59 Minutes Loan
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How to apply for the new Loan under 59 Scheme by the Government

Prime Minister Narendra Modi has announced an ambitious scheme of getting loan up to 1 Crore in just 59 minutes. The scheme has been started for the Micro, small and medium enterprises. Among the 12 schemes that were generated, one that was highlighted was the facility of availing loan under 59 minutes. With this initiative, the Government is working towards pushing the growth in automation and bringing down the time and process involved in cumbersome Loan facilities. Quick Approval Process An Individual who qualified for such loan would…
Class 3 DSC

Class 3 DSC Signature and E-tendering- What you need to know

Class 3 Digital Signature is used for e-tendering and is considered to be the signature of the highest level. The importance of the Class 3 DSC lies in the fact that it enables safety of the user. An Individual who is applying for tenders through e-tendering route would always want to know that his transactions are safe. Class 3 Digital Signature has been designed to do exactly the same. There are two validity period of Class 3 Digital Signature – One year and Two Years. According to the Information Technology Act, Class 3 Digital Signatures…
US$ to INR

Here is Why Indian Rupee is Falling Against The U.S. Dollar

The Indian Rupee is not taking halt against US dollar, falling continuously to touch the lifetime low of 71.10 against the greenback. In today’s session, the currency got some relief after the good GDP numbers but failed to sustain and fell to an all time low levels. There are multiple factors behind falling Indian rupee against US dollar. Global and Domestic Factors The rising tensions between two biggest economies – the United States and China has taken toll on India rupee. Both the countries are in a race to slap tariff on each other’s…

DIR-3 KYC Filing Date Extended - How to file the form?

The government has extended due date of filing DIR-3 KYC without any late fee till 15th September. As a part of updating the registry, the Ministry of Corporate Affairs as is conducting KYC of all Directors of all companies annually through DIR-3 KYC form. This form is compulsorily required to be filed by every director who has been allotted a Director Identification Number on or before 31st March of a financial year and whose DIN is in Approved status. It is mandatory for Disqualified directors also. Late filing after 15th September would attract…

Different Types OF ITR Status And How To Check It Online

Taxpayers should regularly check their ITR status to ensure that the Income Tax Return has been accepted and processed. Income-tax Department has provided access to check Income-tax Return Status in user login. However, not every tax payer understands the meaning of checking the status means after they file the return. Different types of ITR status: Submitted and pending for e-verification: this status appears on the screen:  When you have filed the ITR but have not e-verified it. You have  sent the acknowledgement to the department but…
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Everything you need to know about Digital Signature

Digital Signature acts like a guarantee that the electronic documents and the message sent digitally has not been tampered because of the encryption techniques used. Digital signature is popularly known as electronic signature. Difference between digital and electronic signature Digital signature is also a form of electronic signature but the method differs slightly. It uses the certificate-based digital ID to authenticate signer identity. In digital signature, the proof of signing linked together to the document through encryption and the…
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Income tax notices and what should the tax payer do

The government has extended the Income tax return filing date till August 31st, 2018 which means that you get more time to file the return carefully and ensure that there are no mistakes. However, in case you have received the notice from the Income Tax Authority, there is a process to go about it. Recently, there have been an increase in the number of Income tax notices sent by the department due to changes made in the income tax rules about which most of the income tax payers are not aware. Section 143(1) – Customary Notice - You don’t…
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GST Training in Bangalore | GST Classroom cum online training in Bangalore

Being July 1st 2017  date fixed for GST roll out all over India many of us are worried about GST preparedness??  We have one good opportunity with GST training in Bangalore DBA Cosmic IT services pvt. Ltd. Bangalore with it's 16 years of rich industry experience in US and Indian financial market has launched 3 days and 2 days GST training session from 3rd of July to 7th of July  2017 . Following are the topics covered in these 5 days: One more greater advantage you will have once you attend session and write exam you will get Certificate…
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Don't Accept VPP in the name of Director identification number ( DIN) Information Kit

Now a days once you apply for DIN number you will get one VPP parcel i.e. Value Payable parcel with heading as Director identification number ( DIN) Information Kit whose picture is also enclosed in this post. This is a open fraud by Dibya Publication-Regus Business Center , Level-9 , Gurgaon which contains some information on DIN and other MCA related circulars but definitely not worth 950.00 which they mention.  You can outright reject the same and send it back to the sender which will teach them a lesson of not to defraud innocent public…
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How to link PAN with Aadhaar ?

How to link PAN with Aadhaar ? The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. It was reported that taxpayers were finding it difficult as their names did not match in both systems (Eg. Names with initials in one and expanded initials in another). Responding to such grievances,the Dept has come out with a simple solution now. Just go to www.incometaxindiaefiling.gov.in and click on the link on the left pane -> Link Aadhaar. Provide PAN, Aadhaar no. and ENTER NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid…
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Invitation to join Knowinfonow.com Submit Articles

Invitation to join Knowinfonow.com Submit Articles Knowinfonow.com would like to invite Authors to join our blog www.knowinfonow.com . The Authors who like to be Part of  Knowinfonow.com and get their article published on our website can mail their article to us and we will publish the same with due credit to the author. Knowinfonow.com is a unique and focused portal on taxation, Accounting, Finance, Audit and Corporate law. We are currently providing all news and analysis on taxation, Accounting, Finance, Audit , GST., ESI/PF and Corporate…
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NOTICE FOR DEFAULT UNDER SECTION 92 AND 96 READ WITH SECTION 403 OF THE COMPANIES ACT, 2013

MCA has started issuing notice to companies which have failed to file annual return with ROC. There are lakhs together companies which got registered but failed to submit annual return and return of meeting held in the form of MGT 7. NOTICE FOR DEFAULT UNDER SECTION 92 AND 96 READ WITH SECTION 403 OF THE COMPANIES ACT, 2013  GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS OFFICE OF REGISTRAR OF COMPANIES, ROC - BANGALORE E Wing 2nd Floor Kendriya Sadana Kormangala Banglore-560034 NOTICE FOR DEFAULT UNDER SECTION 92 AND 96 READ WITH SECTION…

Ministry Of Corporate Affairs Issues Notifications Regarding Corporate Restructuring

The Ministry of Corporate Affairs has put out the notification regarding provision of the Companies Act 2013 (Act). As per the notification, National Company Law Tribunal will be enabled to handle the corporate restructuring and winding up companies in addition to transfer of pending proceedings to it. Corporate restructuring involves transformation of the organization of a business. The definition of corporate restructuring has a very wide definition and can involve things like mergers of the departments, buyout, reshuffling and also relocating…

Affidavit for applying DIN | Director identification number affidavit format

The Government of India new initiative of ease of doing business in India has been a remarkable achievement specially inviting foreign countries to do business and bring in foreign direct investment. First step to start a company in India is obtaining Director Identification number or DIN . One must have PAN number and any address proof which will be verified in form DIR 3 . One can download the latest form for DIN from MCA website and fill in needed details. Format for Affidavit download :  One must attach An Affidavit [Pursuant to section…

Applicability of PAN requirement for Foreign Nationals as Director of the Company

Applicability of PAN requirement  for Foreign Nationals as Director of the Company:   MCA issues General Circular No. 16/2014 Dated 10.06.2014 for Applicability of PAN requirement  for Foreign Nationals as Director of the Company at the time of Incorporation. As per this circular, PAN is compulsory for a Foreign National who is a subscriber / promoter at the time of incorporation of the company. However, if the Foreign National does not possess a PAN, then he / she is required to furnish a declaration / undertaking in prescribed format…

Format of Copy of verification by the applicant as per Form No. DIR-4 for Applying DIN online

Format of Copy of verification by the applicant as per Form No. DIR-4 for Applying DIN online: Form DIR-4 Verification of applicant for application for DIN (To be in the form of Affidavit) [Pursuant to section 153 and rule 9(3)(a)(iv) of Companies (Appointment and Qualification of Directors) Rules, 2014]  I, ……………….., Son*/ Daughter* of ……….., born on ………….., resident of ………………………………….. hereby confirm and verify that the particulars given in the Form DIR-3 are true and also are in…

Changes to MOA and AOA post Implementation of Companies Act 2013

Immediate action points under Companies Act 2013 for Private Limited Companies SL NO ACTION POINT ACTION TO BE TAKEN 1 Alteration of Memorandum (MOA) and  Articles of Association (AOA) o    To amend the existing MOA and AOA to incorporate the provisions of the new Companies Act; o    Option to include entrenchment provisions, if any, in the Articles of Association for strict compliance. (An entrenchment clause is a provision which makes further amendments to AOA more difficult. such provision enables a company…

External Commercial Borrowings (ECB) allowed for eligible borrowers in India

External Commercial Borrowings (ECB) from the foreign equity holder 1.Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the A.P. (DIR Series) Circular No. 5 dated August 1, 2005, as amended from time to time, relating to the External Commercial Borrowings (ECB). 2. As per the extant ECB policy, borrowings in the form of ECB cannot be utilized for general corporate purpose. 3 On a review, it has been decided to permit eligible borrowers to avail of ECB under the approval route from their foreign equity holder…