On 16th January, one of it’s kind (probably in the world) Startup event was conducted by Government of India. Prime Minister himself graced the occasion and unveiled the Startup Action Plan 2016. The action plan contains several positive initiatives for Indian startups that look at easing up various regulatory, legal, financial and other challenges faced by them
Key Highlights of the Startup India Action Plan are as under:
- Self certification through startup mobile app in 6 labor and 3 environmental laws.
- No inspection for 3 years in case of labor laws and random checks in case environmental laws.
- A single point of contact for the entire Startup ecosystem and enable knowledge exchange and access to funding will be created.
- Mobile Application and Website with similar features to provide on the go accessibility for Registration, Tracking Regn. Status, Clearances, Approvals, Collaborations with Startup Ecosystem Partner from 1.04.2016.
- Fast tracking of Startup patent applications and Panel of facilitators to assist in filing of IP applications along with Govt. bearing the facilitation cost.
- Startups shall be provided an 80% rebate in filing of patents.
- Government shall exempt Startups (in the manufacturing sector) from the criteria of “prior experience/ turnover” without any relaxation in quality standards or technical parameters.
- Launch of The Insolvency and Bankruptcy Bill 2015 (“IBB”) for faster / voluntary closure of startups meeting specified criteria.
- Set up of Fund in the nature of Fund of Funds, of total corpus of INR 10,000 crore over a period 4 years (i.e. INR 2,500 crore per year).
- Capital gain exemption on investment in Govt. recognized funds.
- Business Income of Start ups exempted from income tax for a period of 3 years, subject to non distribution of dividend.
- Proposing exemption from provisions of Sec. 56(2)(viib) of Income Tax Act, 1961 to investment made by Incubators in Startup.
- As part of “Make in India” initiative, Government proposes to hold one Startup fest at the national level and one Startup fest at the international level annually.
- Setting up incubators in Public Private Partnership Model.
- Govt. proposes to set up 13 Startup centers and 18 Technology Business Incubators (TBIs) at NITs/IITs/IIMs etc.
- Setting up New Research Parks modeled on Research Park set up at IIT Madras with an initial investment of INR 100 crore each
- Launch of programs named Innovation Core, NIDHI , Uchhattar Avishkar Yojana for Students.
Continue reading “Startup India – Action Plan”
The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, extended the ‘due-date’ for filing Returns of Income, for Assessment Year 2015-16 from 31st July, 2015 to 31st August, 2015 in respect of income tax assessees concerned. Continue reading CBDT Order u/s 119 for Extension of Due Date for Income-tax Return Filing for AY 2015-16 from 31-07-2015 to 31-08-2015
The CBEC vide Circular No. 184/3/2015-ST dated June 3, 2015 has clarified that Budget, 2015 has not made any change in abatement for determining valuation of services provided in relation to serving of food or beverages by a restaurant, eating joint or a mess, having the facility of air-conditioning or central air-heating in any part … Continue reading SERVICE TAX ON RESTAURANT, EATING JOINT OR A MESS, HAVING THE FACILITY OF AIR CONDITIONING OR CENTRAL AIR HEATING
This proposed amendment will have impact on both the parties i.e. payer and payee. In case of Payees, the inflow of cash will be less as compared to earlier as there going to be a deduction of 1% / 2% from the revenues. Further, it may also bring the larger amount of revenue under the … Continue reading Impacts due to amendment in the provision of Deduction of Tax at Source in case of Transporters
The Companies (Amendment) Bill, 2015 had been passed in Rajya Sabha on 13th May 2015 and was passed in Lok Sabha on 17.12.2014. Bill got assent of the president on 25.05.2015 and got published in official Gazette of India on 26th May, 2015 and now known as THE Companies (Amendment) Act, 2015.
The government has notified amendments to the Companies Act, which makes it easier to do business and provided for severe penalties in case of frauds.
Given Below are the highlights of Companies (Amendment) Bill, 2015
- The Act has removed threshold limit for minimum paid up capital required for the formation of private or public limited company. – [Section 2(68)/2(71) of the Companies Act, 2013 (Act)].
For setting-up a private company, New Act has done away with the norms of Rs 1 lakh minimum capital requirement and Rs 5 lakh in case of a public sector unit and various other amendments.
- The concept of company seal has become optional.
In case a company does not have a common seal, the authorization shall be made by two directors or by a director and the company Secretary, wherever the company has appointed a company Secretary. – [sections 9, 12, 22, 46 and 223 of the Companies Act, 2013]
- Doing away with the requirement for filing a declaration by a company before commencement of business or exercising its borrowing powers. – [Omission of Section 11 of the Companies Act, 2013 and consequential change in section 248 of the Companies Act, 2013].
- With regard to acceptance of deposits by the companies, in contravention with regulations, the new law said that if a company fails to repay the deposit or any interest due thereon within the time specified, it will be
- Punishable with fine which shall not be less than Rs 1 crore but which may extend to Rs 10 crores in addition to payment of deposits or part thereof; 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 Rs 25 lakh but which may extend to Rs 2 crore, or with both. – [New Section 76A of the Companies Act, 2013].
- Prohibiting public inspection of Board resolutions filed in the Registry. – [Section 117(3) of the Companies Act, 2013].
- In case of dividend, the amended Act said that no company will 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.” – [Section 123(1) of the Companies Act, 2013]. Continue reading “THE Companies (Amendment) Act, 2015”
Applications for selection of CA Firms as Concurrent Auditors for the period July 2015 to June 2016 in Dena Bank. Download Request For Registration Download List of Likely Vacant Centre Link for online registration will be available on http://www.denabank.com from 25/04/2015 at 10.00 AM to 10/05/2015 till 3.00 PM. Continue reading Empanelment for Concurrent Audit of DENA BANK