Income Tax Due Date Calender August 2015

Due Dates for selected month and year

7 August 2015 -

​​​Due date for deposit of Tax deducted/collected for the month of July, 2015

15 August 2015 -

​​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) by a person being an office of the Government for the quarter ending June 30, 2015​

22 August 2015 -

​​Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of July, 2015

31 August 2015 -

​​Annual information return under section 285BA for the financial year 2014-15​.

Annual return of income and wealth for the assessment year 2015-16 for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner (of a firm whose accounts are required to be audited) or (d) an assessee who is required to furnish a report under section 92E​​​

Income Tax Return goes completely Paperless- No ITR-V required #ITR #YourPersonalMunim

Income Tax Return goes completely paper less, now the processing of return filed will be through Aadhaar Number, where, you can link your Aadhaar Number with your PAN and get rid of sending ITR V to CPC, Bangalore.

In the new process, One Time Password (OTP) will be generated after uploading of your return. With the help of this OTP, you can verify your ITR filed and there will be no need to send Acknowledgement to Bangalore.From the Assessment Year 2015-16, an option is given to the taxpayer to verify their return of income via Electronic Verification Code (EVC).In these cases, taxpayers shall not be required to send the signed copy of ITR-V to CPC, Bangalore. Before getting in details, we shall first understand the term EVC and how can it be generated:

What is EVC?

For electronic verification of return, a code (EVC) is generated. EVC will be a unique number linked to assessee’s PAN. One EVC can be used to validate one return, irrespective, of assessment year or type of return. Note: EVC generated via Aadhaar Card will be valid only for 10 minutes and in any other case, it will be valid for 72 hours.

Can all assessee verify return through EVC?

Following cannot file return through EVC: a) Persons, whose accounts are required to be audited under Section 44AB; b) Political parties filing their return of income in ITR-7; and c) Companies.

How to generate EVC?

Taxpayers can generate EVC by any of the four ways given below:

1. Through E-filing Website of Income Tax Department:This facility is available only to the assessee’s: ▪ Having total income of Rs. 5 Lakhs or below and ▪ Not claiming Income-tax refund. EVC generated will be sent to the registered email ID and mobile number. 2. Through Net-Banking: If your bank is registered with Income Tax Department, you can directly access the e-filing website through your account login. EVC generated will be sent to the registered e-mail id and mobile number of taxpayer. 3. Through Aadhaar Number: Taxpayers can link their Aadhaar Number with their PAN on e-filing website to generate the EVC.

After linking Aadhaar Number to PAN, ‘one time password’ (‘OTP’) will be generated by UIDAI and sent to the taxpayer’s mobile number registered with UIDAI. This Aadhaar based OTP is the EVC and can be used to verify the incometax return. 4. Through ATM: Taxpayers can generate EVC through ATM only if ATM card of taxpayer is linked to PAN. The bank will communicate to e-filing website which will generate EVC and send the EVC to assessee on his registered mobile number. After understanding all the options available for generating EVC, you must know how and when this EVC shall be used in verification process.

E- Verification of Income Tax Returns is required to be done in following situations: 1. While uploading a return 2. Of an already uploaded return

Let us see how and when EVC is being used in all the situations.

E-Verification while uploading a return ▪ Upload Return and Click Submit ▪ The Return is uploaded. However, Pending for e-Verification ▪ For e-Verification,taxpayer can: ▪ Option 1 – I would like to e-Verify now ▪ Option2 – I would like to e-Verify later/ I would like to send ITR-V

Option 1 –I would like to e-Verify now Step 1: Enter the EVC sent to your registered Email Id / Mobile Number and Submit to e-Verify return. Step 2: Download the Acknowledgement (No Further action required). Option 2 – I would like to e-Verify later/ I would like to send ITR-V Step 1: Click on Continue ->Download ITR-V Step 2: Submit ITR-V to CPC, Bangalore.

2. E-Verification of an already uploaded return ▪ Click e-Verify Return under e-file. ▪ Uploaded returns (120 Days) which are yet to be e-Verified are displayed in a table. ▪ Click on e-Verify (for the return already uploaded) ▪ For e-Verification, taxpayer can: ▪ Option 1 – I would like to e-Verify now ▪ Option 2 – I would like to e-Verify later/ I would like to send ITR-V

Option 1 –I would like to e-Verify now Step 1: Enter the EVC sent to your registered Email Id / Mobile Number and Submit to e-Verify return. Step 2: Download the Acknowledgement (No Further action required).

Option 2 – I would like to e-Verify later/ I would like to send ITR-V Step 1: Click on Continue , Download ITR-V Step 2: Submit ITR-V to CPC, Bangalore.

With above explanation of the process to verify your return filed with the department, taxpayer may simply do the verification process. After the successful verification you will not be require to do the tedious work of sending ITR V to Bangalore. For assistance in ITR filing, you can visit us at Munim.in

DigiLocker- Government Initiative: How it works #YourPersonalMunim #DigitalIndia

The government has announced digital locker facility that will help citizens to digitally store their important documents like PAN card, passport, mark sheets and degree certificates.

Called DigiLocker, it is aimed at eliminating the use of physical documents and enable sharing of verified electronic documents across government agencies. Operated by the Department of Electronics & Information Technology (DeitY), the service has been running in beta since past few months. It will be formally launched by the Prime Minister on July 1.

Presently, Indian citizens will get a maximum of 10MB storage space, which can later be increased to 1GB.

Here's a step-by-step guide to help you upload your documents in DigiLocker.

Step 1: To sign-up for your DigiLocker, one needs Aadhaar number and a mobile number that is linked to that Aadhaar number. Users can also link the account to their Google, Facebook accounts. Once you have registered, you can start uploading documents in the My certificates section.

Step 2: Select a document type. You'll have options such as SSC Certificate, HSC Certificate, PAN card, Voter ID card, etc. in a drop down list.

Step 3: You are allowed to provide a name for the document.

Step 4: Fill in some details related to the document being uploaded.

Step 5: Choose the file from your local machine. It should not be more than 1MB in size and only in pdf, jpg, jpeg, png, bmp or gif format.

Step 6: Provide a short description of the document in 50 characters.

Step 7: Click 'upload' button. The document should now appear under the 'Uploaded Documents' sub-section.

For more query or guidance, please visit www.munim.in or mail us at contact@munim.in

Munim Team

Your Personal Munim

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Highlights of Companies Amendment Act, 2015 #CompanyIncorporation #YourPersonalMunim #Startups

The Indian Government is actively working to improve ease of doing business in India. Key initiative in this aspect is the Amendment to Companies Act, 2015 to make it more business or investor friendly. In this article, Munim.in highlighted at important aspects of the Companies Amendment Act, 2015.

1. No Minimum Paid-Up Capital: The Companies Amendment Act, 2015 removes the words “of one lakh rupees or such higher paid-up share capital” relating to Private Limited Company thereby necessitating NO minimum capital requirement for starting a private limited company. The words “of five lakh rupees or such higher paid-up capital,” has also been removed wherein it pertains to the minimum paid-up share capital of a Limited Company. Hence, a public limited company can also be started without a minimum capital of rupees five lakhs.
2. No Requirement for Commencement of Business Certificate: The requirement of obtaining Commencement of Business Certificate after incorporation has been removed in the Companies Amendment Act, 2015. 
3. Common Seal is Optional: The requirement for common seal has now been made optional and the Directors signature is acceptable instead of the common seal of the Company.
4. Board Resolution are Confidential: So far Board Resolutions executed by the Company had to be filed with the Ministry of Corporate Affairs. The Board Resolutions were public documents and could be downloaded by paying a fee. However, to protect company confidentiality, the clause ““provided that no person shall be entitled under section 399 to inspect or obtain copies of such resolutions” has been inserted. Therefore, board resolutions now cannot be accessed publicly.
5. Loan can be provided by Holding Company to Subsidiary Company: Loans or guarantees can be provided by the holding company to the subsidiary company. Though the Companies Act, 2013 did not have any restrictions on holding company providing loan to subsidiary company, the new Companies Amendment Act, 2015 has clarified the same.
6. Dividends: The Companies Amendment Act, 2015 has clearly stated that ‘no company shall declare dividend unless carried over previous losses and depreciation not provided in previous year or years are set off against profit of the company for the current year’. Companies having losses or negative reserves cannot declare dividends.
7. Penalty for Company Inviting or Accepting Deposit: Through the Companies Amendment Act, 2015, the following sections have been added to the Companies Act, 2013 prescribing penalty for inviting or accepting or renewing public deposit:

• “Where a company accepts or allows or causes any other person to accept or invite on its behalf any deposit in contravention of the manner or the conditions prescribed under section 73 or section 76 or rules made thereunder or if a company fails to repay the deposit or part thereof or any interest due thereon within the time specified under section 73 or section 76 or rules made thereunder or such further time as may be allowed by the Tribunal under section 73,
• the company shall, in addition to the payment of the amount of deposit or part thereof and the interest due, be punishable with fine which shall not be less than one crore rupees but which may extend to ten crore rupees; and
• every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years or with fine which shall not be less than twenty-five lakh rupees but which may extend to two crore rupees, or with both
• Provided that if it is proved that the officer of the company who is in default, has contravened such provisions knowingly or wilfully with the intention to deceive the company or its shareholders or depositors or creditors or tax authorities, he shall be liable for action under section 447.”

The above items are some of the major highlights of the Companies Amendment Act, 2015.

Now get your company registered with in a week at www.munim.in. For more information, please visit Company Incorporation Service.

Munim Team

Your Personal Munim

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Register Digital Signature Certificate on MCA website #DSC #YouPersonalMunim #CompanyIncorporation

Once equipped with DSC usage (if having problem in using DSC please visit How to install and use DSC), the user needs to register the DSC on MCA website for digitally signing the forms on MCA.

Following is the stepwise process of registering DSC on MCA:

1. To register DSC on MCA, first go to the site www.mca.gov.in.
2. On the upper part of this site you’ll get have an option to login/register. Click on that and one another tab will open that would guide you to register your digital signature certificate.
3. On the second tab opened, click on the services just next to home tab and click on the register digital signature link.
   
4. After clicking the above, you will get the step by step process that is to be followed for registration of Director’s DSC. Please go through it thoroughly and follow it.
5. After going through it, on the same page on the left hand panel click on the ‘Director’ link. You will receive a form asking to fill up some details. The details would ask for the Directors name and other details. Now please note that on the form Father’s name is to be filled. It is mandatory and Mother’s name is not mandatory.
6. After filling the details, click on the ‘Next’ button. The system would verify the details.
7.  If the details are correct, the system would prompt you to select the DSC.
8. Click on the ‘Select Certificate’ button to browse and select the certificate. Please ensure that the selected DSC belongs to the applicant, whose particulars are being registered.
9. For the first time registration, the DSC shall be registered there and then.
10. For updation, if user ID is not created then the DSC would be updated through simple process explained above.
11. If the user ID has been created through the DSC, then for updation, it will ask for answer of a question which had been fed into the system while creation of the ID.
12. System shall validate the DSC. If the selected DSC is already registered against given DIN, system will give an informatory message. If a different DSC is already registered against the given DIN, system will ask if the user wants to update his/her DSC.
13. Type the displayed system generated text for verification in the box provided.
14. Click on ‘I agree’ button to agree to the declaration that details furnished are correct.
15. Click on the ‘Submit’ button to register your DSC.
16. Acknowledgement message is displayed to the user.
17. User can take a print-out of the acknowledgement.
18. The applicant can click on the ‘Reset’ function to clear the data in the fields.

For More details on the same or getting the DSC registered on MCA, please visit www.munim.in. We provide free consulting on the same.

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Munim Team

Your Personal Munim

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Process of Brand Registration in India #YourPersonalMunim #Trademark #Brand #CompanyIncorporation #Startups

The internet has connected the entire world and opened up new markets for businesses. Businesses are no longer bound by location and are able to access new markets across the world easily. The rapid expansion of businesses into newer markets, along with increasing advertising cost has necessitated brand name protection. In this article, Munim.in highlights the process for brand name protection and brand registration in India.

Brand Registration: 

A brand could be a business name, domain name, product name, slogan, logo, term, design or other feature that distinguishes a product or service of a company from those of others. Brand registration in India involves multiple processes such as domain registration, business name registration, trademark registration and copyright registration, as follows:

1. Domain Registration: Branding exercise starts from domain registration, as more and more people search online for businesses, products and services. Online presence has become a must for all businesses and it is important to lock-in the required domain name for the business that is somewhat similar with the brand name. Domain name registration is the first step in brand name protection or brand registration, as it is both cheap and instant. A business may settle for a domain ending with .in, .co.in .com, .net or other similar extensions. Domain name availability can be searched through Google Domains or GoDaddy etc.
2. Business Registration: For startups setting up a new business, the branding exercise starts from the selection of business name. Business name is legal name of the entity, reflected on the bank account of the business, tax registration, legal documents, employment contracts, etc., Once the brand name has been decided, the Entrepreneur can use the Ministry of Corporate Affairs’ Company or LLP Name Check facility (or visit www.munim.in for such service) to search for available names. It is important to remember that the Ministry of Corporate Affairs does not approve any proposed business name that is: similar or identical to that of an existing company or LLP or trademark. The criteria of selection of name of the company or LLP is listed here.
3. Trademark Registration: Trademark registration is the only registration that can afford absolute brand name protection. Trademark can be used to protect the brand name, business name, slogan, logo, design and more. Therefore, businesses planning to invest significantly in branding or brand promotion must definitely obtain trademark registration.
   Application for trademark registration must be made as soon as possible, and the trademark application must be tracked until the trademark is registered. Once the trademark is registered, the ® symbol can be placed next to the brand to put others on notice that the brand is a registered trademark.
4. Copyright Registration: Copyright registration and protection is afforded for literary, dramatic, musical and artistic works and producers of cinematograph films and sound recordings. If the brand has a unique logo with artistic characteristics, then the logo of the business can be copyrighted to obtain additional brand registration, under the law. Logos that are not very unique or have no artistic characteristics usually cannot be copyrighted.

For more information regarding Brand Registration in India, please visit www.munim.in.

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Munim Team

Your Personal Munim

www.munim.in

Reach us @ +91 8800681678 | contact.munim@gmail.com | contact@munim.in

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Rest Assured, We feel Your Concern !!