Business Plan is a very essential to carry business activities in a planned manner. Entities must spend some time to gather information for creating business plan.

While making business plan, there are certain things which must be considered such as “things must be included”, “things not required to be considered”, “financial matters”, and “requirement of additional sources”.

Title page of the business plan will give the executive summary which will describe the complete picture of the business plan.

Description of the Business

Business Plan will first give the business description. In business description, short description of the industry will be given. In business description, present as well as future possibilities will be described. Information will be provided related to various markets such as new products in industry. Such information will either give the advantage to the company or will adversely affect the business.

Things to be considered

· Time duration of business plan

· At what time it should be prepared and executed

· Consideration of goals & objectives

· Determination of financial requirement

· Marketing plan

For effective business plan, sample business plans can be considered.

Components of the business plan

Market Analysis

Through market analysis, we get to know about the market strategies. Entrepreneur becomes familiar with the market aspects through market analysis. With this, target market will be defined and accordingly company can position itself.

Competitive Analysis

For the determination of strengths and weaknesses of competitors in the market, competitive analysis is done. It will provide various advantages. This type of analysis will help in minimizing the barriers which will arise in order to prevent competition in market.

Marketing Plan

Marketing plan include the description of the product design and development to its investors. A proper marketing and development budget will be set for the company to achieve the goals and objectives of the company. Under this head definitive description shall also be given regarding customers, market size, characteristics and growth prospects, sales potential and trends.

Operational & Management Plan

This type of plan is created in order to describe the functions of the business. Business functions are described on a continuous basis. Logistics of the organization will be highlighted under this plan. Various other important information such as responsibilities of management of the company, assignment of tasks to each division in the company, required capital and expenses for carrying out the operations in the company will be included under this plan.

Financial Matters

Inclusion of financial matters is always considered as back of the business plan.

Business plan is used for the development of new business alliances. Under the business plan consultant proper targets are set for new alliances, and also for the purpose of communication with those set business alliances.

A good business plan will help in outlining sustainable competitive advantage to the upcoming investors. In business plan, pricing strategies are included which can directly influence the growth potential of each product/service of the company. In business plan it will be little crucial to include the features of future growth, market share and trend influences.

So now it’s time to roll your sleeves up and go for a good business plan.

Source url - http://entersliceindia11.emyspot.com/blog/legal-service/things-to-be-considered-while-writing-business-plan.html

Society registration was started for the development, improvement and promotion of charitable activities like sports, music, art, education etc. Society registration begins with the association of several individuals, who supports the common agenda; and is govern by the society registration act, which was introduced in 1860.

The first step of society registration is to select the name of the society, after selecting the name; we need to focus on society memorandum, which involves the details of the members and offices with their KYC verification. It takes approximately one to months for the society registration to complete.

PROCEDURE FOR SOCIETY REGISTRATION

For society registration, you just need to fill in the details in society registration form, regulated by the society registration act 1860 and submit the required documents. The documents required for the society registration are  as follows ; ownership of the registered society, ID proofs of all the members, address proof of all the members, electricity bill/water bill (business place) , copy of property papers(if owned property), landlord NOC.

Society registration requires the involvement of at least seven members or more, who are above eighteen years of age.

Society registration is done for the benefit of general public with a motive of helping the people in some way. Society registration is taken ahead as a nonprofit organization, which has sheer focus on overcoming the challenges faced by common public. Charitable societies, the military orphan funds or societies established at the several presidencies of India, societies established for the advancement of arts, science and literature, public museums and galleries, collection of natural history etc comes under society registration.

Source url - https://enterslice-32.webself.net/blog/2018/12/03/society-registration-through-these-simple-steps

The business world has become quite competitive and to start one isn’t a cup piece of cake for everybody. Various registrations and licenses are required to operate a single business depending on several criteria. One of such license or registration required for import and export business is IEC code registration or license. 

In this blog, we will discuss various aspects related to IEC code registration. They are as follows:

• What is IEC code Registration?
• In what situations, is an IEC required?
• Advantages of IEC code registration
• Checklist for IEC code registration

What is IEC code registration?

IEC stands for Import Export Code and IEC code registration is the process of registering a business with IEC dealing in import and export of goods.

In case, the import or export is related to services or latest technologies then it's mandatory to obtain IEC registration. Import Export Code is, basically, a unique 10-digit number issued to any individual or company by the Director General of Foreign Trade (DGFT), part of the Ministry of Commerce and Industry so that the person can carry his/her import and export business in India evenly.

Moreover, an IEC code is valid for lifetime.

In what situations, is an IEC required?

Given below are the following situations where an IEC is required:

• When an importer of goods has to clear his shipments from the customs, then the customs authorities need the IEC code.
• Banks need it when an importer sends money abroad through banks.
• It is needed by the customs pots when the exporter has to send his shipments.
• When the exporter receives money in foreign currency directly into his/her bank account, then the bank asks for IEC code or license.

Advantages of IEC code registration

There are various advantages of obtaining an IEC code registration which will definitely give you reasons to get your import and export business to register with the same. Some of the advantages are as follows:

Business Expansion

With IEC code registration, it's easy to take your products or services to the global market and expand your business.

Avail several benefits of import and export

Companies with IE code can avail several benefits of import or export from the DGFT, Customs, Export Promotion Council, etc.

No need of filing returns

It is one of the greatest advantages of IEC registration. It doesn't require the filing of returns. Once IE code is allotted, there's no requirement of following any processes for sustaining its validity. Even for export transactions, you don't require to file any returns with DGFT.

Processing is easy and simple

It's quite simple to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There's no requirement for the proof of any export or import to acquire IEC code.

Renewal not needed

Since IEC code is effective for the lifetime of an entity, therefore, there's no need for renewal. Once obtained, the applicant can use it against all export and import transactions.

Checklist for IEC code registration

• PAN card of individual in case of proprietorship and PAN card of the company in case of the entity;
• DSC i.e., Digital Signature Certificate of every director, CA, CS, shareholder, and subscriber;
• Scanned passport size photograph;
• A cancelled cheque of a current bank account for bank account details;
• MSME registration, if any
• Address proof of the registered office;
• Incorporation documents such as MoA and AoA;
• Certificate of Incorporation

It’s clear from the above discussion that IEC code registration is quintessential for those dealing in import and export businesses. If you have any query regarding the same, you can contact the team of Enterslice where you will get the best solutions to your problem.

Source url - http://www.enterslice.gomilio.com/en/blog/checklist-for-iec-code-registration-26

MSME registration is one of the critical processes required for every micro, small, and medium businesses and it plays a crucial role in the Indian economy. Moreover, businesses can avail several unexpected benefits from MSME registration, and we will discuss the same in the blog later.

We have covered a few significant aspects of MSME and MSME registration in this blog. Below, you can find the list of the topics covered:

• What are MSME and MSME registration?
• Categorization of MSME
• Key benefits of MSME registration
• MSME registration requirements

Categorization of MSME

MSME is categorized into two different classes in terms of investment. They are as follows:

• Investment in plant and machinery, and
• Investment in equipment.

The limit for investment in plant and machinery or equipment for various enterprises is as follows:

Investment in Plant & Machinery

Micro Enterprises: The investment made isn’t more than Rs. 25 lakhs.

Small Enterprises: The investment is between Rs. 25 lakhs to Rs. 5 crores.

Medium Enterprises: More than five crores but doesn’t go beyond Rs. 20 crores.

Investment in Equipment

Micro Enterprises: Investment doesn’t exceed Rs. 10 lakhs.

Small Enterprises: Investment is more than Rs. 10 lakhs but doesn’t exceed Rs. 2 crores.

Medium Enterprise: The required investment is more than Rs. 2 cores but doesn’t exceed Rs. 5 crores.

Key benefits of MSME registration

There are a plethora of advantages that companies or businesses can avail through MSME registration. A few of them are described below:

• With MSME registration, it’s quite simple to take loans from the government as well as from the banks and that too at a very low interest.
• Company registered with MSME can avail benefits of the tax subsidy.
• There are various Excise Duty Exemption schemes for MSME registered enterprises.
• Benefits of subsidy tariffs.
• Enterprises can have benefits of capital investments subsidy and other support as well.
• Banks offer collateral-free loans to the businesses/companies registered with MSME.
• There are reservation policies for the manufacturing as well as production sector.
• Special consideration for the international trade fairs.
• Companies are eligible for IPS subsidy.
• Reimbursement of ISO certification.

MSME registration requirements

Enterprises intending to register with MSME needs to fulfill certain requirements and must possess the essential documents for the same. Below you can find the following requirements for MSME registration:

• The applicant can be the owner of a sole proprietorship, one person company, limited liability partnership, private limited company, etc.
• PAN card of the proprietor (if a sole proprietorship) and PAN card all directors and members in case of the entity.
• Aadhaar card of all the members, directors, or proprietor.
• Evidence of ownership of premises such as allotment letter or possession letter or lease agreement or property tax receipt.
• If the applicant has rented premises, then he/she must submit the rent agreement and NOC (No-objection Certificate) from the landlord, along with the utility bills.
• A duplicate copy of sale bill for every end product.
• Copy of purchase bill of each raw material purchased.
• In case of Partnership firm, a copy of Partnership Deed is required.
• Copy of MoA and AoA and the certificate of incorporation, in case of a Private limited company, along with the Board’s resolution authorizing the directors to sign the application.
• Scanned copy of Industrial license obtained under Industrial Development and Regulation Act, 1951.
• The purchase bill of installed machinery.
• An affidavit of Rs. 10/-non judicial stamp duly attested by Notary public affixed providing the status of machinery installed, power requirements, etc.
• Bills in terms of purchasing and installation of plant and machinery.
• Current bank account statement.

From the above discussion, it’s clear that MSME registration is a vital process for every micro, small, and medium firms. If you have any queries regarding the MSME / SSI registration process, then you can visit our website Enterslice, where you can get a detailed info on the same.

Source url - https://enterslice1.wordpress.com/2018/11/29/msme-registration-requirements-and-its-benefits

What is TDS :

It’s an indirect tax collected by the government where individual is liable to deduct a certain percentage from the payment such as salary, commission, professional fees, interest, rent, etc.

Now the assessee needs to file the TDS return quarterly to the Income tax authorities in order to intimate the amount of TDS deducted from the various payments

WHEN TDS NEEDS TO BE DEDUCTED

SALARY INCOME: On the individual salary income, TDS is deducted

INTEREST INCOME: If the interest on FD and RD exceeds 10,000 per year, then TDS is deducted

@10% if PAN otherwise @20%

EPF WITHDRAWLS: If the employee withdraws min 50,000 before 5 years of service , then TDS is deducted

FORMS OF TDS RETURN

FORM 24Q- Statement of TDS from salaries

FORM 26Q-Statement of TDS from payments other than salaries

FORM 27Q- Statement of TDS from interest, dividend or amount payable to non residents

FORM 27EQ- Statement of collection of tax at source

MODE OF FILING OF TDS RETURN

ONLINE FILING

The return can be furnished online at NSDL TIN website after registering to NSDL

OFFLINE FILING

TDS return can be furnished at any of the TIN- FC’s managed by NSDL. The details and addresses of TIN- FC’s are provided at the linkhttps://www.incometaxindia.gov.in/Pages/default.aspx

DUE DATES FOR TDS RETURN FILING

Apr-June- 31^ST July 2017

July-Sept- 31^ST Oct

Oct- Dec- 31^ST Jan 2018

Jan- March- 31^ST may 2018

PENALTY FOR DELAY IN FILING OF TDS RETURN

LATE FILING

If the assessee makes delay in TDS return filing as per the due dates, penalty of Rs. 200 is applicable till the time default continues.

**Note:

Total amount of penalty calculated as above cannot exceed amount of tax.

Late filing fees shall be deposited before filing the TDS return.

Rs. 200 per day is not penalty but it is a late filing fee. 

NON FILING

If the assessee fails to file the TDS return till 1 year from due date of filing, penalty of min 10,000 and max 1,00,000 is applicable

**Note: Penalty is in addition to late filing fees

However, it was proposed in Budget 2018 to waive the fees for delay in filing of TDS return. But unfortunately this recommendation was not taken into consideration

No penalty in case of delay in filing the TDS return in case of the following:

TDS is paid to credit of Government

Late filing fees is paid to the credit of Government

TDS return filed before expiry of 1 year from due date

**Note: Apart from above relaxation, the Principal Commissioner of Income-tax or Commissioner of Income-tax has power to waive or reduce he penalty for non filing in genuine case.

WHO ARE REQUIRED TO FILE ELECTRONIC TDS RETURN

The following assesses are mandatorily required to file E- TDS return :

1. Corporate deductors

2. Government deductors

3. If the account of deductor is required to get tax audited

4. If the number of deductees in the preceding FY exceeds 20 as per the records in quarterly statement

REVISION OF TDS RETURNS

If any errors are noticed after the submission of the return, a correction statement can be filed by the deductor. Following corrections can be made :

Deductor’s personal details such as name and address can be updated under this category

Details such as serial no. amount, tender date and BSR code in challan

Deductee details can be added/deleted or updated

Salary detail records can be added/deleted

Updating PAN of deductee

The charges would also be required to be again paid in case a Revised Return is filed by the deductor and it can be filed multiple times to incorporate no. of changes.

Source url - https://enterslice1.wordpress.com/2018/11/20/all-about-tds-return

A formal business plan is invariably required by most of the businesses, whether small or big. Generally speaking businesses go in for a formal business plan under three scenarios:-

• Start-ups or established businesses that need loan from banks. The business plan in this case typically needs to focus on the financial plans and projections of the business, market condition analyses and a brief on existing competitors in the market.
• The internal business plan when an existing organisation plans to tap another industry vertical or increase its existing product line etc. In case of small businesses the business plan would be much simpler as compared to that of large-scale companies with multiple products and services and present throughout different geographical locations.
• When looking out for equity financing, new business houses or ones with specialized technology or innovative product and services, may require venture capitalists or angel investors to invest money into the business. This is when they need the business plan to be done with due diligence so that the potential investors are impressed thoroughly to put their money in the business.

How Business Plan consultant can help you?

A business plan consultant will work hand-in-hand with the team of the business to prepare a plan that is relevant and practical after considering factors like:-

• Industry statistics
• The demand and supply opportunities in the market
• Profile of potential customers
• The competitive landscape – direct and indirect competitors
• the products and services of the business house
• revenue model of the business
• sales and marketing plans
• financial projections
• details of the top management and employees
• SWOT analysis of the business
• Details of the investment plan, their compensation, exit strategy for investors etc.
• Additional information like accolades, licenses, agreements etc.

Choosing the right business plan consultant is hence highly critical for not only defining an achievable goal for the business but also a practical approach to achieve the same and impressing external and internal audience simultaneously.

What are the things to be considered before hiring a business plan consultant?

A business house, small or big, planning to hire an external business plan consultant needs to ensure the following:-

• First and foremost is that the consultant should be certified to do the job.
• Second important parameter worth considering is whether the consultant has relevant experience in the particular domain or not. For example, a business looking at attracting investors will require more clarity on financial points like budgets, overheads, fixed costs, cash flows, sale forecasts, assets, projection of growth etc. And larger the business, the scale of funding is also going to be substantially higher which would require specialized skills for writing the business plan. However, if funding is not the primary objective and it is more to do with strategizing sales and marketing, the consultant needs to be experienced in that particular domain.
• Checking the credibility of the consultant is another important thing to do. What has been their record in creating successful business plans in the past? Are their previous customers satisfied with their work? Checking up on the business plan consultant website is good to understand his approach towards work.

Conclusion

It is essential to understand here that the growth or success of the business is largely dependent on the business plan. Hence if the consultant is not ready to collaborate and handhold with his client, it would not make sense to hire his services. From defining the mission statement to formalising the exit strategy for investors, the consultant needs to on the same level as the business. This relationship also needs to be dynamic as the business plan is not a static document. The plan requires constant review and should evolve as the business grows. An annual review of the business plan where the consultant is involved too helps in conducting a structured gap analysis and update the same if decision is taken to the same effect. Drafting and writing the document too requires expertise and cannot be treated casually.

Source url - http://enterslice.aircus.com/how-to-make-a-proper-business-plan

What is ESIC?

ESIC stands for Employee State Insurance Corporation which is a self-governing body created by the law under the Ministry of Labour and Employment, Government of India. The scheme was mainly started for Indian workers under which the workers are provided with a different and huge variety of medical, monetary, and other benefits by the employer.

Every company that possesses more than 10 employees (which is 20 employees in a few states) having the maximum salary of Rs. 15000/- requires ESIC registration and it’s mandatory.

Benefits of ESIC Registration

There are a plethora of benefits of getting an ESIC registration. Some of the benefits under the ESIC scheme are as follows:

• Sickness benefits at the rate of 70% (in the salary form). The same is applied in the case if there’s any certified illness and it lasts for a maximum of 91 days in any year.
• Several medical benefits offered to the employees and his/her family.
• Maternity benefit to the women who are pregnant (counted as paid leaves).
• If the employee meets death while on the work, then 90% of salary is offered to his/her dependents every month after the death of the employee.
• The same holds in the case of disability of the employee.
• Funeral expenses
• Old age care medical expenses are also provided.

Documents required for ESIC Registration

• A certificate of registration obtained either under the:
• Factories Act
• Shops and Establishment Act
• In case of a partnership, you need to submit Partnership deed.
• Memorandum of Association (MOA) and Articles of Association (AOA) of the company.
• A complete list of employees working in the Establishment.
• PAN card of the business entity as well as all the employees under it.
• The compensation details of all the employees in the company.
• A canceled cheque of the Company’s bank account.
• A list indicating the info about all the directors of the company.
• A complete list of the shareholders of the company.
• A register containing the attendance of the employees of the company

After gathering all the above-mentioned documents, the following process is to be followed by the applicant for the registration of the ESI:

• Form No -1 (which is Employee Registration Form) needs to be downloaded and filled by the applicant.
• Download the PDF version of the form and fill it. After the former process is completed, submit the form on the website itself along with the above-mentioned documents.

The process after the form verification

• After the form has been verified, the government will issue a 17 digit unique number.
• Employee registered under this scheme will provide the employer with the filled form and photographs of his family members as a part of the procedure of ESIC registration. The employee will get an ESI card after the ESIC registration.
• Any change in the company or its employees must be informed to the ESIC.

Entities covered by the ESIC

As per the provisions or government notification dated Sec 1 (5) of the ESI Act, the following entities are covered for who ESIC registration is mandatory:

• Restaurants or Hotels that are engaged only in sales activities.
• Private Educational Institutions.
• Road Motor Transport Establishments.
• Newspaper establishments (not covered under the Factory Act).
• Shops.
• Cinemas.

For more information on ESIC registration process, you can contact the experts of Enterslice by clicking here. Our team will help you with the process till the end and will ensure you have got the ESIC registration.

Source url - http://enterslice.olanola.com/blog/43774819323/What-are-the-documents-required-for-ESIC-Registration

By structure, NGO registration can be of three types:

• Trust;
• Society;
• Section 8.

But in this blog, we will study the simple steps involved in the NGO registration under Section 8 Company. But before we leap on that, let's first understand the meaning of NGO and Section 8 Company.

What is NGO?

NGO is abbreviated as Non-Governmental Organizations and isn't a part of the government. Typically, an NGO is independent of government and self-governing body. It is also known as a Non-Profit Organization. Generally, the prime business of an NGO is to provide support to an underprivileged section of the society and the work for the advancement of different issues like social, educational, legal, cultural, environmental, and more.

Meaning of Section 8 Company

A Section 8 Company is a company registered under Section 8 of Indian Companies Act, 2013 (or old Section 25(1) (a) & (b) of the Indian Companies Act, 1956, a section-25). Mainly, these companies have the principal objective of encouraging healthcare, social welfare, religion, art, commerce, science, sports, safety, research, charity, protection of the environment, and more.

Generally, the name of Section 8 Companies ends with words like Institution, Foundation, Association, Federation, etc.

Steps for NGO Registration under Section 8 Company in India

Step1: Procure DSC to sign documents

It is quite imperative for the applicant to obtain DSC (Digital Signature Certificate). Digital Signature is required to sign documents or incorporation form while filing e-forms on MCA portal. Also, a digital signature is one of the most secure and authentic ways of submitting documents online.

Documents required for obtaining DSC for directors are as follows:

• A copy of PAN card
• Driving license/Passport/Aadhaar Card/Voters’ Identity Card
• Duly filled and signed Digital Signature Form

Step2: Application for name approval

The ROC (Registrar of Companies) will approve the name of the proposed company. One can obtain the approval from ROC through an application submission in RUN. The maximum of two names can be submitted in order of their preference. Name approval will take 1-2 working days.

Step3: Filing an application for License under Section 8

The next step to NGO registration under Section 8 Company registration is to get a license under Section-8. For this, the applicant is supposed to file constitutional documents, MOA (Memorandum of Association) and (AOA) Articles of Association, as a draft with ROC with necessary documents in Form INC 12 which will issue the company license under Section-8.

Step4: Incorporation Application with ROC

As we know that every proposed director in a company must possess DIN (Director Identification Number), for fresh DIN no separate application form is required to be filed and one can directly apply for DIN in the incorporation form.  Prior to this, a separate application form was required to be filed with ROC for obtaining DIN.

After filing of Form INC-12, one needs to file an incorporation form (SPICE) with ROC. After uploading and payment of required stamp duty and government fee, the incorporation form would be accessible to ROC. The ROC will check the form and if everything is correct including the name of the company, the ROC will approve the company.

After the approval of ROC, the applicant will receive the certificate of incorporation of the company and the NGO registration under Section-8 will be done. Along with, the applicant will also get the PAN and TAN of the company.

Source url - http://enterslice.olanola.com/blog/43456406026/How-to-apply-for-NGO-Registration

Before you announce your political party arrival on air, don’t forget to register your political party first and then take the lead. It is necessary for every association to get registered by the election commission of India. Political party registration is governed by the provision of section 29A of the representation of the people Act, 1951.

A party under formation has to submit the filled application within the thirty days of party formation, which has to written in an immaculate manner in the prescribed format. Proper details have to be mentioned of every party member as required under section 29A of the representation of the people Act, 1951.

What Is The Procedure For Political Party Registration In India?

Following steps are required to be taken for political party registration:

• The party name should not contain or hurt any religion or caste.
• The objective of the political party should be under the horizon of constitution of India.
• Party members should be considered equally, no discrimination on the basis of caste, religion or gender during the selection of members.
• No veto power is exercised within the party, It should always reflect the democratic approach.
• Not more than one third of the members can be nominated within maximum five years and there has to be periodic elections within every five years.
• Party funds cannot be used for any of the personal use of party member. Proper accounts have to be maintained, every time party shells out money for their use. These accounts are annually audited by the CAG and its reports have to be submitted to the election commission of India within six months of the financial year end.
• A checklist of items stating clear answer against each item can be submitted   

Documents Required For the Political Party Registration 

Following documents are required for Political Party Registration:

• A demand draft of Rs.10000 must be sent under the favor of Under Secretary, Election Commission of India, New Delhi. And this amount of Rs.10000 is non refundable.
• After that party has to submit neatly typed copy of memorandum, rules and regulation containing specific provision as required under sub-section(5) of Section 29A of the Representation of People Act, 1951.
• An affidavit mentioning no member of the political party is registered with any other political party.
• Extracts  from the latest electoral polls at least 100 members of the
• A No Objection Certificate must be submitted for the party office space
• An Affidavit including the former involvement in any criminal activity of the party members
• Party as an evidence should be registered voters.
• Business, wealth, assets and investments of every party member and their spouse and children must be disclosed.
• Details of bank account and PAN under party’s name.

Currently, there are seven national parties and fifty six state parties. Nearly seventeen hundred parties are registered with election commission of India. Political Party registration in India is a cumbersome task, when it comes to filing the documents and registering it. 

Make sure to follow the proper guidelines to start your political game.

Source url - http://enterslice.blogrip.com/2018/11/12/political-party-registration-in-india/

Income tax return is the amount of money which you have to pay to the government, if your earnings for the year exceed the figure; pre-decided by the government; according to income tax 1961. Income tax return filing is a plain and basic process, which you can do it online. It can be done from your office, home or wherever you are; according to your convenience. You don’t have to take a special day off to file your income tax returns. Sometimes dealing with the taxes is quite challenging and time consuming, so people prefer to call professionals to do the task.

Now a day there are several professional companies, which are just one call away to help you with your income tax return filing and make all your income tax return filing a hassle free task.

WHO HAS TO FILE THE INCOME TAX RETURNS?

Individuals, NRIs, partnership firms, LLPs, Companies and trust have to file income tax returns every year on the basis of their PAN (Permanent account number), which is essential to file the income tax return.

• If the income of individuals and NRIs exceed 2.4lakhs per annum, they have to file the income tax returns.
• No matter, what is the income of proprietorship and partnership firms or regardless of their income and loss. They are supposed to file their income tax return each year.
• All companies and LLPs mandatorily file their income tax return , irrespective of their turnover and profit

DATES NOT BE MISSED

• 31^st July is the due date for filing the income tax returns every year for individual taxpayers.
• 30^th September in case your income tax filing requires auditing in accordance with the Section 44AD of Income Tax Act.

PENALTIES FOR LATE INCOME TAX RETURN FILING

Every taxpayer is supposed file their income tax returns before the due date, if they fail to do so in any case; then they are charged with the late payment fees under the penalty provision.

LATE CHARGES OF INCOME TAX RETURN FILING 

• If you file income tax returns between 1^st of august and 31^st of December-Rs.5000.
• If you file income tax returns after 31^st of December-Rs.10,000.
• If the taxable income is less than 5lakhs-Rs.1000.
• FORMS TO BE FILLED FOR INCOME TAX RETURN FILING
• Filing income return requires few forms to be filled, ranging from Income Tax Return1 (ITR1) to Income Tax Return7 (ITR7). You need fill the every minute detail of your possessions and earnings, which may take little longer time than expected and some additional disclosures.
• Following are the forms to be filled for income tax return filing.

• S.NO	FORMS FOR FILING THE INCOME RETURN	DETAILS
  1.	ITR1	Person earning a salary, one house property owners, income from interest and with the total income upto Rs.50lakhs.
  2.	ITR2	For individuals and HUFs not having income from profits and gains of business and professionals.
  3.	ITR3	Income from profits and gains of business or profession from individuals and HUFs
  4.	ITR4	For presumptive income from business and profession
  5.	ITR5	For persons other than:- Individual HUF Company Person filing form ITR7
  6.	ITR6	Companies which are not claiming tax exemption under section 11
  7.	ITR7	Individuals and companies who are required to produce income tax return under section 139(4E), section 139(4F) and section 139(4A) of Income Tax Act 1961.

  ADVANTAGES OF INCOME TAX RETURN FILING

  Many of us overlook the mandate of Income Tax Return filing, without knowing the benefits of maintaining it. Here are the few basic perks and benefits to the income tax payers.

  • APPLYING FOR LOANS- Whenever you go to bank and ask for a loan, most of the banks ask for income tax returns. If your income tax filing is correct and up to date, your loan is more likely to get approved.
  • CONSOLIDATION OF FINANCES-Income Tax Return receipts is an official proof of your income from all the sources and can be used for many purposes.
  • INCOME TAX REFUND-While filing your income tax returns, you can also claim for the refund.

• Source url - https://enterslice1.wordpress.com/2018/11/03/online-income-tax-return-filing-through-experts

MSME stands for micro small and medium enterprise. These enterprises play a crucial role in developing country’s economy. MSME basically supplies the raw material, goods and finished products. It includes the investment made in plant & machinery and equipment.

Classification On The Basis Of Investment

• PLANT AND MACHINERY

Micro Enterprise-When the investment in plant and machinery is less than twenty five lakhs.

Small Enterprise-when the investment in plant and machinery is between twenty five lakhs and five crores.

Medium Enterprise-when the investment in plant and machinery is between five crores and ten crores.

• EQUIPMENT

Micro- When the investment is less than ten lakhs.

Small- When the investment is between ten lakhs and two crores

Medium-when the investment is between two crores and five crores

Schemes under MSME Registration

Government has started lots of schemes and benefits for the promotion of MSME. Even banks have started to help and providing loans to get these enterprises going. But before availing these benefits you need to register yourself.

For registration of MSME, you need an aadhar number and fill the MSME registration form available on the official website of udyog Aadhar Registration at www.udyogaadhar.gov.in and can be verified by aadhar OTP.

These small scale industries and enterprises plays an important role in overall growth of the nation, as they generate the employment and improves the economical growth.

Significance of MSME Registration

MSME registration brings accountability and credibility to the enterprise, when registered with the MSME authorized government body. There are ample of perks and benefits, but for availing these advantages, the MSME registration is mandatory.

Advantages of MSME Registration

The MSME registration is not mandatory, but if you register your enterprise under MSME registration, then you do have the opportunity of gaining some benefits over the non registered small scale industries.

• Lower rate of interest
• Tax Subsidy
• Excise Duty Exemption Scheme
• Subsidy Tariffs
• Capital Investment Subsidy and other support
• Collateral free loans from the banks
• Reservation policies for the manufacturing sector and production sector
• Special consideration for the International trade fairs
• Eligible for IPS subsidy
• Reimbursement of ISO Certification
• Eligibility Criterion for MSME Registration 
• Your organization falls under MSME if it follows the one or multiple criterion listed below.
• If there is no partner, that is you are the only owner of your business or sole proprietor
• If you are a part of Hindu undivided family
• If you work as or have a partnership firm with another party in association
• If you have single person company
• If you have limited liability partnership
• If you own a private limited company
• If you have a production company, which produces materials
• If you work with an association with other person
• If there is any undertaking
• Documents Required for MSME Registration
• One has to submit the following documents for MSME registration in India.
• PAN card of the proprietor/all partners/directors.
• Aadhar card of the proprietor/ all partners/ all directors.
• Ownership proof the premises such as allotment letter, possession letter, lease agreement, property tax receipt.
• If you have taken a space on lease, then you have to present the rent agreement, NOC along with the utility bill.
• You need to submit the sale bill for each end product.
• You have to show the copy of the bill of every raw material purchased.
• If you have a partnership firm, then you have to submit the copy of partnership deed
• Copy of memorandum and articles of association and certificate of incorporation in case of private limited company along with the board’s resolution authorizing the director to sign the application.
• Copy of industrial license as obtained under industrial development and regulation act, 1951.
• An affidavit of Rs.10 /- non judicial stamp paper duly attested by notary public affixed providing the status of machinery installed and power required etc.
• You have to show the bills of every machinery installed.
• Bank Account Statement.
• Source url - https://enterslice1.wordpress.com/2018/11/02/eligibility-requirements-of-online-msme-registration

Registering a start up company as a micro, small or medium scale enterprise under MSMED Act in India automatically conveys a plethora of benefits on the enterprise. The MSME registration is a totally optional process for all relevant enterprises but companies prefer the certification because of the following reasons:-

• Under Credit Guarantee Fund Scheme, micro and small enterprises get bank loan without collaterals;
• Registered businesses are entitled to charge compound interest on delayed payments from buyers
• Banks charge comparatively lower rate of interest from MSME registered companies.

There are many more such advantages that registered companies enjoy. Hence it is sensible to register your business with the Ministry of MSME at the onset itself.

What are the Criteria for MSME registration?

The Ministry clearly specifies the outline defining segregation of enterprises into micro, small and medium scale business entities:-

• Micro industries are ones where the investment in the business is not more than Rs. 25 lakh in the manufacturing sector and not exceeding Rs. 10 lakh for industries in service sector.
• Small industries are the ones whose investment does not go beyond Rs. 5 crore in the manufacturing segment and Rs. 2 crore for companies involved in services.
• Medium scale enterprises are one whose investment does not go beyond Rs. 10 crore for manufacturing companies and Rs. 5 crore for ones involved in service sector.

What is MSME Registration Process?

MSME registration can be done online as well as offline. The offline process involves filing the relevant form and submitting it along with self-attested documents like Personal Aadhar number, Industry name, and bank account details, address proof of the registered office, certificate of incorporation, Partnership Deed, bill copies of machines purchased, sales and purchase bills.

MSME Registration online

Online MSME registration can be done from the government website. The registration form requires the applicants to fill in details like Aadhar Number, name of entrepreneur, social category, gender, physically handicapped, name of enterprise, type of organisation, PAN, address of the factory/plant, registered office address, mobile number, email id, date of business commencement, bank account number, IFSC code, main business activity of enterprise, NIC 2 Digit code, additional details of the business, number of employees, investment amount in plant and machinery in lakh. The scanned copies of Aadhar card is required to be uploaded here.

Udyog Aadhar Registration

Udyog Aadhar is a unique 12-digit number that is an official government identification number. The Udyog Aadhar is granted by the Ministry of Micro, Small and Medium scale enterprises. Once the MSME registration is done, the ministry provides the relevant certification and the Udyog Aadhar number. While this number can be applied for online as well as offline – with the Udyog Aadhar number the unit gets special government subsidies, 15% subsidy for upgradation of technology and 50% subsidy for getting patent registration; financial support to participate in industry specific exhibitions in foreign countries etc.

The Udyog Aadhar Memorandum, also called UAM is a document meant for self-certification of certain mandatory particulars of the MSME like its bank details, owner’s Aadhar details etc.

Is SSI Registration the same thing?

Yes, it is one and the same thing. SSI registration is for small scale business units and their ancillary units. The SSI unit needs to be registered with the Director of Industries at the state government level. With such registration, the enterprise gets special provisions like priority sector lending, excise exemption scheme, also exemption under direct tax laws, and interest on delayed payment etc.  

SSI Registration online 

The SSI registration online can be from the website of the Ministry of MSME. In fact, the application form for SSI registration and MSME registration is exactly the same including the details that need to be furnished. The Provisional Registration certificate is granted in the pre-operation stage. The provisional certificate is applicable for a period of five years. Once operations commences, the unit needs to apply for the Permanent registration. However if the business does not start its production in the initial five years, it can re-apply for the provisional certificate.

Source url - https://entersliceindia.blogspot.com/2018/10/msme-registration-and-its-importance.html