly elected President of the World Power is tilted towards the Indian interest. The foreign policy of the present Indian Government has successfully managed to establish strong channels of communications and deeper cooperation between India and USA, but such bonds can be furthered only when no deterrent policies are adopted to hamper the Indian interest.

Terrorism is a global concern. Countries like Syria, Iraq and Pakistan, have become a breeding ground for terror activities. No country is independent of its effect.  India, being a neighbouring country, has a major impact from it. With frequent terror strikes due to state sponsored terrorism, India has suffered with the loss of human resource and infrastructure. The Indian budget has its huge spending in the defence sector, and is one of the largest importer of defence equipments. These abundant funding could be used in various developmental activities, but security is most imperative. Thus, the external factors of terrorism have  deeply impacted  the Indian financial sector. India has adopted various diplomatic channels to address this issue, but to no avail as it is still the victim of these barbaric activities.

Therefore, it is undeniable that the external factors have a deep impact on the Indian financial market.  The Indian market can  run efficiently only if these factors are considered and dealt diligently. India cannot establish as a global competitor in isolation, and hence it is essential to establish strong and effective diplomatic relations with the international community.

Source of content:- http://www.letscomply.com/knowledge-hub/2016/02/how-external-factors-may-impact-on-upcoming-indian-financial-market-2/

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An Analysis of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015

To steer the attention of public away from the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, the government has decided to shift its focus from foreign black money to domestic black money in the union budget 2016-2017. However, the idea of bringing back the black money seems turning out to be a mirage. The Act, which came into force on 1st July 2015, provides for stringent provisions and penalty that had been welcomed as well as censured by the critics. The law provides for separate taxation of any undisclosed income from foreign assets; such income will henceforth not be taxed under the Income Tax Act, 1961. It applies to persons who are ordinarily residents in India. The 90-day compliance window has been provided which ended on 30th September 2015 for people to pay tax and penalty of 60% on undisclosed overseas assets and come clean.

The law provides for the taxation of undisclosed foreign income and assets at a flat rate of 30%. No exemptions, deductions, set-off or carry-forward of losses under the provisions of the Income Tax Return filing Act would be allowed.

Non-disclosure of incomes or assets located out of India will attract a penalty equal to three times the tax payable, that is, 90% of the income or the value of the non-disclosed asset. This would be in addition to the 30% tax payable.

The offence is made non-compoundable, and the offenders will not be permitted to approach the Settlement Commission. In case of non-filing of returns or non-disclosure of income or assets in the return, the penalty provided is Rs 10 lakh.

Second and subsequent offences will be punishable with rigorous imprisonment of between three and 10 years with a fine of up to Rs 1 crore.

The Act also proposes amendments to the Prevention of Money Laundering Act, 2002. It seeks to make the offence of concealment of income or evasion of tax in relation to a foreign asset a predicate offence under the PMLA.

Holders of assets will have to disclose details of the location of bank accounts, date of opening and sum of all credits in the prescribed format. Holders will have to make disclosures with regard to immovable property, artistic works, securities held or any other assets along with their fair market value. With regard to jewellery, disclosures have to be made about the purity, quantum and value of gold, diamond and other precious metals.

The compliance window under the Black Money Act closed on 30th September 2015, and saw 638 declarations of foreign income and assets worth Rs. 3,770 crore only.

Though anything which aids the government in getting back what legitimately belongs to the people of this country is an appreciated endeavour but the Act still lacks clarity, and consists of significant grey areas along with a dire need for proper implementation of policies. The government can make efforts more than just haggling with the foreign banks over the requisite information relating to black money stashed abroad. The black money is neither static nor contrary to the popular belief lying in the Swiss banks.

One of the shortcomings is that very few tax havens agreed to reveal the information, and there is a possibility that account holders may transfer their funds to other tax havens.  The biggest loophole is that the Act is applicable only when the government discovers any undisclosed assets, and hence, the question is how the government can penalize an unknown person and there are even greater chances of innocent people being abused by the misuse of this law.

Besides Indians have plenty of other ways to channelize their ill-earned funds like they have invested chunks of black money in the real estate in UAE and UK or the upsurge in the FDI business services and FII’s also represents the return of black money through legal ways. The law also does not seek to tackle the issue of layering.  The government should rather focus on the trail through which ventures are being made to become acquainted with the true nature of the investments.  This further answers the query why only 638 declarations were made during the one-time compliance window.

Source of content:- http://www.letscomply.com/knowledge-hub/2016/03/analysis-undisclosed-foreign-income-assets-imposition-tax-act-2015/

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100% FDI in e-commerce market: Boon or Bane?

As per the FDI policy, contained in the ‘Consolidated FDI Policy Circular 2016’, amended from time to time, the decision has been taken to permit 100% Foreign Direct Investment in B2B (Business to Business) e-commerce through automatic route. The Governmental notification for permitting 100% FDI in the market based model of e-commerce has caught many eyes. The decision has, in all likelihood, been taken to accelerate the pace of government initiatives such as Make in India as well as Digital India.

As per the guidelines issued by the Department of Industrial Policy and Promotion (DIPP), the 100% FDI is open to the Marketplace model of e-commerce, but not Inventory based model of e-commerce. Therefore, firstly, it is imperative to know the E-commerce Marketplace model, and afterwards understand the implications of this policy. The Marketplace model of e-commerce means providing an information technology platform by an e-commerce entity on a digital and electronic network to act as a facilitator between the buyer and seller according to the DIPP of the Ministry of Commerce and Industry. Thus, a marketplace entity will be able to do transactions with the seller registered on its platform on B2B basis, said DIPP. But, how far this decision is likely to benefit the consumers and protect the interest of domestic players?

Union Minister of Commerce and Industry, Smt. Nirmala Sitharaman had been a vociferous propagator of allowing 100% FDI in the e-commerce sector. Although, the decision has been commended on many junctures, but it is equally important to critically analyse its pros and cons, and how will it affect the Indian economy?  The policy has been seen as a big setback for giant pillars of the online retail industry like Flipkart and Amazon. The new policy has propounded to outlaw heavy discounts like Big Billion Days that fuelled big consumer demand. The policy is focussed towards reducing predatory pricing, as the ecommerce industry is not permitted to, directly or indirectly, influence the sale price of goods and services and shall maintain a level playing field. Another blow to the current players is the decision to restrict the permission up to 25% of the sales through marketplace model from one vendor or their group companies. This has hugely affected the current monopoly, and will most likely act as a booster to encourage more vendors to sell their goods through the e-commerce entity. But, the policy is nothing new in the sector. The 100% FDI Business services through the automatic route was already available, but the Government has introduced marketplace model as an e-commerce. The cutting down of discount schemes is in all likelihood affecting the consumers directly. The consumers were the biggest beneficiaries of these discounts. And, such cuts would pose an extra burden upon the consumers.

Hence, any policy decision contains both the positive and negative implication, but the new guidelines regarding the e-commerce sector has to some extent managed to mark an upper hand. The decision is a move to attract investors and to make the country an ideal destination for foreign investment and this would directly result in the betterment of the economy. But, the policy is required to be scrutinised effectively because it shows repetition of the earlier guidelines and to some extent, arbitrary towards the interest of consumers.

Source of content:- http://www.letscomply.com/knowledge-hub/2016/04/100-fdi-e-commerce-market-boon-bane/

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