I-T department news on 'Unique Transaction Number' for TDS assesses

The income tax department has introduced a 'Unique Transaction Number' for assessees whose taxes are deducted at source and hence they will have to wait for some time before filing returns before 31st July 2009 this year.

The I-T department has made the UTN number mandatory for all assessees whose tax is deducted at source to overcome the problem of individual asseessees having more than one permanent account number (PAN), sources said.All individual assesses whose tax is deducted or collected at source will have to quote the UTN, the department said.

Who will issue UTN?

The National Securities Depository Ltd will give the UTN to all assessees whose tax is deducted or collected at source through tax deductors. Tax payer including salaried employees has to get it from their employer.

"Assesses must ensure that the deductor and the collector have provided them with separate UTNs in respect of each TDS and TCS transaction," the income tax department said in a circular.

NSDL has started giving UTNs and the I-T department expects the process to get over by 30 June. Taxpayers have about 39 days to file tax returns as of now.

In ITR it is already incorporated just after employer's TIN in the excel template.

This is mainly intended to eliminate duplicate PAN numbers and ensure proper credit of the tax.

New mediclaim policy from Met life

New Health policy from Met life:

Met life India has launched one of the best and unique Health care plan for every one. Met Health care is a health insurance plan. Now a days health care expenses are unbearable by an individual if he plans to finance the same by himself. As per the survey Coverage of health insurance is limited to only about 5% of the population Out of which, only 10% have an individual health insurance policy. The remaining are covered by various employer schemes as well as government led schemes.

So what is needed is a plan with a simple benefit structure covering all expenses,A plan where the customer can easily ascertain what can be claimed,A plan where the customer is not tied in to network hospitals alone,A single plan which provides for multiple coverages plan which can cover the whole family,A plan which not only pays when you are in hospital but also pays in case you don’t use the policy,A plan which assures long term cover,A plan which has a hassle free entry process,And most important, a plan which has a simple process for making claims AND GUARANTEES THE PAYMENT OF THE CHOSEN HCB.

What Met health care plan will offer:

Daily Hospitalization Cash Benefit (Ranging between Rs.1000 to Rs.5000 Per day), Daily ICU Cash Benefit Recuperation Benefit Critical Illness Benefit Accidental Total & Permanent Disability Benefit

Interestingly no medical check-up needed for the person for taking-up this policy. The coverage of the policy is up to the age of 55. It is a family policy where in one policy covers the whole family.

• For each year claim free year, a 10% No Claim Discount is provided on the initial premium.


• Up to a maximum of 50% No Claim Discount can be accumulated.


• On the occurrence of claim, the NCD will be set to zero.


• A customer can start accumulating the NCD again thereafter.


• NCD will be applicable even if the premium has been reset.


• Tax benefit up to Rs.15000.00 under section 80D


• This policy if for the whole Family which is defined as Husband, wife and 2 kids
  

How much I need to pay:

Premium will start with as least as Rs.3687 per year for an age group of 26 to 30 and for a sum assured of Rs. 1,00,000.00 for 10 critical illnesses including 1.Heart Attack 2.Surgery to coronary arteries 3.Heart Valve Replacement 4.Stroke 5.Kidney Failure 6.Paralysis 7.Cancer 8.Major Organ Transplant 9.Blindness 10.Aorta Surgery

Interested to know more contact cosmicsanthosh@gmail.com or call 9902977233.

How to Register LLP (Limited liability partnership) in india

India is always known for red-tapism in all governement process and there hasbeen huge cry about the same which is making foreign entities to keep one step back from running business in india. Here is a simple step to form a LLP in india which can be done online using your digital signature. The information is obtained from MCA site.

How to Incorporate a New Limited Liability Partnership

A Limited Liability Partnership may be incorporated as per the procedure
explained below:

User Registration

 Register yourself on the website of Ministry of Corporate Affairs, developed for LLP services, i.e. http://www.llp.gov.in/ . This website may also be accessed through the website of the ministry http://www.mca.gov.in/ On the home page of the URL http://www.llp.gov.in/ click “Register” tab on top right hand corner of the page.

 Fill in the registration form. Fields marked * in the form are to be mandatorily filled. Select your user name and password.

 Upload digital signature certificate

 On successful registration, system will give a message that you have been
registered successfully.Obtain Designated Partners Identification Number (DPIN).

 All designated partners of the proposed LLP shall obtain “Designated Partner Identification Number (DPIN)” by filing an application individually online in Form -7.

 For obtaining DPIN kindly log in by clicking on the “Login” tab on top right corner of the home page, enter your user name and password. After login,click on the E-forms link. List of e-forms will open. Click and open Form 7.

 Fill up “Form 7” for allotment of DPIN

 Pay filing fee of Rs.100 online through credit card (master/visa)

 Submit the application form online. The system will generate a provisional DPIN. Kindly note it carefully

 Take the print out of the application form, affix a latest passport size photograph and get it attested/certified for submission physically along with documentary evidences for proof of identify and proof of residence with the Registrar LLP.

 Deliver the printed and signed application form, along with the prescribed documents by hand/courier/registered post to the Office of Registrar, Ministry of Corporate Affairs, 3rd Floor, “Paryavaran Bhawan”, CGO Complex, Lodhi Road, New Delhi-110003.

 For more details see Instruction Kit provided on the home page under “Users Guide” tab.
Digital Signature Certificate

 Partner/Designated partner of LLP/proposed LLP, whose signatures are to be affixed on the e-forms has to obtain class 2 or class 3 Digital Signature Certificate (DSC) from any authorized certifying agency, details of which are available on the home page of the llp portal under the tab “Certifying Authorities”.

Reservation of name : How to book your LLP name?

 Log on to the LLP portal by clicking the “log in” tab on the top right corner of the homepage and enter your username and password. After login, click “EForms”
link.

 Open Form-1 for reservation of name and fill in the details. Select name of
the proposed LLP (upto 6 choices can be indicated).

 Any partner or designated partner in the proposed LLP may submit Form-1.

 Append digital signatures and submit the e-form

 Pay the necessary fee by credit card (master/visa).

 Free name search facility (of existing companies / LLPs) is available on MCA portal (hyper link available on LLP portal).The system will provide the list of similar/closely resembling names of existing companies/LLPs based on the search criteria filled up.

 Details of minimum two designated partners of the proposed LLP, one of them must be a resident of India, is required to be filled in the application for reservation of name. Only individuals or nominees on behalf of the bodies corporate as partners can act as designated partners.

 Check status of your application by logging on the portal.

 For more details see Instruction Kit provided on the home page under “Users
Guide” tab.Incorporation of LLP

 Once the name is reserved by the Registrar, log on to the portal and fill up Form-2 “Incorporation Document and Statement”.

 Pay the prescribed registration fee as per the slab given in Annexure A of the LLP Rules, 2009, based on the total monetary value of contribution of partners in the proposed LLP.

 Statement in the e-form is to be digitally signed by a person named in the incorporation document as a designated partner having permanent DPIN and also to be digitally signed by an advocate/company secretary/chartered accountant/cost accountant in practice and engaged in the formation of LLP.

 On submission of complete documents the Registrar after satisfying himself about compliance with relevant provisions of the LLP Act will register the LLP, maximum within 14 days of filing of Form-2 and will issue a certificate of incorporation in Form-16.

 You can check status of your application by logging on to the portal

 For more details see Instruction Kit provided on the home page under “Instruction Kit” tab.
Filing of LLP agreement (Form-3) and Partners’ details (Form-4)

 Form 3 (Information with regard to LLP agreement and changes, if any made therein) and Form-4 (Notice of Appointment of Partner/Designate Partner, his consent etc.) may be filed with the prescribed fee simultaneously at the time of filing Form-2 or within 30 days of the date of incorporation or within 30 days of such subsequent changes.

 For more details see Instruction Kit provided on the home page under “Instruction Kit” tab.

Needed assistance in forming LLP?

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