Top Govt Scheme Launched for the Public & National benefits

Top Govt Scheme Launched for the Public & National benefits

Pradhan Mantri Matru Vandana Yojana

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www.carajput.com; Parthan Mantri Matru Vandana Yojana

Pradhan Mantri Matru Vandana Yojana – PMMVY is a maternity support scheme provided by the Indian government, in which pregnant women and lactating women receive a cash reward of Rs. 5,000. The opportunity is given for the family’s first living child to meet the unique maternal and newborn health conditions.

Targets of Parthan Mantri Matru Vandana Yojana

The Government-run policy seeks to meet the following goals:

  • To offer benefits for the income loss in cash benefits, so that the mother can take sufficient rest before and after the first living child is born. It is a partial payout and is part of a deal to give the woman on average a cumulative amount of Rs. 6,000. After institutional distribution, the remaining cash reward (of Rs . 1,000) comes under Janani Suraksha Yojana (JSY).
  • Enhancing wellbeing promoting activity in pregnant women and mothers who are lactating.

The benefit of PMMVY especially giving to : 

www.carajput.com;Targets of Parthan Mantri Matru Vandana Yojana

www.carajput.com; Targets of Parthan Mantri Matru Vandana Yojana

  • For pregnant women and lactating mothers except those who are in routine jobs with the Central / State or Public Sector Undertakings (PSUs) or those who under some statute enjoy similar benefits.
  • For qualifying pregnant women and lactating mothers getting their pregnancy with the first child in the family on or after January 01, 2017.

The date and point of a beneficiary’s conception are counted for the date of her Last Menstrual Period (LMP), as shown in the Mother and Child Security (MCP) card.

How to enrol for a Pradhan Mantri Matru Vandana Yojana?

A recipient may only register for the programme within 730 days of their Last Menstrual Period (MP). Under the system the LMP reported in the MCP card is regarded as the Date of Pregnancy.

Process for getting benefit under PMMVY

A. Offline Process

Step 1: Qualifying women wishing to take advantage of maternity benefits under the scheme must register for the scheme at an Anganwadi Centre (AWC) or an authorised (government) health facility, whichever is the implementation department for that specific State / Union Territory. You must file within 150 days of LMP.

Necessary Documents:

  • Copy of Proof of Identity
  • Copy of the Bank / Post Office Passbook
  • An agreement/consent properly granted between the claimant and her spouse,
  • Duly filled out Form 1A
  • MCP-card copy

The application form can be accessed free of charge from the AWC / approved health centre, or downloaded from the Ministry of Women and Child Development website. For future documentation, the claimant should get an approval of registration from the implementing authority.

Step 2: After 6 months of pregnancy, the recipient may demand the second instalment of the benefit by submitting the properly filled Form 1B at the AWC / approved health care facility, along with a copy of the MCP card showing at least one Antenatal Check-up (ANC) and a copy of the Form 1A recognition slip.

Step 3: In order to assert the third instalment, the recipient must request a properly filled out Form 1C along with a copy of the childbirth certificate, ID evidence and MCP card indicating that the infant has earned the first cycle of CG, OPV, DPT and Hepatitis B immunisation.

B. Online Process

Step 1: Visit https:/pmmvy-case.nic.in and log in to the PMMVY software using authentication information from the facilitator of the scheme (AWC / approved health facility).

Step 2: To enrol under the program, click on the ‘Current Beneficiary’ tab by filling in the information as per the Beneficiary Registration Form (also called Application Form 1A). You should follow the instructions for filling out the form given in PMMVY CAS User Manual.

Step 3: After 6 months of pregnancy, log in to the PMMVY CAS app again and click on the ‘Second Update’ tab and fill out Form 1B according to the guidance in the user manual.

Step 4: After the child’s birth and completion of his/her first CG, OPV, DPT and Hepatitis B immunisation period, log in to the PMMVY CAS app and click on the ‘Third Update’ tab and fill out Form 1C according to the instructions given in the user manual.

See the ‘Offline Protocol for Availing Maternity Benefits under PMMVY’ segment above to know the documentation needed at each of the points.

Situations

A.       In the case of Miscarriage or still Birth

A recipient will be entitled to claim the remaining instalment(s) for a potential pregnancy in the event of a miscarriage or stillborn.

For example, whether the recipient had a miscarriage after earning the first cash reward payment, she will then be able to collect the second and third instalments for a subsequent birth.

B.       In the case of Infant Mortality

In the case of child mortality, a recipient will not be entitled under the programme to seek compensation if she had already received all the maternity benefit instalments under PMMVY.

KISAN VIKAS PATRA

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www.carajput.com; KISAN VIKAS PATRA

Introduction

Kisan Vikas Patra (KVP) is an investment scheme in the form of certificates available at Indian Post Offices. It’s a small fixed rate investing plan intended to double the contribution over a specified period of time (124 months in the issue currently available). The scheme is established to enhance consumption and savings among the population over the long term. It is ideal for investors who are hesitant to take chances, have excess capital and are searching for guaranteed returns.KVP certificates may be obtained from select public sector banks as well as from India Post Offices, in compliance with the existing laws.

Varieties of KVP

  • Single Holder certification: Provided to an individual adult or on behalf of a minor
  • Joint A: Provided collectively to two adults. This is liable to the individuals or the person who survives until maturity
  • Joint B: Provided jointly with two adults and charged to either the owner of the survivor before maturity

Characteristics of KVP

Kisan Vikas Patra is a Government-scheme who provide fixed return and that produces secured dividends. The main characteristics of the Scheme are as follows:

  • Certificates are currently available in the Rs 1,000, Rs, 5,000, Rs 10,000 and Rs 50,000 variants.
  • Certificates are readily accessible at all Indian Post Offices and KVP Application forms can be found online as well as at Indian Post Offices and at some select banks.
  • The maturity period can vary on the basis of rate changes made by the ministry of finance. The maturity value is pre-printed on the issued certificate.
  • Kisan Vikas Patra can be moved quickly from one post office to another and from person to person.
  • Kisan Vikas Patra Account may be initiated with a minimum initial Rs.1000 deposit (in Rs.100 multiples);
  • There is currently no upper limit on contributions under the KVP.
  • According to terms and conditions, premature encashment permitted after two and a half years.

Eligible criteria for KVP

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www.carajput.com; Eligible criteria for KVP

Eligibility conditions for investment in the KVP scheme are as follows:

  • In Kisan Vikas Patra, the Hindu Undivided Families (HUFs) and the Non-Resident Indians (NRIs) can not contribute.
  • The applicant must be an adult Indian citizen.
  • The parent/guardian can invest on the minor’s behalf

Advantages of KVP

KVP is not designed to target tax-savvy buyers. There are no tax deductions on the principal sum and the interest. But it also gives customers a few primary advantages. Some of the advantages are Explain here:

  • Kisan Vikas Patra can be used as collateral for receiving loans from banks at desired rates.
  • Long-term development of wealth as Kisan Vikas Patra helps you to remain invested for nearly 10 years and doubles your cash.
  • Transferable from person to person and from the post office to post office.
  • Ensured returns as a KVP certificate is a tool backed up by the government.
  • The customizable investing instrument, as KVP, does not have an upper limit.

Maturity Period of KVP

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As per the latest amendment of the scheme, the maturity period is 10 years and 4 months (124 months). The sum invested will return after the term of the scheme has been finished. For example: If an individual has spent Rs.10,000, at maturity he/she will get Rs.20,000 at the end of the maturity.

Documents needed to receive Kisan Vikas Patra

To get a KVP certificate, the Applicant must supply copies of the following documents:

  • Proof of identity for KYC process (Aadhaar card / PAN / Voter ID card / Passport / Driving licence)
  • Application Form for KVP
  • Proof of Address
  • Certificate of Date of Birth

Download form to apply for KVP

To request for a Kisan Vikas Patra certificate, you must submit the application form online or get that from the Post Office directly. You need to fill out and submit this form at the Post Office.

Points to be remembered;

  • The purchase amount must be specifically shown in the form below. Prevent cutting and rewriting
  • Please state the check no. on the form if you make the payment by check
  • Specify whether KVP is acquired on the basis of single or joint ‘A’ or joint ‘B’ subscription. Where bought jointly, state the names both of beneficiaries
  • The full name, date of birth and the nominee’s address (if any) must be specified on the form
  • On submission of the form, the KVP certificate shall contain the name of the applicant, the date of maturity and the sum of the maturity
  • The document should be forwarded to the Post Office’s corresponding Postmaster General, where it is submitted
  • Payments can be made via Cheque or Cash against the KVP form
  • If the beneficiary is a minor, Specify the date of his / her birth (DOB), the name of the parent, the name of the guardian

Transfer of Kisan Vikas Patra

1.Post office to another post Office

The Department of Post, India has provided consent to the move of a certificate from one post office to another for the comfort of subscribers.

To facilitate the transfer from the registered post office to some other post office, the account holder must fill out the KVP Transfer Form-B and send it to the registered post office along with all the documentation required:

              Records required for transfer of KVP Post Office:

  • Form B, properly filled and approved
  • Identity of proof (Aadhaar Card / PAN Card / Voter ID)
  • Address proof (Passport / Electricity bill / Water Bill / Bank statement)
  • Original certificate of KVP
  • Transfer confirmation certificate, signed by the account holder

2. One person to another person

The recipient must request a written application at the registered Post Office for the move of KVP Certificate from one person to another. In the following situations, the transfer is necessary-

  • Passing of a Deceased ‘s Certificate to his / her successor
  • From sole proprietors to mutual owners
  • From cooperative owners to sole proprietors
  • From beholder to statute magistrate

Calculation of maturity amount of Kisan Vikas Patra (KVP)

  • A detailed description of the measurement of the maturity and interest rates under Kisan Vikas Patra is given below.
  • Note: Minimum contribution expected to be Rs.1000
 

Duration →

15th Jan 2000-28th Feb 2001 1st March 2001-28th Feb 2002 3rd March 2002-28th Feb 2003 After 1st March 2003
Year↓ Amount Accrued ↓
1 NA NA NA NA
2 NA NA NA NA
2 Years 6 Months Rs.1246 Rs. 1209 Rs. 1195 Rs. 1170.51
3 Years Rs. 1302 Rs. 1274 Rs. 1256 Rs. 1207.95
3 Years 6 Months Rs. 1407 Rs. 1327 Rs. 1305 Rs. 1267.19
4 Years Rs. 1478 Rs. 1409 Rs. 1382 Rs. 1310.8
4 Years 6 Months Rs. 1585 Rs. 1470 Rs. 1439 Rs. 1355.9
5 Years Rs. 1668 Rs. 1572 Rs. 1534 Rs. 1435.63
5 Years 6 Months Rs. 1779 Rs. 1644 Rs. 1602 Rs. 1488.49
6 Years Rs. 1874 Rs. 1770 Rs. 1672 Rs. 1543.3
6 Years 6 Months Rs. 2000 Rs. 1857 Rs. 1800 Rs.1649.13
7 Years NA NA Rs. 1883 1713.82
7 Years 3 Months NA Rs. 2000 NA NA
7 Years 6 Months NA NA NA 1781.06
7 Years 8 Months NA NA Rs. 2000 NA
8 Years & 8 Years 7 Months NA NA NA Rs. 1850.93
8 Years 7 Months NA NA NA Rs. 2000
More than 8 years 7 Months NA NA NA NA

Rate of interest offered under the scheme i.e. Kisan Vikas Patra

The interest rate applicable to Kisan Vikas Patra (KVP) can adjust periodically depending on the Ministry of Finance’s announcements. The average interest rate for KVP is 6.9 per cent per annum, which double the savings in 124 months.

Historical interest rates paid under the Kisan Vikas Patra scheme * are:

Time Period Interest Rate of KVP
Q1 FY 2020-21 6.9%
Q4 FY 2019-20 7.6%
Q2 FY 2019–20 7.6%
Q1 FY 2019–20 7.7%
Q4 FY 2018-19 7.7%
Q3 FY 2018-19 7.7%
Q2 FY 2018-19 7.3%
Q1 FY 2018-19 7.3%
  • KVP compounded interest annually

Withdrawal of money before the expiry of the period

Investors are entitled to withdraw their investments under the scheme at any given time but there are some limitations:

  • No interest will be granted on premature withdrawals made within 1 year. Even the beneficiary will have to pay a tax according to scheme legislation.
  • Premature withdrawals made after 1 year for up to 2.5 years shall earn interest but at a discounted rate.
  • Premature withdrawal after a 2.5-year period will not incur any fines and will therefore earn interest at the appropriate rate.

Calculation of premature redemption value

  • Here’s an instance of measuring the balance assigned to the KVP certificate on premature redemption. Let’s say the denomination for a certificate was Rs.1000:
Encashment After Amount to be Received (Including Interest)
2.6 yrs but less than 3 yrs Rs.1,176
3 yrs but less than 3.6 yrs Rs.1,215
3.6 yrs but less than 4 yrs Rs.1,255
4 yrs but less than 4.6 yrs Rs.1,296
4.6 yrs but less than 5 yrs Rs.1,339
5 yrs but less than 5.6 yrs Rs.1,383
5.6 yrs but less than 6 yrs Rs.1,429
6 yrs but less than 6.6 yrs Rs.1,476
6.6 yrs but less than 7 yrs Rs.1,524
7yrs but less than 7.6 yrs Rs.1,575
7.6 yrs but less than 8 yrs Rs.1,626
8 yrs but before 8.6 yrs Rs.1,680
8.6 yrs but less than 9 yrs Rs.1,735
9 yrs but before maturity Rs.1,793
On maturity Rs. 2,000

Tax liability for Kisan Vikas Patra

Under this scheme, no tax-benefits are available. The accumulated interest is taxable under ‘Income from Other Sources,’ paid annually. And, 10 per cent TDS is deducted from the interest. Thus the final maturity amount is excluded from tax deductions.

Kisan Vikas Patra (KVP) vs. Fixed deposit(FD) vs. National Saving Certificate(NSC)

A Fixed Deposit is applied to a bank or NBFC managed financial instrument that provides borrowers with higher interest rates than saving accounts.

National Savings Certificate is an Indian Government Savings Bond that is used in India as a tool for small deposits and income tax saving schemes.

Basis of difference Kisan Vikas Patra (KVP) Fixed Deposits (FD) National Saving Certificate (NSC)
Investment Minimum- Rs.1000

Maximum- No limit

Minimum- Rs.50

Maximum- Not Limited

Minimum- Rs.100

Maximum- Rs.1,50,000

Rate of Interest 6.9% annually Differs from bank to bank. Highest ROI is offered by IDFC bank i.e, 8.50% 6.8% annually
Maturity Period 10 years and 4 months 10 years. However, subscribers can withdraw money after 7 days from the date of investment 1. NSC under VIII issue mature in 5 years.

2. NSC under IX issue mature in 10 years.

Premature Withdrawal Withdrawals are allowed before maturity but it is advised to keep the corpus invested for 8 years to get best returns Money can be withdrawn as and when the subscriber wants, after 7 days Withdrawals before maturity are very difficult and restricted
Liquidity Lock-in period of 2 and a half years No lock-in period. The tenure of Fixed deposits range from 7 days to 10 years Lock-in period of 5 or 10 years
Tax Treatment Returns on KVP are taxable Tax saver FDs are tax exempted for up to Rs.1.5 Lakh under Section 80(c) Enjoys tax benefits and exemption under Section 80(c)

Prime Minister’s Social Security Schemes

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www.carajput.com; Social Security Schemes

Insurance plans and pension schemes in India are being widely overlooked. A relatively small number of Indians vote for protection schemes. Prime Minister Modi initiated three Social Security Programmers to allow more people to participate in those programmers: Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal Pension Yojana and Pradhan Mantri Suraksha Bima Yojana

Here’s a summary on the three schemes of social security:

1. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

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www.carajput.com; Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Due to the increasing importance of life insurance, the Prime Minister launched the PMSBY which provides life cover for people aged 18 to 70-year-old. For a small premium rate of only Rs. 12 per annum, this scheme guarantees that all those living below the poverty line can afford life cover.

In the event of an unexpected death or the insurance holder’s total disability, a sum of Rs. 2,00,000 will be paid to the family. And in case of partial handicap a sum of Rs. 1,00,000 will be given. In reality, PMSBY is interconnected with Jan Dhan Yojna. All who have their accounts under the Jan Dhan Yojana Scheme are liable under this scheme for life protection. The prime amount is deducted annually directly from the account. The insurance cover will be discontinued until the person is 70 years old or if the account balance isn’t adequate to subtract the annual premium.

2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

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www.carajput.com; Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The PMJJBY is a Government-backed life insurance scheme. Figures reveal that just 20 per cent of the Indian population opts for insurance of any kind. This system is targeted at supporting insurance policies and increasing customer numbers.

Anyone between the ages of 18 and 50 years, can get the benefit of the Pradhan Mantri Jeevan Jyoti Bima Yojana. To get the benefit of this scheme, you must pay Rs. 330 per annum (and taxes) amount. It provides a sum amount of two lakh rupees in sustainable life insurance protection in case of death due to any cause unexplained. An insured person has to keep a savings bank account with respect to the participating bank.

3.The Atal Pension Yojana  (APY)

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www.carajput.com; The Atal Pension Yojana  (APY)

In Hindustan, the percentage of the population who apply for pension plans is very limited, in general, and especially among the weaker masses. Prime Minister Modi launched the Atal Pension Yojana to allow the working poor to get benefit from pension schemes. This scheme focuses on the employees from India’s unorganized market. The scheme is available to all holders of bank accounts. A guaranteed income would be applicable to members between Rs. 1K and Rs. 5K if they enter the scheme between 18 years and 40 years of age. For five years, if apply before December 31, the Central Government will pay 50 per cent of the gross contribution or Rs. 1K per annum (whichever is lower). The termination threshold for the donation and the initiation of the pension is 60 years.

Also, check out these two other significant schemes which are directed specifically at the economically weaker classes:

1. Pradhan Mantri Jan Dhan Yojana

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www.carajput.com; Pradhan Mantri Jan Dhan Yojana

The scheme aims to offer standard bank and debit card accounts to everyone. A person at zero balance can open an account with any branch of the bank. Few key highlights are, for all Aadhaar-linked accounts, Rs. 5K overdraft facility, A Rupay Debit Card pre-loaded with Rs. 1,00,000 accidental insurance cover.

2. Pardhan Mantri Mudra Yojana (PMMY)

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www.carajput.com; Pardhan Mantri Mudra Yojana (PMMY)

Under the Pradhan Mantri Mudra Yojana (PMMY), the Mudra Loan is made available to micro and small non-farming & non-corporate enterprises. Here are the Loan Details:

Amount

 

The upper limit of Rs. 10,00,000. For e.g.

·         Shish – Loans up to Rs. 50,000

·         Kishore – from Rs. 50,001 – Rs. 5,00,000

·         Tarun – from Rs. 5,00,001 – Rs. 10,00,000

Fees of Processing Shishu and Kishore – no fee

Tarun – 0.5% of the loan amount

Eligibility Both for New as well as existing enterprises
Time period 3-5 years

Bhamashah Yojana

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Introduction

On 15 August 2014, Rajasthan’s government launched Bhamashah Yojana in a straightforward way for the simple allocation of financial and non-financial benefits of government schemes to female beneficiaries. The Bhamashah Yojana is known to be the first step towards digital transformation in the state. The scheme is named after Bhamashah, a popular minister, financier and general of the army who was a close assistant of Maharana Pratap when he became financially vulnerable to the degree that he reached the point of poverty. The financial and qualifying candidates are distributed from the end to the end and advantage and non-financial service.

Objective

Launched with the aim of women’s financial inclusion and advancement, the Rajasthan Bhamashah Yojana was initially launched in 2008, when about 50 lakh women registered, and at that time only 29 lakh accounts were available. The initiative seeks to make women financially stable and through the Bhamashah Card Yojana provides the benefits of several other schemes.

The Bhamashah card issued under this yojana in the house woman’s name is connected to a bank account. The card also provides the women with biometric authentication and key banking features, along with several cash incentives that are deposited directly into the bank account.

Bhamashah Card

The applicants who apply for the Bhamashah scheme will get their Bhamashah cards which are made in their family’s woman’s name. Using the card all family members will be eligible to take advantage of the rewards. Candidates can register for the card using online as well as offline tools.

For access the Bhamashah card is

  • University tuition Stipend for
  • Loan for small business startup
  • Free medical care for such conditions and procedures at designated hospitals
  • Recognition of Unrestricted and Subsidized Ration recipients
  • Women pursuing vocational training to develop their careers

Characteristics of Bhamashah Yojana

  • The scheme aims to pass benefits provided by the Government of the State directly to the helpless women in society
  • The scheme allowed 1.5 Million women to open their bank accounts and take advantage of the benefits
  • The Bhamashah Card also gives Rs.30000 medical protection to the needy and the vulnerable in the event of medical emergencies
  • Women carrying the Bhamashah Card will buy ration from the stores using the biometric method.
  • Government benefits from Bhamashah Yojana are paid directly to the beneficiary’s account, which also leads to minimising wrongdoing
  • The Bhamashah Card is issued to the students and mentally disabled individuals qualifying for the scheme
  • Men can also take advantage of Bhamashah Card benefits by paying Rs.20 or Rs.25.

Qualification to apply Bhamashah Yojana

The following conditions must be fulfilled to apply for the Bhamashah Yojana-

  • Adults needing financial assistance to start up a business
  • People needing medical care requiring financial support for operations.
  • Children must be registered in government schools and colleges that offer enrolment in learning institutions to train for coaching tests.
  • Women who fight for their identities and want to set themselves up as leaders

How to Apply for Bhamashah Yojana

1. Offline application

To qualify for the scheme offline, the candidates will visit the camp in both rural and urban areas arranged by the state government for each ward in all the village panchayat.

2. Online application

Even the qualifying candidates can apply online for the Bhamashah Yojana by submitting their Aadhaar number. The applicant will be asked to fill out a form the details of which will be used for the Bhamashah card production.

If the candidate does not have her Aadhaar number, the candidate may use e-Mitra- Kiosk to get her Aadhaar card and then apply for the scheme.

How to modify Bhamashah Portal Info

In the event of any modifications to the Bhamashah card, candidates are required to access the official website and make the changes themselves. You may update the following information on the Bhamashah online portal-

  • A family member expired
  • Change of place of residence address
  • Changes in related records, for example, bank account
  • Addition of new family member
  • Marriage for every family member

But the applicant would have to use her SSO ID to edit Bhamashah online.

Necessary documents to apply for Bhamashah Card

Please send the following documents when applying for the Bhamashah card online-

  • A copy of the application
  • Certificate of caste
  • Letter of expérience (for businesses)
  • Certificate of birth
  • Proof of identity (Aadhar card, passport, ration card, etc.)

Pradhan Mantri Awas Yojana

www.carajput.com; PMAY

www.carajput.com; PMAY

If you are trying to buy a house under Pradhan Mantri Awas Yojana ( PMAY) from the government, you might consider buying it under the Credit-Related Subsidy Scheme (CLSS). The government has extended the time-limit for subsidised CLSS housing until March 31, 2021. Pradhan Mantri Awas Yojana (Urban) was initiated on 25th June 2015 to provide pucca houses to all deserving beneficiary by 2022 to ensure accommodation for everyone in urban areas. Pradhan Mantri Awas Yojana (Urban) Project launched on June 25, 2015, to provide accommodation for citizens in urban areas by 2022. The Project offers central assistance to implementing partners by States / Union Territories (UTs) and Central Nodal Agencies (CNAs) to provide accommodation for all qualifying families/beneficiaries against approximately 1.12 cr validated housing demand. The size of a house for the Economically Weaker Group (EWS) may be as large as 30 sq according to PMAY(U) guidelines. Mt. carpet region, however, Member States / UTs have the ability to raise the size of houses in conjunction and Ministry approval.

How to get your name on the PMAY list

If you’ve already enrolled for Pradhan Mantri Awas Yojana ( PMAY), the PMAY List includes four ways to find your name and information.

Pradhan Mantri Awas Yojana List: Candidates to the Pradhan Mantri Awas Yojana (PMAY) look forward to having their own house under the government’s flagship ‘Housing for All’ scheme by 2022. The main feature of the PMAY system is the Credit-Related Subsidy, which allows the owner to hold down the expense of buying the property. There are various criteria for qualification and after registering, the PMAY applicant receives a registration ID from which he or she can check the application’s viability. If you’ve already requested for Pradhan Mantri Awas Yojana ( PMAY), the PMAY List includes 4 ways to find your name and information. You might want your Aadhaar number, mobile phone, registration ID or examination ID to find the information, as the criteria vary in each case.

The list Pradhan Mantri Awas Yojana can either list PMAY Urban or list PMAY-Gramin (rural). Here are four ways to search the Urban PMAY List and PMAYG list.

1. Check PMAY Urban List

A. With the use of Aadhar Card

•      By visiting https:/pmaymis.gov.in, visit the official PMAY website;

•      Press the link below: https:/pmaymis.gov.in/Find Beneficiary Details.aspx

•      To go to the next tab, click on ‘Search Beneficiary’ in the top pane. There was formerly an alternative to pick ‘Search By Name’ from the drop-down menu of ‘Search Beneficiary.’

•      Type your Aadhaar number on the next page and submit it.

•      Specifics of your PMAY response will be shown along with the status upon submission of the requisite information.

B. Without Use of Aadhar Card

You can check the Pradhan Mantri Awas Yojana list with your personal information and mobile number or with your assessment ID if you don’t have the Aadhaar number available with you.

https:/pmaymis.gov.in/Track Application Status.aspx connect

• Enter personal information or assessment ID to obtain compliance status for PMAY compliance.

2. Check the list on PMAY-G

A.with the help of Registration number

If you have the registration number, please visit the official PMAY-Gramin website at https:/rhreporting.nic.in/entity/Beneficiary.aspx to see your name and other info on the PMAY Rural List.

B. Without the help of registration number

However, if you don’t have the registration number, the information might be available on the official PMAY-Gramin website.

• On your computer, to link https:/rhreporting.nic.in/entity/Beneficiary.aspx.

• You will be required to select State, District, Block, Panchayat, Scheme name, and other information on the next page.

• Your contact information, bank details, website details, fines, and complete details will be given upon request.

Regards

Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Effective work from home and challenges & Advantages

How Effectively do Work from Home?

www.carajput.com;Remote Worker

www.carajput.com; Remote Worker

While COVID-19’s effect continues to expand across the globe, entities like Gartner support the health and safety of employees by introducing work from home policies. Whereas this may not be a huge effect for already remote employees, the change may be difficult for those who are used to working in an office every day.

However, you can reduce any disturbances with a little planning using some of the best practices below and continue to be a valuable member of your team. Here are 5 tips for beginners who work from home:

1. Defining a workspace

Most of the remote employees make use of a designated room as office space in their home. Every morning you will “commute” over there and stay there in working hours. If you have no other room in your house, don’t be scared! What you need is a room where there will be no disturbances. Find a private room, (with a door if you can!) and set it up with all the essential work such as your laptop, notebook, pens, etc. Try to copy your office environment as closely as you can. This means that if you don’t have a TV in your dressing room, you shouldn’t have one on it while working from home.

2. keep flowing your daily routine

When you’re used to doing exercise at 6:00 AM, read the paper or whatever else your morning consists of — try your best to stick to the same schedule. Take your shower, put on clean clothing, make your coffee, and get ready for the day of work. It would most certainly not add to efficiency as tempting as it may be to sleep until 10 minutes before your workday beginning and work from your pajama pants!

3. Develop and implement a routine

Sticking to a daily routine often means making sure you stick to your usual schedule of work. If you work regularly with an hour for lunch in your office from 8:00 AM to 5:00 PM do the same at home. Even when you’re working remotely, it’s easy to lose track of time and when you’re ready to go home, you don’t ‘pack up for the day’ which can always lead to overwork. Set your own limits, and make sure to remain on top of your schedule.

4. Miscommunicate

Communication is key to success in any situation, but it is much more essential when working remotely because you’re no longer only a few desks away from your colleagues and clients. When working remotely it can be easy to disconnect and lack of contact is never a positive thing for you — personally or professionally. When you have internal online chat messaging systems in your organization make sure you are still available. Call your colleagues or send them a greeting every day. If you’re not already doing so, schedule 1:1 weekly check-in meetings with your boss to determine your priorities, future projects, and daily activities. Using camera technology so that colleagues can see you. Even if you’re actually finding it really hard to manage not to have people around you, make a call and talk to someone.

5. Embrace breaks

Once you continue working daily from home, you can find yourself sitting for hours at your desk — sometimes refusing to sleep, drink enough water, or simply stretch. Notwithstanding what you might think, breaks will encourage efficiency! Taking a walk away from the screen to get some fresh air, enjoying a healthy lunch, doing a little yoga, or simply breathing will also help you to re-energize and refocus.

Challenges Faced during Work from home

www.carajput.com;Work From Home Challenges

www.carajput.com; Work From Home Challenges

A) The daily commute can be completely avoided and can be easily eliminated not only because of environmental reasons but also saves tonnes of money and energy for people.

B) multimedia-conferencing can and should be replaced by transporting people around the world for meetings (for cost and environmental reasons).

(C) The intention of calling meetings should be clear and specified, in addition to being very clear on who needs to attend and why.

Advantages of Work from Home

www.carajput.com;Work from Home

www.carajput.com; Work from Home

A) Appliances

If you’re operating from home, all the facilities you’re having to need can come right out of your wallet – whether it’s internet access, power, or food/snacks that you might probably have picked up from the canteen and workplace pantry. While some of these costs are already factored into the household budget, due to increased consumption you can find a change in spending on these items.

(B) Assurance

One of the benefits of working in an office environment is that you don’t need to remain affixed to your desk and can take frequent breaks. It not only takes away your attention from problems but also reduces the pressure on your back caused by sitting for a long time in one place. From the other side, working from home will cause a decrease in your activity rates and raise your medical costs related to injuries caused by severe spinal pain, lower back, etc.

C) Incertitude

At work, technical meetings above and beyond meetings and phone calls give you an understanding of the company’s situation, the growth strategies, and other important details that you may overlook when operating from home. This could affect your professional life outcomes and increase your employment stress and anxiety.

D) Transportation

Once you’re WFH, that means you’re not likely to really go anywhere during working hours. In two-way travel, this route, you can save substantially. You could save anything between Rs. 100 a day for those who take public transport to over Rs. 200 a day for all who hire private transport, depending on your regular mode of transport.

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

ICAI Announcement for Student: ICAI cancelled CA May 2020 Examination

Examination Department
The Institute of Chartered Accountants of India
3rd July 2020
IMPORTANT ANNOUNCEMENT

1. The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearance in May/ July 2020 Examination and/or to decide, at their free will, to “Opt-Out” of the May/ July 2020 Examinations with the carryover of all benefits including the fee paid and exemptions. The announcement also stated that Institute will review the situation of pandemic (COVID cases, MHA guidelines, Centre and State Government directions) in the first week of July 2020 and the conduct of examinations commencing from 29th July 2020 was to be strictly dependent upon prevailing Government’s advisories for the area in which a particular Centre is situated and, in any eventuality, the students were to be accommodated to November 2020 Examination cycle.

2. Further Announcement dated 17th June 2020 provided for FAQ’s relating to conduct of May/ July 2020 Examinations, change in centre and operation and procedure for Opt-Out to address the queries raised by the students. Announcements dated 20th June 2020 and 26th June 2020 extended the availability of the facility to “opt-out” to allow the students to make their decision which facility is available to the students even as on date.

Further Developments:

  • A. With Unlock1, the severity of COVID 19 Pandemic was expected to subside from the later part of June 2020, but has rather become more severe and, therefore a Review as per announcement dated 15 June 2020 has become necessary.
  • B. Ministry of Home Affairs, Government of India vide its Guidelines dated 29th June 2020 has extended the closure of all schools & academic Institutions and academic congregations till 31st July 2020. Select State Governments have put extended prohibitions in their respective States. Post the said Notification dated 29th June 2020, many Schools/ Academic Institutions have expressed their inability to provide their premises to conduct the Examinations.

On a review of above developments and in order to ensure the interest of its students and their well-being, the Institute has decided to cancel May 2020 Examinations and merge the May 2020 attempt with November 2020 Examinations, with a due carryover of all benefits already available to students including the fee paid and exemptions. The students who have made an application for May 2020 Examinations will have an option to change the group(s) of their appearance and centre of Examinations at the time of making a fresh application for November 2020 Examinations, which, subject to conditions prevailing at the relevant time, will start from 1st November 2020. It is again clarified that in this schema, the students will be free to exercise the options afresh for the groups that they intend to appear in the November 2020 examinations.

The students are advised to stay in touch with the Institute’s website www.icai.org for further announcements relating to November 2020 Examinations and in case of any queries can write at may2020exam@icai.in.

(S. K. Garg)
Additional Secretary (Exams)
Announcement – PDF Version

https://carajput.com/Admin/ProImage/icai-announcement-for-student-icai-cancelled-ca-may-2020-examination.pdf

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE May 23, 2017

PROFESSIONAL UPDATE FOR THE DAY12036518_636965443073687_8061467608404050178_n

Direct Tax:

  • Allahabad High Court held that Gain on sale of Shares held for 16 years as investment cannot be treated as business income The Commissioner Of Income Tax Vs M/S Jindal Poly Films Ltd. (Allahabad High Court)
  • Kolkata ITAT rules that remission of employee training expenses to Chinese parent by assessee (an Indian company engaged in construction of integrated steel plant) for payment to a Chinese training agency (i.e. third party) for AY 2010-11, not reimbursement [TS-190-ITAT-2017(Kol)]
  • CBDT releases New Rules under Sec 115BA(4) & Form10-IB for Startups to Opt for Lower Tax Rate.
  • IT: Non deduction of TDS – the word payable u/s 40(a)(ia) also covers the cases where the amount is actually paid during the year – Palam Gas Service Vs CIT (2017 (5) TMI 242 – Supreme Court).
  • CBDT releases Draft Rules for Valuation of Unquoted Equity Shares

Indirect Tax:

Delhi High Court held that Practice of taking “undated cheques” by      excise department is illegal Digipro Import & Export Pvt. Ltd Vs            Union of India & Ors. (Delhi High Court)

 FAQ on GST

Query:  A person has a balance of Rs 1 lakh in his electronic credit ledger as on 1st December but on 2nd Dec, the goods subsequently become exempt from the levy of tax. What would be the treatment of balance Input Tax Credit lying in his electronic ledger?

Answer:  Once the goods or services or both supplied by a registered person become wholly exempt under the law, then the person would be required to pay, by debiting to electronic cash ledger or electronic credit ledger, an amount equivalent to the credit of input tax credit in respect of

  1.  Inputs held in stock, and
  2.  Inputs contained in semi-finished or finished goods held in  stock, and
  3.  Capital goods

on the day immediately preceding to the date of such exemption of goods or services or both. After payment of amount by way of debit to the electronic cash ledger or credit ledger, balance of input tax credit, if any, lying in his electronic credit ledger shall lapse.

Other Updates

  • Bogus share capital: AO must scrutinize documents produced by assessee, addition cannot be done merely on report of investigation wing -Pr. Commissioner of Income Tax Vs. Laxman Industrial Resources Pvt. Ltd. (Delhi High Court)
  • Tax on financial services transactions will rise from the current 15% to 18% as the goods and services tax (GST) kicks in on 1 July, making them marginally costlier.
  • Arbitrator cannot Lift Corporate Veil:  Case Name: Sudhir Gopi Vs Indira Gandhi National Open University and ANR. (Delhi High Court).
  • MCA has notified Exit Scheme for LLP. The Central Government has amended the Rules by notified the Limited Liability Partnership (Amendment) Rules, 2017, which shall come into force with effect from 20th May, 2017.
  • WTO has called a review meeting to promote connectivity through digital trade in developing countries amid strong opposition by India owing to apprehensions among experts that this may be a back door attempt to push e-commerce.
  • of India has notified the Companies (Transfer of Proceedings) Rules, 2016. Through these rules all matters relating to winding up and amalgamation has been transferred from High Courts to NCLT.

Key dates:

  • Issue of DVAT certificates for deduction made in April:22/ 05/2017
  • Advance Information for 1stfortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT: 27/05/2017
  • Issue of TCS Certificates by collectors for quarter ended March: 30/05/2017

Quote of the Day:

“Even if you’re on the right track, you’ll get run over if you just sit there.”

“Challenges are what make life interesting And overcoming them is what makes life meaningful”.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333,     9-555-555-480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE JAN 09, 2017

Professional Update for the Day:

12112090_641118839325014_7134893405186083746_n

Direct Tax:-

  • Bombay High Court in the below cited case held that when the assessee’s volume of purchasing & selling shares is quite high with higher frequency of buying and selling with holding 75 days or less then its prima facie indicate that it is engaged in trading of shares unless the assessee provide a sound reasoning that why transactions should not be considered as trading activity. [Pine Tree Finserve Pvt. Ltd. Vs CIT]
  • CBDT notification no. 2/2017 Report cash deposit in Bank & Post Office A/c’s between 01.04.2016 to 09.11.2016.

Indirect Tax:-

  • SC dismisses assessee’s SLP for lack of merit against HC order denying service tax refund under Notification No. 41/2007-ST absent inclusion of exported services from date of issue of Notification[TS-1-SC-2017-ST]
  • Delhi HC shows leniency to assessee, reduces penalty levied u/s 78 of Finance Act to 25% of entire tax due on deposit of balance amount within 30 days, where assessee failed to obtain registration or file ST returns despite liability [TS-555-HC-2016(DEL)-ST]
  • CBEC notified that overseas companies providing online information and database access (‘OIDAR’) services will have to pay service tax from December 1, 2016.

MCA Update:-

  • MCA, in the interest of public, directs that certain provisions of Companies Act, 2013 shall not apply or shall apply with some exceptions, modifications and adaptations to an unlisted company which is licensed to operate by RBI or SEBI or IRDA located in an approved multi services SEZ set-up Vide Notification.

Other Update:-

  • Black money would be taxable at higher rates; Finance Minister Mr. Jaitley said on Demonetization, IDS & Cashless Economy.
  • Causal taxable person or non-resident taxable person must apply for registration at least 5 days before actual commencement of business.

Key Dates:-

  • Return by units paying duty > 1 crore (CENVAT + PLA) for December – 10.01.2017.
  • Return of Non SSI assesses for December – 10.01.2017.
  • Return of SSI assesses for quarter ending December – 10.01.2017.
  • Return for EOUs for December – 10.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Nothing is interesting if you are not interested.”

“Expectation is a gift, not a burden. When people expect something from you, it means you have given them reasons to believe in you.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com             E: info@carajput.com            T: 011-233-4-3333 , 9-555-555-480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE JAN 07, 2017

Professional Update for the Day:

tp-and-business-restructuring_raw

Direct Tax:-

  • CBDT issues circular for TDS on salary for FY 2016-17 Vide Circular No 01/2017. Circular contains rates of deduction of income-tax on income chargeable under the head “Salaries” and provide illustrations on calculation of tax liability.
  • CBDT issues Press release regarding India and Kazakhstan signing Protocol to amend the Double Taxation Avoidance Convention (DTAC).
  • In revised GST Model Law, business vertical has been defined in sec 2(18) itself & reference to AS-17 (Segment Reporting) has been removed.

Indirect Tax:-

  • CESTAT Mumbai held that as per rule 11(1) of CENVAT Credit Rules, 2004 read with Notification 23/2004 – CE, the amount of credit earned by the manufacturer under CENVAT Credit Rules, 2002, which existed prior to 10.09.2004, can be utilized by them as per transitional rule 11 of the new CENVAT Credit Rules, 2004. [ Arbes Tools Pvt. Ltd. Vs CCE ]
  • Madras High Court has held that the assessee is entitled to Service Tax Credit on catering services. M/s IP Rings Ltd v. CESTAT Chennai.

Other Update:-

  • SEBI relaxes rules for angel funds to boost start-up funding .To give a fillip to start-up funding; markets regulator SEBI has relaxed its rules for investment by angel funds.
  • Securities and Exchange Board of India (SEBI) has issued much awaited guidance note on board evaluation.

Key Dates:-

  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
  • Return by units paying duty > 1 crore (CENVAT + PLA) for December – 10.01.2017.
  • Return of Non SSI assesses for December – 10.01.2017.
  • Return of SSI assesses for quarter ending December – 10.01.2017.
  • Return for EOUs for December – 10.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.”

“Birth & Death are two fixed ends, the game is in between. It’s not that you have to win every time, but more important is how you participate.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com   E: info@carajput.com

T: 011-233-4-3333 , 9-555-555-480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE JAN 06, 2017

Professional Update for the Day:

Company-name-approval-in-india-venture-care-750x422

Direct Tax:-

  • CBDT has issued press circular regarding signing of three more Advance Pricing Agreements (APAs). These agreements pertain to the Engineering goods & Shipping sectors of the economy. The international transactions covered in these agreements include Intra-group services & support services.
  • Punjab & Haryana Court in the below cited case held that deduction under section 80IB is allowable over the period of 6 years which follows that conditions for claiming deduction must remain fulfilled in all years for which deduction being claimed.
  • Supreme Court in Gopal and Sons(HUF) vs. CIT Kolkata-XI has held that even if a HUF itself is not a registered shareholder, the provisions of deemed dividend are attracted once the payment is received by the HUF, and shareholder is a member of the said HUF and has substantial interest in it.

Indirect Tax:-

  • CBEC has issued a circular via circular no. 1/2017- Customs regarding extending the Single Window Interface for Facilitation of Trade (SWIFT) to Exports.
  • Supreme court in the below cited case held that in case the goods are purchased from other states or are imported from outside the country for the purpose of only using in the works contract, then the transaction would be covered under the Central Sales Tax Act and not liable to tax under local VAT act. [Commissioner, Delhi Value Added Tax Vs M/s. ABB ltd.]

GST Update:-

  • GST aggregate turnover includes exports, exempt (including non-taxable) & inter-state supplies calculated PAN wise on all India basis.

Other Update:-

  • Finance Minister expressed confidence that direct and indirect tax mop-up will surpass budget estimate of Rs.16.3 lakh crore by March-end.
  • SEBI issued Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and FPIs in International Financial Services Centre (IFSC).
  • ICAI  issued exposure draft standard on auditing (SA) 720 (Revised) The auditor’s responsibilities relating to other information.

Key Dates:-

  • E-Payment of Service Tax for the month of December – 06.01.2017.
  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Infuse your life with action. Don’t wait for it to happen. Make it happen. Make your own future. Make your own hope.”

“There is nothing called “Darkness”, It’s just absence of light.similarly,  there is nothing called “Problem”. It’s just Absence of an idea to find solution.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com E: info@carajput.com

T: 011-233-4-3333 , 9-555-555-480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE AND PROFESSIONAL UPDATE JAN 03, 2017

Professional Update for the Day:

11987074_919610658111019_5991428056741075136_n

Direct Tax:-

  • CBDT has issued a press release regarding signing of Third Protocol between India and Singapore for amending the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation & prevention of fiscal evasion with respect to taxes on income.
  • Gujarat High Court held that a reference to the Transfer Pricing Officer(TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. In this case, the reference was made without passing such a speaking order, the reference so made was invalid. [M/s Alpha Nipon Innovatives Ltd. Vs CIT]
  • Income from vacant house property – income would not be assessed under Section 23(1)(c) but under Section 23(1)(a) – Punjab And Haryana High Court in case of [Susham Singla Vs. The CIT, Patiala].
  • Whether the provisions of Section 36 and Section 43-B are mutually exclusive and the Assessee is legally entitled to claim deduction of employees’ contribution to provident fund and ESI u/s 43-B as amended vide FA, 2003, even if the said deduction was not admissible u/s 36(1)(va) – Held Yes – Allahabad High Court in case of [Sagun Foundry Private Limited Vs. CIT, Kanpur].

Indirect Tax:-

  • Punjab & Haryana High Court has held that Input Tax Credit cannot be disallowed merely for a technical defect in the VAT Invoice such as not mentioning of words “ Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules, 2005. [M/s Avdesh Tracks Pvt. Ltd. Vs State of Punjab & another]
  • Service tax dept. pulled up for unfair arrest of Make My Trip top officials; HC ordered tax refund. Makemytrip (India) (P.) Ltd. v. Union of India [2016] (Delhi).

MCA Update:-

  • MCA has notified the Companies (lncorporation) Fiffh Amendment Rules, 2016 which shall be applicable with effect from 1st Day of January, 2017.

ESIC Update:-

  • ESI applicability salary limit increased from Rs 15,000 PM to Rs 21,000 PM.

RBI Update:-

  • RBI has issued clarification on Interest Subvention Scheme for Short Term Crop Loans during the year 2016-17.

Other Update:-

  • In exercise of the powers conferred by Subsection (c) of Section 199B of the Finance Act, 2016 (28 of 2016),the Central Government in consultation with the Reserve Bank of India notified the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGK), 2016.
  • NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetized currency in RBI during the grace period.

Key Dates:-

  • E-Payment of Service Tax for the month of December – 06.01.2017.
  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“In my experience, there is only one motivation, and that is desire. No reasons or principle contain it or stand against it.”

“Speaking lips can reduce many problems. Closed lips can avoid some problems. But smiling lips can solve all problems.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com E: info@carajput.com  

T: 011-233-4-3333 , 9-555-555-480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

FREQUENTLY ASKED QUESTIONS ON GST LAW

 

www.carajput.com;FAQ ON GST

www.carajput.com;FAQ ON GST

Query:

Please clarify what is the taxable event under GST?

Answer:

The taxable event under GST shall be the supplyof goods and / or services made for consideration in the course or furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale, or provision of services shall stand subsumed in the taxableevent known as ‘supply’.

 

Query:

One of my client is already registered under Vat law and Service Tax law. Whether he have to obtain fresh registration under GST law?

Answer:

No. GSTN shall migrate all such assessees or dealers to the GSTN network and shall issue GSTIN number and password. They will be asked to submit all requisite documents and information required for registration in a prescribed period of time. Failure to do so will result in cancellation of GSTIN number. The service tax assessees having centralized registration will have to apply afresh in the respective states wherever they have their businesses.

 

Query: 

If the appellate or revisional order goes in favour of the assessee, whether refund will be made

in GST? What will happen if the decision goes against the assessee?

Answer:

The refund shall be made in accordance with the provisions of the earlier law only. In case any recovery is to be made then it will be made as an arrear of tax under GST.

 

Query:

Whether any person, who is not liable to pay GST or not liable to get registered himself, can voluntarily get himself registered?

Answer: 

Yes. The person can get himself registered voluntarily even though he is not liable to be registered and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person.

 

Query:

Please explain the procedure for registration of non-resident taxable person?

Answer:

Every Non-resident taxable person is required to submit an E-application for registration in Form –GST REG 10 at least 5 days prior to commencement of the business. Such person shall be given a temporary identification number by the Common Portal for making an advance deposit of tax under section 19A and the acknowledgement in Form GST REG-2  in shall be issued thereafter.

 

Query:

If a person, who has taken voluntary registration, can seek cancellation of his registration?

Answer:

Any person who has taken voluntary registration can also seek cancellation of his registration but not before one year of such registration. There should be a gap period of 1 year from effective registration in case of voluntary registration.

 

Query:

Whether a person is eligible for input tax credit on inputs from the date when he applies for registration or from the date when registration is granted. Please clarify.

Answer: 

The person  is eligible for input tax credit on inputs held in stock and inputs contained in semi-finished or finished goods held in stock from the date when registration is granted.

 

Query:

what are included as “Place of Business” under GST ?

Answer:

Place of Business includes the following places:-

(a)  Place of ordinary business

(b)  Warehouse, Godown & other place for storage goods or place to provide services

(c)  Place of Maintenance of Books of accounts

(d)  Place of any agent conducting the business

 

Query:

Sir if a person is operating in two different states, with the same PAN , Can he obtain a single Registration under GST?

Answer:

No, every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST.

 

Query: 

Is there any provision for a taxable person to pay tax on provisional basis under GST law?

Answer:

Yes, taxable person can make payment on provisional basis but only after the permission of the Proper Officer & only in such cases where he is unable to determine:

  1. a) the value of goods or services to be supplied by him, or
  2. b) determine the tax rate applicable to the goods or services to be supplied by him.

 

Query:

Whether an agreement to supply goods at future date can be considered as contract of supply for the purpose of GST? How will hire purchase transaction be treated?

Answer:

The definition of ‘supply’ in Model GST law includes all forms of supply of goods made or agreed to be made for consideration. Thus, an agreement of supply at a future date will constitute an agreement of supply of goods.

 

Query:

Can a taxpayer use digital signature in the GSTN registration?

Answer: 

Taxpayers have the option to sign the submitted application using valid digital signatures (if the applicant is required to obtain DSC under any other prevalent law then he will have to submit his registration application using the same). For those who do not have a digital signature, alternative mechanisms will be provided in the GST Rules on Registration.

 

Query:

A person has one place of business in Delhi with turnover of Rs. 13 lakhs and other place of business in Manipur with turnover of Rs 4 lakhs. What would be the threshold limit in this case for registration?

Answer: 

In this case, the person’s aggregrate turnover in the state of Delhi will be Rs. 17 lakhs (i.e. Rs 13 + Rs 4 lakhs) which is less than the threshlod limit of Rs 18 lakhs. Thus he is not liable for registration in Delhi. But he is liable for registration in Manipur as the aggregrate turnover excceds the threshold limit of Rs 9 lakhs.

 

Query:

What is the difference between Annual Return & Final return?

Answer: 

Yes, Annual Return has to be filed by every taxable person who is registered and paying tax as per normal or compounding scheme. Final Return has to be filed only by those registered taxable persons who have applied for cancellation of registration. This has to be filed within three months of the date of cancellation or the date of cancellation order.

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com                 E: info@carajput.com

T: 011-233-4-3333, 9-555-555-480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

FREQUENTLY ASKED QUESTIONS ON COMPANIES LAW

www.carajput.com;FAQ ON Company Law

www.carajput.com;FAQ ON Company Law

Query : 

One of our client companies is a private company wants to make political contribution during the current financial year and has been in existence for 5 years, seeks advice regarding the provisions related to political contribution. Kindly advice.

Answer: 

As per Section 182 of Companies Act 2013, a company other than Government company and a company which has been in existence for less than 3 financial years, may contribute directly or indirectly to the political party.

But such amount shall not exceed 7.5 % of the average of net profits during the 3 immediately preceding financial years and such amount shall be shown on the expense side of profit and loss account.

Provided that such proposal shall be authorized by AOA and resolution be passed by board in the board meeting

 

Query:

Our client company had convened General Meeting last week and appointment of 2 directors on single motion and some directors raised objection regarding appointment of directors should be voted individually. The company seeks advice whether their objection is tenable or not ?

Answer:

As per section 162 of Companies Act 2013, a motion for appointment of 2 or more persons as directors by a single resolution shall not be moved unless such proposal is passed by unanimously in the same meeting.

However, Section 162 shall not be applicable to wholly owned government company or any subsidiary of wholly owned government company and also to private limited company.

Therefore, by virtue of exemption, private company may appoint directors by a single vote and hence, their objection is not tenable.

 

Query:

Whether advance taken from customers by real estate company on which no interest has been paid will be treated as advance or deposit as per the Companies Act, 2013?

Answer:

As per the Rule 2(xii) of the Companies (Acceptance of Deposits) Rules, 2014, any amount received in the course of, or for the purposes of the business of the company – as advance, accounted for in any manner whatsoever, received in connection with consideration for property under an agreement or arrangement is exempted from the definition of the Deposits but if such advance is not adjusted against the property in accordance with the terms of agreement or arrangement then it will be treated as deposit.

Further, whether interest is charged or not is immaterial. Thus, advance taken from customers by real estate company shall not be considered as deposits. But if it is not adjusted against the property in accordance with the terms of agreement or arrangement, then it will be treated as deposit.

 

Query: 

One of our clients is an individual and is holding directorship in 17 companies ( 10 pvt. cos. & 7 public cos.) and is desirous to become director in other companies , he seeks advice regarding whether he may appoint in other companies or not ?

Answer:

As per Section 165 of the Companies Act 2013, an individual shall hold office as director including alternate directorship for maximum 20 companies subject to maximum ceiling of 10 public companies, therefore he shall not hold office as director for more than 10 public companies at the same time.

Provided that this section is not applicable to Section 8 companies and directorship in dormant company shall not be included.

Therefore, he may be appointed as director for maximum 3 public companies or private companies.

 

Query: 

How we can record the names of the directors who has attended the meeting through video- conferencing or how the directors participating in a meeting by video conferencing sign the attendance register?

Answer: 

The following provisions in the rules ensure the correct recording of the names of directors who are present through video conferencing:

Rule 3(4) of the Companies (Meetings of Board and its Powers) Rules, 2014 provides that at commencement of the meeting, a roll call shall be taken by the chairperson when every director participating through video conferencing or other audio visual means shall state, for the record, inter-alia, name and location from where the director is participating.

Further Rule 3(11)(b) of the Companies (Meetings of Board and its Powers) Rules, 2014 provides that the minutes shall disclose the particulars of the directors who attended the meeting through video conferencing or other audio visual means.


Query:
 

Whether the company has to compulsory send the notice of the Board meeting to the director who has waived his right to receive the notice?

Answer: 

As per Section 173 of Companies Act, the company has to send notice to all the directors including interested director, original director & alternate director at their addresses registered with the company even if any director has waived his right to receive the notice.

 

Query: 

A company has outstanding debt instruments and wants to roll over them  for further period of time and is regularly paying interest obligations. As an expert , kindly advice on other conditions required for such roll over ?

Answer: 

A company may roll over its outstanding securities any time after complying with following conditions :

  • Consent of atleast 75 % holders shall be there in writing.
  • Such trust deed shall contain provisions for roll over otherwise new trust deed shall be executed.
  • New security shall be mortgaged if older one is not capable to make roll over successful.
  • Payment to those holder who did not give their assent to roll over, at the time of maturity of such debt instrument.

 

Query:

We have a query as in case a Director A is appointed on 1st April, Director B is appointed on 18th April, and Director C ceases to be associated with the company w.e.f. 18th April. In such a case can we file one e form DIR 12 for all the three events or we are required to file different forms with the ROC. Please clarify.

Answer: 

As in your case, details of all the three changes can be filed through the same Form DIR-12 only if the Form is filed on or before 1st May, as all the events fall within 30 days. However, if the company files the e-Form DIR-12 on 10th of May, then details in a separate e-Form would be required to be filed in respect of Director A and accordingly.

 

Query:

In case a company is having a paid-up share capital of ten crore rupees or more, whether such a company requires prior approval of members by special resolution to enter any contract with any related party.

Answer:

In terms of the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2014, the limit of paid-up capital of ten crore rupees for the purpose of requiring prior approval of members by special resolution for entering any contract with related party has been removed. The company is required to comply with the provisions of section 188 read with rule 15 of the Companies (Meetings of Board) Rules, 2014 for entering into any contract or arrangement with a related party.

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com  E: info@carajput.com

T: 011-233-4-3333, 9-555-555-480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)