Category: News Desk

Updates on Income tax, GST, Company Law, SEBI, FEMA, FCRA

Relaxation of time for filing forms (CHG – 1 & CHG – 9) related to creation or modification of charges under the Companies Act, 2013- Extension of time

Posted on by Business So Simple in Miscellaneous

MCA vide General Circular No. 12/2021 dated 30th June, 2021 says that In continuation of this Ministry’s GC no. 07/2021 dated 03 May 2021 on Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013- Extension of time- reg. and after due examination of the requests received from stakeholders, it has been decided to substitute the figures “31.05.2021” and “01.06.2021” wherever they appear in the said circular with the figures “31.07.2021” and 01.08.2021″ respectively.

The other requirements as mentioned in the said circular shall remain unchanged and this Circular shall be without prejudice to any belated filings that may have already been made alongwith additional fees/adva/orem.

It means in case of CHG – 1 & CHG – 9, the period from 01.04.2021 till 31.07.2021 shall not be reckoned for the purpose of counting the number of days under section 77 & 78 of the Act

Micro food processing Enterprises (PMFME) Scheme

Posted on by Business So Simple in Entrepreneurship, Miscellaneous, MSME

Ministry of Food Processing Industries Press release dated 29th June 2021

Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME) Scheme under Aatmanirbhar Bharat Abhiyan Completes One Year


Seed Capital worth Rs. 25.25 Cr. disbursed to State Rural Livelihood Mission under the scheme

‘One District One Product’ of 707 districts approved for 35 States/UTs

54 Common Incubation Centres approved in the 17 States/UTsPosted Date:- Jun 29, 2021

The centrally sponsored Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME) Scheme, launched under the Aatmanirbhar Bharat Abhiyan, to enhance the competitiveness of existing individual micro-enterprises in the unorganized segment of the food processing industry and promote formalization of the sector, marks the completion of its one year.

सूक्ष्म उद्यमों के संबल की कहानी #PMFME योजना कह रही है अपनी ज़ुबानी।

आत्मनिर्भर भारत अभियान के तहत @MOFPI_GOI की महत्वकांक्षी योजना @PMFMEScheme के एक वर्ष पूरे होने पर, योजना से जुड़े सभी लोगों को ढेर सारी बधाई।#OneYearofPMFMEScheme pic.twitter.com/AGCpETnKxp— FOOD PROCESSING MIN (@MOFPI_GOI) June 29, 2021

Launched on 29th June 2020, the PMFME Scheme is currently being implemented in 35 States and Union Territories. The online portal for the application of the PMFME Scheme was made live on 25th January 2021. More than 9000 individual beneficiaries have registered on the portal, out of which more than 3500 applications have been successfully submitted under the scheme.

Milestones achieved under the PMFME Scheme

  1. One District One Product

Under the One District One Product (ODOP) component of the PMFME Scheme, the Ministry of Food Processing Industries approved ODOP for 707 districts for 35 States and UTs, including 137 unique products as per the recommendations received by States/UTs. 

The GIS ODOP digital map of India has been launched to provide details of ODOP products of all the States and UTs. The digital map also has indicators for Tribal, SC, ST, and aspirational districts. It will enable stakeholders to make concerted efforts for its value chain development.

  1. Convergence

Under the PMFME Scheme, the Ministry signed three joint letters with the Ministry of Rural Development, the Ministry of Tribal Affairs, and the Ministry of Housing and Urban Affairs. 

The Ministry of Food Processing Industries has signed six Memorandum of Understanding (MoUs) with the Indian Council of Agricultural Research (ICAR), the National Cooperative Development Corporation (NCDC), the Tribal Cooperative Marketing Development Federation of India (TRIFED), the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED), National Scheduled Castes Finance and Development Corporation (NSFDC), and Rural Self Employment Training Institutes (RSETI).

An agreement has been signed with the Union Bank of India as the Nodal Bank of the scheme and MoUs with 11 banks as official lending partners for the PMFME Scheme.

  1. Capacity Building and Incubation Centres

Under the Capacity Building component of the PMFME Scheme, the National Institute of Food Technology Entrepreneurship and Management (NIFTEM) and the Indian Institute of Food Processing Technology (IIFPT) have been performing a key role in providing training and research support to selected enterprises/groups/clusters in partnership with the State Level Technical Institutions. The training of 371 Master Trainers has been conducted under the Entrepreneurship Development Programme (EDP) & various food domains.

NIFTEM & IIFPT have prepared training modules on 137 ODOPs which include 175 Presentations, 157 Videos, 166 DPRs, and 177 Course Content/Handbooks. Training of 469 District Level Trainers has been conducted in 18 States/UTs and in progress in other States. 491 District Resource Persons have been appointed across 302 districts. 

Under the scheme, 54 Common Incubation Centres have been approved in the 17 States and UTs like Karnataka, Uttar Pradesh, Rajasthan, J&K, Madhya Pradesh, Tamil Nadu, Telangana, Chhattisgarh, Himachal Pradesh, Kerala, Sikkim, Andaman & Nicobar, Andhra Pradesh, Meghalaya, Mizoram, Odisha, and Uttarakhand. The Ministry of Food Processing Industries in collaboration with the IIFPT has developed an online portal for submission of Common Incubation Centre proposals and an online common incubation centre map for the facilitation of details of incubation centres across the country.

  1. Seed Capital

The component under PMFME for providing seed capital to SHGs is being implemented with the support of the National Rural Livelihood Mission (NRLM) and its network of State Rural Livelihood Mission (SRLMs) operating at the state level. The PMFME Scheme envisages financial support of Rs. 40,000 for working capital and purchase of small tools for each member of SHGs engaged in food processing activities. To date, NRLM has recommended 43,086 SHG members to State Nodal Agencies (SNA) for an amount of Rs. 123.54 Cr. SNA has approved the seed capital of 8040 members and disbursed the amount of Rs. 25.25 Cr. to SRLM.  

  1. Marketing and Branding

Under the scheme, MoUs have been signed with NAFED and TRIFED to take up the marketing and branding support for 10 products each. NAFED has selected products like Pineapple, Millet based products, Coriander, Makhana, Honey, Ragi, Bakery, Isabgol, Turmeric, and Cherry for branding and marketing support. TRIFED has selected products like Honey, Tamarind, Spices, Amla, Pulses/Grains/Millets, Custard Apple, Wild Mushroom, Cashew, Black Rice, and Wild Apple under the scheme.

  1. Institutional Mechanism

All the 35 participating States and UTs have constituted/ identified their respective State Nodal Agencies, State Level Approval Committees, District Level Committees, and State Level Technical Institutions. Moreover, a call centre has been established at NIFTEM to address queries and guide the stakeholders of the Scheme.

  1. Promotion and Publicity of the PMFME Scheme

The Ministry of Food Processing Industries in collaboration with States/UTs and Agricultural Universities is conducting nationwide promotion and publicity of the PMFME Scheme to sensitize the stakeholders via radio, print media, offline workshops, webinars, regional language brochures/booklets, outdoor publicity, and over digital media via website, apps and social media platforms. The PMFME Scheme monthly e-newsletter is being sent to more than 5 lakh stakeholders. The PMFME Podcast series has been launched to interact with Agri-business incubators, industry experts, and startups.  

To commemorate 75 years of India’s Independence, under the Azadi Ka Amrit Mahotsav initiative, the Ministry of Food Processing Industries is conducting 75 Unique One District One Product (ODOP) webinars/offline workshops across the country in collaboration with States/UTs, NIFTEM, and IIFPT. A weekly series of success stories titled “Kahaani Sukshma Udyamon Ki” has been launched to bring 75 stories of existing micro food processing enterprises.  

About the PMFME Scheme

Launched under the Aatmanirbhar Bharat Abhiyan, the Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME) Scheme is a centrally sponsored scheme that aims to enhance the competitiveness of existing individual micro-enterprises in the unorganized segment of the food processing industry and to promote formalization of the sector and provide support to Farmer Producer Organizations, Self Help Groups, and Producers Cooperatives along their entire value chain. With an outlay of Rs. 10,000 crore over a period of five years from 2020-21 to 2024-25, the scheme envisions to directly assist the 2,00,000 micro food processing units for providing financial, technical, and business support for upgradation of existing micro food processing enterprises.

For more details, visit:

https://pmfme.mofpi.gov.in/pmfme/#/Home-Page 

*****

APS/JKRelease Id :-1731151

Read this release in

Hindi

Presentation of stimulus package of Rs 6,28,993 crore announced by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman to support Indian economy in fight against COVID-19 pandemic

Posted on by Business So Simple in Entrepreneurship, Miscellaneous

Presentation of stimulus package of Rs 6,28,993 crore announced by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman to support Indian economy in fight against COVID-19 pandemic

Ministry of Finance Press release dated Jun 28, 2021

Click here for the Presentation

****

RM/MV/KMN

Amendment in Food security (Assistance to State Government Rules) 2015

Posted on by Business So Simple in Miscellaneous

Ministry of Consumer Affairs, Food & Public Distribution issued Press release today 21st June 2021

Department of Food & Public Distribution notifies amendment in Food security (Assistance to State Government Rules) 2015


ePoS linkage with electronic weighing machines encouraged

Move to improve transparency and curb the leakages at ration shops at the time of weighing of foodgrains for beneficiaries

Amendment incentivises States who have been using ePoS efficiently and encourages States to improve efficiency in epos operations and generate savings

States who are operating their ePoS devices judiciously and are able to generate savings from the additional margin of Rs.17.00 per quintal can now utilise the savings for purchase, operations and maintenance of electronic weighing scales and their integration with the point of sale devices, Amendment would encourage other States to generate savings through judicious operation of their ePoS devices

The amendment aims to ensure right quantity to beneficiaries in distribution of subsidized foodgrains under the National Food Security Act (NFSA), 2013 as per their entitlement

Happy Father’s Day 2021-Investment ideas to secure the financial future of your father

Posted on by Business So Simple in Miscellaneous

This can be the time for creating a whole new world of memories that our father would treasure – literally and figuratively – – with financial instruments such as Senior Citizen FDs, mutual fund investment plans, insurance policies.

Here are some sound gifting options to further secure your father’s future in the second innings

  1. Mutual Fund SIP

Systematic Investment Plan (SIP) has multiple benefits. To begin with, it instils the discipline of investing regularly, be it monthly, quarterly, half-yearly or annually, which is deducted on the predetermined date.

Hassle-free and convenient, SIPs also work via rupee cost averaging by allocating more units when stock prices drop and lesser units when prices soar. Moreover, investing directly in the stock markets requires a large surplus if one is to purchase shares directly to create a diversified portfolio. When one invests in mutual funds, stocks can be bought in small quantities by spending a few thousands only.” The power of compounding also comes into play as we stay invested for the long term through SIPs.

  • Dividend-yielding Blue Chips

Unlike small caps and midcap shares, blue chips can be expensive.

Yet, “even 10 shares of a blue-chip company can end up paying handsome dividends some time down the line. Hence, choose a stock that suits your budget. You may see  how Infosys turned many employees, including drivers, into millionaires and multimillionaires .

Keep in mind to select a blue-chip company with a track record of paying dividend and bonus. Experts say, irrespective of whether one holds these shares for some time or sells them within a few years, the returns will be more robust than those from other stocks.

  • Fixed Deposit for Senior Citizens

Senior Citizen FDs or fixed deposits from leading banks offer various benefits to senior citizens, besides the extra 0.50 per cent rate of interest compared to that paid to the general public. Opting for regular interest pay-outs can help your father have a steady and reliable stream of supplementary income during the retirement phase. If required, loans are also offered against FDs. What’s more, a 5-year tax-saver FD for senior citizens helps save tax while also earning more interest.”  Additional, tax deductions can be availed under Section 80C of the IT Act.

  • Special Retirement Health Insurance Plans

Senior citizen health insurance plans cover elderly persons from numerous medical expenses, including pre-existing diseases, critical ailments and even COVID-19. The health plans are specifically designed for those 60 years and above, helping them pay for contingencies linked to health issues in old age. Other benefits comprise cashless hospitalisation cover and day-care expense coverage for ailments, including pre-existing diseases. If such policies are renewed in time, they cover an individual till the age of 80 years along with lifetime renewable benefits.

Finance Ministry refutes news media reports of alleged black money held by Indians in Switzerland, Information sought from Swiss Authorities to verify increase/decrease of deposits

Posted on by Business So Simple in Income Tax, News Desk

Ministry of Finance issued Press release today (19th June 2021) says that :

Certain reports have appeared in the media on 18.06.2021 stating that funds of Indians in Swiss Banks have risen to over Rs 20,700 crore (CHF 2.55 billion) at the end of 2020 from Rs 6,625 crore (CHF 899 million) at the end of 2019, reversing a 2 year declining trend. It has also been stated that this is also the highest figure of deposits in the last 13 years.

Media reports allude to the fact that the figures reported are official figures reported by banks to Swiss National Bank (SNB) and do not indicate the quantum of much debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third–country entities.

However, the customer deposits have actually fallen from the end of 2019. The funds held through fiduciaries has also more than halved from end of 2019. The biggest increase is in “Other amounts due from customers”. These are in form of bonds, securities and various other financial instruments.

It is pertinent to point out that India and Switzerland are signatories to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC) and both countries have also signed the Multilateral Competent Authority Agreement (MCAA) pursuant to which, the Automatic Exchange of Information (AEOI) is activated between the two countries for sharing of financial account information annually for calendar year 2018 onwards.

Exchanges of Financial Account information in respect of residents of each country have taken place between both countries in 2019 as well as 2020. In view of the existing legal arrangement for exchange of information of financial accounts (which has a significant deterrent effect on tax evasion through undisclosed assets abroad), there does not appear to be any significant possibility of the increase of deposits in the Swiss banks which is out of undeclared incomes of Indian residents.

Further, the following factors could potentially explain the increase in deposits:

  1. Increase in the deposits held by Indian companies in Switzerland owing to increased business transactions
  2. Increase in deposits owing to the business of Swiss Bank branches located in India
  3. Increase in Inter- bank transactions between Swiss and Indian Banks
  4. A capital increase for a subsidiary of a Swiss Company in India and
  5. Increase in the liabilities connected with the outstanding derivative financial instruments

The Swiss Authorities have been requested to provide the relevant facts along with their view on possible reasons for increase/decrease in the light of the media reports highlighted above.

****

RM/MV/KMN

Registration of documents under the Registration Act, 1908

Posted on by Business So Simple in Miscellaneous

What do you mean by registration of documents?

Registration is recording the matters of a document with an authorized or recognized officer (Registering officer) and preserving the copies of the original document. One needs to register the legal documents so as to prevent any property dispute, fraud, conserve the evidence, be assured of the title and publicizing the information.

Benefits of registration

1. In case registered document is lost or damaged, the registration records prove the authenticity of the document.

2. Title, right of property, case status or an existing liability

3. It prevents forgeries or fraud in transactions specifically in tax, stamp duty etc.

4. Authentic documents/producible as proof in court

Mandatory registration & optional registration of documents

There are two kinds of registration according to The Registration Act, 1908 namely “Mandatory Registration” and “Optional Registration”

Mandatory registration

Section 17 of the Indian Registration Act, 1908 provides for mandatory registration of certain documents. Those are as follows:-

  1. Gift deed related to an immovable property;
  • Non-testamentary instruments:                                                                                                 

 a. purporting to creation, assignment, declaration, extinguishing of any interest in any immovable property worth Rs. 100 and above;                                                       

b. which acknowledge receipt or payment of any consideration for creation, assignment, declaration or limitation of any right, title or interest;

  • Lease of immovable property for any term exceeding one year or reservation of yearly rent;
  • Contracts for transfer of immovable property for a consideration for purpose of Section 53A of Transfer of Property Act, 1882 is executed on or after the inception of Registration and Other Related Laws (Amendment) Act, 2001.

Failing to do so will result in transfer being invalid.

Optional registration

 Section 18 provides for optional registration of some documents such as:-

  1. Adoption Deed
  2. Instrument relating to shares in joint stock company
  3. Debentures issued by joint stock company
  4. Will
  5. Lease of immovable property not exceeding 1 year
  6. Document of a past transaction
  7. Power of Attorney with respect to movable property
  8. Decree or order of court comprising an immovable property valued below Rs. 100
  9.       Certificate of Sale granted
  10. Agreement of Mortgage
  11. Promissory note
  12. Instrument of partition by Revenue Officer
  13. Grant of immovable property by Government

Time period of registration of documents:

  1. All documents except a will have to be presented for registration within 4 months from the date of execution (Section 23 of The Registration Act, 1908).
  • If a document is executed by several persons at different times then that document has to be presented for registration and re-registration within 4 months from the date of each execution (Section 24 of The Registration Act, 1908).
  • If not registered within 4 months/presented after its expiry: It will be accepted for registration provided that 10 times the amount of registration fees is paid and delay in presentation does not exceed 4 months.
  • If a document is executed outside India by any or all of the parties and is presented after expiry 4 months then it will be accepted for registration provided that it was executed and presented for registration within 4 months after its arrival to India (Section 26 of The Registration Act, 1908).

Place of registration

In case of documents regarding immovable property, it shall be presented for registration in the office of Sub-Registrar within whose district the property or part of it is located (Section 28 of The Registration Act, 1908).

In case of all other documents, they shall be presented:-

  1. In the office of Sub-Registrar in whose sub-district the document was executed; or
  2. In the office of any other Sub-Registrar under State Government where all individuals desire the document to be registered.

The Officer authorized to register a document may on a special cause being shown also go to the individual’s private residence who desires to present a document for registration or deposit a will (Section 31 of The Registration Act, 1908).

Who can apply for registration?

  1.  Some person executing or claiming under the same, or, in the case of a copy of a decree or order, claiming under the decree or order, or
  2. Representative or assignee of such a person, or
  3.  Agent of such a person, representative or assign, duly authorized by power-of-attorney executed and authenticated in the manner hereinafter mentioned. (Section 32 of The Registration Act, 1908)
  4.  In case of a will or authority to adopt, the testator or after his death any executor may or a donor or after his death the donee or adoptive son may present it to the Registrar or Sub-Registrar for registration respectively. It shall be registered if it is satisfied that:- The will or authority to adopt was executed by the executor or donor; The testator or donor is dead; The person presenting the will or authority to adopt is entitled to present the same (Section 40 and Section 41 of The Registration Act, 1908).

Fees

The prescribed fees for registration of documents shall be paid on presentation of documents (Section 80 of The Registration Act, 1908).

Refer You Tube Video on Registration of documents under the Registration Act, 1908

New functionalities on GST Portal-11 June 2021

Posted on by Business So Simple in GST, News Desk

Dear Sir,

Please find below *YouTube video Link on *New functionalities on GST Portal-11 June 2021*
https://www.youtube.com/watch?v=I6rTi0Zsc5c

1.Ledgers: Negative liability statement made available to composition taxpayers

2. Returns: Download of Form GSTR-4A in excel and auto-population of its details in Form GSTR-4 of the composition taxpayer

3. Front: Office Inclusion of common names in the HSN Directory and its download in excel format by the taxpayers

Regards,
Bipul Kumar

43rd GST Council Meeting recommedations -28th May 2021

Posted on by Business So Simple in Miscellaneous

Dear Sir,

Please find below YouTube link of latest amendments in GST:

43rd GST Council Meeting recommedations -28th May 2021

GST Amnesty Scheme (July 2017 to April 2021-GSTR 3B Return)
https://youtu.be/NQ_XeOv_uXU

Late fees Rationalisation for April 2021 onwards period
https://youtu.be/NZMZhi5mG2k

Simplification of Annual Return for FY 2020-21 https://youtu.be/L21Over9X3w

Covid related measures for taxpayers https://youtu.be/Mb7Ae2LMm1E

Regards
Bipul Kumar