Regards SPLAN Corporate solutions
- Published in service tax registration
But how do you move from that first idea to your final success? In our book, Small Business, BIG Vision, my brother and I talk a lot about this. We discuss how having a big vision is so important, but that it doesn’t mean anything if nothing comes of it.
Here are 10 steps to move your dreams into reality:
1. Define the difference. You need to be clear about how your product is unlike other competitors.
Suppose your dream involves a new type of social media that lets you create online collections of visuals that people can share. Are you talking about Pinterest? Slideshare? Instagram? You need to set yourself apart. If your idea is not clearly defined, people may have a “been there, done that” view of it.
2. Look for the problem-need-want your idea solves. Will it shorten the time it takes to do something? Does it make it easier to find something? Can it make something more exciting or more functional? If your product or service doesn’t address an identifiable problem, need or want, why would anyone spend money on it?
3. Use clear, strong words. This is not the time to say, “It’s kinda like this….” Find the exact right words and avoid jargon. Instead, focus on a description that can fire the imagination. If you can’t get people excited about your idea, it’s not going to go anywhere beyond your head.
4. Do your homework. Are you the first with this idea, or will you have competition? Research online, visit conferences in your industry, talk to experts and search for mentors. Do your due diligence now. You don’t want to discover that someone else got there first after you invest valuable time and money.
5. Do your homework again. Even if no one else has your idea, someone may have another plan to solve the same issue your idea addresses. Look at any tangential businesses that may usurp your potential customer. You can do this determining and analyzing your competition. Think of this to help you: What might people spend their money or time on instead of your product or service?
6. Define your customer base. If you say “everyone,” you’re just being lazy and you’re kidding yourself. Who are your product or service’s early adopters? Will people choose your idea over something they already spend time and money on, or will they decide this is a brand new way to spend time and money? Which people will really, really want what you have to offer, and who will have to be educated or talked into it?
7. Determine your resource requirements. What exactly do you need to get started? Can you build it in your basement using standard tools and materials? Does everything depend on a website that distributes the service? Can you handle the startup alone or do you need a team? And if so, a team that includes who? How much money do you need to get your idea off the ground? This is not a fast process. Expect to spend a fair amount of time on research, checking with suppliers, and talking with industry experts and specialists.
8. Build a prototype. Yes, this is critical with a product, but just as important if you’re offering a service. If you’re creating a service, your prototype can be a process map that details customer contact points and what has to happen internally to meet customer needs. A physical prototype should be working and include a clear understanding of function, reliability and production requirements. If you can’t actually build a real prototype at least have computer-aided designs with detailed specs.
9. Do the math. No plan is complete without a thorough financial analysis. This includes a realistic and convincing revenue projection and accompanying costs. You should be able to detail the estimated break-even point and future profits. If you need help on this part, get it. A bush-league financial statement can kill even the greatest idea.
10. Write your plan. I’m not talking about the pitch you give potential money people — I mean your internal plan for taking your dreams all the way to the finish line. You need to have this in place for yourself, so that when you wake up tomorrow you know what to do. It will keep changing, and that’s okay. In fact, it’s important to maintain flexibility in your plan.
When you take the leap with your big vision, you’ll either bounce, crash or fly. But one thing’s for sure, you’ll never find out if you don’t take action.
This year, nearly 30 Lakh taxpayers have already opted for the electronic verification facility using which you can avoid the signing and sending of the ITR-Verification form to CPC Bangalore. E-verification is possible through
i. Aadhaar One-time password (OTP) for which you would have to authenticate your Aadhaar and link it with your PAN, or
ii. Net-banking where you can login to your netbanking account and get redirected to the efiling account directly or
iii. E-filing OTP (available only if the Returned Income is below Rs 5 Lakh and no refund is claimed).
- Published in Income Tax Return for Assessment Year 2015-16
|SECTION||NATURE OF DEDUCTION||REMARKS|
|80CCC||Payment of premium for annuity plan of LIC or any other insurer Deduction is available upto a maximum of Rs. 1,00,000/-||The premium must be deposited to keep in force a contract for an annuity plan of the LIC or any other insurer for receiving pension from the fund. The Finance Act 2015 has enhanced the ceiling ofdeduction under Section 80CCC from Rs.100,000 to Rs. 1,50,000 with effect from A.Y. 2016-17Read more – Income Tax Deduction Under section 80CCC|
|80CCD||Deposit made by an employee in his pension account to the extent of 10% of his salary.||Where the Central Government makes any contribution to the pension account, deduction of such contribution to the extent of 10% of salary shall be allowed. Further, in any year where any amount is received from the pension account such amount shall be charged to tax as income of that previous year. The Finance Act, 2009 has extended benefit to any individual assesse, not being a Central Government employee.Read More – Income Tax Deduction Under section 80CCD|
|80CCF||Subscription to long term infrastructure bonds||Subscription made by individual or HUF to the extent of Rs. 20,000 to notified long term infrastructure bonds is exempt from A.Y. 2011-12 onwards. This deduction is discontinued w.e.f. A.Y. 2013-14.|
|80CCG||Investment under Rajiv Gandhi Equity Savings Scheme, 2013||The deduction was 50 % of amount the maximum Investment permissible for claiming deduction under RGESS is Rs. 50,000. The benefit is in addition to deduction available u/s Sec 80C.in such equity shares or ₹ 25,000, whichever is lower.|
|80D||Payment of medical insurance premium. Deduction is available upto Rs.15,000/ for self/ family and also upto Rs. 15,000/- for insurance in respect of parent/ parents of the assessee.In case of senior citizens, a deduction upto Rs.20,000/- shall be available under this Section. Insurance premiume of senior citizen parent/ parents of the assessee also eligible for enhanced deduction of Rs. 20000/-||The premium is to be paid by any mode of payment other than cash and the insurance scheme should be framed by the General Insurance Corporation of India & approved by the Central Govt. or Scheme framed by any other insurer and approved by the Insurance Regulatory & Development Authority. The premium should be paid in respect of health insurance of the assessee or his family members. The Finance Act 2008 has also provided deduction upto Rs. 15,000/- in respect of health insurance premium paid by the assessee towards his parent/parents. w.e.f. 01.04.2011, contributions made to the Central Government Health Scheme is also covered under this section.Read More –Deduction U/s 80D for Mediclaim Premium to Individual, HUF, Senior CitizensBudget 2015 Proposed increase in Deduction Limit U/s. 80D which can be read here-Section 80D- Hike in Deduction Limit for Mediclaim|
|80DD||Deduction of Rs.40,000/ — In respect of (a) expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative. (b) Payment or deposit to specified scheme for maintenance of dependent handicapped relative. W.e.f. 01 .04.2004 the deduction under this section has been enhanced to Rs.50,000/- Further, if the dependent is a person with severe disability a deduction of Rs.1,00,000/– shall be available under this sectionBudget 2015 has Further Proposed to hike the limit from A.Y. 2016-17 to Rs. 75000 from existing Rs. 50,000/- and for person with severe disability to Rs. 1.25 lakh from existing Rs. 1 Lakh. Read more-Budget 2015- Section 80DD deduction Limit Raised||The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist.Note:A person with severe disability means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the “Persons with Disabilities (Equal opportunities, Protection of Rights and Full Participation) Act.,”Read More –Deduction u/s. 80DD for expenses on medical treatment of disabled dependent|
|80DDB||Deduction of Rs.40,000/- in respect of medical expenditure incurred.W.e.f. 01.04.2004, deduction under this section shall be available to the extent of Rs.40,000/- or the amount actually paid, whichever is less.In case of senior citizens, a deduction upto Rs.60,000/- shall be available under this Section.Budget 2015 has proposed deduction of Rs. 80000/- for seniot citizen aged 80 year or More from A.Y. 2016-17-Read More-Section 80DDB- Limit raised & waived condition of certificate||Expenditure must be actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10I is to be furnished by the assessee from a specialist working in a Government hospital.Budget 2015 has Proposed for the purpose of claiming deduction under the section assessee will be required to obtain a prescription from a specialist doctor instead of Certificate.Read More – Deduction under section 80DDB with FAQ|
|80E||Deduction in respect of payment in the previous year of interest on loan taken from a financial institution or approved charitable institution for higher studies.||This provision has been introduced to provide relief to students taking loans for higher studies. The payment of the interest thereon will be allowed as deduction over a period of upto 8 years. Further, by Finance Act, 2007 deduction under this section shall be available not only in respect of loan for pursuing higher education by self but also by spouse or
children of the assessee.W.e.f. 01.04.2010 higher education means any course of study pursued after passing the senior secondary examination or its equivalent from any recognized school, board or university.Read More – Section 80E – Deduction for Interest on education Loan
|80EE||Deduction in respect of interest on loan taken for residential house property||Vide Finance Act 2013, an individual is allowed a deduction upto a limit of Rs 1,00,000 being paid as interest on a loan taken from a Financial Institution, sanctioned during the period 01-04- 2013 to 31-03-2014 (loan not to exceed Rs 25 lakhs) for acquisition of a residential house whose value does not exceed Rs 40 lakhs. However the deduction is available if the assessee does not own any residential house property on the date of sanction of the loan.Read More – Section 80EE Income Tax Benefit on Home Loan Interest|
|80G||Donation to certain funds, charitable institutions etc.||The various donations specified in Sec. 80G are eligible for
deduction upto either 100% or 50% with or without restriction as provided in Sec. 80GRead More – Deduction U/s. 80G of Income Tax Act, 1961 for donation
|80GG||Deduction available is the least of(i) Rent paid less 10% of total incomeii. Rs.2000 per monthiii. 25% of total income||(1) Assessee or his spouse or minor child should not own residential accommodation at the place of employment.(2) He should not be in receipt of house rent allowance.(3) He should not have a self-occupied residential premises in any other placeRead More – Section 80GG Deductions – For rent paid|
|80TTA||Deduction in respect of interest on deposits in savings account||Section 80TTA is introduced wef A.Y. 2013-14 to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.Read More – S. 80TTA – Deduction in respect of interest on deposits in savings account|
|80U||Deduction of Rs.50,000/- to an individual who suffers from a physical disability (including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs.75,000/- shall be available u/s 80U.W.e.f. 01.04.2010 this limit has been raised to Rs. 1 lakh.Budget 2015 proposed to amend section 80U to raise limit of deduction in respect of a person with disability from Rs. 50,000/- to Rs. 75,000 and for person withsevere disability from one lakh rupees to one hundred and twenty five thousand rupees.Read more-Budget 2015- Section 80U deduction Limit Raised||Certificate should be obtained on prescribed format from a notified ‘Medical authority’.Read More – Deduction U/s. 80U for disabled persons|
|87A||Rebate Of Rs 2000 For Individuals Having Total Income Upto Rs 5 Lakh||Finance Act 2013 has provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income not exceeding Rs 5,00,000/-. The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower. WEF A.Y. 2014-15.Read More – Section 87A – Income Tax Rebate|
|80RRB||Deduction in respect of any income by way of royalty in respect of a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available as :-Rs. 3 lacs or the income received, whichever is less.||The assessee who is a patentee must be an individual resident in India. The assessee must furnish a certificate in the prescribed form duly signed by the prescribed authority alongwith the return of income.|
|80QQB||Deduction in respect of royalty or copyright income received in consideration for authoring any book of literary, artistic or scientific nature other than text book shall be available to the extent of Rs. 3 lacs or income received, whichever is less.||The assessee must be an individual resident in India who receives such income in exercise of his profession. To avail of this deduction, the assessee must furnish a certificate in the prescribed form along with the return of income.|
|80C||This section has been introduced by the Finance Act, 2005. Broadly speaking, this section provides deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section is limited to Rs. 1.50 lakh only. Read More-Deduction under section 80C and Tax Planning|
- Published in Income Tax Deductions on Salaried
|Return Form|| Brief Description|
|ITR – 1||Also known as SAHAJ. It is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).|
|ITR – 2||It is applicable to an individual or a Hindu Undivided Family having income from any source other than “Profits and gains of business or profession”.|
|ITR – 3||It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hands under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.|
|ITR – 4S||Also known as SUGAM is applicable to individuals and HUFs who have opted for the presumptive taxation scheme of section 44AD/ 44AE.|
|ITR – 4||It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.|
|ITR – 5||It is applicable to a person being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political party, institutions, colleges, etc.)|
|ITR – 6||It is applicable to a company, other than a company claiming exemption under section 11(charitable/religious trust can claim exemption under section 11).|
|ITR – 7||It is applicable to a persons including companies who are required to furnish return under section 139(4A) or139(4B) or 139(4C) or 139(4D) (i.e., trusts, political party, institutions, colleges, etc.).|
|ITR – V||It is the acknowledgement of filing of return of income.|
risk issues. It helps the companies to build their corporate image. Secretarial Audit facilitates monitoring compliances with the requirements of law through a formal compliance management programme which can produce positive results to the stakeholders of a company:
Secretarial Audit assures the promoters of a company that those in-charge of its management are conducting its affairs in accordance with the requirements of laws and the owners‟ stake is not being exposed to unintended risk.
(b) Non-executive/Independent directors
Secretarial Audit provides comfort to the Non-executive/Independent Directors that appropriate mechanisms and processes are in place to ensure compliance with laws applicable to the company, thus mitigating any risk from a regulatory or governance perspective.
(c) Government authorities/regulators
It also facilitates reducing the burden of the regulators in ensuring compliances and they can take timely actions against the offenders.
Secretarial Audit helps the investors in taking informed investment decision, as it evaluates the company in terms of compliance and governance norms being followed by the company.
(e) Other Stakeholders
It is an effective due diligence exercise for the prospective investors or joint venture partners. Further Financial Institutions, Banks, Creditors and Consumers can measure the law abiding nature of company management.
(f) Benefits to the company itself
— Companies that go the extra mile with their compliance programs lay the foundation for good governance. — Companies with an effective compliance management programme have lesser chance of receiving penalties, both monetary and by way of imprisonment. — Companies that imbibe business and personal ethics and an effective compliance management programme within their work culture often enjoy employee and customer loyalty and public respect for their brand, which can translate into better market capitalization and shareholder returns.
– Recognition for the company as a good corporate citizen.
The Secretarial Audit provides an in-built mechanism for enhancing corporate compliance generally and help restore the confidence of investors in the capital market through greater transparency in corporate functioning.
- Published in What are the benefits of Secretarial Audit?
Which companies are required to undergo Secretarial Audit?
As per section 204(1) of Companies Act, 2013 read with rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the following companies are required to obtain Secretarial Audit Report:
– Every listed company;
– Every public company having a paid-up share capital of fifty crore rupees or more; or
– Every public company having a turnover of two hundred fifty crore rupees or more.
“Turnover” means the aggregate value of the realisation of amount made from the sale, supply or distribution of goods or on account of services rendered, or both, by the company during a financial year. [Section 2(91)]
- Published in What is Secretarial Audit?