Types of Income Tax Return Forms : - To file tax returns Income Tax Department had issued a series of forms applicable to different type of assesses:
ITR 1 : For Individuals having Income from Salaries, one house property, other sources (interest etc.) and having total income up to Rs.50 lakh.
ITR 2 : This form is applicable For Individual & HUFs not carrying out business or profession under any proprietorship.
ITR 3 : This form is applicable For Individuals & HUFs having income from a proprietary business or profession.
ITR 4 : This form is applicable For presumptive income from Business & Profession.
ITR 5 : This form is applicable for a For persons other than – (i) individual,(ii)HUF, (iii) company, and (iv)person filling ITR-7
ITR 6 : This form is applicable For Companies other than companies claiming exemption under section
ITR 7 : This form is applicable For persons including companies required to furnish return under section 139(A) or section (1394B) or section 139(4C) or section 139(4D) or section 139(4E)
A trademark is any word (PEPSI), name (TATA), symbol or device (Microsoft), slogan (Yeh Pyaas Hai Badi & Thanda Matlab Coca Cola), package design (Coca-Cola bottle) or combination of these that serves to identify and distinguishes a specific product from others in the market place or in trade. Even a sound (Britannia chimes) color combination, smell or hologram can be a trademark under some circumstances. The term trademark is often used interchangeably to identify a trademark or service mark.
Benefit of Trademark Registration
1. Constructive notice of ownership of the Trademark™ and ® is Prestige of your Brand and your Company
2. Its ownership and get exclusive rights over your trademark.
3. You can sale your Trademark ™ and ® and/or give license to other company to use your Trademark and get Royalty for the same.
4. The exclusive right to use the registered mark in commerce in connection with the goods or services specified in the registration
5. Establish the Goodwill and incontestability of rights in the registered mark
6. No one can make a copy of your trademark; if some one copy then you can take legal action against them and ask for damages.
7. Sue for counterfeiting of the registered mark and to obtain both civil and criminal penalties against counterfeiters
8. Similar advantages can be obtained from registering a trademark in most other countries of the world. In some countries, a registration is a requirement for any enforcement activities. Since the advantages necessarily vary from country to country.
Document for Trademark Application
1. Two Passport size Photo
2. Pan Card Copy
3. Address proof
4. Firm/Company/etc. Registration Copy ( In Case of Products/Services)
5. Color Logo/Name on your Letter Head
Steps of Process of Trade Mark
The following steps are involved for trademark registration
1.Search has to be made.
2. In case the search result is positive, we make application for trademark in form TM – 1.
3. Once application is made, the acknowledge copy of Additional Representation is received from Trade Mark department.
4. The next step is getting examination report and formality check report from the department wherein any objection or clarification is sought by the department
5. A reply has to be made for the same within 1 month and 15 days respectively.
6. If the TM department is satisfied, the mark is advertised before acceptance in the trade mark department.
7. In case they still are unsatisfied with the reply, they call for hearing upon which it is decided whether the case is fit for advertisement or not.
8. Once the mark is advertised in trademark journal, there is 4 months time for others to object the mark.
9.If no objection is received in 4 months time, the Registrar issues the certificate of registration.
Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. In simple words, GST is an indirect tax levied on the supply of goods and services. GST Law has replaced many indirect tax laws that previously existed in India.
Under the GST regime, tax will be levied at every point of sale.
Now let us try to understand “GST is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition.”
Multi-stage
There are multiple change-of-hands an item goes through along its supply chain : from manufacture to final sale to consumer.
Let us consider the following case:
1.Purchase of raw materials
2.Production or manufacture
3.Warehousing of finished goods
4.Sale of the product to the retailer
5.Sale to the end consumer
Advantages Of GST
Removing cascading tax effect.
Higher threshold for registration.
Composition scheme for small business.
Online simpler procedure under GST.
Lesser compliances.
Defined treatment for e-commerce.
Increased efficiency in logistics.
Regulation the unorganized sector.
What are CGST, SGST and IGST?
India is a federal democracy that is one which has clear demarcation of powers, responsibility and revenue collection between the states and the centre in its constitution. For example law and order falls under the state’s jurisdiction while the nation’s defence is the centre’s responsibility. The GST too needs to have clear provisions on what areas the centre and the state are allowed to collect revenue from taxation to prevent an overlapping.
The Central GST or CGST is the areas where the centre has the powers and State GST where the State has taxation capabilities. The IGST or Integrated GST is for movement of goods within the states of the Indian union. This will be collected by the union however will be transferred over to the states. Thus it is essential that if and when the GST comes out it is rolled over in the entire nation simultaneously.
What is company in India?
In corporate accounting , commerce students have to learn accounting treatment of issue of share capital , debenture and its redemption , bonus and right issue at graduation level . They also have to solve the problems of final accounts of different companies .
For proper accounting treatment , learning of Indian Company Law 1956 is must . So , this topic is being discussed here. If you are starting to learn Company or Corporate Accounting , then this article will be useful for you because after reading this article , you will understand , the brief history , meaning , definition of Company and its six features .
Company Registration Doc's
List of documents required for Company Incorporation in India
1.Details of at-least two Directors / Promoters of the company for obtaining DIN (Director's Identifications Number)
2.Complete Name
3.Address (including City, State, Pin Code, Country)
4.Father's Name
5.Date of Birth
6.Nationality
7.Occupation
8.Photograph of every proposed Director. (Scanned photograph will do)
9.Copy of Passport as a proof of identity and copy of Electricity Bill / Telephone Bill / Bank Statement / Driving License as a proof of address. (Scanned copy will do)