MoDerN EduCation

National Education Policy 2020

2020-08-08T17:06:00.001+05:30

Hello Friends,

Today we come with the biggest news "National Education Policy 2020". This article will help to student as well as parents so that they will be ready for the new education policy. This new education policy come with lots of benefits. There is huge change in education system from the last 3 decades.

We will discuss here all the details of the Policy. Now overall country's education level will be improve if it will be executed properly.

"If we need to change the country, we must change the education policy first"

National Education Policy aims to provide infrastructure support, innovative education centres to bring back dropouts into the mainstream besides tracking of students and their learning levels, facilitating multiple pathways to learning involving both formal and non-formal education modes and association of counsellors or well-trained social workers with schools.

Important points of the National Education Policy 2020 :

The Ministry of Human Resource and Development has been renamed as the Ministry of Education. The decision in this regard was taken by the Union Cabinet.
New Pedagogical and curricular structure of School education :

Foundational Stage : Multi Level, play/activity- based learning
Preparatory Stage : Play, discovery, and activity- based and interactive classroom learning
Middle Stage : experiential learning in the science, mathematics, arts, social science and humanities
Secondary Stage : multidisciplinary study, greater critical thinking, flexibility, and student choice of subjects

Description of stages

Foundational Stage :Academic Structure has been changed from (10+2) to (5+3+3+4), In initial 5 years bifurcated as 3 years in Anganwadi or pre-school and first and second class. This education policy allows the students to learn in their home, regional or local languages up to the foundation stage. There will be very less burden of books and copies on the student as they will be learned through games and activities.
Preparatory Stage: Next 3 years (i.e. 3rd, 4th, and 5th class) students will be prepared for the future by very interactive classroom learnings.
Middle Stage : Next 3 years (i.e. 6th, 7th and 8th class) in this middle stage vocational education is introduced, here students can enjoy the practical knowledge as per their interest level.
Secondary Stage : Next 4 years (i.e. 9th, 10th, 11th and 12th) Students are allowed here to choose their subjects not as commerce, science or humanities but as per their interest. Yes, it is a good new to every student who will fall in this new education policy as they can choose science, mathematics, arts, social science and humanities. And students are also allowed to choose foreign language as optional subject.

Key points of this education policy 2020

This education policy change the millions of lives of our country.
Academic Structure (10+2) has been changed into (5+3+3+4)
No language barrier up to initial 5 years: Students are free to learn in their home, regional or local language up to 5 years (i.e. 3 years in Anganwadi or pre-school and first and second class.)
4 years under graduation course makes come back .
Higher education council of India to be set up which regulate higher education
Choice of subject will be broader in Secondary stage.
Multiple entry and exit opportunity: Government facilitate this opportunity by maintaining academic bank of credit where credit points will be recorded which help the student who leave the studies in between as they can continue their studies after the gap by these credit points.
For under graduation policy : Where student leave the studies after one year- they will be provided certificate, when student leave the studies after two years- they will be provided diploma and when they complete their four years - they will be provided degree.
Single regulator of all collages except legal and medical, comes under one body that is called Higher Education Commission of India
Vocational education will be introduced in middle stage as discussed above where students are able to learn practical knowledge as per their interest.
This new education policy decrease the burden of books and focus on their skills.
Makeover of report card : Report card will also show the quality of students such as capabilities, behaviour, skills and etc. This will help to decrease the comparison between students and encourage the passion of the students
Report card will also give the opportunity to self evaluate their performance. This will help the students for build the skill of decision making.
Revamped board exams.
Facilitate the digitisation in rural area in regional languages for differently abled students also
Indian heritage will be encouraged by the schools in this new educations system.
By the year 2040, most of the institutes to be made multidisciplinary where more than 3000 students have been enrolled.
By the year 2030, every district to have at lease one multi disciplinary institute
Targets of this policy is to increase the enrolment of students up to 50% by the year 2035.
Modi government increase the funds for education to 6% of GDP from 3% of GDP.

Which ITR form is applicable to whom? Here is your all doubts will be clear.

2020-08-02T01:00:00.007+05:30

Hello Friends,

Today's topic is who is eligible for which ITR form. There are various ITR form for the different person. For understand the eligibility, you must know the definition of person as per the Income Tax Act, 1961.

Definition of Person

Person includes :

an Individual;
a Hindu Undivided Family (HUF) ;
a Company;
a Firm
an association of persons or a body of individuals, whether incorporated or not;
a local authority; and
every artificial juridical person not falling within any of the preceding sub-clauses.
Association of Persons or Body of Individuals or a Local authority or Artificial Juridical Persons shall be deemed to be a person whether or not, such persons are formed or established or incorporated with the object of deriving profits or gains or income.

Now we come to know the next step to find the eligibility of the person for filling which ITR form

All individuals having taxable income or those who satisfy other prescribed conditions are required to file annual income tax return (ITR) within the specified due date. For the financial year (F.Y.) 2019-20, the specified due date for individuals (as extended by the Central Board of Direct Taxes) is November 30, 2020 for filing tax returns.

Filing an ITR for F.Y. 2019-20 is mandatory if:

The individual's taxable income exceeds the maximum amount not chargeable to tax. The basic exemption limit for FY 2019-20 is Rs 3 lakh for senior citizens (aged 60 years or more but less than 80 years), Rs 5 lakh for super senior citizens (aged 80 years or more), and Rs 2.5 lakh for others;
The individual needs to claim an income tax refund;
The individual qualifies as an ordinarily resident during FY 2019-20 and holds foreign assets which need to be specifically re
reported in the ITR. These assets include foreign bank accounts, foreign properties, financial assets, signing authority, etc.;
The individual has undertaken specific transactions viz (a) payment of electricity bill in excess of Rs 1 lakh during the FY (b) deposited more than Rs 1 crore in one or more current accounts during the FY or (c) spent more than Rs 2 lakh on overseas travel for self or any other person during the FY.

Other than these mandatory reasons, it is a good practice to file ITR since tax return documentation is required for visa applications, availing bank loans etc.

Every year, the Central Board of Direct Taxes (CBDT) notifies the ITR forms for the previous completed financial year. For FY 2019-20, the updated ITR forms were notified vide Notification 31/ 2020 dated May 29, 2020 and Notification 01/2020 dated January 3, 2020 (subsequently overridden by Notification 31/2020).

The details of these ITR forms including who should use them are summarised as under:

ITR Form 1

Individuals qualifying as Ordinarily Resident;
Having a total income of up to Rs 50 lakh;
Having income from following sources – salaries, one house property, income from other sources including agricultural income up to Rs 5,000;
This form also applies to similar income of a different person say spouse or child, clubbed in the hands of the taxpayer.

ITR Form 2

Non-residents / Resident but Not Ordinarily Residents and Ordinarily Residents;
Hindu Undivided Family (‘HUF’);
Having a total income of more than Rs 50 lakh;
Director in a company;
unlisted equity shares;
Holding investments in unlisted equity shares;
Having income from following sources – salaries, more than one house property, capital gains and income from other sources;
Having income from sources outside India and holding assets outside India

ITR Form 3

Individuals / HUF having business income / income from profession;
Includes partner of a Firm

ITR form 4

Resident Individuals / HUF / Firm (other than LLP) having business or professional income computed on ‘presumptive basis

ITR form 5

Any person other than individual, HUF or company filing an ITR 7 (eg. LLP)

ITR form 6

All companies, unless specifically excluded

ITR form 7

Persons including companies which are a charitable or religious trust, political party, scientific research association, news agency, hospital, trade union, university, college or other institutions such as an NGO or similar organizations.

Penalty for not filing ITR on time

If the ITR is not filed within the due date, i.e., November 30, 2020, there is an automatic levy of a penalty ranging from Rs 1,000 up to Rs 10,000 which needs to be remitted before the ITR can be filed. This fee or penalty has to be paid in case of belated ITRs even if the tax liability is nil.

Other extended deadlines

The government has extended several timelines for tax compliances that fell due in the first quarter of 2020, including allowing taxpayers to make tax-saving investments/ payments for FY 2019-20 up to 31 July 2020, and extending deadline for issuing Form 16 and Form 16A to August 15, 2020. Given the extension of due date of filing ITR to 30 November 2020, taxpayers have sufficient time to file their ITR comfortably.
However, one needs to carefully ascertain the appropriate ITR form for filing, keeping in mind not only the details of income, but also the various disclosure requirements prescribed from time to time.

And at last we will see the other forms which are applicable to the person (with descriptions, applicability and availability on online or offline) as per the Income Tax Act, 1961 as follows:

S.No.	Form	Description	Applicability	Online	Offline
1	Form 3AC	Audit report under section 33AB(2)	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
2	Form 3AD	Audit Report under section 33ABA(2)	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
3	Form 3AE	Audit report under section 35D(4)/35E(6) of the Income-tax Act, 1961	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
4	Form 3CA-3CD	Audit report under section 44AB of the Income-tax Act,1961 in a case where the accounts of the business or profession of a person have been audited under any other law	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
5	Form 3CB-3CD	Audit report under section 44AB of the Income-tax Act,1961, in the case of a person referred to in clause (b) of sub-rule (1) of rule 6G	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
6	Form 3CE	Audit Report under sub-section (2) of section 44DA of the Income-tax Act, 1961	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
7	Form 3CEA	Report of an accountant to be furnished by an assessee under sub-section (3) of section 50B of the Income-tax Act, 1961 relating to computation of capital gains in case of slump sale	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
8	Form 3CEAA	Report to be furnished under sub-section (4) of section 92D of the Income-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
9	Form 3CEAB	Intimation by a designated constituent entity, resident in India, of an international group, for the purposes of sub-section (4) of section 92D of the Income-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
10	Form 3CEAC	Intimation by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India, for the purposes of sub-section (1) of section 286 of the Income-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
11	Form 3CEAD	Report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of sub-section (2) or sub-section (4) of section 286 of the Income-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
12	Form 3CEAE	Intimation on behalf of the international group for the purposes of the proviso to sub-section (4) of section 286 of the Income-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
13	Form 3CEB	Report from an accountant to be furnished under section 92E relating to international transaction(s) and specified domestic transaction(s)	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
14	Form 3CEJ (Ceased to be effective from AY 2019-20 )	Report from an accountant to be furnished for purposes of section 9A relating to arm’s length price in respect of the remuneration paid by an eligible investment fund to the fund manager	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
15	Form 3CEK	Annual Statement under section 9A of the Income-tax Act, 1961	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
16	Form 3CF-I	Application Form for approval under clause (ii) or clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of a research association	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
17	Form 3CF-II	Application Form for approval under clause (ii) or clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of a University, College or other Institution	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
18	Form 3CF-III	Application Form for approval under clause (iia) of sub section (1) of section 35 of Income Tax Act , 1961 in the case of company	Company,AOP/BOI/Trust	YES	NO
19	Form 3CFA	Form for Opting for taxation of income by way of royalty in respect of Patent	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
20	Form 3CL	Report to be submitted by the prescribed authority to the Income-tax Authority specified under section 35(2AB) of the Income-tax Act, 1961	External Agency	YES	NO
21	Form 3CLA	Report from an accountant to be furnished under sub-section (2AB) of section 35 of the Act relating to in-house scientific research and development facility	Company	YES	NO
22	Form 6B	Audit report under section 142(2A) of the Income-tax Act, 1961	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
23	Form 8	Declaration under section 158A(1) of the Income-tax Act, 1961 to be made by an assessee claiming that identical question of law is pending before the High Court or the Supreme Court	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
24	Form 9	Application for grant of approval or continuance thereof to a fund under section 10(23AAA) of the Income-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
25	Form 9A	Application for exercise of option under clause (2) of the Explanation to sub-section (1) of section 11 of the Income-tax Act, 1961.	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
26	Form 10	Statement to be furnished to the Assessing Officer/Prescribed Authority under sub-section (2) of section 11 of the Incomer-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
27	Form 10A	Application for registration of charitable or religious trust or institution under clause (aa) of sub-section (1) of section 12A of the Income-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
28	Form 10B	Audit report under section 12A(b) of the Income-tax Act, 1961, in the case of charitable or religious trusts or institutions	Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
29	Form 10BA	Declaration to be filed by the assessee claiming deduction under section 80GG	Individual	YES	NO
30	Form 10BB	Audit report under section 10(23C) of the Income-tax Act, 1961, in the case of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub- clause (v) or sub-clause (vi) or sub-clause (via) of section 10(23C).	Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
31	Form 10CCB	Audit report under sections 80-I(7)/80-IA(7)/80-IB/80-IC	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
32	Form 10CCBBA	Audit report under section 80-ID(3)(iv)	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
33	Form 10CCBC	Audit report under section 80-IB(11B)	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
34	Form 10CCBD	Report of accountant under section 80-IB(11C)	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
35	Form 10CCC	Certificate under sub-rule (3) of rule 18BBE of the Income-tax Rules, 1962	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
36	Form 10CCD	Certificate under sub-section (3) of section 80QQB for Authors of certain books in receipt of Royalty income, etc.	Individual	YES	NO
37	Form 10CCE	Certificate under sub-section (2) of section 80RRB for Patentees in receipt of royalty income, etc.	Individual	YES	NO
38	Form 10CCF	Report under section 80LA(3) of the Income-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
39	Form 10DA	Report under section 80JJAA of the Income-tax Act, 1961	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
40	Form 10E	Form for furnishing particulars of income u/s 192(2A) for the year ending 31st March, 20..... for claiming relief u/s 89(1) by a Government servant/an employee in a company, co-operative society, local authority, university, institution, association/body	Individual	YES	NO
41	Form 10G	Application for grant of approval to fund or institution under clause (vi) of sub-section (5) of section 80G of the Income-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
42	Form 10H	Certificate of foreign inward remittance	Individual	YES	NO
43	Form 10-IB	Application for exercise of option under sub-section (4) of section 115BA of the Income - tax Act,1961	Company/Firm	YES	NO
44	Form 10-IC	Application for exercise of option under sub-section (5) of section 115BAA of the Income - tax Act, 1961	Company	YES	NO
45	Form 10-ID	Application for exercise of option under sub-section (7) of section 115BAB of the Income-tax Act, 1961	Company	YES	NO
46	Form 15CA	Information to be furnished for payments to a non-resident not being a company, or to a foreign company	Individual, HUF, Company, AOP/BOI/Trust/Firm/AJP/LA, Tax Deductor & Collector	YES	YES
47	Form 15CB	Certificate of an accountant	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
48	Form 15CC	Quarterly statement to be furnished by an authorised dealer in respect of remittances made for the quarter of ..... of ..... (Financial Year)	Individual, HUF, Company, AOP/BOI/Trust/Firm/AJP/LA,Tax Deductor & Collector	NO	YES
49	Form 15G (Consolidated)	Statement of Declaration under section 197A (1) and section 197A (1A) by an individual or a person (not being a company or firm) claiming certain incomes without deduction of tax.	Tax Deductor & Collector	NO	YES
50	Form 15H (Consolidated)	Statement of Declaration under section 197A(1C) by an individual who is of the age of sixty years or more claiming certain incomes without deduction of tax.	Tax Deductor & Collector	NO	YES
51	Form 24Q	Quarterly statement of deduction of tax under sub-section (3) of section 200 of the Income-tax Act, 1961 in respect of salary for the quarter ended...(June/September/December/March) ...(Financial year)	Tax Deductor & Collector	NO	YES
52	Form 26A	Furnishing Accountant certificate under the first proviso to sub-section(1) of section 201 of the Income Tax Act, 1961	Tax Deductor & Collector	YES	NO
53	Form 26Q	Quarterly statement of deduction of tax under sub-section (3) of section 200 of the Income-tax Act, 1961 in respect of payments other than salary for the quarter ended...(June/September/December/March) ...(Financial year)	Tax Deductor & Collector	NO	YES
54	Form 27BA	Furnishing Accountant certificate under the first proviso to sub-section(6A) of section 206C of the Income Tax Act, 1961	Tax Deductor & Collector	YES	NO
55	Form 27EQ	Quarterly statement of collection of tax at Source under section 206C of Income-tax Act, 1961 for the quarter ended... June/September/December/March ...(Financial year)	Tax Deductor & Collector	NO	YES
56	Form 27Q	Quarterly statement of deduction of tax under sub-section (3) of section 200 of Income-tax Act, 1961 in respect of payments other than Salary made to non-residents for the quarter ended.... June/September/December/March ...(Financial year)	Tax Deductor & Collector	NO	YES
57	Form 29B	Report under Section 115JB of the Income-tax Act, 1961 for computing the book profits of the company	Company	YES	YES
58	Form 29C	Report under section 115JC of the Income-tax Act, 1961 for computing Adjusted Total Income and Alternate Minimum Tax of the person other than a company	Individual, HUF,AOP/BOI/Trust/Firm/AJP/LA	YES	YES
59	Form 35	Appeal to the Commissioner of Income-tax (Appeals)	Individual, HUF, Company, AOP/BOI/Trust/Firm/AJP/LA,Tax Deductor & Collector	YES	NO
60	Form 40C	Application for recognition of a recognisied provident funds	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
61	Form 41	Form for maintaining accounts of subscribers to a recognised provident fund	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
62	Form 49C	Annual Statement under section 285 of the Income-tax Act,1961	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
63	Form 49D	Information and documents to be furnished by an Indian concern under section 285A	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
64	Form 52A	Statement to be furnished to the Assessing Officer under section 285B of the Income-tax Act, 1961, in respect of production of a cinematograph film	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
65	Form 56	Application for grant of the exemption under sub-clauses (iv), (v), (vi) and (via) of clause (23C) of section 10 of the Income-tax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
66	Form 56F	Report under section 10A of the Income-tax Act, 1961	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
67	Form 56FF	Particulars to be furnished under clause (b) of sub-section (1B) of section 10A of the Income-tax Act, 1961	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
68	Form 62	Certificate from the principal officer of the amalgamated company and duly verified by an accountant regarding achievement of the prescribed level of production and continuance of such level of production in subsequent years.	Company	YES	NO
69	Form 63	Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by the Unit Trust of India	Company	YES	NO
70	Form 63A	Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by a Mutual Fund	Company	YES	NO
71	Form 64	Statement of income paid or credited by Venture Capital Company or Venture Capital Fund to be furnished under section 115U of the Income-tax Act, 1961.	Company,AOP/BOI/Trust/Firm/AJP/LA	YES	YES
72	Form 64A	Statement of income distributed by a Business Trust to be furnished under section 115UA of the Income-tax Act, 1961.	Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
73	Form 64D	Statement of income paid or credited by investment fund to be furnished under section 115UB of the Income-tax Act, 1961.	Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
74	Form 64E	Statement of income paid or credited by a securitisation trust to be furnished under section 115TCA of the Incometax Act, 1961	Company,AOP/BOI/Trust/Firm/AJP/LA	NO	YES
75	Form 65	Application for exercising/renewing option for the tonnage tax scheme under sub-section (1) of section 115VP or sub-section (1) of section 115VR of the Income-tax Act, 1961	Company	YES	NO
76	Form 66	Audit Report under clause (ii) of section 115VW of the Income-tax Act, 1961	Company	YES	NO
77	Form 67	Statement of income from a country or specified territory outside India and Foreign Tax Credit	Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA	YES	NO
78	RGESS	Annual Report to be submitted by the depository to the Income Tax Department	External Agency	NO	YES

S.No.

Form

Description

Applicability

Online

Offline

Form 3AC

Audit report under section 33AB(2)

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3AD

Audit Report under section 33ABA(2)

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3AE

Audit report under section 35D(4)/35E(6) of the Income-tax Act, 1961

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CA-3CD

Audit report under section 44AB of the Income-tax Act,1961 in a case where the accounts of the business or profession of a person have been audited under any other law

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CB-3CD

Audit report under section 44AB of the Income-tax Act,1961, in the case of a person referred to in clause (b) of sub-rule (1) of rule 6G

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CE

Audit Report under sub-section (2) of section 44DA of the Income-tax Act, 1961

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CEA

Report of an accountant to be furnished by an assessee under sub-section (3) of section 50B of the Income-tax Act, 1961 relating to computation of capital gains in case of slump sale

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CEAA

Report to be furnished under sub-section (4) of section 92D of the Income-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CEAB

Intimation by a designated constituent entity, resident in India, of an international group, for the purposes of sub-section (4) of section 92D of the Income-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CEAC

Intimation by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India, for the purposes of sub-section (1) of section 286 of the Income-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CEAD

Report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of sub-section (2) or sub-section (4) of section 286 of the Income-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CEAE

Intimation on behalf of the international group for the purposes of the proviso to sub-section (4) of section 286 of the Income-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CEB

Report from an accountant to be furnished under section 92E relating to international transaction(s) and specified domestic transaction(s)

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CEJ
(Ceased to be effective from AY 2019-20 )

Report from an accountant to be furnished for purposes of section 9A relating to arm’s length price in respect of the remuneration paid by an eligible investment fund to the fund manager

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CEK

Annual Statement under section 9A of the Income-tax Act, 1961

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CF-I

Application Form for approval under clause (ii) or clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of a research association

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CF-II

Application Form for approval under clause (ii) or clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of a University, College or other Institution

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CF-III

Application Form for approval under clause (iia) of sub section (1) of section 35 of Income Tax Act , 1961 in the case of company

Company,AOP/BOI/Trust

YES

Form 3CFA

Form for Opting for taxation of income by way of royalty in respect of Patent

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 3CL

Report to be submitted by the prescribed authority to the Income-tax Authority specified under section 35(2AB) of the Income-tax Act, 1961

External Agency

YES

Form 3CLA

Report from an accountant to be furnished under sub-section (2AB) of section 35 of the Act relating to in-house scientific research and development facility

Company

YES

Form 6B

Audit report under section 142(2A) of the Income-tax Act, 1961

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 8

Declaration under section 158A(1) of the Income-tax Act, 1961 to be made by an assessee claiming that identical question of law is pending before the High Court or the Supreme Court

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 9

Application for grant of approval or continuance thereof to a fund under section 10(23AAA) of the Income-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 9A

Application for exercise of option under clause (2) of the Explanation to sub-section (1) of section 11 of the Income-tax Act, 1961.

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10

Statement to be furnished to the Assessing Officer/Prescribed Authority under sub-section (2) of section 11 of the Incomer-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10A

Application for registration of charitable or religious trust or institution under clause (aa) of sub-section (1) of section 12A of the Income-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10B

Audit report under section 12A(b) of the Income-tax Act, 1961, in the case of charitable or religious trusts or institutions

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10BA

Declaration to be filed by the assessee claiming deduction under section 80GG

Individual

YES

Form 10BB

Audit report under section 10(23C) of the Income-tax Act, 1961, in the case of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub- clause (v) or sub-clause (vi) or sub-clause (via) of section 10(23C).

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10CCB

Audit report under sections 80-I(7)/80-IA(7)/80-IB/80-IC

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10CCBBA

Audit report under section 80-ID(3)(iv)

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10CCBC

Audit report under section 80-IB(11B)

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10CCBD

Report of accountant under section 80-IB(11C)

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10CCC

Certificate under sub-rule (3) of rule 18BBE of the Income-tax Rules, 1962

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10CCD

Certificate under sub-section (3) of section 80QQB for Authors of certain books in receipt of Royalty income, etc.

Individual

YES

Form 10CCE

Certificate under sub-section (2) of section 80RRB for Patentees in receipt of royalty income, etc.

Individual

YES

Form 10CCF

Report under section 80LA(3) of the Income-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10DA

Report under section 80JJAA of the Income-tax Act, 1961

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10E

Form for furnishing particulars of income u/s 192(2A) for the year ending 31st March, 20..... for claiming relief u/s 89(1) by a Government servant/an employee in a company, co-operative society, local authority, university, institution, association/body

Individual

YES

Form 10G

Application for grant of approval to fund or institution under clause (vi) of sub-section (5) of section 80G of the Income-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 10H

Certificate of foreign inward remittance

Individual

YES

Form 10-IB

Application for exercise of option under sub-section (4) of section 115BA of the Income - tax Act,1961

Company/Firm

YES

Form 10-IC

Application for exercise of option under sub-section (5) of section 115BAA of the Income - tax Act, 1961

Company

YES

Form 10-ID

Application for exercise of option under sub-section (7) of section 115BAB of the Income-tax Act, 1961

Company

YES

Form 15CA

Information to be furnished for payments to a non-resident not being a company, or to a foreign company

Individual, HUF, Company, AOP/BOI/Trust/Firm/AJP/LA, Tax Deductor & Collector

YES

Form 15CB

Certificate of an accountant

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 15CC

Quarterly statement to be furnished by an authorised dealer in respect of remittances made for the quarter of ..... of ..... (Financial Year)

Individual, HUF, Company, AOP/BOI/Trust/Firm/AJP/LA,Tax Deductor & Collector

YES

Form 15G
(Consolidated)

Statement of Declaration under section 197A (1) and section 197A (1A) by an individual or a person (not being a company or firm) claiming certain incomes without deduction of tax.

Tax Deductor & Collector

YES

Form 15H
(Consolidated)

Statement of Declaration under section 197A(1C) by an individual who is of the age of sixty years or more claiming certain incomes without deduction of tax.

Tax Deductor & Collector

YES

Form 24Q

Quarterly statement of deduction of tax under sub-section (3) of section 200 of the Income-tax Act, 1961 in respect of salary for the quarter ended...(June/September/December/March) ...(Financial year)

Tax Deductor & Collector

YES

Form 26A

Furnishing Accountant certificate under the first proviso to sub-section(1) of section 201 of the Income Tax Act, 1961

Tax Deductor & Collector

YES

Form 26Q

Quarterly statement of deduction of tax under sub-section (3) of section 200 of the Income-tax Act, 1961 in respect of payments other than salary for the quarter ended...(June/September/December/March) ...(Financial year)

Tax Deductor & Collector

YES

Form 27BA

Furnishing Accountant certificate under the first proviso to sub-section(6A) of section 206C of the Income Tax Act, 1961

Tax Deductor & Collector

YES

Form 27EQ

Quarterly statement of collection of tax at Source under section 206C of Income-tax Act, 1961 for the quarter ended... June/September/December/March ...(Financial year)

Tax Deductor & Collector

YES

Form 27Q

Quarterly statement of deduction of tax under sub-section (3) of section 200 of Income-tax Act, 1961 in respect of payments other than Salary made to non-residents for the quarter ended.... June/September/December/March ...(Financial year)

Tax Deductor & Collector

YES

Form 29B

Report under Section 115JB of the Income-tax Act, 1961 for computing the book profits of the company

Company

YES

Form 29C

Report under section 115JC of the Income-tax Act, 1961 for computing Adjusted Total Income and Alternate Minimum Tax of the person other than a company

Individual, HUF,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 35

Appeal to the Commissioner of Income-tax (Appeals)

Individual, HUF, Company, AOP/BOI/Trust/Firm/AJP/LA,Tax Deductor & Collector

YES

Form 40C

Application for recognition of a recognisied provident funds

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 41

Form for maintaining accounts of subscribers to a recognised provident fund

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 49C

Annual Statement under section 285 of the Income-tax Act,1961

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 49D

Information and documents to be furnished by an Indian concern under section 285A

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 52A

Statement to be furnished to the Assessing Officer under section 285B of the Income-tax Act, 1961, in respect of production of a cinematograph film

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 56

Application for grant of the exemption under sub-clauses (iv), (v), (vi) and (via) of clause (23C) of section 10 of the Income-tax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 56F

Report under section 10A of the Income-tax Act, 1961

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 56FF

Particulars to be furnished under clause (b) of sub-section (1B) of section 10A of the Income-tax Act, 1961

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 62

Certificate from the principal officer of the amalgamated company and duly verified by an accountant regarding achievement of the prescribed level of production and continuance of such level of production in subsequent years.

Company

YES

Form 63

Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by the Unit Trust of India

Company

YES

Form 63A

Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by a Mutual Fund

Company

YES

Form 64

Statement of income paid or credited by Venture Capital Company or Venture Capital Fund to be furnished under section 115U of the Income-tax Act, 1961.

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 64A

Statement of income distributed by a Business Trust to be furnished under section 115UA of the Income-tax Act, 1961.

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 64D

Statement of income paid or credited by investment fund to be furnished under section 115UB of the Income-tax Act, 1961.

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 64E

Statement of income paid or credited by a securitisation trust to be furnished under section 115TCA of the Incometax Act, 1961

Company,AOP/BOI/Trust/Firm/AJP/LA

YES

Form 65

Application for exercising/renewing option for the tonnage tax scheme under sub-section (1) of section 115VP or sub-section (1) of section 115VR of the Income-tax Act, 1961

Company

YES

Form 66

Audit Report under clause (ii) of section 115VW of the Income-tax Act, 1961

Company

YES

Form 67

Statement of income from a country or specified territory outside India and Foreign Tax Credit

Individual, HUF, Company,AOP/BOI/Trust/Firm/AJP/LA

YES

RGESS

Annual Report to be submitted by the depository to the Income Tax Department

External Agency

YES

Disclaimer: Sources are the incometaxindiaefiling.gov.in and economics times.

WHY RENT AGREEMENT IS FOR 11 MONTHS ? CAN WE MAKE MORE THAN 11 MONTH

2020-07-31T22:56:00.004+05:30

In this speedy marathon we will learn some basics of Registration Act and Delhi Rent Control Act applicablity in case of Rent Agreement is made for more than 12 Months

Let's understand.

What is rent Agreement

It is an written agreement between landlord and tenant whereon both agrees on such terms and conditions mentioned therein.

Is Stamp paper is mandatory for this agreement.

Yes. Normally we use Stamp Paper of value Rs. 50 or Rs. 100 and this can be done by any Notary Public easily.

Now what will happen if we increase the tenure of lease/rent agreement more than 11 months

First of all we have to understand which documents are required to be register.

Applicablity of Registration Act 1908

As per Section 17 of Registration Act 1908 documents mentioned in Section 17 are mandatorily required to be registered.

As far as if we talk about Rent/lease agreement made for equal to or more than 12 months it will attract Stamp duty as well as registration of document becomes neccessary

Applicablity of Delhi rent Control Act

If amount of rent charged by landlord is upto 3500 in that case the above act shall become applicable.

However amount charged by landlord is more than Rs. 3500 in that case benefit of Delhi Rent Control Act shall not work in the favour of tenent

What kind of benefit is given under Delhi Rent Control Act.

In case of dispute arised between landlord and tenant in that case tenant has been given some rights against landlord no need to go to any arbitration or court. Otherwise this Act won't work in favour of tenant.

(1) In every proceeding of the recovery of possession of any premises on the ground specified in clause (a) of the proviso to sub-section (1) of section 14, the Controller shall, after giving the parties an opportunity of being heard, make an order directing the tenant to pay to the landlord or deposit with the Controller within one month of the date of the order, an amount calculated at the rate of rent at which it was last paid for the period for which the arrears of the rent were legally recoverable from the tenant including the period subsequent thereto up to the end of the month previous to that in which payment or deposit is made and to continue to pay or deposit, month by month, by the fifteen of each succeeding month, a sum equivalent to the rent at that rate.

(2) If, in any proceeding for the recovery of possession of any premises on any ground other than that referred to in sub-section (1), the tenant contest the claim for eviction, the landlord may, at any state of the proceeding, make an application to the Controller for an order on the tenant to pay to the landlord the amount of rent legally recoverable from the tenant and the Controller may, after giving the parties an opportunity of being heard, make an order in accordance with the provisions of the said sub-section.

(3) If, in any proceeding referred to in sub-section (1) or sub-section (2), there is any dispute as to the person or persons to whom the rent is payable, the Controller may direct the tenant to deposit with the Controller the amount payable by him under sub-section (1) or sub-section (2), as the case may be until the standard rent in relation thereto is fixed having regard to the provisions of this Act, and the amount of arrears if any, calculated on the basis of the standard rent shall be paid or deposited by the tenant within one month of the date on which the standard rent is fixed or such further time as the Controller may allow in this behalf.

(4) If, in any proceeding referred to in sub-section (1) or sub-section (2), there is any dispute as to the person or persons to whom the rent is payable, the Controller may direct the tenant to deposit with the Controller the amount payable by him under sub-section (1) or sub-section (2) or sub-section (3), as the case may be, and in such a case no person shall be entitled to withdraw the amount in deposit until the Controller decides the dispute and makes an order for payment of the same.

(5) If the Controller is satisfied that any dispute referred to in sub-section (4) has been raised by a tenant for reasons which are false or frivolous, the Controller may order the defense against eviction to be struck out and proceed with the hearing of the application.

(6) If a tenant makes payment or deposit as required by sub-section (1) or sub-section (3), no order shall be made for the recovery of possession on the ground of default in the payment of rent by the tenant, but the Controller may allow such costs as he may deem fit to the landlord.

(7) If a tenant fails to make payment or deposit as required by this section, the Controller may order the defense against eviction to be struck out an proceed with the hearing of the application.

Urgent information for those individuals who have to pay full income tax for F.Y.2019-20 even before getting income, TDS details

2020-07-30T21:06:00.002+05:30

Due to Covid 19 Pandemic, almost all the due dates for filling returns, taxes and required documents to the government has been extended but for the individual whose self assessment tax liability for the Financial Year 2019-20 exceeds Rs. 1 lakh, the last date of submitting income tax liabilities for the same is 31st July, 2020 after that penal interest of 1 per cent per month would be levied on any short payment of this.. The government wants a certain category of tax payers to pay their entire income tax liability for FY 2019-20 even before they get to know their full income and the TDS on it.

Here’s how this anomaly has arisen.

As per the government notification effective June 30,2020, all tax payers with total self assessment tax liability for F.Y. 2019-20 exceeding Rs 1 lakh must pay all of it by July 31, 2020 else penal interest of 1 per cent per month under section 234A of the Income-tax Act would be levied on any short payment of this.

However, the last date for banks and other deductors of tax at source such as employers etc, to file TDS returns and issue TDS certificates for last quarter of FY 2019-20 is July 31 and August 15, 2020, respectively. These two deadlines were advanced from the normal due dates of May 31 and June 15, respectively, due to the Covid 19 pandemic. Individuals whose tax has been deducted at source (e.g. interest paid on cumulative fixed deposits, salary etc.) normally get to know the full amount paid to them (income) and the TDS on it, only when these figures start reflecting in their Form 26AS on the income tax website or when the deductor issues the related TDS certificates to them. However, normally these figures start to show in Form 26AS only after the deductor files it’s TDS return with the income tax department. As the last date by which deductors have to issue TDS certificates for last quarter of F.Y. 2019-20 is August 15, the earliest an individual tax payer can expect to know the income and TDS figures definitively is by July 31 which is the deadline for deductors to file their TDS returns.

The most common types of income on which TDS is deducted, if applicable, include interest on fixed deposits with banks, non-banking finance companies, corporates etc and salary paid by employers. Although it is possible, for an individual to estimate his/her income from these sources, the exact amount paid and the TDS from those payments can only be known once these figures start to show in the Form 26AS of the individual. TDS certificates are normally issued after that.

Although some deductors have filed their TDS returns and are issuing TDS certificates, many others, such as the post office (on Senior citizen saving schemes), may not have done so because as per law they have time till July 31. The deadline to issue TDS certificates is of course even later.

“The result of the above situation is that individuals whose income suffers TDS to a large extent, will face problems in calculating their total income and the tax already deducted on it. Consequently, they will be unable to calculate exact amount of the self assessment tax payable on their total income by July 31. Therefore, paying the correct amount in full by July 31 becomes very difficult. Alternatively, they may end up paying more to avoid penal interest and have to claim a refund,”

However, clearly the government wants that these individuals should pay the full self assessment tax by July 31 even though they may not be able to know their exact income and TDS by then.

Relative Information about the extended dates of filling returns are as follows:

(a) The due date to file income tax returns for A.Y. 2020-21 stands extended from 31 July to 30 November 2020. The due date for tax audit stands extended from 30 September 2020 to 31 October 2020. Similarly, the income tax returns filed upon a tax audit are now due by 30 November 2020.

(b) Reduction in TDS and TCS rates by 25% of the present rates, for payments from 14 May till 31 March 2021.

(d) The last date for completion of assessments which are getting time-barred on 30 September 2020 stands extended to 31 December 2020. In the case of assessments which get time-barred on 31 March 2021, the time stands extended to 30 September 2021.

(e) The last date of making payment under Vivaad se Vishwas Scheme without additional amount stands extended to 31 December 2020.

Complete Advance Excel Tutorial in Very Simple language

2020-07-06T13:18:00.008+05:30

Introduction of Excel

Microsoft Excel is a spreadsheet application invented and developed by Microsoft Corporation.

Spreadsheet of Excel is a combination of Columns and Rows. Here column shall be show in alphabetic order like A, B, C ………so on and row is in numeric order like 1, 2, 3, …………….. so on.

Total column and Total Row

Column 16,384 (Name of last column is XFD)

Row 10,48,576

How to launch Excel

1. Click on the Start Button.

2. In the Search Program and Files box type Excel.

3. Click on Excel 2013 from the Program results.

4. The Microsoft Excel 2013 program will open

1. Press the Windows key on the keyboard.

2. Type Excel.

3. Click on Excel 2013 under the Apps results.

1.. Press Window key and R(Run)

2. Type excel in dialogue box

3. Press Enter

Excel Overview

The Excel Interface given in the image given below:

Understanding of cells

if you all see in Spreadsheet thousands of rectangles are there to see and these rectangles are occurring of intersection of column and row. Those rectangles are called as cells. Every cell has own name and name should be based on column and row.

Cell

Every cell has its own name, or cell address, in light of its segment and line. In this model, the chose cell crosses segment C and column 5, so the cell address is C5. The cell address will likewise show up in the Name box. Note that a cell's segment and line headings are featured when the cell is chosen.

Mouse Cursors are available in excel for different purposes.

The Five most important shapes are as follows:

	Using for Selection a cell or more than one cells.
	The Auto fill handle. Used for copying formula or extending a data series.
	To select cells on the worksheet. Selects whole row/column when positioned on the number/letter heading label.
	At borders of column headings. Drag to widen a column.
	At borders of row letters. Drag to increase height of row.

Excel Home Tab

The Excel Home Tab is utilized to perform regular orders, for example, Bold, underline, Copy, and Paste. It is additionally used to apply formatting to cells in a worksheet.

Clipboard Group

1. Paste: To insert data that has been placed on the clipboard into a worksheet cell, click this button.

2. Cut: This button is used to remove data from a worksheet cell and place it on the clipboard. Once the data has been placed on the clipboard, it can be inserted into another cell in the same worksheet or into a different worksheet.

3. Copy : To copy data from a cell in a worksheet so that it can be placed into another area of the worksheet, click this button. The data that is copied is placed on the clipboard.

4. Format Painter: Click this button to apply formatting from one cell in a worksheet to another cell or range of cells in the same worksheet. Clicking the button once will apply the formatting to only one other cell or range. Double-clicking makes it possible to apply the formatting to more than one cell or range of cells.

Font Group

Font Type: This button is used to change the style of the font within a cell or a range of cells in a worksheet. A list of different font styles will appear. Move the mouse pointer over the style to see a Live Preview.

Font Size: To change the size of the font in a cell or range of cells in a worksheet, click this button. Move the mouse pointer over each of the sizes to see a Live Preview. A list of different font sizes will

appear. Click the desired size to select it.

Increase Font Size: This button is used to increase the font size within a cell or range of cells. Each time the button is clicked, the size of the font increases by one or two points.

Decrease Font Size: Click this button to decrease the size of the font by one or two point increments. Each time the button is clicked, the size of the font will decrease one or two points.

To use the Bold, Italic, and Underline commands

1. Select the cell(s) you wish to modify.

2. Click the Bold (B), Italic (I), or Underline (U) command on the Home tab. In our example, we'll make the selected cells bold.

3. The selected style will be applied to the text.

Border Style

Allow you to create clear and defined boundaries for different sections of your worksheet.

To add a border

1. Select the cell(s) you wish to modify.

2. Click the drop-down arrow next to the Borders command on the Home tab. The Borders drop-down menu will appear.

3. Select the border style you want to use.

4. The selected border style will appear.

Cell borders and fill colors

TIP: You can draw borders and change the line style and color of borders with the Draw Borders tools at the bottom of the Borders drop-down menu

1. To add a fill color

1. Select the cell(s) you wish to modify.

2. Click the drop-down arrow next to the Fill Color command on the Home tab. The Fill Color menu will appear.

3. Select the fill color you want to use. A live preview of the new fill color will appear as you hover the mouse over different options. In our example, we'll choose Light Green.

4. The selected fill color will appear in the selected cells.

To change the font color

1. Select the cell(s) you wish to modify.

2. lick the drop-down arrow next to the Font Color command on the Home tab. The Color menu will appear.

3. Select the desired font color. A live preview of the new font color will appear as you hover the mouse over different options.

4. The text will change to the selected font color.

Text Alignment Group

By default, any text entered into your worksheet will be aligned to the bottom-left of a cell. Any numbers will be aligned to the bottom-right of a cell. Changing the alignment of your cell content allows you to choose how the content is displayed in any cell, which can make your cell content easier to read.

To change horizontal text alignment

1. Select the cell(s) you wish to modify.

2. Select one of the three horizontal alignment commands on the Home tab. In our example, we'll choose Center Align.

3. The text will realign.

To change vertical text alignment

1. Select the cell(s) you wish to modify.

2. Select one of the three vertical alignment commands on the Home tab. In our example, we'll

choose Middle Align.

3. The text will realign.

Wrap Text

Wrap text by Excel in the event that you need to show long content on various lines in a current cell. Wrap text naturally or enter a manual line break.

Ø Take an example, Type a long text in cell A1

Ø Select Cell A1 and go to Home Tab>>Alignment Group>> click on Wrap Text

Ø Result:

Merge and Center

This option merge selected cells into one cell.

Ø Let’s take an example

There is marksheet below and we need a heading above of data with

full range of marksheet.

see as screen given below:

Ø Select Cell A1 and go to Home Tab>>Alignment Group>> click on Merge & Center.

Ø Result:

Style Group

Conditional formatting

Conditional formatting permits you to consequently apply arranging, for example, Colors, Icon and Data bars—to at least one cells dependent on the cell esteem. To do this, you'll have to make a Conditional formatting rule.

For Example: if we want to the highlight the value more than 30,000 in Total column of salary sheet.

Step 1: Select the range you want to apply the rule.

Step 2:

Click to Conditional formatting option >> Highlight Cell Rules>> Greater than

Step 3: put the value in dialogue box and see the RESULT:

Let’s take another example: we want to highlight more than 18,000 in all salary sheet data.

Follow same step as earlier example:

1. Select data from Basic to HRA column.

2. Follow same step to conditional formatting and highlight greater than rule:

In Conditional Formatting several option to represent data in another format

· Data Bar: Data bar like horizontal bar in each cell and rule apply according to cell value in descending order/largest to smallest value.

See the image given below:

STEP: Click to Conditional formatting

option >> Data bar

Color Scale: Color Scales change the color of each cell based on its

value. Each color scale uses a two- or three-color gradient. For

example, in the Green-Yellow-Red color scale, the highest values are

green,the average values are yellow, and the lowest values are red.

STEP: Click to Conditional formatting option >> Color scale

· Icon Set: Specific or dynamic icon set on based on cell value.

STEP: Click to Conditional formatting option >> Icon Set

If we want to remove any conditional formatting so follow the step given below:

Select the area and Go To Conditional Formatting >> Clear Rules >> Clear Rules from Selective Cells/ Clear Rules from Entire Sheet.

Format as Table

When you've entered data into a worksheet, you might need to organize your information as a table. Much the same as ordinary arranging, tables can improve the look and feel of your exercise manual, yet they'll likewise assist with sorting out your substance and make your information simpler to utilize. Exceed expectations incorporates a few instruments and predefined table styles, permitting you to make tables rapidly and without any problem.

Let’s go and see a normal data apply with format as table with the help of picture:

Step 1: we have to select all data or put the mouse cursor in the any one cell of data.

Step 2: Go to Format as Table>> select any style as per the choice.

RESULT:

Cell styles

Rather than formatting cells manually, you can use Excel's predesigned cell styles. Cell styles are a quick way to include professional formatting for different parts of your workbook, such as titles and headers.

To apply a cell style

1. Select the cell(s) you wish to modify.

2. Click the Cell Styles command on the Home tab, then choose the desired style from the drop-down menu.

3. The selected cell style will appear.

Cell Group

In this article, I am demonstrating how to Insert-Delete-Format cells in Excel worksheets. Presently through to home tab in Excel worksheets, you have a Group of orders which named Cell. The cell Group contains a few orders and alternatives which are discussing the cell. Inside every cell, we can do a ton of figuring, and every phone is significant for our assignment. Presently there are three choices which are the most significant, presently I will give you some data about these three choices the show the uses.

Insert: Here you can become known about inserting a cell, sheet rows, sheet columns, and Insert another sheet.

Delete: if you have any useless cell, rows, columns, and worksheet you can delete it easily

Format: Cell design contains a few choices which can assist you with changing the size of your cells. Hide and Unhide the cells, arrange sheets, and Protection.

Cell Size: – In this option we can change the height of rows and width of the columns, and also you can set a Autofit Row Height.

Visibility: – Here you can hide and unhide your cells, rows, columns, and sheets.

Organize Sheets: – Now you can rename the sheet as per your need and move or copy your sheet. And if you want to change tab color, so you can change too.

Editing Group

Auto sum: On the off chance that you have to sum a row or column of numbers, let Excel figure it out for you. Select a cell close to the numbers you need to total, click AutoSum on the Home tab, press Enter, and you're finished. Shortcut keys of AutoSum is (“Alt”+”=”).

Fill: You can use the Fill command to fill a formula into a Selective range of cells. You can do the following:

1. Select the cell with the formula and the range of cells you want to fill.

2. Click Home > Fill, and choose either Down, Right, Up, or Left as per your need of direction.
shortcut keys:

a. Down Drag: Ctrl+D

b. Right Drag: Ctrl+R

Series: The Excel Fill Series tool is like having a bundle of usage. It can help with one of the most common tasks we do in Excel, which is to create a serial numbers like 1,2,3,….. so on and 1,3,5,…… so on and also date fill. Fill Series option can easily handle them all.

for an example: create a series from 1 to 20 put 1 into any of cell and select that cell

Go to > home tab> editing group>fill> series

Follow the step as given image.

Result:

If u want to fill series in odd and even number series you have to set step value as per your need.

Like if you want to odd number like 1,3,5…………..

So, you have to write 1 in any cell and select of it and follow same step as above but you have to taken step value 2 for odd number and as same for even number series.

Clear:

If you want clear all data or clear formatting of data and some others also available of clear option.

Go to > home tab>editing group> clear

Sort & filter:

Sort: if you want to sort your data in A to Z or vice versa and Numbers data in smallest to largest or vice versa

So, you can use sort option for that.

Go to>home tab>editing group> Sort & filter

You can see in image of option of A to Z and Z to A.

If you want to select option from Smallest to Largest or vice versa you can select the range of numbers data. It will be shown as smallest to largest or vice versa automatically.

Filter: you can easily filter your large number of data in very easy option that

is filter

Go to > home tab>editing group> Sort & filter

Let’s see usage of this option with an example:

We have some number of data given below:

Click on filter button and click on product filter button:

Result:

Find & Select:

Find: When working with a large number of data in Excel, it can be difficult and time consuming to locate specific information. You can easily search using the Find feature.

Go to > home tab > editing group> Find & Select

Let’s take an example:

Click on find option and type manoj to find.

Result:

Cursor of mouse Automatically go to cell where Manoj name available.

Replace

Let’s take a same example as above for replace options:

Click on Replace option and type Manoj in find and type Saroj in replace option.

Go To:

If you want to go any specific cells in entire worksheet

Use go to option for that

Go to > Home Tab > Editing > go to

Step 1

Click on go to and type cell name where you want to go.

Result:

15 Days Tally ERP 9 With GST Function Course learn in easy and simple way

2020-06-19T19:58:00.004+05:30

LEARN TALLY ERP 9 WITH GST FUNCTION AND MAKE YOUR PROFESSIONAL LIFE EASY

Tally.ERP 9 Start-up

Tally.ERP 9 can be started in any of the following ways :

Click on Start > Programs > Tally.ERP 9 > Tally.ERP 9 or double click on the Tally.ERP 9 icon on your desktop

The welcome screen Tally.ERP 9 – Power of Simplicity appears while the software loads. You will be ready to explore Tally.ERP 9, the moment the Tally.ERP 9 start up screen appears.

e Tally.ERP 9 Start-up Screen appears as shown below:

Tally.ERP 9 Screen Components

1. Title bar: Displays the Tally.ERP 9 version number

2. Horizontal button bar: Selection of Language key, Keyboard Language and Tally.ERP 9 Help.

3. Close button: Performs the standard Windows Operating Systems function (Windows 95 onwards), allowing you to minimize Tally.ERP 9 and work on other applications. To restore Tally.ERP 9, click the Tally.ERP 9 icon on the taskbar.

a. Gateway of Tally: Displays menus, screens, reports and accepts the choices and options which you select to view data as required.

b. Buttons toolbar: Displays buttons which provide quick interaction with Tally.ERP 9. Only buttons relevant to the current task are visible.

c. Calculator Area: Used for Calculator functions.

d. Info Panel: Displays Version number, License details, Configuration details.

Mouse/ Keyboard Conventions

While working with Tally.ERP 9, use the following conventions.

MOUSE/ KEYBOARD CONVENTIONS
Action	Particulars
Click	Press the left mouse button.
Double-click	Press and release the left mouse button twice, without moving the mouse pointer off the item.
Choose	Position the mouse pointer on the item and click the left mouse button.
Select	Position the mouse pointer on the item and double- click the left mouse button.
Press	Use the keys on the keyboard in the combination shown.
Fn	Press the function key.
Fn	Press ALT + function key.
Fn	Press CTRL + function key.

Switching between Screen Areas

When Tally.ERP 9 first loads, the Gateway of Tally screen displays. To toggle between this screen and the Calculator/ ODBC server area at the bottom of the screen, press Ctrl+N or Ctrl+M as indicated on the screen. A green bar highlights the active area of the screen.

Quitting Tally.ERP 9

You can exit the program from any Tally.ERP 9 screen, but Tally.ERP 9 requires all screens to be closed before it shuts down.

To quit working on Tally.ERP 9,

1. Press Esc until you see the message Quit? Yes or No ? Press Enter or Y, or click Yes to quit Tally.ERP 9.

2. Alternatively, to exit without confirmation, press Ctrl+Q from Gateway of Tally.

3. You can also press Enter while the option Quit is selected from Gateway of Tally

Creation/ Setting up of Company in Tally.ERP 9

The first step towards understanding Tally.ERP 9 is to create a company in Tally.ERP 9. Create a company using the Company Creation screen.

Creation of a Company

Go to Gateway of Tally > Company Info. > Create Company

The Company Creation screen displays as shown

Each field in the Company Creation screen is explained below. To navigate between the fields, use the enter key or the tab key or arrow keys or the mouse.

Fields

Description

Exercise to Create another Company

Before looking at how to view and amend company details, let us create another company to experiment with. Name your company as Indus Enterprises, Financial Year as 1 April 2020 & Book beginning from 1 April 2020 and you may enter the company details as you like,

To create Indus Enterprises follow this procedure:

1. From the buttons bar select Alt + F3: Create Cmp or simply press Alt + F3 to bring up the

Company Info. Menu.

2. Select Create Company from the menu to bring up the Company Creation screen.

3. Enter Indus Enterprises in the Name field and experiment with entering other data of your choice (for example, the address details).

4. When you have finished, Press Y or Enter to accept the screen

The Gateway of Tally screen will now appear as shown below:

Notice that Indus Enterprises is highlighted. This indicates that it is the currently selected company from the list of open companies.

You can now practice selecting, closing and altering company information.

Practice Exercise

1. Select a Company

2. Shut a Company

3. Alter a Company

To Select a Company

1. Go to the Gateway of Tally > Alt + F3 > Company Info. > Select Company OR Press F1. Tally.ERP 9 displays the List of Companies screen. All the companies created are displayed in an alphabetical order. Select the company name from the list given.

2. In case two or more companies are loaded (like National Traders and Indus Enterprises), click on the company which you need to work on so that the selected company will be highlighted and will appear on top of the list.

To Shut a Company

Go to the Gateway of Tally > Alt + F3 > Company Info. > Shut Company. Select the Company which you need to shut from the List of Companies. You can also use Alt + F1 to shut a Company from the Gateway of Tally screen.

To Alter Company Details

Go to the Gateway of Tally > Alt + F3 > Company Info. > Alter. Select the company which you need to alter from the List of Companies and press Enter to view the Company Alteration screen. Alter the company details as required and accept the screen.

COMPLETE UPDATED PROCESS OF PEER REVIEW 2020

2020-05-29T20:15:00.002+05:30

Meaning Of Peer Review

To raise the standards of the profession and with a view to enhance the quality of attestation services rendered by Practising Company Secretaries (PCS) in the public interest, ICSI issued the Guidelines for Peer Review of Attestation Services by Practising Company Secretaries ("the Guidelines") effective from 1st October 2011.

Peer Review is a process used for examining the work performed by one's equals (peers) and to understand the systems, practices and procedures followed by the Practice Unit and to give suggestions, if any, for further improvement.

Meaning Of Attestation Services

It is pertinent to note the definition of "attestation services" as provided in the Guidelines. The phrase "attestation services" have been used in the Guidelines interchangeably with secretarial or compliance audit services, attestation functions and secretarial audit functions. As per the Guidelines, attestation services include secretarial audit, issuing of various certificates,

But does not include the following:

1. Management consulting engagement

2. Representing a client before the Authorities

3. Testifying as expert witness

4. Providing expert opinions on points of principle, such as Secretarial Standards or the applicability of certain laws based on the facts provided by the clients

Also read this for Website Disclosure https://moderneducationofindia.blogspot.com/2020/05/mandatory-website-disclosure-as-per.html

Need Of Peer Review

1. Evaluation of attestation services provided by the PCS.

2. Maintenance and enhancement of the quality of attestation services.

3. Assurance of compliance with the Technical Standards issued by ICSI from time to time and other regulatory and statutory requirements.

4. Assisting members in identifying the areas of improvement and receiving guidance from their peer members.

5. Upholding the standards of the profession and building greater faith and confidence in the eyes of the stakeholders.

6. Sharing of good practices, experience and mutual learning among peer members of ICSI.

7. Recognition of quality performance by PCS in the form of issue of Peer Review Certificate.

8. Improving global presence of the members of ICSI in practice

Periodicity Of Peer Review

Every Practice Unit shall be mandatorily subject to peer review at least once in a block of five years. However, a Practice Unit may be subjected to peer review at a shorter interval also either at its own request or at the instance of the Peer Review Board

Eligibility Of A Peer Reviewer

Peer review of a Practice Unit shall be carried out by Reviewers empanelled with the Peer Review Board. The criteria for empanelment as a Reviewer is that a person should be

(i) a member of ICSI having at least ten years of post membership experience and

(ii) should currently be in whole time practice as a Company Secretary.

It has been clarified that a member of ICSI who has been under employment for a decade can also seek empanelment as a Reviewer provided the member is holding a certificate of practice from ICSI on the date of making of application for empanelment as a reviewer.

While conducting peer review, the reviewer must remember that every peer review could not be the same because they all include a level of professional judgement and subjectivity depending on the nature and complexity of the peer review.

Process Of Peer Review

(B)

1.Reviewer Shall Communicate A Preliminary Report To The PU Pointing Out The DeficienciesAnd Non-Compliances Observed In Systems And Procedures

2. PU Shall Make Submissions/ Representations In Writing To The Reviewer Within 21 Days

3. whether reviewer is satisfied with the representation made by the pu?

If yes - Than submit report to board

If no - Then follow below process

4. Reviewer Shall Submit Interim Report To The Board

5. Board May Make Recommendations To The Pu And Give Instructions To The Reviewer To Conduct A Follow-Up Review After A Period Of Six Months

6. Whether reviewer is satisfied with the follow up Review ?

If yes - Than submit the report to the Board

If no than follow the below procedure

7. Reviewer Shall Submit Final Report To The Board Incorporating Reasons For Dissatisfaction

8. Board shall consider the reviewer's final report and the pu's submissions and issue recommendations to The pu and instruct the reviewer to perform follow-up action

9. Is the board satisfied?

If yes - Than board will issue Peer Review certificate

If no - Than No Peer Review certificate will be issued

Area Of Prctice For Peer Review

1) Annual Returns Certified/Signed under Companies Act, 2013

2) Certificates Issued under Regulation 40 (9) of SEBI (LODR) Regulations, 2015

3) Secretarial Audit Reports issued Section 204 of the Companies Act, 2013 / Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

4) Annual Secretarial Compliance Reports under SEBI (LODR) Regulations, 2015

5) Internal Audits under Section 138 of the Companies Act, 2013

6) Audit Reports issued under Clause 76 of SEBI (Depositories & Participant Regulations) 2018

7) Certificate issued under Regulation 56 of LODR Regulation 34(3) read with Schedule V, Para C, Clause (b) (i)

8) Compliance Certificates issued under Clause E, Schedule V of SEBI (LODR) Regulations, 2015

9) Internal Audit of Registrar and Share Transfer Agent (RTA) under SEBI Circular No. SEBI/HO/MIRSD/CIR/P/2018/73

10) Internal Audit of Credit Rating Agencies under SEBI Circular No. SEBI/MIRSD/CRA/Cir-01/2010

11) Issuance of Internal Audit Certificate for operations of the Depository Participants

12) Half yearly bank due diligence certificates issued

Records of how many years are subject to peer review by the reviewer?

The Engagement records of immediately preceding financial Years shall be subject to peer review

How Much Will It Cost Me To Get Peer Reviewed

Rs. 10000 or as decided by Board

I have been peer reviewed can i disclose this on my website?

Only the fact of being Peer Reviewed can be stated. However, neither the Certificate nor the Peer Review Report may be display on the website.

what will the validity of peer review certificate issued?

The validity of the Peer Review Certificate is five years from the date of its issue.

MANDATORY WEBSITE DISCLOSURE AS PER SEBI (LODR) 2015

2020-05-29T18:44:00.007+05:30

Mandatory website disclosures under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

If any Company has its website then, there are many provisions under Companies Act, 2013 & SEBI (LODR) which such company has to follow:

Every Company which has a website for conducting online business or otherwise, shall disclose/ publish its:

· Name,

· address of its registered office

· the CIN,

· Tel No,

· Fax No. if any,

· email and

the name of person who may be contacted in case of any queries or grievances on the landing/ home page of the said website.

Also read this Why govt is so actively changing law https://moderneducationofindia.blogspot.com/2020/05/why-govt-is-behaving-so-actively-to.html

LISTED COMPANY:

i. Details of its Business.

ii.Terms and conditions of appointment of independent directors.

iii. Composition of various committees of board of directors

iv.Code of Conduct of board of Directors and Senior Management Personnel.

v.Details of establishment of vigil mechanism/ Whistle Blower policy

vi. Criteria of making payments to non-executive directors , if the same has not been disclosed in annual report

vii.Policy on dealing with related party transactions

viii.Policy for determining ‘material’ subsidiaries

ix.The email address for grievance redressal and other relevant details

x. Contact information of the designated officials of the listed entity who are responsible for assisting and handling investor grievances

xi. Shareholding Pattern

xii. Details of agreements entered into with the media companies and/or their associates, etc

xiii. New Name and the old name of the listed entity for a continuous period of one year, from the date of the last name change

xiv. financial information including

· notice of meeting of the board of directors where financial results shall be discussed

· financial results, on conclusion of the meeting of the board of directors where the financial results were approved

· complete copy of the annual report including balance sheet, profit and loss account, directors report, corporate governance report etc;

xv. Details off amiliarization programmes imparted to independent directors including the following details

· Number of programmes attended by independent directors (during the year and on a cumulative basis till date),

· number of hours spent by independent directors in such programmes (during the year and on cumulative basis till date), and

· other relevant details

xv. Item mentioned below from point No.(i) to (iv) also required to publish in website.

i. Notice of Meeting:

Notice of meeting of the board of directors where financial results shall be discussed.

ii. Financial Results:

Financial results, as specified in regulation 33, along-with the modified opinion(s) or reservation(s), if any, expressed by the auditor.

if the listed entity has submitted both standalone and consolidated financial results, the listed entity shall publish consolidate financial results along-with:

· Turnover

· Profit Before Tax

· Profit After Tax

b). A reference to the places, such as the website of listed entity and stock exchange(s), where the standalone results of the listed entity are available.

iii. Statements of Deviation(s) or Variation(s) as specified in sub-regulation

(1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors’ report in annual report.

iv. Notices given to Shareholders by Advertisement.

xvi. Disclosure of events or information: The listed entity shall disclose on its website all such events or information which has been disclosed to stock exchange(s) under regulation 30, and such disclosures shall be hosted on the website of the listed entity for a minimum period of five years and thereafter as per the archival policy of the listed entity, as disclosed on its website.

WHY GOVT IS BEHAVING SO ACTIVELY TO CHANGE COMPANY LAW ?

2020-05-22T15:47:00.003+05:30

Why is the Companies Act being changed continuously ?

The recently decriminalised offences include administrative offences such as delays in filing CSR reports, or failure to rectify the register of members in compliance with orders from the NCLT.

Finance and corporate affairs minister Nirmala Sitharaman on Sunday reported that the administration was moving to decriminalize arrangements of the Companies Act to improve simplicity of working together in the nation as a component of the administration Covid-19 alleviation bundle. The move, which was at first declared on March 4, is a piece of a bigger exertion by the legislature since 2018 to expel criminal punishments from all arrangements of the Companies Act, aside from arrangements managing deceitful lead.

Various offenses recently delegated compoundable offenses, for example those offenses that had either detainment or fines as disciplines have had the detainment punishment expelled. A portion of these offenses have been excluded by and large while others have been moved from the domain of the National Company Law Tribunals (NCLT) to an in-house settling instrument.

Also read this https://moderneducationofindia.blogspot.com/2020/05/complete-process-of-msme-registration.html

Why the change?

The move has been a piece of bigger government endeavors to help simplicity of working together since 2018. The as of late decriminalized offenses incorporate managerial offenses, for example, delays in documenting CSR reports, or inability to correct the register of individuals in consistence with orders from the NCLT. Specialists bring up that the decriminalization endeavors are actually a push to pull back on guidelines presented in 2014 planned for boosting corporate consistence. The administration had additionally acquainted changes with the Companies Act making infringement of the Corporate Social Responsibility (CSR) arrangements deserving of detainment however didn't operationalise the arrangement after input from industry. The Companies Act revision bill 2020 has likewise proposed to expel criminal obligation from CSR arrangements.

"With the update of Companies Act in 2013, significantly more guidelines were presented for better consistence and along these lines various corrective arrangements with both common and criminal punishments were presented accomplice at Deloitte India, taking note of that as consistence levels improved and the administration wanted to support simplicity of working together the administration began to loosen up criminal arrangements.

What is the change?

The number of compoundable offences under the Companies Act have come down to 31 from 81 prior to the 2018 amendment to the Companies Act. A number of these offences have been moved from needing to be prosecuted through the National Company Law Tribunals to being dealt with by the Registrar of Companies. The RoC is empowered to decide penalties for these offences and companies can appeal to the Regional Director (RD) of the Ministry of Corporate Affairs (MCA) to appeal or seek modifications to these decisions. This move would help free up the bandwidth of NCLTs to deal with cases dealing with insolvency and other higher priority matters. The total number offences to be dealt with the in-house adjudication mechanism has risen from 18 in 2018 to 58 proposed in the latest amendment

What could be future prospective ?

According to experts, the ministry is expected to come out with further measures to decriminalise provisions in the companies act particularly those relating to auditors. An auditor with a leading audit firm said the MCA had announced that it would move towards removing criminal liability for issues such as negligence by auditors. “The ministry said they would remove criminal liability for a number of provisions dealing with auditors.

As per specialists, the service is relied upon to come out with further measures to decriminalize arrangements in the organizations demonstration especially those related with auditors. An auditor with a audit firm said the MCA had declared that it would move towards expelling criminal obligation for issues, for example, carelessness by examiners. "The service said they would evacuate criminal obligation for various arrangements managing inspectors.

Here we can see that ministry is actively changing and analyzing the Corporate law to pull it towards simplicity and good governance. Same can be examined by various amendments has come in last few months.

COMPLETE PROCESS OF MSME REGISTRATION

2020-05-17T20:19:00.003+05:30

What is MSME and its benefits

Any company that comes under the category of MSME needs to ensure they are registered under the MSME category. MSME registration stands for the micro small and medium enterprises registration. MSMED Act has been launched by the government of India to support the MSME through various schemes, subsidies, and incentives. With MSME Registration, banks also provide the loans at lower rate of interests.

No Fees required Registration is free of cost

MSME

Also read this If FCGPR rejected https://moderneducationofindia.blogspot.com/2020/04/howto-get-approval-if-your-fc-gpr-got.html

Eligiblity Criteria for MSME Registration

MSME enterprises of the Manufacturing sector as well as Service Sector can be categorized on the basis of the amount invested in plant and machinery –

1. Micro enterprises– Entities investing upto 1crore and turnover upto 5 crore.

2. Small enterprises– Entities investing upto 10 crore and turnover upto 50 crore.

3. Medium enterprises– Entities investing upto 20 crore and turnover upto 100 crore.

Documents Required for This Process

The following are the documents required for the registration process

Aadhar number of the applicant

Name, gender, PAN number, email id and mobile number of the applicant.

PAN, location, and address of the organization.

A number of employees and the date, you are planning to start your business.

Bank account number and IFSC code

The basic business activity of the enterprise

NIC 2 digit code

Investment in plant and machinery/equipment

MoA and AoA

Copies of Sales Bill and Purchase Bill

Step by step registration process for MSME

Start Registration Process

Go to Adhaar udhyog website to start the MSME Registration Process.

Fill Application Form

At the first step, you have to fill basic details in MSME Registration form.

Enter Personal Details

Required to fill in all your personal details such as name, address, PAN Card, bank account details registration process. Also, a photo needs to be uploaded.

Executive Will Process Application

At this process, an MSME executive will review your application. In case of any discrepancy, you will be notified about the process and make the relevant changes.

Receive Certificate of Mail

After filling the complete form you will get the certificate for MSME Registration.

PROCESS TO GET APPROVAL IF FC-GPR GOT REJECTED MANY TIMES

2020-04-08T01:19:00.000+05:30

How to get approval if your FC-GPR got rejected by RBI in case of FDI

FCGPR

When to file FC-GPR

Within 30 days of issue of securities, Company needs to file FC-GPR to RBI in Single Master Form at https://firms.rbi.org.in/firms/faces/pages/login.xhtml.

What are the Documents required for FC-GPR

1) Duly completed FC-GPR form online on FIRMS portal

2) Company Secretary Certificate

3) Declaration by the Authorized Representative of the Indian Company

4) 6 pointer KYC of Foreign Investor on Bank's letter head as per RBI format

5) Copy of FIRC with endorsement

6) If excess/shortage amount received, declaration on company's letter head for the status of excess/shortage amount

7) CA certificate on CA's letter head with firm Reg. No. & Membership No. of CA indicating the manner of arriving at the price of the shares issued to the persons resident outside India (CA certificate must be prior to the date of issue of shares)

8) Debit authority letter to collect AD charges for filling of FC-GPR

9) True Copy of the Board Resolution of the Indian Company (Only the relevant extracts)

10) In case of delay, reason for delay

Possible Queries Can be raised by RBI

1) There is a mismatch in the date of remittance as provided in Form FC-GPR with FIRC

2) There is a mismatch in the date of remittance as mentioned in Form FC-GPR with FIRC ( In case of multiple FIRCS please mention the earliest date )

3) Endorsement on FIRC obtained from ICICI branch only specifically mentioning total amount received minus amount utilised in share allotment equal to Balance (in INR only) not provided

4) In case of valuation certificate please mention SEBI REGN

5) Please provide debit authorization letter. The applicable charges is Rs.5000+ GST.( Only applicable in case of ICICI Bank not for other Banks)

6) Please provide authorized representative declaration as per FIRMS user manual.

7) Please provide excess inward remittance declaration.( if any)

8) Please provide board resolution passed for allotment of shares.

9) Please provide Delay Reason

Note 1: I have observed so many rejected cases of FC-GPR and Found the above mentioned queries has been raised by RBI/AD end no of times.

Note 2: Many times we see that after complying all the requirements of RBI still FC-GPR got rejected. This problem arises from Ad Bank side even a minor negligence from issuer side can be rejected. In case you are getting continuous rejections for same. You should contact with your AD bank Because sometimes we need to clarify few things to AD bank personally for which is he is not getting convinced.

It is advisable every time when you file FC-GPR ( keep all above documents ready with yourself) try to resolve above queries at prima facie.

In case of any query post down comment below.

Name	This specifies the name of the company as it appears in Tally.ERP 9. If you have several companies to create with similar names, you will have to distinguish between them to provide a unique name for Tally.ERP 9.
Mailing Name	The company name given in the Name field automatically appears in this field. This can be changed according to your requirements. The correct name of the company for mailing purposes should be entered.
Address	The address of the company (The mailing name and address details are picked from here for any report such as balance sheet and statement of accounts).
Statutory Compliance for	Select India from the list of countries.
State	Select the appropriate State from the list of States.
Pin Code	Enter the PIN code of the specified address.
Telephone No.	Enter the telephone number of the company.
E- Mail	E-mail address will be used to e-mail documents, reports and data from Tally.ERP 9.
Mobile No.	Enter the mobile number of the company.
Currency Symbol	This refers to the currency symbol Tally.ERP 9 will use for monetary values. By default, Tally.ERP 9 displays Rs.
Maintain	Select the nature of the company i.e, Accounts only or Accounts with Inventory.
Financial Year From	Specify the Financial Year (FY) for the company. Tally.ERP 9 considers 12 months from the date you give here as the Financial Year. For example, if you give 1st April 2009, your FY will be April to March - in this case, ending with 31st March 2010.
Books Beginning From	The date given for ‘Financial Year From’ is automatically displayed. However, we can specify the actual date on which the books of accounts start. In case our accounts are opened mid-way during the financial year specified, we can enter the required date and start the books of accounts accordingly.
TallyVault Password	TallyVault is an enhanced security feature utilised to protect company data in an encrypted form by means of a Password. The TallyVault password entered ensures that the data is maintained permanently in an encrypted form without retaining information of the password used. Data is not accessible without the TallyVault password. Remember to keep this password private and known only to those who need to know. If the password is lost, your data cannot be recovered.
Use Security Control	Tally.ERP 9 has a range of security controls, which can define the authority of various users to access the information and to enter/ alter/delete the vouchers.

BASE CURRENCY INFORMATION
Fields	Description
Base currency symbol	Pre-set as a default currency — Rs. (as specified earlier).
Formal name	Complete name for the currency symbol. By default, this is set to Indian Rupees.
Number of decimal places	By default, this is set to 2.
Is symbol suffixed to amounts?	By default, this is set to No. For example, in India, we place the Rs symbol in front of amounts.
Symbol for Decimal Portion	Enter the decimal portion for the cur- rency mentioned. Enter Paise.
Show amounts in millions?	Tally.ERP 9 caters to currencies where the different parts of large amounts are called by special names. By default, this is set to No.
Put a space between amounts and symbol?	By default, this is set to Yes.
Decimal Places for Printing Amounts in words	You can specify the number of decimal places to print the amount in words. This number should be equal to or lesser than the number specified in Number of Deci- mal places field.

Field	Data to be entered
Directory	Accept what is displayed on the screen
Name	National Traders
Mailing Name	National Traders
Address	No 24, Phase 1, Peenya Industrial Area Bangalore
Statutory Compliance for	India
State	Karnataka
Pin Code	560089
Telephone No	080 - 41237890
Mobile No.	9845293752
E-mail	sales@national.com
Currency Symbol	Rs.
Maintain	Accounts with Inventory
Financial year from	1 April 2009
Books beginning from	1 April 2009
TallyVault Password (if any)	Skip the Field – don't enter any details.
Use security control	No
Formal name	Indian Rupees
Number of decimal places	2

Show amounts in millions?	No
Is symbol suffixed to amounts?	No
Put a space between amounts and symbol?	Yes

MoDerN EduCation

National Education Policy 2020

Which ITR form is applicable to whom? Here is your all doubts will be clear.

WHY RENT AGREEMENT IS FOR 11 MONTHS ? CAN WE MAKE MORE THAN 11 MONTH

In this speedy marathon we will learn some basics of Registration Act and Delhi Rent Control Act applicablity in case of Rent Agreement is made for more than 12 Months

What is rent Agreement

Is Stamp paper is mandatory for this agreement.

Now what will happen if we increase the tenure of lease/rent agreement more than 11 monthsFirst of all we have to understand which documents are required to be register.

Applicablity of Registration Act 1908

Applicablity of Delhi rent Control Act

What kind of benefit is given under Delhi Rent Control Act.

Urgent information for those individuals who have to pay full income tax for F.Y.2019-20 even before getting income, TDS details

Here’s how this anomaly has arisen.

Complete Advance Excel Tutorial in Very Simple language

15 Days Tally ERP 9 With GST Function Course learn in easy and simple way

LEARN TALLY ERP 9 WITH GST FUNCTION AND MAKE YOUR PROFESSIONAL LIFE EASY

Tally.ERP 9 can be started in any of the following ways :

Tally.ERP 9 Screen Components

Switching between Screen Areas

Creation/ Setting up of Company in Tally.ERP 9

Go to Gateway of Tally > Company Info. > Create Company

Exercise to Create another Company

COMPLETE UPDATED PROCESS OF PEER REVIEW 2020

MANDATORY WEBSITE DISCLOSURE AS PER SEBI (LODR) 2015

WHY GOVT IS BEHAVING SO ACTIVELY TO CHANGE COMPANY LAW ?

COMPLETE PROCESS OF MSME REGISTRATION

PROCESS TO GET APPROVAL IF FC-GPR GOT REJECTED MANY TIMES

Now what will happen if we increase the tenure of lease/rent agreement more than 11 months

First of all we have to understand which documents are required to be register.