LegalRaasta

All the Small scale industries (SSI) or Micro, Small and Medium Enterprises (MSME) can register themselves under the MSMED Act. Although it is not compulsory but will be beneficial if you do so. The several benefits include priority sector lending, capital investment subsidies and power tariff subsidies, excise and direct tax exemptions. To stand in the category of MSME, the manufacturing enterprises require to have an investment of less than Rs. 10 crores in plant and machinery, whereas enterprises of service must have no more than Rs. 5 crores invested in plant and machinery. At any point in time, if you crossed this investment deadline then you need to cancel your registration under the MSMED Act. In this article, you will get to know more about SSI registration and MSME registration . What is exactly SSI/MSME Registration? Every nation has some economic hopes from its young and small businesses. So, the Indian government having this mentality offers numerous advantages to su...

NBFC is an institution under the Companies Act 2013 or 1956 who is basically engaged in the business of loans and advances, equities, acquisition of stocks, debt etc issued by the government or any local authority. The objective behind the NBFC registration is to accept deposits under any scheme or manner. As per section 45 (c) of the RBI Act, a Non-Banking Company engaging in the business of a financial institution will be an NBFC. The Ministry of Corporate Affairs and the Reserve Bank of India govern this kind of institutions. Which NBFCs are not required to obtain any registration with the Reserve Bank of India? 1.     Merchant Banking Companies 2.     Core Investment Companies (assets < 100 crore or public funds are not taken) 3.     Companies those who are engaged in the business of stock-broking 4.     Companies those who are engaged in the business of Venture Capital. 5.     Housing Fi...

Overview To facilitate the various category of taxpayers, the Income Tax department of India has issued seven types of different ITR forms. If you are wondering how it helps, so here your reach ends. the new ITR forms now shift the onus on the taxpayers to prove their claim for the deductions, expenses or exemptions. It ultimately seeks more information from the trusts, taxpayers who opted for presumptive taxation scheme, investors in shares of unlisted companies etc. This article will surely help you to find the suitable form for your filing. Just have a look below: Types of ITR Forms introduced for the financial year 17-18: Following are the forms introduced by the income tax department: 1.   ITR-1 : It is the simplest form which can be filed by the taxpayer whose earning is from salary or pension or from one house property and income from other sources but the annual taxable income should not exceed Rs. 50 lakh. it should not include any income from betting, gambl...