Seven Perks of Filing Income Tax Return Online

Income Tax return is a strong income proof not only in India, but also abroad, if you are planning to move abroad for higher studies or employment. It is compulsory to file ITR if your salary is more than Rs. 5 Lakh per annum. ITR can be filed both manually and online. Here are seven perks of filing Income Tax return online.

1. A Hassle Free Method

For filing an ITR manually you will have to visit Income Tax Office. Then, go from desk to desk in order to complete your ITR procedure. No doubt, it is time-consuming and exhaustive task. Comparatively, if you file your ITR online, you just need to go to the official website of Income Tax Department and follow some easy steps. You can do it by yourself or through some organization which provide such service.

2. Accurate Calculation

When you file your Income Tax online there is an option of calculation. Income Tax deducted from your salary can be calculated on the website. Self based calculation is more prone to errors. The accuracy of calculation done online cannot be doubted.

3. Paper Less Work

Filing an ITR online is a paperless work and free from clutters. If you want to avoid lots of paper work, e- filing of IT Return is a boon. Moreover, it is environment friendly.

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IN DEPTH – Analysis Of India’s Cyber Security Legal Framework

It is an undisputed fact that the Cyber networking was the flag bearer of Information Technology revolution world saw in post war era. As far as India is concerned the need of providing a legal backbone to regulate the Cyber Operations in India was bestowed upon the Information Technology Act, 2000 (hereinafter IT Act). The legal framework to cyber security needs of India revolves around the 13 Chapters, 90 sections, 2 schedules of this 16-year-old legislation.

The IT Act, 2000 was drafted in conformity with the United Nations Model Law on Electronic Commerce; the same was adopted by General Assembly on 30^th January 1997. This Act had to fulfil three-fold objectives-

·       provide legal recognition to transactions carried through electronic means and facilitate international trade (E-Commerce)

·         Provide alternative to paper based method of storing information and filing of paper-less documents with government agencies.

·         To criminalise and penalise offences committed through electronic medium.

The amplitude of this Act is such that it attempts to provide confidence, protection and means of redressal to even owner of a single computer system or network. The provisions of this Act have been discussed hereinafter as to how it affirms the cyber security needs of India.

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Impact of GST on Logistics and Warehousing Sectors

From a click to your doorstep…well, it takes more than that.

From the point of origin to the point of consumption the flow of goods is managed by the logistic sector which comprises of transportation, warehousing, and some other services.

The dependency on transportation alone is above 70% out of which road transport takes 60%of the load. At an average speed of 20-40 KmpH driving 300-400 Kms per day around half a crore truck drivers hold the job of supporting this system. But wait, are these numbers good? In America and other developed countries, the same compares to almost 85 KmpH and 700-800 Kms per day. Undoubtedly, "America runs on wheels".

A transport system is the lifeline for an economy. Manufacturing and retail sectors highly depend on it. For a developing country like ours, economic growth is directly proportional to the rate at which flow of goods takes place. But the factors that we will discuss below obstruct that flow.

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Renewal and registration Process About FSSAI license

FSSAI stands for Food Safety and Standards Authority of India. FSSAI license is a 14-digit registration number printed on food packages and is mandatory for starting any business related to food.

Documents Required for Obtaining FSSAI License:-

1          1.      Form B duly signed by a partner,                           proprietor or authorized signatory.

2          2.      Layout or Blueprint of the Processing                   Unit showing the dimensions and area                   allocation for various operations.

3          3.      List of all directors/partners with full                     name and address along with a Photo, ID and address proof.

4          4.      List of Equipment's Used with their details.

5          5.      Proof of possession of premises.(Electricity Bill, Water Bill etc)

6          6.      Food Safety Management System plan or Certificate.

Process of Obtaining a FSSAI License:-

1.      Fill Form A by logging on to the FSSAI website.

2.      Pay the required fee at an FBO in your locality.

3.      Fill Form B with the necessary declarations once the fees has been successfully deposited and accounted for.

4.      The Government would accept or reject your application within a 15 day window.

5.      The entire process of getting the license approved shall take 45-60 days.

Fee Structure for FSSAI:-

•          Production is above 1 metric ton per day : Rs 5000 per year
•          Production of 10,001 to 50,000 liters per day of milk:  Rs 5000 per year
•          Production of 501 to 2500 metric ton of milk solids per annum: Rs 5000 per year
•          Production is below 1 metric ton per day: Rs 3000 per year
•          Production of 501 to 10,000 liters per day of milk: Rs 3000 per year
•          Production of 2.5 to 500 metric ton of milk solids per annum: Rs 3000 per year
•          Hotels up to 4 stars: Rs 5000 per year
•          All other food service providers including restaurants, boarding houses, clubs, canteens,           caterers, banquet halls etc : Rs 2000 per year

   Source of Article:- http://letspedia.com/renewal-registration-process-fssai-license/

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Steps for filing service tax return online

• Service tax return is to be filed twice a year i.e on or before 25^th Oct for the first half and on or before 25^thApril for the second half. 

• Service tax return is filed online by downloading an Excel Form from http://acesdownload.nic.in/ . Here one has to download the service tax return form under excel utilities. 

• Unzip the file, open the excel sheet and enable macros.  

• Sheet one would contain the basic instructions required to work on MS Excel. 

• The second sheet is the ‘return’ sheet in which one would have to fill in their basic details such as Service Tax Registration Number, period of filing, type of assessee etc. 

• One would have to clearly mention whether he is an individual, HUF, Private Company etc under the “Constitutions of Assessee” column as the excel sheet changes according to the type of assessee. For individuals quarter details added or for others monthly details added. Then you need to select the services you are providing, you can check the codes of the same from the service tax registration certificate given to you.

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list of accounting and bookkeeping services

Book-Keeping is a core requirement for any business. The single-entry and the double-entry are the methods for bookkeeping system. Book-keeping helps in tracing financial records of the business. Being one of the core pillar of accounting, book-keeping ensures to update and maintain the financial records of one’s business in the form of financial reports, expense statements, invoices, ledgers, bank statements, challans, cash and registers, etc are updated and well maintained. Book-keeping accounting maintains the records of cash inflow and cash outflow in your business. Book-keeping and accounting services generally includes Financial Accounting, Payroll Accounting, Online Accounting Services, Forensic Accounting Services, Small Business Accounting Services, Tax Accounting Services, Preparing Financial Statements.

LetsComply, which is a technology-driven platform to provide world-class affordable and convenient professional services related to Legal, Finance and Tax, brings you an easy solution for book-keeping & accounting services for your business. Let us know your requirement by writing to us at info@letscomply.com or call +91 9717070500. For more information about LetsComply, visit www.letscomply.com. Click Here to know more about book-keeping and accounting services.

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Benefits of ISO Certification for Your Business

ISO 9001 is the best quality management standard which has helped businesses proves the credibility of their products and services.

Customer Requirements

Consumers today are well informed about their rights. Hence, they go for only those products and services that have ISO Certification in Delhi.

Improve Product Quality

A quality management system standard is all about quality. Thus, it ensures that the product or service delivered by the company is of best quality.

Increase Customer Satisfaction with your Products

ISO 9001 provides customer the required assurance about the quality of the product. It plays a major role in maintaining customer satisfaction and retention by quickly addressing and responding to any issues raised. Customers look highly upon companies which provide high quality products and have a quick response to any grievances.

Achieve International Quality Recognition

ISO 9001 is administered by the International Organization for Standardization (ISO), based in Switzerland and is currently in use by more than a one million organizations around the globe. Thus it is a worldwide standard for quality.

International Acceptance

ISO, being a globally accepted standard of quality, allows businesses to compete with markets around the world. Thus, it provides domestic products with the opportunity to take their product to international markets and gain global acceptance. Read More.

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10 Things to keep in mind while Outsourcing your Accounting Services

Organizations, these days, are always under intense time and cost constraints. Therefore, it is important to focus on the core business aspects rather than non-core activities like accounting and payroll services. Accounting services form an integral part of an organization’s capabilities and systematic functioning .One of the most effective way of managing the accounting aspect of business is to outsource it to organizations that are better equipped and competent in the field.

While opting for outsourcing as an option, an organization would look for cost-effective solutions to systematically run non-integral activities like accounting, but also expect to achieve better control and understanding of cash flow and thereby make informed decisions.

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How GST Will Benefit Companies in India?

The Constitution (One hundred and first Amendment) Act, 2016 introduced a national GOODS AND SERVICE TAX in India which is to be implemented from 1st April 2017. GST is one of the biggest financial and  tax reforms since Independence. It is a single indirect tax that combines several indirect taxes. The GST bill was passed by the Parliament on August, 2016 with an objective to create a uniform tax system by replacing various indirect taxes levied on goods and services by central and state governments like Central Exercise, Service Tax, Customer tax, Central Surcharges, Central and State Cess, VAT/Sales Tax, Entertainment Tax, Luxury Tax etc.

GST will create a far-reaching impact on almost all the aspects of the business operations in the country. It will create its impacts on various sectors in various ways.

Many companies in India will be benefited in several ways under the new taxation system of GST.

Currently, companies pay many indirect taxes in different states at different rates. GST will combine all these indirect taxes in the form of a single tax. Indirect tax has a huge impact on business as these taxes comprises a higher share of total tax in developing countries like India. GST, is a huge boon for India considering that the tax burden and government interference in the taxation procedure is very high and time-consuming. This complex taxation system slows down the work process of the companies. Moreover, there is no self assessment procedure in current VAT system and it is a very hectic work for the companies.

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Private Limited Company registration in Delhi

A Private Limited Company is a form of company which gets registered as per the provision of the Companies Act, 2013. A private limited company registration in Delhi is easy and hassle-free. A Private Limited Company registration in Delhi is one of the best options to jump starts your operations in Delhi or any other states in India. Earlier, minimum paid-up capital of Rs. 1 Lakh was required for the formation of a Private Limited Company. But after the 2015 amendment to the Companies Act, 2013, no such minimum paid-up capital is required to form a Private Limited Company. Compliance requirement for a private limited company becomes mandatory not only before the incorporation, but also afterwards. It is the most preferable form of company amongst entrepreneurs.

IMPORTANCE OF REGISTERING A PRIVATE LIMITED COMPANY

A Private Limited Company is known for scalability and flexibility for conducting the business. In Delhi, private limited companies are the most acceptable form of business. You may choose to have ownership and management separate by hiring skilled professionals for growth of the business. You can manage your business through the constitution of the company, i.e. Articles of Association of the company.

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The Impact of Global Crude Oil Prices on India Economy

Impact of Global Crude Oil Prices

Economic growth of a nation is primarily driven by energy. It is the key element for the sustenance in the future modern economies. But, sadly the global energy supply system is slanted towards the limited amount of fossil fuels. In every aspect of development, energy plays a vital role. It may be related to reducing poverty, increasing productivity or improving quality of life, but lack of energy acts as a severe impediment to sustainable social development and economic growth.

Crude oil is one of the important sources of energy that has the ability to pose threats, in terms of price, to energy supply and security. It is one of the most necessitated commodities in the world and India imports around 100 million tons of crude oil and other petroleum products.[1] World primary energy consumption is 12274.6 Mtoe (Million tonnes of oil equivalent) in 2011, the primary energy consumption varies with availability and specific utilities of different types of fuels with the various pie, oil: 33.06%; natural gas: 23.67%; coal: 30.34 %: nuclear energy: 4.88%; hydroelectricity: 6.45%; renewable: 1.59%.

China leads the order of absolute primary energy consumption with 21.29%, followed by US 18.49%, Russian Federation comes third with 5.59%, then comes India in Fourth with 4.55%.[2]

Impact on Indian Economy

Increasing quantum of energy products, mainly crude oil, has significant impact on Indian economy. It does not act as just a source of energy but as raw material in many industries. Prices of crude oil matter to every economy because it is the lifeline of almost every economy. On one hand there are major oil producers like Organization of Petroleum Exporting countries (OPEC), Russia, and United States, while on the other hand are the importing economies like India, China, and Europe. The demand is increasing rapidly due to insipid economic growth, coupled with surging production.

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Women Entrepreneurs: Making A Mark In Indian Startup Ecosystem

Startups have taken the Indian economy by a storm, especially after the ‘Startup India’ campaign by Prime Minister Narendra Modi. These startups are not just avenues to buy and sell goods and services, but a path to development and lifestyle change; be it getting service quality reviews of any restaurant or cafe on Zomato, and being free from the exploitation of local autowalas and cab drivers by opting for services of Ola or Jugnoo at affordable cost.Start-ups have also resulted in the empowerment of women in India by the subsequent development and enforcement of financial availability schemes. The Startup India scheme itself provides loans to women at a lower rate. Besides, there are other monetary incentives schemes which have helped women from all over India in entering the start-up race, such as Annapurna Scheme, Street Shakti Package, Bharatiya Mahila Bank, Dena Shakti Scheme, etc. Hillary Clinton once said, “Women are the largest untapped reservoir of talent in the world,” which is exactly the outcome of these schemes. There has been a whopping 60% increase with respect to women finding opportunities to start ventures.

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HERE’S WHAT YOU NEED TO DO WITH YOUR OLD RS 500, RS 1000 NOTES

You can either deposit or exchange Rs 500, Rs 1000 Notes as follows:

• You can deposit Rs. 500 and Rs. 1000 notes either at your bank or the post office.
• The acceptance of such notes will be effective from November 10th  to December 30th of 2016.
• You can also exchange them from a bank or post office till 24 November.
• However, the limit for such exchange is Rs.4000.

What if you would not be able to meet the deadline of December 30?

Don’t worry! After December 30, you can still deposit them at the Reserve Bank of India (RBI). However, you’ll require to submit a declaration.

What document you need to carry while exchanging the notes?

All you need is to take Adhaar card and PAN card along with you at the time of exchanging notes.

How would tourist be able to exchange the notes?

For tourists, the exchange facility is available at airports.

Note: Your 500 and 1000 rupee notes will be accepted till November 11 at: – Railway, airline, government bus  ticket booking counters,  Petrol Pumps, Consumer co-operative stores run by state or central government, Crematoriums and burial grounds, Milk booths authorized by state governments, and Government hospitals.

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All You Need To Know About ‘Udyog Aadhar’

What is UAM?

The UAM is a single-page and single window registration system, working through a portal //http.udyogaadhar.gov.in// for new MSME registrations which subsumed all other existing online forums. It is based on self-declaration format, thereby eliminating the need for any other documents.  It is important to note that  competent authorities can call applicants for production of their documents in future for verification purposes.

How to register online?

Step1: VISIT THE WEBSITE

The portal contains the single page document to be filled. Click on the following link and the new portal will address your need on the first appearing page itself.

http://udyogaadhaar.gov.in/UA/UdyogAadhar-New.aspx

Step2: PERSONAL INFORMATION OF THE ENTREPRENEUR

The Entrepreneur’s name and 12-digit Aadhaar number will be sought in the initial particulars. Tally the name from the UIDAI card before filling it. To proceed further, the applicant needs to “VALIDATE AADHAAR” or can “RESET” information filled.

Then, choose the social category from among the options displayed i.e. General/SC/ST/OBC, to which the applicant belongs.

NOTE: The Udyog Aadhaar registration is an online portal for individuals who possess Aadhaar card. In exceptional cases, those who don’t have the card can file for UAM (offline) with the General Manager (GM) of the concerned District Industries Centre (DIC) as notified in the gazette. In the coming time, the GOI will further address the concern for those who don’t have Aadhaar card.

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What Are The Legal Aspects Involved In Setting-up A Startup?

Hundreds of ideas must be evolving in your mind when you want to start a new business. But, if you aren’t aware of the legal aspects involved in this whole process of building a Startup, It may land you into a trouble. Even though, you have capital, great idea and other capabilities, your business would tend to fall by avoiding legal formalities required for starting a business. Today, many of us, especially youths, have a dream to start a new business but a significant proportion falls short due to lack of finance, experience and legal knowledge.

This article focuses on the legal aspect involved while setting up a startup.

What is a Startup?

Before all the legal formalities, the first thing we need to know is ‘What is a Startup?’.  In order to avail exemption from the industrial–business laws applicable to the business entities, an entity needs to fall under the definition of ‘startup’ as defined by the Government. A Start Up is not defined under any law in force. But, Government of India by notification in its Official Gazette, has specified what startup is. Your organization fall under the category of start up, only if, it fulfils following essentials–

• Up to five years from the date of its incorporation/registration, if it is incorporated or registered in India;
• In any preceding financial year its annual turnover has not exceeded Rs. 25 crore;
• And it is devoted towards innovation, deployment, development, or commercialization of new products, processes or services driven by technology or intellectual property.

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Methods of Book keeping & Finalizations

Book-Keeping is an essential part of any business. There are several methods for book-keeping such as the single-entry and the double-entry bookkeeping system. Financial records of a business can be traced with the help of book-keeping. There are certain Rules and Laws that make book keeping & finalization a statutory and compliance requirement for the companies. Being one of the core essentials of any organization, book-keeping ensures to update and maintain the financial records of your business in the form of financial reports, expense statements, invoices, ledgers, bank statements, challans, cash and registers, etc. are updated and well maintained. Book-keeping & finalization is an all-important as it also maintains the records of cash inflow and cash outflow in your business.

LetsComply, which is a technology-driven platform to provide world-class affordable and convenient professional services related to Legal, Finance and Tax, brings you an easy solution for book-keeping & finalizations of account for your business. Let us know your requirement by writing to us at info@letscomply.com or call +91 9717070500. For more information about LetsComply, visit www.letscomply.com

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HR Business Policy Formulation

Human Resource Policy or HR Policy Formulation is set of rules and regulations, that a business put in place to hire, assess, train and reward the member of their workforce. The subjects that are generally covered while formulating these policies are equal employment opportunities; workdays, paydays, pay advances, break period, holidays, sick days, disciplinary rules, personal leave, performance evaluation and salary increase, etc. It is a compilation of policies that pre-empts many misunderstanding between the employer and employees. These Policies are drafted and framed in accordance with the labour/employment laws and other concerning laws of the land. It is important to have these policies drafted under guidance of a legal expert who has years of experience in dealing with such laws. The policies without complying the said laws would land owner in trouble, that of course, would have an impact on his company future growth.

Hence, LetsComply, which is a technology-driven platform to provide world-class affordable and convenient professional services related to Legal, Finance and Tax. The experienced team of professionals, specialized in dealing with such laws, formulate HR Business Policy for startups and other companies. Let us know your requirement by writing to us at info@letscomply.com or call +91 9717070500. For more information about LetsComply, visit www.letscomply.com.

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Registration of Property Documents

Drafting and registering property document is often found intensive exercise because of the complex legal, statutory and regulatory framework involved therein. The documents which are generally required in property transaction are sale deed, General Power of Attorney, Conveyance Deed, title deed, and Gift Deed etc. In real estate sector, the property documents also involved builder-buyer agreement. These documents are required to be registered under the provisions of Registration Act. Generally, buyers don’t get complete property documents at the time of purchase of property, struggle for the same from one office to another at the time of purchase. Another problem faced by them is, that they don’t know what specific documents are required in terms of legal requirement. Also, the process of registration by the government is very slow. Therefore, the requirement of professional legal services comes into play.

LetsComply, is a technology-driven platform to provide world-class affordable and convenient professional services related to Legal, Finance and Tax under the guidance of experienced team of professionals. Our Legal Team prepares, the complete set of documents required for property transaction and get it registered within a given period of time. Let us know your requirement by writing to us at info@letscomply.com or call +91 9717070500. For more information about LetsComply, visit www.letscomply.com. 

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How to shift Registered Office?

While running a business, changing location of your company often becomes a need for the growth of your company. Therefore, it is possible to change even the registered office at MCA website. For shifting registered office, INC- 22 is required to be filled. A board Resolution for shifting registered office needs to be passed in the meeting.  The time limit for filing change in the registered office is 15 days following the date of passing the board resolution.  A registered office cannot be shifted in a foreign country. A registered office is shifted –

a.    Within the local limits of the City.

b.    Within the local limits of  the same ROC

c.    Within same State but different ROC.

d.    From one State to another.

The government fee required for shifting a registered office is Rs. 300/-.

LetsComply, is a technology-driven platform to provide world-class affordable and convenient professional services related to Legal, Finance and Tax under the guidance of experienced team of professionals, helps you comply with the legal requirement involved in the shifting of registered office. Let us know your requirement by writing to us at info@letscomply.com or call +91 9717070500. For more information about LetsComply, visit www.letscomply.com .

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FDI and NRI Business Services

FDI and NRI Business Services are at boom in India as the country has become one of the largest open economies. India has been ranked among top 3 attractive destinations for inbound investments. Government is taking measures to increase FDI in India. The FDI Policy aims to increase foreign investments in India. 100% FDI under automatic route is permitted in Teleports, Direct to Home,Cable Networks, Mobile TV, Headend-in- the Sky Broadcasting Service, marketplace of e- commerce. In order to boost up the retailers and grocery start-ups, 100% FDI in food retails including through e- commerce is allowed by the government, provided that such items are produced, processed or manufactured in the country.

LetsComply, which is a technology-driven platform to provide world-class affordable and convenient professional services related to Legal, Finance and Tax, brings you a simplified process of FDI and NRI Business related services. Let us know your requirement by writing to us at info@letscomply.com or call +91 9717070500. For more information about LetsComply, visit www.letscomply.com .

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