No Tax to be deducted under Section 194A of Income Tax Act,1961 on Scheduled Tribes: CBDT

Tithi Shah
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No Tax to be deducted under Section 194A of Income Tax Act,1961 on Scheduled Tribes: CBDT

According to a recent notification by Central Board Of Direct Taxes (CBDT) vide Notification No. 110/2021/F. No. 275/27/2021-IT(B) dated 17.09.2021, no tax shall be deducted under section 194A of the Income Tax Act,1961 on payment made by a Scheduled Bank located in a Specified Area to a member of Scheduled Tribe as referred to in section 10 (26) of the Income Tax Act,1961 subject to following conditions:

(i) the payer satisfies itself that the receiver is a member of Scheduled Tribe residing in any specified area, and the payment as referred above is accruing or arising to the receiver as referred to in clause (26) of section 10 of the said Act, during the previous year relevant for the assessment year in which the payment is made, by obtaining necessary documentary evidences in support of the same;

(ii) the payer reports the above payment in the statements of deduction of tax as referred to in sub-section (3) of section 200 of the said Act; 

(iii) the payment made or aggregate of payments made during the previous year does not exceed twenty lakh rupees.

Section 10(26) has list down following areas as ‘Specified Area’:

(a) Any area specified in Part I or Part II of the Table appended to paragraph 20 of the Sixth Schedule to the Constitution;

(b) The States of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Tripura;

(c) The areas covered by notification no. TAD/R/35/50/109, dated the 23-02-1951, issued by the Governor of Assam under the proviso to paragraph 20(3) as it stood immediately before the commencement of the North-Eastern Areas (Reorganisation) Act, 1971; or

(d) The Ladakh region of the State of Jammu and Kashmir.

2. ‘Scheduled bank’ shall have the same meaning as assigned to it in clause (e) of section 2 of the Reserve Bank of India Act, 1934.

Section 194A

Interest other than “Interest on securities”

194A. (1) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any income by way of interest other than income by way of interest on securities, shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force :

Provided that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed [one crore rupees in case of business or fifty lakh rupees in case of profession] during the financial year immediately preceding the financial year in which such interest is credited or paid, shall be liable to deduct income-tax under this section.]

All you need to know about the Production Linked Incentive Scheme announced for Textile Sector.

Sourabh Agarwal
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All you need to know about the Production Linked Incentive Scheme announced for Textile Sector.

Union Cabinet on 08th,September 2021 has approved the Production Linked Scheme for Textiles for MMF (Manmade Fabric) Apparel, MMF Fabrics and 10 segments/ products of Technical Textiles with a budgetary outlay of Rs. 10,683 crore.

PLI for Textiles along with RoSCTL, RoDTEP and other measures of Government in sector e.g., providing raw material at competitive prices, skill development etc.  will herald a new age in textiles manufacturing.

PLI scheme for Textiles is part of the overall announcement of PLI Schemes for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs. 1.97 lakh crore. With the announcement of PLI Schemes for 13 sectors, minimum production in India is expected to be around Rs. 37.5 lakh crore over 5 years and minimum expected employment over 5 years is nearly 1 crore.

PLI scheme for Textiles will promote production of high value MMF Fabric, Garments and Technical Textiles in country. The incentive structure has been so formulated that industry will be encouraged to invest in fresh capacities in these segments. This will give a major push to growing high value MMF segment which will complement the efforts of cotton and other natural fibre-based textiles industry in generating new opportunities for employment and trade, resultantly helping India regain its historical dominant status in global textiles trade.

Need of Production Linked Incentive Scheme for Textiles

The Technical Textiles segment is a new age textile, whose application in several sectors of economy, including infrastructure, water, health and hygiene, defense, security, automobiles, aviation, etc. will improve the efficiencies in those sectors of economy. Government has also launched a National Technical Textiles Mission in the past for promoting R&D efforts in that sector. PLI will help further, in attracting investment in this segment.

Different Types of Investments possible in the scheme.

1)    Any person, (which includes firm / company) willing to invest minimum Rs. 300 Crore in Plant, Machinery, Equipment and Civil Works (excluding land and administrative building cost) to produce products of Notified lines (MMF Fabrics, Garment) and products of Technical Textiles, shall be eligible to apply for participation in first part of the scheme.*

2)    In the second part any person, (which includes firm / company) willing to invest minimum Rs. 100 Crore shall be eligible to apply for participation in this part of the scheme.

Priority to development of textile Industry in Backward Areas.

The priority will be given for investment in Aspirational Districts, Tier 3, Tier 4 towns, and rural areas and due to this priority Industry will be incentivized to move to backward area. This scheme will positively impact especially States like Gujarat, UP, Maharashtra, Tamilnadu, Punjab, AP, Telangana, Odisha, etc.

Benefits of the Scheme – Investment and Employment

It is estimated that over the period of five years, the PLI Scheme for Textiles will lead to fresh investment of more than Rs.19,000 crore, cumulative turnover of over Rs.3 lakh crore will be achieved under this scheme and, will create additional employment opportunities of more than 7.5 lakh jobs in this sector and several lakhs more for supporting activities. The textiles industry predominantly employs women; therefore, the scheme will empower women and increase their participation in formal economy.

Are Shipping Aggregators Important for eCommerce Businesses?

Vikram@123
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Are Shipping Aggregators Important for eCommerce Businesses?

Most business owners and professionals wish to achieve skyrocket sales and exceptional customer service. Do you have a growing number of orders that are not fulfilled on time? How would you decide which shipping aggregator is best for you if you did not know how to identify it? To optimize logistics operations for your business, you must evaluate your current shipping service provider. Any eCommerce business can achieve its daily goals through the implementation of efficient shipping and warehousing operations. It’s time to achieve your business productivity and product shipment goals by having similar systems.

Whenever you are doing business online, you are going to receive bulk orders today but a lesser number of orders tomorrow. In order to increase the success rate, business owners offer innovative services and innovative products. Also, some people like to compare their steps with potential competitors by looking for low-investment businesses.

Bulk-order businesses rarely get a grace period for delivering their orders, which can affect their relationships with clients and eventually their reputation in the market. When online sellers work with a shipping aggregator offering comprehensive logistics services, they can make sure their products reach their customers on time at a competitive price. Companies can make a huge difference in the shopping experience of their customers by utilizing the advanced technology of these logistics providers. Taking a closer look at logistics aggregators, let me explain how they can benefit your business.

What is a Shipping Aggregator?

In order to optimize the logistics of online sellers, Shipping Aggregators or Logistics Aggregators are generally partnered with multiple courier companies. Among other features, NimbusPost is a company based in India that offers high-quality courier services at the lowest cost.

In order to provide multiple courier options, shipping aggregators partner with third-party courier companies. A written agreement between business partners or associates is required, regardless of the type of industry. To protect clients from losses and potential fraud, shipping companies should do the same.

Why do you need a shipping aggregator?

A local courier company cannot fulfill your requirement within a reasonable budget if your business gets 500 to 1000 orders a month. You can get multiple options for couriers through a shipping aggregator at this point. Further, shipping aggregators add these features and advantages to e-commerce firms:

  • Pin codes reach a wide audience
  • E-commerce channels and marketplaces are integrated with APIs
  • India’s most reliable courier partners at your fingertips
  • Fast shipping reduces RTO
  • A single platform for managing multiple carriers
  • The ability to pay in multiple ways
  • Charges for shipping that are competitive
  • Remit CODs quickly

Does an eCommerce business need a shipping aggregator?

Over the past 10 years, logistics has developed rapidly. Shipping aggregators are, therefore, new courier terminology, but they are deriving from a number of processes. You can obtain a mailbox of courier partners from logistics aggregators. Meanwhile, some aggregators, such as NimbusPost, offer warehouse and distribution services.

With the help of a shipping and aggregators, your business can achieve the goal of fulfilling orders at the highest level. Additionally, shipping courier services enable businesses to focus on their current NDR. As a result, you won’t have to deal with Return of Origin (RTO) losses.

There are many advantages to using an aggregator!

The advantages of logistics aggregators are well understood now that you know how they benefit your business. There are various ways in which Indian shipping companies can help resolve your underlying shipment problems.

  • The reach of a shipping aggregator platform is wide even if your existing courier company doesn’t deliver to remote areas. By using a shipping aggregator, you can grow your business or reach remote areas at low prices.
  • Choose between an unlimited selection of integrated couriers on the shipping aggregator’s platform. To match courier partners, the interface filters the search according to specific needs. Additionally, it shows results based on delivery and pickup locations.
  • Marketplaces and websites can be integrated with shipping aggregator APIs. Your site is registered with the API platform and orders are synced directly.
  • Redirecting or reprocessing return orders through an aggregator platform is how you handle return orders. If your pin code is not accessible, your product delivery will be unsuccessful.
  • With logistics aggregators, you have access to a multifunctional platform that manages the return and forward processes at one location. Aside from that, you can process orders instantly without any assistance.
  • Shipping aggregators offer a variety of payment methods, including prepaid and cash on delivery. You can work with courier aggregators to ensure your business is successful and to collect multiple payments.
  • There is no no-cost setup platform for most logistics aggregators who have warehouses and storage facilities. You pay for only shipping charges in this manner, and shoppers’ e-commerce experience is improved.
  • The fulfilment services offered by some aggregators include inventory management capabilities. Bulk orders can be located and managed instantly there.

Platforms for shipping aggregation with more features!

  • An aggregator platform analyzes your search and suggests logistics partners that meet your needs. Furthermore, the platform analysis includes performance metrics such as delivery performance, pickup location, and COD remittance.
  • Consolidating COD remittances from local courier partners can be difficult, as it is difficult to maintain finances and customer orders. Shipping aggregators, on the other hand, generally highlight weekly or monthly COD remittances which make managing finances and improving sales easier.
  • Several Indian shipping aggregator platforms are powered by artificial intelligence and are data-backed. Your business decisions will be more informed and your customers will be happier.
  • Managing and balancing your orders, sales, revenues, and profits is key to your business’ success. You can make better business decisions with the help of shipping aggregators, who give you detailed shipment analytics.
  • Using Courier Aggregators’ automated NDR reporting, you can reduce processing time for undelivered orders. Consequently, you can save 10%* or more when ordering RTOs. This (T&C) applies.

An aggregator for shipping is required?

In the upcoming decades, there is no hint of a decline in the shipping service industry. Thus, working with a courier aggregator is a wise decision. It is possible to ship across 27000 pin codes across India through NimbusPost, which offers sophisticated connections to leading courier partners. With an aggregator assisting you, you can now reach out to the remotest areas.

Where the assessee has duly explained the source of income of the parties from whom unsecured loans are taken, the primary onus of the assessee is discharged ; if no further inquiry is undertaken , no addition can be made under section 68 of the I. T. Act, 1961

Tithi Shah
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0
Where the assessee has duly explained the source of income of the parties from whom unsecured loans are taken, the primary onus of the assessee is discharged ; if no further inquiry is undertaken , no addition can be made under section 68 of the I. T. Act, 1961

Mrs. Nirmalaben C. Soni , vs ACIT [ITA No.3173/ AHD/2014]

Facts of the case
The assessee is engaged in the business of resale and job work of Gold and Silver Jewellery. The assessee, filed her return of income for A.Y. 2010-11 showing total income of Rs. 77,77,266/- through Electronic Media on 31.03.2011. Upon perusal of the Balance Sheet it revealed that unsecured loan amounting to Rs. 4,29,000/- was found to be taken by the assessee from three parties.

Assessee’s Contention

The ld. Counsel for the assessee contended that the loan which was taken from one of the parties was having a regular rental income details whereof have also been placed before the tribunal. The same was also evident from the order of the Learned CIT(A) before us. Similarly, in respect of the amount so taken as loan from remaining two parties, the genuineness of such transactions was also been supported by documents being Bank Statements of the concerned banks through which such amount has been paid to the assessee. It was further contended that one of the parties is running sugar factory and earning more than 4 lacs per annum, which is also evident from the Bank Statement of the Sugar factory submitted by him and thus his credit worthiness was established . The copy of the bank statement duly signed in support of the unsecured loan to the tune of rupees one lakh received by the assessee from another party was also submitted before the authorities below, thereby establishing the genuineness.

Crux of the case

In order to establish the genuineness of the transaction the assessee has supplied the relevant details of the concerned persons to the assessing officer and thus discharged her primary onus and further no inquiry was found in order to come to a conclusion before making addition in the hands of the assessee has been conducted by the learned AO. It is relevant to mention that all transactions were routed through banking channels and the assessee duly explained source of income of those creditors. The additions, therefore, cannot be made under section 68 of the act without due process of law.

Tribunal ruled in favour of the assessee.

Download full judgment at : https://www.itatorders.in/appeal/ita-3173-ahd-2014-14-mrs-nirmalaben-c-soni-surat-the-acit-circle-6-surat

All you need to know about the Incubators selected under the Startup India Seed Fund Scheme

Tithi Shah
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All you need to know about the Incubators selected under the Startup India Seed Fund Scheme

Every startup while filling the application for the Startup India Seed Fund Scheme (SISFS) is required to select 3 incubators along with the preferences and hence the following details about the incubators along with their website links shall help the Startups to choose the incubators wisely. The following is the list of Incubators which are already selected under the Startup India Scheme by the Central Government.

S.NoName of IncubatorAbout the IncubatorWebsite link
1.IIMK LiveIndian Institute of Management Kozhikode (IIMK) is the fifth IIM set up by Government of India and is committed to research and education in management domain to meet national human resources development goals. Over the last two decades, the institute has made significant intellectual, economic and social impact at national and local level. IIMK LIVE is the business incubator and entrepreneurship development center hosted by IIM Kozhikode and is set up with the support of the Department of Science and Technology, Government of India. Established in June 2016, the center is envisioned to function as a business incubator with a purpose of creating a National Centre of Excellence that promotes innovation, new business venturing and entrepreneurship. Towards this, it seeks to emerge as a collaborative platform that helps transform innovative ideas into business ventures that make significant economic and social impact. Incubation of startup enterprises, thus, is the primary activity of IIMK LIVE. Apart from Incubation Program for Start-ups, it seeks to carry out activities that promote entrepreneurship on IIMK campus and across greater community, conduct training and research in the domain of entrepreneurship, foster innovation through competitive events, extend pre-incubation support to shape ideas, conduct accelerator/ cohort-based programs to help scale up the ventures and other assistance to entrepreneurs. Being an on-campus Incubator, it gains immensely from the faculty members, research & knowledge base, students, alumni, institutional networks and other resources of IIM Kozhikode. IIMK LIVE’s incubation program aims at supporting entrepreneurs in the process of launching their business ventures and turning them into successful business enterprises.
https://www.iimklive.org/
2.FiiRE – Forum For Innovation Incubation Research And EntrepreneurshipForum for Innovation Incubation Research and Entrepreneurship (FiiRE) is a NIDHI -Technology Business Incubator supported by DST, Government of India, hosted at the Don Bosco College of Engineering Fatorda, Goa. FiiRE supports early stage technology ventures which work towards innovation, development or improvement of products or processes or services with a scalable business model. It offers incubation support, co-working space, testing laboratory, training halls and other facilities to its incubatees and entrepreneurs. FiiRE through its structured incubation process, helps start-ups build prototypes, provides access to strategic mentors, early adopters and investors. FiiRE demonstrates how a consistent and well-curated facility fosters entrepreneurship.
https://www.fiire.org.in/
3.Gujarat Foundation For Entrepreneurial ExcellenceiCreate (International Centre for Entrepreneurship and Technology) is an autonomous centre of excellence of the Government of Gujarat and is India’s leading institution for transforming startups based on tech innovation into successful businesses. Located in a state-of-the-art 40-acre campus at Dev Dholera in Ahmedabad. To date, it has supported 389 innovations and 30 patents with a ‘high-touch, entrepreneur first model, connecting them with mentors, markets and money. Embedded systems and IoT are a focus area for iCreate, in domains like Electric Vehicles, Renewable Energy, Agritech, Healthtech, Fintech, Watertech, among others. In addition, it is home to Cisco’s largest Innovation Lab in India and has partnerships with leading institutions in the US, Israel, and other countries.
https://www.icreate.org.in/
4.Crescent Innovation & Incubation Council(CIIC)
Crescent Innovation & Incubation Council(CIIC), established as a Section-8 not for profit company is the innovation arm of B.S. Abdur Rahman Crescent Institute of Science and Technology(BSACIST), Chennai funded by BioNEST BIRAC, Department of Biotechnology, Govt. of India and positioned as the 3rd Best Bio-Incubator of India 2020 by Biospectrum Magazine. CIIC has been acting as a “One Stop Shop – Technology Business Incubator (TBI)” for startups in the field of Life Sciences, Industry 4.0 and Mobility and Transportation. CIIC aims to support & render start-up into a profitable entity through the mission statement called Triple ‘M’ – Market, Money and Mentor transforming innovation into scalable business models with high productive impact, encouraging interdisciplinary advancement both nationally and internationally. CIIC is recognized by the European Commission for collaborative projects and soft landing of startups. CIIC is administered by 10+ full time team with industry background to support startups. Atal Ranking of Institutions on Innovation Achievements (ARIIA), Ministry of Education, GoI has ranked BSACIST under Band A (6-25) through the support of CIIC. Also BSACIST has received a 5-star rating for Institutional Innovation Council, Ministry of Education, Govt of India within a year of operation.
https://www.ciic.ventures/
5.COEP’s Bhau Institute Of Innovation Entrepreneurship And Leadership

COEP’s Bhau Institute of Innovation, Entrepreneurship, and Leadership (“Bhau Institute”), hosted at the College of Engineering Pune (COEP). Since 2018, we are a Technology Business Incubator under NIDHI-TBI scheme supported by Department of Science and technology of Government of India. Bhau Institute supports early stage startups having innovative ideas in the areas of IOT, AI/ML, AR, VR, Healthcare technologies, Cyber security, and Grassroots innovations, Edutech, Agritech and Smart Mobility. Our programs include Pre-Incubation, Physical, Virtual and Custom Incubation. We provide technical and business mentoring in idea validation, financial modelling, market sizing, Go-to-Market strategy, industry connects and access to funding. We also provide access to tools, lab facilities and office space for prototype development.
https://bhau.org/
6.Coimbatore Innovation and Business IncubatorForge – a DST recognised TBI, is catalysing national-scale industrial digital transformation by enabling Government and Industry to collaborate with startups as engines of Innovation & transformation. By combining industrial innovation labs, innovation grants, startup seed capital, knowledge resources & program management capabilities, and global partner networks, Forge harnesses entrepreneurial innovation and venture capital to orbit shift India’s tech sector. Forge Advantage for Startups • Vertically integrated incubator with 75K sq.ft footprint in Coimbatore, Chennai & Hosur • Innovation CoEs & Advanced Tech Labs of Rs.40 Cr+ value • National scale market access & pathways for commercial & investments with Industrial corporates sector & Government owned public sectors • Knowledge Driven Incubation to develop capabilities of Innovators and Entrepreneurs • Grants & Seed Capital to accelerate scaling up products and ventures.
https://www.forgeforward.in/
7.Dayananda Sagar Entrepreneurship Research & Business Incubation FoundationDERBI Foundation is a Technology Business Incubator hosted by the Dayananda Sagar Institutions, Bangalore and is recognized and supported by DST and MeiTY , Government of India. Backed by multiple hospitals including the Sagar Hospitals , it has a strong focus on Healthtech and offers preincubation, incubation and acceleration programs, viz, PACE, Gallop and Emerge for early, mid and late stage startups. The startups are offered wholistic support which includes deep mentoring, access to domain experts, immersion in hospital setting, prototype development support and also access to seed funds. The portfolio startups have also been facilitated for multiple co-investments from VCs and Angel investors.
https://derbifoundation.com/
8.Centre for Advancing and Launching EnterprisesCrAdLE is a technology business incubator, promoted by Entrepreneurship Development Institute of India (EDII) and supported by NSTEDB, DST, Govt. of India. Our vision is to empower and nurture technology startups in achieving innovative, scalable and sustainable growth with the aim of positive, creative and constructive value addition to the community. We nurture an incubatee’s passion and business idea and impart a conducive support system to ensure sustainability and scalability of the startups. CrAdLE, a section 8 Company, fosters technology/knowledge-based entrepreneurial start-ups by: • Nurturing them at an early-stage and helping them overcome teething troubles, • Mentoring and providing all-equipped business environment for operation, • Extending value-added services viz. legal, financial, technical, IPR and mentoring to incubatees, • Strengthening business skills/knowledge of incubatees, • Providing a platform for speedy commercialization of technologies developed in academic and R&D institutions of the country, and • Facilitating business networking for better and faster enterprise growth.
https://cradle-edii.in/
9.Association of Lady Entrepreneurs of India (ALEAP)LEAP, an ISO 9001:2015 certified & NABET gold rank accredited, not for profit organisation, with a history of over 27 years and existing collaborations with world class organizations like World Bank, GIZ, UNDP, SBF, British Council, UNESCAPE, USIBC, etc. We are also partnered with Technology & Educational Institutes, corporates & Ministry connections. Once a year, we select a small number of startups, and work intensively, to get them into the best possible shape and refine their pitch to investors/bankers. Each cycle culminates into graduation, where the startups present to a carefully selected invite-only audience from government statutes, PE Firms, VC’s, Banks and Industry Parks to help the startups find their feet. The Incubation doesn’t end with graduation, we handhold the start-up for life and beyond through ALEAP’s WE IITC for exploring international markets and lifetime access to our D2C online e-commerce platform, ALEIZONE.
https://www.aleap.org/
10. Society for Innovation and Development (SID)

 Society for Innovation and Development (SID) was founded by IISc to create a channel to help enterprises and industries leverage science and technology. Today, SID has four main business divisions that furthers its business activities: CoRE Labs (Co-Innovation and Research with Large Enterprises) – all corporate research at IISc gets funnelled through CORE Labs. So far IISc has engaged with over 200 corporates and has executed over 400 projects STEM Cell (Science, Technology, Entrepreneurship and Money) is the incubation cell at IISc. STEM cell incubates startups that leverage deep science to create commercial enterprises. In addition, SID has two specialized Technology Business Incubators (TBI’s). CPDMed-TBI at Centre for Product Design and Manufacturing (CPDM) that focusses on incubating MedTech startups that specialize in Geriatric MedTech and InCENSE-TBI at Centre for Nano Sciences (CeNSE) which incubates startups that leverage Nano Science TIME^2 (Technology Intervention for Medium Enterprises) TIME^2 focus is on helping SME’s by infusing them with world class IP and Technology from IISc. In addition, TIME^2 offers several programs to help SME owners scout technology within IISc as well building an in-house innovation capability. SEED (Science and Engineering for Enterprise Development) The group at SEED focusses on solving specific problems that are of National importance through targeted research.
https://sid.iisc.ac.in/
11. IIMCalcutta Innovation Park

 IIM Calcutta Innovation Park (IIMCIP) was set up in 2014 under the aegis of IIM Calcutta, to promote entrepreneurship and foster innovation. Currently it is recognized as one of the best performing business incubators in India. IIMCIP is working on developing a comprehensive entrepreneurship ecosystem in the unserved or underserved regions of the country with a strong focus on social entrepreneurship. Headquartered in Kolkata, IIMCIP team works out 4 Incubation Hubs i.e. Kolkata, Guwahati (Assam), Shillong (Meghalaya) and Itanagar (Arunachal Pradesh) and currently incubating about 200 startups.
https://iimcip.org/
12. Centre for Incubation and Business Acceleration

 Centre for incubation and business acceleration (CIBA) is a Technology Business Incubator catalyzed and supported by Department of Science & Technology. As the oldest and most successful incubator in the state of Goa, CIBA assists aspiring entrepreneurs by providing them with incubation support in terms of Ideation, Prototyping and Testing Labs, MVP Development, Fund Raising, Networking, Technology Commercialization, etc. CIBA also provides various other services such as Co-working, Co-Living etc. to facilitate the growth of startup ecosystem. CIBA is committed to growing a collaborative entrepreneurial network by providing a one-stop support system for start-ups and transforming Goa as a hub for entrepreneurship & innovation.

https://www.ciba.org.in/
13. Villgro Innovations Foundation Established in 2001, Villgro incubates impact focused and innovation / invention based social enterprises in Health, Agribusiness, and Climate Action. The incubation program is designed to help enterprises create social impact at scale. Incubation comprises four aspects — seed funding, high touch portfolio management plus business advisory, structured mentoring and technical assistance program and support in building networks to markets and funders. Till date, Villgro has supported 323 social enterprises that have raised over Rs 440 Crores in funding, helped create 4922 jobs and helped impact over 20 million lives. Villgro was awarded the Best Incubator Award by the Department of Promotion of Industry and Internal Trade (GoI) in 2020.
https://villgro.org/
14. VEL TECH – TECHNOLOGY INCUBATOR

 Vel Tech Technology Incubator enables technology-embedded and innovation-powered start-ups to survive and scale across a wide spectrum of thrust areas with funding, infrastructure, mentorship, industry networking, resources, and training. Vel Tech TBI was received national recognition as NIDHI – Centre of Excellence catalyzed and Supported by NSTEDB Division, Department of Science and Technology (DST). NIDHI CoE @ Vel Tech TBI has created facility such as Manufacturing CoE, IT/ITES (Al/ML/DL – DGX – I Platform), E-Waste recycling, 3D Printing, and PCB Line of Equipment to support startups, industry units and academic research. OUR JOURNEY – 2010 established TBI to promote startups in e-waste management, Bio-waste, and Additive manufacturing facility. 2015 DST – Seed Support System (SSS) to provide financial support to Incubatees. 2017 NIDHI CoE recognition to Establish Manufacturing CoE, PCB facility, 3D Printing, and AI Super Computer Centre of Excellence, 2018 NIDHI PRAYAS funding (idea to Prototype grant), 2020 MeitY TIDE 2.0 funding (EiR and idea to Prototype grant to support ICT Innovations). OUR VISION: To be a World Class Incubator and Accelerator with a successful track record of incubating leading products, solutions, and services. Vel Tech TBI Ecosystem is rich in diversity with startups in terms of quality and quantity. Vel Tech TBI gives life to your ideas.
https://www.veltechtbi.com/
15. AIC-RNTU FOUNDATION

 AIC RNTU Foundation is one of the leading INCUBATION centres of Central India, which is supported by Atal Innovation Mission, NITI Aayog. By playing the role of both startup incubator and accelerator, we aim to train and mentor entrepreneurs to fuel their inner drive to take their products/services to the next level and create next-generation solutions; also focus on promoting entrepreneurship amongst students and in the local ecosystem via various partnerships, events and activities building a more vibrant ecosystem, whilst connecting with various stakeholders of the startup ecosystem. We are working to support the Start-up ecosystem across all the functions viz. mentoring, handholding, industry connect, workshops, investor connect, events, competitions, new age labs & dedicated office space.
https://www.aicrntu.com/
16. IIM Kashipur Foundation for Innovation and Entrepreneurship Development

 IIM Kashipur Foundation for Innovation & Entrepreneurship Development (FIED), the incubation center of IIM Kashipur, is a section 8 company with an aim to nurture and strengthen the entrepreneurship ecosystem in the state of Uttarakhand and beyond. The company is owned and hosted at IIM Kashipur with an area of 20,000 sq feet. FIED is all set to incubate the most promising start-ups of India in the domains of Tourism and Hospitality, Agriculture, Art and Craft, Technology, and Education. FIED runs projects from the Ministry of Agriculture and Farmers’ Welfare, Department of Science and Technology, and works as a nodal agency for Startup Uttarakhand. Apart from these, FIED runs standalone EDPs and works in tandem with the State Govt. of Uttarakhand to promote innovation and entrepreneurship.
https://www.fied.in/
17. Healthcare Technology Innovation Centre

 Healthcare Technology Innovation Centre, a multi-disciplinary R&D and incubation centre strategically situated at IITM Research Park, it is a joint initiative of IIT Madras(IITM) and Department of Biotechnology (DBT). The incubator is a BIONEST incubator supported by BIRAC. With HTIC’s strong industry partnerships, multi-centre clinical partners, and international research and technology collaboration, combined with the technology translation engine of HTIC, it is on the path to become a national asset and a globally recognized centre for affordable healthcare technologies in the next few years.
https://www.hticiitm.org/
18. AIC-MIT ADT Incubator Forum

 AIC-MIT ADT Incubator Forum (AIC-MITADT) is an umbrella organization hosted by MIT Art, Design & Technology University, Pune (MIT ADTU) to promote Innovation and Entrepreneurship. AIC-MITADT is a non-profit section-8 company supported by Atal Innovation Mission (AIM), NITI Aayog, Govt. of India. It leverages the power of various schools at the University to support potential founders by building a ‘Learning Culture’. It aims to build a community that nurtures the IDEA (Innovation, Design Thinking, Entrepreneurship, Arts) among the Next Generation of Entrepreneurs. VISION: To be a globally respected incubator that provides world class ecosystem to promote Entrepreneurship and Innovation. MISSION: To create a learning environment where each start-up can leverage the network effect and create society relevant products or services.
https://aic.mituniversity.edu.in/

RSA Consultants is a team of Chartered Accountants and other Professionals, rendering services in the field of Income Tax, GST, Indirect Tax, International Taxation, Corporate Law Advisory, Accounts & Assurances and Consultancy related to Startup & Entrepreneurship since 2011.

Our team can help your Startup to make application under the SISFS. Kindly get in touch with us via WhatsApp at 9723400220

CBDT Announces Extension of Due Dates for various e-filing forms

Vishvas Nandwani
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CBDT Announces Extension of Due Dates for various e-filing forms

A big relief to the taxpayers has been provided by the finance ministry to the taxpayers by extending the due dates. It was much needed as the new portal has a lot of glitches since its launch and Infosys has failed to correct the glitches. Even after 2.5 months since its launch glitches have continued to exist. Thus this move was inevitable.

The due dates have been extended for the below forms:

  • The application for registration or intimation or approval under Section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No. 10A required to be filed on or before 30th June, 2021, as extended to 31st August, 2021 vide Circular No. 12 of 2021 dated 25.06.2021, may be filed on or before 31st March, 2022;
  • The application for registration or approval under Section 10(23C), 12A or 80G of the Act in Form No.10AB, for which the last date for filing falls on or before 28th February, 2022 may be filed on or before 31st March, 2022;
  • The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21, which was required to be filed on or before 30th June, 2021, as extended to 31st August, 2021 vide Circular No. 15 of 2021 dated 03.08.2021, may be filed on or before 31st December, 2021;
  • Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before 15th July, 2021 under Rule 37BB of the Rules, as extended to 31st August, 2021 vide Circular No.15 of 2021 dated 03.08.2021, may be furnished on or before 30th November, 2021;
  • The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th September, 2021, required to be furnished on or before 15th October, 2021 under Rule 37BB of the Rules, may be furnished on or before 31st December, 2021;
  • Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which was originally required to be uploaded on or before 15th July, 2021, and subsequently by 31st August, 2021, as per Circular No.12 of 2021 dated 25.06.2021, may be uploaded on or before 30th November, 2021;
  • Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th September, 2021, which is required to be uploaded on or before 15th October, 2021, may be uploaded on or before 31st December, 2021;
  • Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30th June, 2021, required to be made on or before 31st July, 2021 as per Circular No.15 of 2020 dated 22.07.2020, as extended to 30th September, 2021 vide Circular No.15 of 2021 dated 03.08.2021, may be made on or before 30th November, 2021;
  • Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30th September, 2021, required to be made on or before 31st October, 2021 as per Circular No.15 of 2020 dated 22.07.2020, may be made on or before 31st December, 2021;
  • Intimation to be made by a Pension Fund in respect of each investment made by it in India in Form No. 10BBB for the quarter ending on 30th June, 2021, required to be made on or before 31st July, 2021 under Rule 2DB of the Rules, as extended to 30th September, 2021 vide Circular No. 15 of 2021 dated 03.08.2021, may be made on or before 30th November, 2021;
  • Intimation to be made by a Pension Fund in respect of each investment made by it in India in Form No. 10BBB for the quarter ending on 30th September, 2021, required to be made on or before 31st October, 2021 under Rule 2DB of the Rules, may be made on or before 31st December, 2021;
  • Intimation by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India, for the purposes of sub-section (1) of section 286 of the Act, in Form No.3CEAC, required to be made on or before 30th November, 2021 under Rule 10DB of the Rules, may be made on or before 31st December, 2021;
  • Report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of sub-section (2) or sub-section (4) of section 286 of the Act, in Form No. 3CEAD, required to be furnished on or before 30th November, 2021 under Rule 10DB of the Rules, may be furnished on or before 31st December, 2021;
  • Intimation on behalf of an international group for the purposes of the proviso to sub-section (4) of section 286 of the Act in Form No. 3CEAE, required to be made on or before 30th November, 2021 under Rule 10DB of the Rules, may be made on or before 31st December, 2021.

Recent fundings raised by Indian Startups In August 2021

Vishvas Nandwani
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Recent fundings raised by Indian Startups In August 2021
  • Chaipoint:

Chaipoint has raised $ 20 million in its new round of fundings. The funding was done by Paragon Partners, a mid-segment private equity investor, while existing investors, including Eight Roads (Fidelity’s India PE arm), Saama Capital and DSG also participated in the round.

The company aims to utilize the funds to grow the number of automated hot beverage dispensing machine. The company also aims to invest heavily in its delivery units which has been growing enormously with the help of Swiggy and Zomato.

  •  Breathe Well-being:

Breathe well being is a company that helps people prevent and manage type-2 diabetes in the country. It has raised $5.5 million in Series A led by Accel. The round saw participation from marquee investors like General Catalyst and Scott Shleifer, Global MD, Tiger Global.

“Our mission is to help 1 million Indians reverse Type 2 Diabetes by 2025. We are focusing on enhancing patient experience by scaling our technology platform, strengthening medical & coaching academy, community protocols and game design. This fundraise will also help us ramp up our hiring and marketing efforts. We will be aggressively hiring not only for core operations but across the board,” said Rohan Verma, co-founder & CEO, Breathe Well-being.

  • Bewakoof

Bewakoof is a fashion clothing D2C company (Direct to consumer) which has raised 60 Crores in pre Series B funding with this the company has raised around 170 Crores till date. It aims to increase it sales to around 2000 crores till 2025.

  • Khatabook

Khatabook, a leading fintech start-up, has closed a $100 million Series C funding round, with a valuation now close to $600 million. The round was led by US-based VC firms Tribe Capital and Moore Strategic Ventures (MSV). The startup is also buying back $10 million worth of ESOPs (employee stock ownership plan) to acknowledge and reward employees, ex-employees, and early investors who contributed to the company’s growth. Eligible employees will be able to sell as much as 30 per cent of their vested options. Khatabook has also expanded its ESOP pool to $50 million.

  • NOTO

Actor John Abraham and a clutch of venture capital (VC) funds have invested Rs 4 crore in NOTO, the low-calorie and high-protein icecream brand. The VC funds, who have invested alongside the actor in the pre-Series A round, include Titan Capital, Rockstud Capital, and WEH Ventures, an official statement said adding that some angel investors also participated. Founded by the couple Varun and Ashni Sheth in 2018, the brand will invest the money raised in geographical expansion, product development and hiring talent, the statement said.

  • Smallcase

Smallcase, a leading capital markets-focused fintech company, has raised $40 million in a Series C round led by Faering Capital. The round also saw participation from new investors Amazon Smbhav Venture Fund (ASVF) and Premji Invest, apart from existing investors including Sequoia Capital India, Blume Ventures, Beenext, DSP Group, Arkam Ventures, WEH Ventures, HDFC Bank Group and Utpal Sheth (CEO, Rare Enterprises). The round brings the total capital raised by smallcase to over $60 million.

RSA Consultants is a team of Chartered Accountants and other Professionals, rendering services in the field of Income Tax, GST, Indirect Tax, International Taxation, Corporate Law Advisory, Accounts & Assurances and Consultancy related to Startup & Entrepreneurship since 2011.

Our team can help your Startup to make application under the SISFS. Kindly get in touch with us via WhatsApp at 9723400220

Things you need to keep in mind before listing your business on e-commerce websites:

Vishvas Nandwani
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Things you need to keep in mind before listing your business on e-commerce websites:
  1. Charges

There are generally 3 types of charges which e-commerce operators like Amazon, Flipkart and other e-commerce operator charge:

  • Listing Commission: Whenever you list a product the e-commerce operator will charge you a listing commission based on the selling price of your product. This commission depends on the type of your product. It may range from 5-25%. There have been various new sites which don’t charge this type of commission like meeshow and udaan.
  • Closing Fee: This is levied flat on the order placed. It is generally between the range of Rs 25-50.
  • Delivery Charges: This is no surprise that you will need to bear the delivery charges of your product. It differs in price from local sale, intra state sale and national sales.

Besides this there are also some optional charges which depends on the discrete of the seller like:

  • Advertisement Charges: If you need to promote your product on amazon you will need to bear the advertisement charges. Due to this there is a case ongoing in the High Court of Karnataka to read more about this please click on the following link:
Is giving a discount and having exclusive partnerships with dealers fair and legal practice in India?
  • Pick and pack charges: As a seller it generally depends on you if you want to use this service or not. Bit on many websites like amazon and flipkart. If, you don’t opt for amazon delivery services you will be able to sell your products only within the limits of your own city.
  • Return Policies:

The return policies of the e-commerce websites today are mostly favorable towards the buyers. The sellers have to bear the cost of returns if the buyer does not like the products or if the product hets damaged in the warehouse or in transit.

  • Favorable to manufacturers

The cost associated with online e-commerces can only be borne and sustained by manufacturers who want to sell their products directly to the consumers. It is because of high mark-up costs that they will apply to their products and can still offer discounts to the customers.

  •  Send products to the warehouse:

Many e-commerce companies have started their own warehouses where they can store the products of the sellers and give faster delivery services to the buyers. It is also to be noted that your inventory will get block during this process.

  • Higher Profits:

It is really true that only sky is the limit for sellers on e-commerce websites. There are really many wholesalers and manufacturers who are reaping the benefits of these platforms. They are maximizing their sales by setting correct price ranges, handling their inventory properly.  

In a nutshell it can be said that the online business in India will expand in the future but sellers need to keep in mid the above following points and do proper costing and inventory holdings in order to make their businesses profitable.

Why do countries want to host the Olympics?

Vishvas Nandwani
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Why do countries want to host the Olympics?

Hosting the Olympics is considered to be prestigious for developed nations. The Olympics create a high constrain on the economy, So the question arises why do countries want to bid to host the Olympics? For 2016 Olympics, Japan just spend $ 150 million for only submitting the bid even it was unsuccessful and finally got the bid of $ 75 million for 2020 Olympics. Their bid is worth over $ 7 Billion.

How countries need to plan the Olympics?

The delayed Tokyo 2020 Summer Games were already the most expensive Olympics in history, running at 200% over budget on Sep. 7, 2020 though not scheduled to begin until July 2021. Tokyo forecast $7.3 billion in their 2013 bid, but the actual cost is estimated to be $15.84 billion as of Sep. 2020, with costs continuing to rise. A Jan. 2021 study found that losing foreign spectators due to COVID-19 restrictions could cost Japan as much as $23 billion.

Reasons to host the Olympics

One of the reason why countries want to host the Olympics is because it boosts tourism there have been various instances in which the countries have been left with operating surpluses from tourism and broadcasting fees. The recent example is of 2018 Winter games in which South Korea was left with a surplus of $ 55 million which was used to boost the sports facilities in the school. Another great example is of 1984 Summer Olympics in Los Angeles which gave the city around $ 500 million in surplus due to boost in tourism and bradcating rights.

But if badly organized and if the country and the city does not have the infrastructure to host the Olypiucs it can be a bloodbath of money for the country. For 1976, Montral Olympics Canada have to spend $ 17 million to maintain their prestigious Olympics stadium built for the purpose of hosting Olympics. It took over 30 years to run down that costs. Another bad example is of Russia, Sochi hosting thw winter Olympics in 2014.

Many Olympic venues worldwide sit empty, rusted, overgrown with weeds, covered with graffiti, and filled with polluted water. The $78 million Olympic Stadium in PyeongChang for the 2018 Winter Games was set for demolition before the 2018 Games even began. Sydney’s 2000 Olympic Stadium will be demolished in 2019 in favor of a smaller, more useful venue.

Bejing’s 2008 Bird’s Nest Olympic Stadium costs the city $11 million a year to maintain, and the stadium that seats 91,000 mostly sits unused. In Rio de Janeiro, the $700 million athletes village for the 2016 Games was turned into luxury apartments that are now “shuttered” and the Olympic Park is “basically vacant” after failing to attract a buyer. 

The next reason of hosting the Olympics is because it creates a sense of national pride when South korea won the bid for 2018 Winter Olympics the whole city came out on the streets to celebrate. Moorad Choudhry, MBA, PhD, Treasurer of the Corporate Banking Division of the Royal Bank of Scotland, stated, “A genuine feel-good factor [of hosting the Olympics] can be very positive for the economy, not just in terms of higher spending but also in productivity at work, which in turn boosts output.”

The Olympics also mean that a lot of people need to be shifted from their home to build the Olympics village. This has been eveident in Rio De Janeiro where moe than 100,000 people were forced to move out of their houses.

Cabinet approves various amendments in LLP Act ,2008

Sourabh Agarwal
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Cabinet approves various amendments in LLP Act ,2008

With the motive of facilitating greater ease of business in India, the government on Wednesday i.e. 28.07.2021 approved certain amendments in the LLP Act, 2008 vide LLP(amendment) Bill, 2021 thereby decriminalizing certain provisions and introducing two different types of LLP viz. Small Limited Liability Partnership and Startup Limited Liability Partnership and making various other amendments.

Objective of the government for the proposed amendment in the LLP Act,2008  

“In view of the constant endeavor of the Central Government to facilitate greater ease of living to law abiding corporates and to decriminalize certain provisions of the Act, it has become necessary to amend certain provisions of the Act. Hence the Bill, namely, the Limited Liability Partnership (Amendment) Bill, 2021 is  proposed to be enacted.”

Various Amendments proposed in the Limited Liability Partnership (Amendment) Bill, 2021

The Limited Liability Partnership (Amendment) Bill, 2021, inter alia, provides for the following, namely:—

(i) to introduce the concept of “small limited liability partnership” in line with the concept of “small company” under the Companies Act, 2013;

(ii) to amend certain sections of the Act so as to convert offences into civil defaults and to convert the nature of punishment provided in the said sections from fines to monetary penalties;

(iii) to insert a new section 34A so as to empower the Central Government to prescribe the “Accounting Standards” or “Auditing Standards” for a class or classes of limited liability partnerships;

(iv) To amend section 39 of the Act relating to “compounding of offences” so as to authorise the Regional Director to compound any offence under this Act which is punishable with fine only;

(v) To insert a new section 67A empowering the Central Government to establish or designate as many “Special Courts” as may be necessary for the purpose of providing speedy trial of offences under the Act;

(vi) To amend section 72 of the Act so as to provide more clarity in the provisions when any person aggrieved by an order of “Tribunal” prefers an appeal to the “Appellate Tribunal”;

(vii) to insert a new section 76A so as to provide that the Central Government may appoint as many officers as Adjudicating Officers as it thinks necessary for the purpose of adjudicating penalties under the Act.

The following definition is proposed for Small Limited Liability Partnership

(ta) “small limited liability partnership” means a limited liability partnership—

  • the contribution of which, does not exceed twenty-five lakh rupees or such higher amount, not exceeding five crore rupees, as may be prescribed; and
  • the turnover of which, as per the Statement of Accounts and Solvency for the immediately preceding financial year, does not exceed forty lakh rupees or such higher amount, not exceeding fifty crore rupees, as may be prescribed; or
  • which meets such other requirements as may be prescribed,

 and fulfils such terms and conditions as may be prescribed;’

The Government has also proposed a new from of LLP which is to reckoned as ‘Startup LLPs’ definition of which is proposed as below:-

Start-up limited liability partnership” means a limited liability partnership incorporated
under this Act and recognised as such in accordance with the notifications
issued by the Central Government from time to time.

*A lot of changes are being made in the Companies Act, decriminalizing many sections and improving ease of doing business for companies. A similar treatment had to be given for LLPs,” Union finance minister Nirmala Sitharaman said while addressing a press conference.

“With the Limited Liability Partnership Amendment Bill, we will have only 22 penal provisions, 7 compoundable offences and 3 non-compoundable offences,” she said, adding 12 offences will be decriminalised for LLPs and three sections will be omitted.

Finance Minister Nirmala Sitharaman also said the amendments would bring an equal playing field for LLPs, compared to large companies which come under the Companies Act, as LLPs are becoming popular among startups. Earlier, LLPs did not have the benefit of either simplified regulation or ease of practice under proprietorship, she pointed out.*

*Source: Hindustan Times

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