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Posts by CA Dhananjay Ojha

How to recognize Start-up In India

👉🏻 Get your start up recognised by Government of India with Certificate for Funding and Enjoy benefits up-to Rs. 10 lakh worth.

*1.About Start Up Govt. certificate for Funding* .

Registration of Startup India*

*About Startup India*

Startup India Scheme – Startup India Scheme is an initiative of the Government of India, and the benefit of Startup India Scheme is the promotion of startups, generation of employment, and wealth creation.
Eligible organisations could get recognised as Startups by DPIIT, so as to access a host of tax benefits, easier compliance, IPR fast-tracking and many more.

*Benefits for Registration:-*

1. *Easy access to Funds:-* A 10,000 crore rupees fund is set-up by government to provide funds to the startups as venture capital.
*2. Tax holiday for 3 Years :-* Startups will be exempted from income tax for 3 years provided they get a certification from Inter-Ministerial Board (IMB).
*3. Apply for tenders:-* Startups can apply for government tenders. They are exempted from the “prior experience/turnover” criteria applicable for normal companies answering to government tenders
*4. No time-consuming compliances:-* Startups shall be allowed to self-certify compliance (through the Startup mobile app) with 9 labour and 3 environment laws (for list of white industries which are eligible under self-compliance.
*5. Tax saving for investors:-* People investing their capital gains in the venture funds setup by government will get exemption from capital gains. This will help startups to attract more investors.
*6. Choose your investor:-* After this plan, the startups will have an option to choose between the VCs, giving them the liberty to choose their investors.
*7. Annual fests:-* The government would be holding 2 startup fests annually both nationally and internationally for allowing various stakeholders of a startup to meet.
*8. Reduction in cost of Trademark and Patent Registration:-* startup’s businesses in India shall be qualified for incorporate 80% reduction patent registration fees and 50% reduction in the trademark filing.

https://www.dhantax.com/wp-content/uploads/2019/08/About-Start-Up-INDIA-by-DhanTax.pdf

*2.Following information/documents is required for start up recognition.*
1.Certificate of incorporation of private limited company
2.pan card of company
3.Directors adhar card
4.mail and mobile no of company.
5.website link
6.Directors mail I’d and mobile no.

*Professional fees Rs. 3699 after discount . ( Rs. 3000 discount for today only)*

💰Bank details for payment
For Paytm, Google Pay and Phone Pe
UPI ID – dhantax@icici

Bank account details.

Bank Account Holder Name- DHANTAX TECHNOLOGIES PRIVATE LIMITED.
Bank Account No. 000605033608
IFSC Code -ICIC0000006
Branch-Kolkata

*Answer the below Question in 50 words*

1) Elaborate your Business?

2) what is the Problem the startup is Solving?

3) How does your Startup propose to solve this problem?

4) What is the uniqueness of your business?

5) How does your Startup Generate Revenue?  

Payment after work.

For more details
DhanTax
Call at +917678456921
Or WhatsApp at wa.me/917678456921

www.dhantax.com

Mail I’d – Support@dhantax.com

Facebook page
https://m.facebook.com/dhantax

Pls send documents on dhantaxcare@gmail.com

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Start-up Recognition & process of recognition of an eligible entity as start-up

he Government will carry out a review of this notification on or before 31.03.2021.

Eligibility Criteria for Start-up Recognition:

1. The Start-up should be incorporated as:

  • Private Limited Company (as defined in clause (68) Section 2 the Companies Act, 2013); or
  • registered as a Partnership Firm (a firm registered under section 59 of the Partnership Act, 1932); or
  • Limited Liability Partnership (as defined in clause (n) of subsection (1) of Section 2 of the Limited Liability Partnership Act, 2008).

1. [i]Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded one hundred crore rupees.

2. An entity shall be considered as a start-up up to 10 years from the date of its incorporation/registration.

3. Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation. However, an entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Start-up’.

The process of recognition of an eligible entity as start-up shall be as under:

1. A Start-up shall make an online application over the mobile app or portal set up by the Department for Promotion of Industry and Internal Trade (DPIIT).

2. The application shall be accompanied by:

  • A copy of Certificate of Incorporation or Registration; and
  • A write-up about the nature of business highlighting how it is working towards innovation, development or improvement of products or processes or services, or its scalability in terms of employment generation or wealth creation.

1. The DPIIT may, after calling for such documents or information and making such enquires, as it may deem fit: recognise the eligible entity as Start-up; or (b) reject the application by providing reasons.

Some of the Frequently Asked Questions:

Q.1 Would a One Person Company (OPC) be eligible to avail benefits under the Start-up India initiative?

Ans. Yes. One Person Companies are eligible to avail benefits under the Start-up India initiative.

Q.2 Can a foreigner enter into partnership under the LLP Act and get that LLP registered with Start-up India?

Ans. Yes, a foreign national can enter into partnership under the LLP Act and get that LLP registered. It can even get recognised by the DIPP.

Q.3 What is the time-frame for obtaining certificate of recognition as a ‘Start-up’ in case an entity already exists?

Ans.The certificate of recognition is issued typically within 2 working days upon successful submission of the application.

Q.4 If my start up gets recognised, would I obtain a certificate for it? If yes, would I be able to download the certificate?

Ans.Yes, if your start-up gets recognised, you would be able to download a system generated verifiable certificate of recognition.

Q.5 If a start-up has applied for DPIIT-recognition and the application gets rejected or marked incomplete due to missing documents or insufficient information, should the start-up edit the existing application or submit a new one?

Ans. If the application for recognition has been marked incomplete, the start-up needs to follow the given steps:

1. Log in with their start-up credentials on www.startupindia.gov.in

2. Select ‘Recognition and Tax Exemption’ button on the right panel

3. Select the ‘Edit Application’ button and proceed with completing your application

If the application has been marked ‘Incomplete’ thrice, the application is rejected.

Rejected applications cannot be edited, and a new application can be submitted after three months from the date of communication of the rejection email.

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NGO Registration Service in India

NGO Registration Service in India– An Overview

An NGO is a non-government organization with a charitable objective and social welfare objective, for the betterment of the society in general. It can be started with Section 8 NGO Registration.

At DhanTax, we will help you select the right option and guide you through the entire Section 8 NGO registration process.

Our experts will help select the suitable option that befits your vision and guide you with the online registration process.

Benefits to register an NGO in India?

  • A registered NGO gains the legal status and becomes accountable for the funds received. For instance, when an individual donates funds to a charitable trust, it is received under the name of the organization and used for the trust’s activities. In an unregistered firm, the assets can be received under anyone’s name and may be used for their own profit.
  • An organization that is registered as an NGO reinforces the ethical, social and legal norms of our society.
  • The basic requirement for running an NGO is to have a bank account under its name. In order to open an account, it is mandatory to be registered as a Trust, Society or Section 8 Company.
  • The registration of an NGO is necessary to seek tax exemption from the Income Tax Authority.

Registration of NGO in India

Our team aims to provide the best legal consultancy services for all charitable, corporate and NGO firms across India. We maintain high ethical standards and work towards delivering every service within the promised time frame. We recommend you to give us a call or drop an email for the first free consultation. Our experts are available to serve you.

*Section 8 (All India NGO) NGO Registration with the Ministry of Corporate Affairs (Central Government), Operation all over India.*

⬇️*About Section 8 NGO :*

💠Section 8 NGO are governed by Companies Act 2013.  A company under this section can be formed for promoting *charitable object relating to art, commerce, science, health and social services.*

💠Section 8 NGO has *more credibility* as compared to any other Non-profit organization structure as it is licensed by the central government.

💠It can be operated *all over India and outside India.*

💠NGO supports and helps people in sustaining their legal rights and power in a society. An NGO basically works for the welfare of the large mass and for the betterment and upliftment of science, arts, culture etc. It is managed by the funds and resources from various sources like government, funding agencies, supporting communities, and certain business groups to provide development, distribution of food, clothes, medicines, etc; and all the basic necessities of a human being. NGOs on the very root work with an objective to improve human life and civilisation.

💠DhanTax will support you to get CSR Funding and Govt projects Grants for Your NGO.

↔️*Registration of Section-8 NGO with 2 Person, our service includes following:*

  1. 2 DSC
  2. 2 DIN
  3. Incorporation Fees includes
  4. Stamp Duty & Pan -Tan Fees includes
  5. NGO Name Search Assistant
  6. NGO Name Approval
  7. Certificate of Registration
  8. Section 8 (NGO) License
  9. PAN of NGO

10.TAN of NGO

  1. MOA of NGO
  2. AOA of NGO
  3. Incorporation kit
  4. Bank A/c Opening Support
  5. Bank A/c Opening Board Resolution
  6. Includes All Govt Fees and Expenses
  7. Extra Govt Fees for Kerala, MP
  8. NITI Darpan Registration
  9. E- Anudhan Registration

20.Regular updates of Grants and CSR Funding by DhanTax.

21.Master data file of NGO.

 

💰*Fees_Rs. 13900/-* (Inclusive of Govt Fees and All Expenses)

⏰*Total 3-7 Days Company (NGO) Registration Process*

💸*Payment Terms: 💸*Payment Terms: 50% Payment after digital signature and documents preparation advance and 50% after Registration *

 

💰Bank details for payment

For Paytm, Google Pay and Phone Pe

UPI ID – dhantax@icici

Bank account details.

Bank Account Holder Name- DHANTAX TECHNOLOGIES PRIVATE LIMITED.

Bank Account No. 000605033608

IFSC Code -ICIC0000006

 

📋Documents required for NGO Registration

📝1. Self Attested Pan Card and Adhar card of 2 directors.

📝2.Bank statement of last 10 days of both Directors

📝3.Electricity Bill of last month for proof of place of business

📝4. Mail I’d and mobile no.of both directors.

📝5.Passport size photo of directors

 

How can we help? – Why DhanTax

Consultation for selecting registration type

  • We do a thorough consultation to understand which registration would suit you the best- NGO .
  • We will inform you of all the documents required to complete the online NGO registration form

The final step is the formation of your NGO.;

 

 

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when to levy GST on gift vouchers and gift cards

The Tamil Nadu appellate authority for advance rulings (AAAR) has cleared the confusion over taxability of vouchers such as Amazon gift cards, Shoppers Stop vouchers, Zara Vouchers etc. under the goods and services tax (GST) system.

It ruled that GST will be levied on the underlying goods and services at the time of redemption of vouchers, Abhishek Jain, partner at EY, said.

As such, GST would be imposed on goods and services bought through vouchers.

Earlier, authority for advance rulings (AAR) of the state had ordered that the supply of voucher itself will be taxable at varied rates depending on whether it paper based or magnetic strip based. The former will attract 12 per cent and the latter 18 per cent GST, it had ruled.

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Hindu nationalist groups in US got $833,000 in COVID relief fund:- NGO FUnding

The five groups in question are Vishwa Hindu Parishad of America (VHPA), Ekal Vidyalaya Foundation, Infinity Foundation, Sewa International, and the Hindu American Foundation (HAF). All these organizations have ties with the Rashtriya Swayamsevak Sangh (RSS).

VHPA received more than $150,000 under PPP and $21,430 under EIDLA and DAL programs. Its Indian counterpart, VHP was categorized as a religious militant organization by the CIA in 2018.

Although the VHPA claims to be a separate legal entity from the VHP, its website mentions that the organizations share the “same values and ideals”.

Ekal Vidyalaya Foundation obtained a direct pay of $7,000 and a loan of $64,462 under PPP.

The Foundation runs a network of schools for children from Adivasi and rural communities across India, and has been accused of promoting hatred for minorities among children.

Infinity Foundation received $51,872 in US federal funds in the wake of the pandemic, according to SBA data.

This foundation provides grants to universities and researchers to allow the spread of Hindu nationalism in academic spaces.

Sewa International received a sum of $150,621 in COVID relief.

Sewa International organization funds a lot of RSS projects across India. In fact, some old literature suggests that Sewa International’s address was the same as RSS’s headquarters in Delhi.

The Hindu American Foundation received what can be said as the lion’s share of federal funds among the five organizations- a whopping amount of $378,064 in PPP loans and another $10,000 in EIDLA.

 

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NASC Donates £1,500 To TRAD Group’s 50K For 50 Years Charity Fund

As part of its 50th year celebrations, TRAD has committed to raising £75,000 for three national charities: The Royal British Legion, MIND and the MS Society. These charities have all been chosen by the TRAD workforce, and represent a real cross-section of the charities that are in need of help at the moment, particularly given the reduction in general fundraising caused by the COVID-19 pandemic.

The generous donation from the confederation has enabled TRAD Group to hit their March target of £15k for their chosen charities and with more donations still to come, will succeed their £15k goal within the coming days.

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All important changes related to QRMP Scheme, E-invoicing, ITC availment, e-way bill in GST w.e.f. January 1, 2021

DhanTax is  highlighting of all important changes related to QRMP Scheme, E-invoicing, ITC availment, e-way bill, etc. under Central Goods and Services Tax Act, 2017 (“CGST Act”) and Central Goods and Services Tax Rules, 2017 (“CGST Rules”), effective from January 1, 2021, as below: 

Notification No. Topic/Section/ Rules of CGST Act/ Rules Change effective from January 01,2021
E-invoicing made mandatory if aggregate turnover exceeds Rs. 100 Crores
88/2020–CT dated November 10, 2020 Amended Notification No. 13/2020 – CT dated March 21, 2020 E-invoicing made applicable to Registered Person (other than SEZ unit, Insurance Company, banking company, financial institution including non-banking financial institution, GTA, supplier of passenger transportation service, supplier of services by way of admission to exhibition of cinematograph films in multiplex screens) whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Rs. 100 crore in respect of supply of goods or services or both or for exports.
Notified Sections of Finance Act, 2020 shall come into force
92/2020- CT dated December 22, 2020 Section 10(2) (Composition levy) Seeks to harmonise the conditions for eligibility for opting to pay tax under Composition Scheme as sub-section (1) and sub-section (2A) of Section 10 of the CGST Act.
Section 16(4) [Eligibility and conditions for taking Input Tax Credit (“ITC”)] Delinks availment of ITC on debit notes with the date of issuance of the original invoice. Thus, ITC on debit notes issued after 6 months from the end of the financial year to which invoice pertains can be availed post amendment.
Section 29(1)(c) (Cancellation or suspension of registration) Allows cancellation of persons who has taken voluntary registrations under Section 25(3) of the CGST Act.
Proviso to Section 30(1) (Revocation of cancellation of registration) Empowered jurisdictional Additional / Joint Commissioner and Commissioner to extend the period of 30 days to file an application for revocation of cancellation of registration.
Proviso to Section 31(2) (Tax invoice) Empower the Government to prescribe period and manner or exclusion from issuing tax invoice for specified categories of services or any document which may be deemed to be a tax invoice for such services.
Section 51(3) (Tax deduction at source) The requirement for the deductor to issue TDS certificate under Section 51 of the CGST Act has been removed with new rules to be prescribed for issuance of such certificates, and accordingly, the provision for fees (penalty) for the delay in issuance of such certificate has been omitted.
Section 122 (1A) (Penalty for certain offences) Seeks to insert a new sub-section (1A) so as to make the beneficiary who retains benefit or at whose instance a supply has been made without the issuance of an invoice, or invoice has been issued without supply, or excess ITC has been availed/distributed liable for penalty as that of actual supplier/recipient.
Section 132 (Punishment for certain offences) Seeks to amend Section 132 so as to make the offence of fraudulent availment of ITC without invoice or bill, cognizable and non-bailable offence under sub-section (1) of Section 69 and to make any person who retains the benefit of certain transactions and at whose instance such transactions are conducted liable for punishment.
Schedule II, Para 4 (Activities or transactions to be treated as supply of goods or supply of services) Omitted the words “whether or not for consideration” with effect from July 1, 2017, so as to give clarity to the meaning of the entries (a) and (b) of said paragraph 4, while aligning the same with Section 7(1), (1A) and Schedule I (supply without consideration) of the CGST Act. Now Schedule II, Para 4 reads as below:“(a) where goods forming part of the assets of a business are transferred or disposed of by or under the directions of the person carrying on the business so as no longer to form part of those assets, such transfer or disposal is a supply of goods by the person;

(b) where, by or under the direction of a person carrying on a business, goods held or used for the purposes of the business are put to any private use or are used, or made available to any person for use, for any purpose other than a purpose of the business, the usage or making available of such goods is a supply of services;…..”

Summary of important changes made vide CGST (Fourteenth Amendment) Rules
94/2020-CT dated December 22, 2020 Reduction in ITC entitlement for invoices not furnished by supplier from 10% to 5%
Rule 36(4) amended (effective from January 1, 2021) Restriction on claiming ITC in respect of invoices/debit notes not furnished by the suppliers has now been reduced from 10% to 5% of eligible credit available in GSTR-2B.
Restricting use of ITC amount for discharging output tax liability in GST
New Rule 86B introduced (effective from January 1, 2021) It is applicable where value of taxable supply other than exempt supply and export, in a month exceeds INR 50 lakh.Taxpayer is not allowed to use ITC in excess of 99% of output tax liability.

Certain exceptions provided to above restrictions are:

  • If the registered person has paid more than INR 1 lakh as income tax under the Income-tax Act, 1961 in each of the last two financial years.
  • If the registered person has received a refund amount of more than INR 1 lakh in the preceding financial year on account of export under LUT/Bond or inverted tax structure.
  • If the registered person has discharged his liability towards output tax through the electronic cash ledger for an amount which is in excess of 1% of the total output tax liability, applied cumulatively, upto the said month in the current financial year
  • If the registered person is the Government Department, Public Sector Undertaking, Local Authority or Statutory Body.
Validity of e-way bill narrowed by increasing distance from 100 km. to 200 km. per day
Rule 138 amended (effective from January 1, 2021) E-way bill will now be valid for 1 day for every 200 km of travel, as against 100 km earlier, in cases other than Over Dimensional Cargo or multimodal shipment in which at least one leg involves transport by ship.For every 200 km. or part thereof thereafter, one additional day will be allowed.
Time limit for filing Form GSTR-1
83/2020– CT dated November 10, 2020 Extends the time limit for furnishing the details of outward supplies in Form GSTR-1 Quarterly GSTR-1:If opted in for/ by default Quarterly Return Filing and Monthly Payment of Taxes:

The 13th day of the next month succeeding such quarter

Monthly GSTR-1:

S. No. Month for which GSTR-1 is to be filed Due date
1 January 2021 11.02.2021
2 February 2021 11.03.2021
3 March 2021 11.04.2021

Scheme of quarterly return filing along with monthly payment of taxes for registered person having aggregate turnover up to Rs. 5 crores
84/2020–CT dated November 10, 2020 Notified class of persons w.r.t. implementation of the Quarterly Return Filing and Monthly Payment of Taxes (“QRMP”) Scheme
  • A registered person who is required to furnish a return in Form GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme w.e.f. January 1, 2021, subject to following conditions:

(i) the return for the preceding month, as due on the date of exercising such option, has been furnished:

(ii) where such option has been exercised once, they shall continue to furnish the return as per the selected option for future tax periods, unless they revise the same

  • A registered person whose aggregate turnover crosses five crore rupees during a quarter in a financial year shall not be eligible for furnishing of return on quarterly basis from the first month of the succeeding quarter.

Note: The option to avail QRMP Scheme is GSTIN wise. Therefore, few GSTINs under one PAN can opt for the Scheme and remaining GSTINs may remain out of the Scheme.

Special procedure for making payment of 35% as tax liability in first two months by small taxpayers
85/2020–CT dated November 10, 2020 Special procedure for making payment of 35% as tax liability in first two months by small taxpayers Registered Persons notified under proviso to sub-section (1) of Section 39 of the CGST Act, who have opted to furnish a return for every quarter or part thereof, may pay the tax dues in first month or second month or both months of the quarter under proviso to Section 39(7) of the CGST Act, by way of making a deposit of an amount in the electronic cash ledger equivalent to, –

  • 35% of the tax liability paid by debiting the e-cash ledger in the return for the preceding quarter where the return is furnished quarterly; or
  • The tax liability paid by debiting the electronic cash ledger in the return for the last month of the immediately preceding quarter where the return is furnished monthly:

No amount is required to be deposited:

  • for the 1st month of the quarter, where the balance in the e-cash ledger or e-credit ledger is adequate for the tax liability for the said month or where there is nil tax liability;
  • for the 2nd month of the quarter, where the balance in the e-cash ledger or e-credit ledger is adequate for the cumulative tax liability for the first and the second month of the quarter or where there is nil tax liability.

 

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Didn’t file your Income Tax Return? Relax! ITR due date is not over yet

the taxpayers also got the opportunity till July 31, 2020 to make tax-saving investments, before filing their return of income.

As a result, to provide ample time to taxpayers to file their return conveniently, the due date of filing ITR for the AY 2020-21 was first extended to November 30, 2020 and subsequently to December 31, 2020.

So, in case you have not filed your ITR yet, you needn’t get worried, as, unless extended further, you have now one more month, i.e. till December 31, 2020 to file the return.

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Burger King IPO opens today: Should you buy this Whopper? Check bid price, lot size, details

Burger King and its promoters are looking to raise Rs 810 crore in the IPO through a combination of a fresh issue and an Offer For Sale.

Burger King India’s IPO will open for subscription today.

The fast-food major is just a little over half-a-decade old, and is one of the fastest growing quick service restaurant (QSR) chains in the country. Burger King and its promoters are looking to raise Rs 810 crore in the IPO through a combination of a fresh issue and an Offer For Sale (OFS). Burger King began operating in India in the financial year 2015, and has since seen rapid expansion to now owning 261 restaurants across the country.

Financially, the company is still in the rudimentary stages and has not managed to turn profitable so far. However, the rapid expansion has helped increase total income of Burger King 48.4% CAGR between financial year 2017 and 2020. “Same-store-sales growth (SSSG) stood at 12.2% and 29.2%, respectively, in fiscal year 2018 and fiscal year 2019, which also helped in achieving strong revenue growth in the past two years.

Should you subscribe?

Although the company is still not making profits, the rapid expansion that it plans could help the firm. “Considering Covid-19 as an exceptional phase for the sector, we feel that with positive advancement in vaccine development and considerable relaxation in the economic activities, it is expected to report improved financials over the period.said Choice Broking while advising investors to subscribe to the issue.

 

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Government puts off penalty provision for not using QR codes on GST invoices

The provision was to penalise businesses not using QR codes on their invoices from December 1 but now it would come into force from April 1.

However, the penalty waiver is contingent on businesses using QR codes from the start of the next fiscal year.

The move is aimed at promoting digital payment in business to customer (B2C) transactions through QR code and enabling GST payment on UPI — a digital retail payment option.


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