Law of Attraction V/s CA Course

We know the full form of CA. It’s definitely “Chartered Accountancy”. But is this really the meaning or merely a full form? It’s not just chartered accountancy, but it holds different meanings for different people. It can be  “Challenge Accepted” for a few or can be “Can’t Accomplish” for the other lot. It can also mean “Course of Achievement” for … Continue reading Law of Attraction V/s CA Course

Centralised Registration Centre (CRC) for Company Incorporation w.e.f. 28 March 2016

By way of a Notification dated 22nd January 2016 and in order to encourage incorporation of companies, the MCA had established a Central Registration Centre (CRC) having territorial jurisdiction all over India for discharging or carrying out the function of processing and disposal of applications for reservation of names under the provisions of the Companies Act, … Continue reading Centralised Registration Centre (CRC) for Company Incorporation w.e.f. 28 March 2016

Startup India – Action Plan

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:

  1. Self certification through startup mobile app in 6 labor and 3 environmental laws.
  2. No inspection for 3 years in case of labor laws and random checks in case environmental laws.
  3. A single point of contact for the entire Startup ecosystem and enable knowledge exchange and access to funding will be created.
  4. 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.
  5. Fast ­tracking of Startup patent applications and Panel of facilitators to assist in filing of IP applications along with Govt. bearing the facilitation cost.
  6. Startups shall be provided an 80% rebate in filing of patents.
  7. Government shall exempt Startups (in the manufacturing sector) from the criteria of “prior experience/ turnover” without any relaxation in quality standards or technical parameters.
  8. Launch of The Insolvency and Bankruptcy Bill 2015 (“IBB”) for faster / voluntary closure of startups meeting specified criteria.
  9. 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).
  10. Capital gain exemption on investment in Govt. recognized funds.
  11. Business Income of Start­ ups exempted from income ­tax for a period of 3 years, subject to non distribution of dividend.
  12. Proposing exemption from provisions of Sec. 56(2)(viib) of Income Tax Act, 1961 to investment made by Incubators in Startup.
  13. 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.
  14. Setting up incubators in Public Private Partnership Model.
  15. Govt. proposes to set up 13 Startup centers and 18 Technology Business Incubators (TBIs) at NITs/IITs/IIMs etc.
  16. Setting up New Research Parks modeled on Research Park set up at IIT Madras with an initial investment of INR 100 crore each
  17. Launch of programs named Innovation Core, NIDHI , Uchhattar Avishkar Yojana for Students.

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