Importance of MSME Sector

Micro, Small and Medium Enterprises (MSME) has been a backbone of the economic growth over the last few decades. MSMEs play crucial role in providing large employment opportunities on low investments thereby reducing the major employment problems and also help in industrialization of rural & backward areas. Government in order to support and promote the small business has extended relaxations to MSMEs through various subsidies, schemes and incentives. Government have been regularly proposingamendments for the smooth operations of small business.

In this article, we are going to brief you some of the developments in this sector as follows:

1. MSME registration process is most simplestby filling up only one page i.e., Udhyogaadhaar memorandum to get the unique UdyogAadhaar Number (UAN) without any documents in support and also no fees is charged. Certificate of Registration will be issued within 24 hours
2. In the Union Budget 2018, corporate tax rate for the small enterprises was lowered from 30% to 25%
3. MSME which have obtained Quality Management Systems ISO 9001 and/or Environment Management Systems ISO 14001 and /or Food Safety Systems certifications are allowed to claim the reimbursement of 75% of the certification expenses up to max limit of Rs.75,000
4. Government of India has launched Credit Guarantee Fund Scheme for MSME under which banks shall provide Collateral free loan             
5. 50% subsidy for SSI registration can be availed by MSME by making an application to the Ministry. 

Nowadays, multiple digital marketing strategies are also implemented by the organization in order to achieve maximum return on investment.  MSME are also implementing the strategies which big organizations uses in order to increase their visibility in the market.           

The central bank has also raised the 90 days window in terms of NPA to 180 days. This has extended the classification of loans as Non-Performing assets or bad loans for the small business. 

Recently the Cabinet has approved to change the criteriafor classifying MSMEs. It proposes to define MSME Registration on the basis of annual sales turnover rather than on investment basis. Now there is no distinction between manufacturing and service unit. 

The proposed thresholds are: 

• 1.Turnover upto 5 crores- MICRO ENTERPRISE
• 2. Turnover upto 75 crores- SMALL ENTERPRISE
• 3. Turnover upto 250 crores- MEDIUM ENTERPRISE

Source url - https://enterslice1.wordpress.com/2019/02/11/importance-of-msme-sector

Easy Steps for MSME Registration

MSME stands for Micro, Small and Medium Enterprises. MSME registration is required for each and every micro, small and medium enterprises to get benefits of various incentives provided under the Micro, Small and Medium Enterprises Development Act (MSMED Act).

In this blog, we will briefly discuss about MSME registration. Here we will cover:

1. What is MSME registration?
2. Who can apply for MSME registration?
3. Is it mandatory to obtain MSME registration?
4. Benefits of MSME registration
5. MSME registration Process
6. Documents required for MSME registration

Let's start the journey!

Who can apply for MSME registration?

Any type of business entity can apply for MSME registration. List of the business entities who are entitled to apply for MSME registration is given below:

• Proprietorships
• Partnership firm
• One person company
• Limited liability partnership
• Private Limited Company
• Producer Company
• Any association of Persons

Is it mandatory to obtain MSME registration?

MSME registration is not mandatory until yet but it is advisable to obtain MSME registration because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc.

Benefits of MSME registration

There are numerous benefits of MSME registration and some are discussed below:

• Easy to get a bank loan - Once you obtain the MSME registration, then you can easily get a bank
• Subsidy on Patent registration - Through MSME registration, a business entity and enterpriser can avail 50% subsidy on patent registration.
• Industrial promotion subsidy - Enterprise having MSME registration is eligible for Industrial promotion subsidy.
• Concession in electricity bills - Those who have MSME registration are entitled to get concessional benefit in respect of electricity bills.
• Protection against delay payments - By obtaining the MSME registration, any enterprise can get protection against delay payments.
• Government Tenders - A MSME registered enterprise can be easily selected for a Government tender.

MSME registration Process

MSME registration can be done through online as well as through offline. The process of MSME registration is given below:

1) Visit the website - To obtain MSME registration, first of all, visit the website as prescribed by the government

2) Filling up Registration Form- After successful login, you have to select the register option and then need to fill up MSME registration form along with various documents like:

1. Aadhar card number
2. Validation of Aadhar
3. Gender ID of the entrepreneur
4. Name of the enterprise
5. Type of your organization

• f)PAN

1. Location of your plant
2. Residential address
3. Your previous registration details, if any
4. Bank details

3) Submission of Form - After fill up the registration form you need to submit same.

4) Issuance of MSME Registration - Upon successful submission of the Registration Form and after proper verification of the Registration Form, the concerned authority will issue MSME registration certificate.

Documents required for MSME registration

List of the documents required for MSME Registration is listed below:

• PAN of the enterprise
• Bank details
• Aadhar card
• Proof of ownership of premises
• Copy of licenses and Bills of Machinery purchased

1. 6)Copies of Sale/Purchase bills

• Partnership deed

Conclusion

MSME acts as an engine which helps in the growth of the economy and promoting equitable developments. Enterslice provides world's best service in a matter of MSME registration. If you are planning to apply for MSME registration, then kindly contact the expert team of Enterslice to get best and affordable service.

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Income Tax Return Filing through an Expert

An Income tax return (ITR) is a form filed with the income tax authority which reports income, expenses, and other pertinent tax information. In this blog, we will discuss about Income tax return filing. Let's start the journey.

What is Income Tax Return (ITR) filing?

ITR is a simple form in which taxpayers declare their tax payments, deductions, and taxable income. An income tax return is a proof that you have paid your tax on time.  It is a way of informing the Government of India about your earning of income in a financial year. It is a yearly procedure which needs to be completed before 31st July of every year. The procedure of filing ITR is very well known as income tax filing. The total amount which needs to go to to the government as tax must be calculated before ITR filing.

Who is liable to file Income Tax Return?

List of the persons who are liable to file an income tax return is given below:

1. The Income tax department of India has made it compulsory for every individual whose annual income exceeds Rs 25000 and above is bound to file ITR
2. Where a non-resident has income sources from India, then he/she is liable to file ITR.
3. NRIs, sole proprietors, Companies, LLP, and partnership are required to file ITR

What are the advantages of Income Tax Return Filing?

There are numerous advantages of ITR filing and list of all those advantages is discussed below:

1. Easily apply for loans - If you file ITR on time, then it will be easier for you to apply for a home loan and vehicle loan.
2. Carry forward of capital losses - To carry forward capital loss, ITR filing is important.
3. Income Tax refund - At the time of filing ITR, you can claim for income tax return.
4. Visa Processing- ITR receipt is also very useful in Visa processing. If you are traveling abroad, foreign embassies and foreign authorities can ask for a copy of ITR filing of previous year especially at the time of Visa interview.

How to file Income tax return online?

For ITR filing, you have to visit the website as prescribed by the income tax department:

1. Your PAN card is treated as your user id.
2. After successful login, you have to select the option of Income Tax return Filing and need to choose the Financial year.
3. The next step is to download the proper ITR form.
4. After knowing the taxable amount, you have to pay tax and submit challans.
5. Upon payment of tax, you need to select Submit option and your ITR will be uploaded also you will get ITR V Form.
6. You can verify your return electronically by using Aadhar OTP or by sending a signed printout of the ITR V Form to the Income-tax
7. Once your return is successfully uploaded, an acknowledgment of ITR V will be sent on your registered email address.

Documents required for Income tax return filing.

List of the documents required for ITR filing is given below:

1. Abstracts of Bank statements
2. Proof of investment, Form 16(Salary certificate issued by the employer)
3. Form 16A/TDS certificate
4. Copy of PAN card and Aadhar card
5. Tax payment challans for self-tax assessment tax and advance tax paid by you.

Conclusion

Income Tax return allows and enables taxpayers to calculate their tax liability, schedule tax, payments or refunds for the overpayment of taxes.

Enterslice is an award-winning company in the matter of providing best and affordable services of Income Tax return filing. If you are planning to file ITR, then kindly contact Enterslice or any of its consultants.

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What are the options for NGO Registration?

NGO stands for Non-government organizations which are formed to support the underprivileged sections of the society and help in the management of different issues such as social, cultural, legal, and environmental, art, science etc. There is no intervention from government in the functioning of these NGOs. People voluntarily give their name to contribute to the functioning of the NGO. In this blog we will discuss about the NGO registration.

Topics covered under this blog:

1. What are the types of NGO registration?
2. What is the process of NGO registration in the form of trust?
3. What is the process of NGO registration in the form of society?
4. What is the process of NGO registration in the form of section 8 company?

What are the types of NGO registration?

In India, NGO registration can be done in three ways. The Indian Trusts Act, 1882, Society Registration Act, 1860 and companies Act, 2013 governs the NGO in the form of Trust, society and Section 8 Company respectively.

Further, we will look into the procedure of forming these NGOs-

What is the process of NGO registration in the form of trust?

For NGO registration in the form of trust you need to clarify the following-

1. Purpose of creating a trust
2. Idea behind the trust
3. Beneficiary details
4. Properties of the trust assigned by the assignee

Further below mentioned steps will be carried out for NGO registration:

• STEP1: Naming an NGO

The first step is to come up with the name for your NGO

• STEP2: List of members of the trust

You need to specify, who will be the settler, trustees (at least 2) and beneficiaries for your NGO.

• STEP3: Memorandum of Association (MoA)

You have to frame a Memorandum of Association (MoA) and trust deed which must include all the key provisions and clauses. Trust deed is executed on the stamp paper that should be of value in accordance with the laws prescribed by the government.

• STEP4: Submission of signed deed

All the trustees and settler has to sign the trust deed, and register it with the local registrar of the area, where the NGO will be functional.

What is the process of NGO registration in the form of society?

 There are certain steps that need to be followed for the NGO registration in the form of society-

• STEP1: Naming the Society

The first step is to select the name for your NGO.

• STEP2: Formation of Governing Body

You need to decide upon the governing body of the proposed trust.

• STEP3: Memorandum of Association (MoA)

Then you are required to make the memorandum of Association and by-laws of the proposed society. It consists of all the rules and regulations in relation to the registration and operation of the Society.

• STEP4: Submitting Documents

At last, you just need to submit the MoA (Memorandum of Association), documents regarding the rules and regulations of an NGO, and other registration documents.

You have to submit all these documents with the registrar of the state, where the proposed NGO will be operating.

What is the process of NGO registration in the form of section 8 company?

Below are the steps to be followed for the NGO registration in the form of section 8 company registration-

• STEP1: Obtaining the Digital signatures

The first step is to obtain the digital signatures for all the proposed directors of the company. These digital signatures will be required to sign the application of incorporation and few other related documents.

• STEP2: Naming the Section 8 Company

There is a RUN service available on the MCA portal, which you can use for the name approval of the NGO. You will be allowed to propose 2 names for the proposed Company.

• STEP3: SPICE form

This is the main step under which incorporation application is filed in SPICE form along with the necessary documents like MoA (Memorandum of Association), AoA (Article of Association) of the company. If the proposed directors of the company do not posses DIN then they can directly apply for DIN (Director Identification Number) through SPICE form.

• STEP4: Form INC-12

You need to submit an online application in Form INC-12 to the respective ROC to get the license issued.

• STEP5: Formation of an NGO

After the proper inspection of the application of registration by ROC, License will be issued; along with the Company’s PAN&TAN number.

Hope you have a clearer picture regarding the NGO formation in India.

For more information please contact Enterslice.

Source url – https://enterslice1.wordpress.com/2019/01/28/what-are-the-options-for-ngo-registration

What is EPF and how to register under it?

EPF stands for employees provident fund, this scheme is governed by the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.  It comes under one of the largest social security organizations. It plays an important role during the retirement period of an employee.

Further, in this blog, we will discuss what is EPF? and how to register under it?

Steps involved under EPF registration

Below are the steps, need to be followed for the PF registration-

STEP1: Obtaining the EPFO registration

The first step is to visit the website of EPFO. Once you have landed upon the website, you just need to click on the option Establishment Registration.

STEP2: Go through the User Manual

When you click on the Establishment Registration, you will come across an Instruction manual. You must read the Instruction manual, if you are doing this for the first time.

STEP3: DSC registration

If the employer is already registered, then they just need to provide the credentials (Universal Account Number [UAN] and password). You can take a look at the Instruction manual for registration instructions and Digital signature certificate (DSC) of the employer.

If you are filing a fresh application, then you must have the DSC beforehand.

STEP4- Fill the details

Once you are done reading the instruction manual, you just need to move ahead to the EPF Registration process by ticking on. You will land on the new page, where you will be asked to fill the employer's detail.

STEP5: Details asked in the registration form

In the registration form, you need to mention the following list of details-

• First name, middle name, and last name. It must be similar to the name furnished to the Income-tax department. If the name doesn't match, it may lead to the problems such rejection of the application.
• Then you will be asked to enter the employer's PAN after there will be a pop up saying the employer is not registered previously. It will also be verified.
• You need to create a user name of your choice, and the system will let you whether your proposed username is available or not.
• There will be a few hint question/answer which would be helpful, in case you forget your User id or password.
• You will finally receive a PIN on your mentioned mobile number, you just need to agree with the above declaration.
• There will be an email link as well sent to your e-mail ID, to confirm the submission of an application.

We wish you all the luck for all your future ventures. For any query, please contact Enterslice.

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Why Business Plan is so important for your business?

Have you ever owned a business, company or an organization, or are closely related to any of these in the past. If yes then you must be aware of the number of activities going around to make the business successful. It requires a lot of planning, decision makings, and other relevant steps.

Are you aware of the fact that, now a day any start up needs a proper business plan to work in the future to make profits. There are business consultants who are specifically dedicated to sketching out the business plan, in accordance with the needs and requirement of the company.

Further, in this blog, we will discuss the key features of any business plan,

What are the highlights of any business pan?

Any business plan must consist the following features-

• Executive summary.
• Business model.
• Marketing strategies.
• Competitive analysis.
• Technology & product plan.
• Operations and management plan.
• Revenue plan.
• Financial Projections.
• Business Valuations.
• Investment offerings.

At what point of time the business plan is required?

 There are few reasons behind hiring a business plan consultant for your company, if you are looking to make a business plan for your company, then you must know why and when the business plan and business plan consultant is required?

• Business plan consultant is required at the beginning of every financial year.
• For better growth of your business, you need to forecast your business plan annually, quarterly or even monthly at the beginning of the new fiscal period.
• Whenever you are looking to get the funding, either SEED/ Venture funding, you need to have a business plan
• To cope with the market change, avoid the future hindrances in the business management
• At the time of launching the new product, developing a new product, technology, service etc
• If there is a change in the management at the top or middle level

These were all the basics of the business plan. Hope you have a better knowledge of the business plan requirement.

For any query regarding this, please contact Enterslice.

Source url - https://enterslice1.wordpress.com/2019/01/18/why-business-plan-is-so-important-for-your-business

Explain in detail NGO registration types in India

You must have seen the ads or heard about NGOs in India. NGO basically stands for Non-profit organizations. The purpose of setting up an NGO is to promote and support the underprivileged section of the societies which include issues such as social, cultural, legal, environment, art, science etc. These NGOs are operated on a voluntary basis by the citizens, with no interference from the side of the state or central government.

Further, we will discuss the NGO registration types in India, how to register them etc.

Different modes of NGO registration in India

All the NGOs we see are registered under different acts and follow the rules and regulations accordingly.

There are three modes of registering the NGO in India-

• NGO registration in the form of trust (Regulated by The Indian Trusts Act, 1882)
• NGO registration in the form Society (Regulated by the Society Registration Act, 1860)
• NGO registration in the form of Section 8 Company (Regulated by the Companies Act, 2013)

Let’s take a look at the different NGO registration process one by one.

How do we register the NGO as a Trust?

For trust registration in India, you need to follow the steps mentioned below-

STEP1- Choosing a name

The first step is to choose the name for an NGO

STEP2- Deciding settlor, trustees etc

The second step is to determine the settlor, at least 2 trustees and clearly mentioning the beneficiaries

STEP3- MOA, by laws, trust deed

You need to draft a MOA, by laws and execute the proper trust deed, specifying all the key provisions and clauses.

STEP4- signing the deed

The trust deed must be signed by all the trustees and settlor. And it must be registered with the local registrar of the area, where the office is located.

How do we register the NGO as a Society?

If you want to register your NGO in the form of Society, then you have to follow the below mentioned steps for society registration -

STEP1- Choosing a Name

The initial step is to come up with an apt name for your NGO

STEP2-Governing body

The second step is to decide upon the governing body of the proposed trust

STEP3-MOA, by-laws

In this step, you need to draft the MOA (memorandum of association) and by-laws of the proposed society, specifying all the rules and regulations regarding the operation of NGO.

STEP4-Submission of documents

Once you are done with the preparation of the documents, you have to submit these forms with the registrar of the society of state, where the NGO will be functioning.

How do we register the NGO as Section 8 Company?

Forming an NGO in the form of section 8 company requires you to follow a really simple procedure. Below is the step by step process of section 8 Company registration-

STEP1- Digital signatures

You need to obtain the digital signatures for all the proposed signatories. As these will be required to sign the application of NGO registration and other forms as well

STEP2- Choosing a name

For this, you can propose two names that must not resemble any of the already existing registered names. There is a RUN service available on the web portal of MCA, which can be used for this.

STEP2- SPICE form

The second step is to draft the AOA (Article of Association), MOA (Memorandum of association) and other required declarations.

Along with this, you need to file the INC12 form with ROC for the issuance of the license.

STEP3- Certificate of Incorporation

Once you have submitted the application of registration, it will be thoroughly inspected by the authority. And the certification of Incorporation will be issued on approval.

Source url - https://enterslice1.wordpress.com/2019/01/15/explain-in-detail-ngo-registration-types-in-india