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...

Introduction The Food safety and standards authority of India (FSSAI) had issued a draft of amendments to Food Safety and Standards (FSS) Act and recommended a stringent punishment of life imprisonment and fine of Rs. 10 lakhs to the person nabbed in case of food adulteration. This act was passed in 2006 and notified in 2011. If any person found in the case of adding adulterant to food with the intention to cause his death or renders for human consumption shall be punishable by giving him 7 years of imprisonment. Further, it may be extended to life imprisonment along with the fine not less than 10 lakhs. No matter whether it causes actual injury or not. Moreover, it is also in the light of the supreme court. The new consumer protection bill which is still pending in the parliament also proposes the same stringent punishment. There is an increase in the punishment if a person tried to obstruct, impersonate, intimidate, threaten or assault a food safety officer. The food regulator ...

Running a company together is in no way an easy task, Going through all the legal procedures like Company Registration getting Import-Export License and Trademark Filing etc. along with managing logistics can be a very challenging task. In a way, you can say it is the marriage of the business world. So like a marriage, it is vital to keep both parties happy in order for the relationship or the business to prosper. However, no relationship whether it's a marriage or a business is free from hiccups, conflicts and tempers rising. Some say if managed efficiently, confrontations can bring path-breaking perspectives to both parties involved. So with that hope, let's look at how best to manage and efficiently handle confrontations and conflicts between co-founders of a company. First and foremost, this piece is not the bible of conflict resolution because what may seem to resolve conflicts between two people could add fuel to the fire for other groups of people because differ...

Have you started you a new food business but unable to run it for long? Are you wondering why it foils down when you have never left any recoupment of money invested? So here is your answer, Anyone can start a food and beverage business but there are very few who did not end up with fail. This article will help you to know what are the points that should be kept in mind while establishing a food and beverage business so that it will not make you disappoint and take you to the zenith of success. Following are the mistakes that should be avoided : •      Limited Access to Market Insights: Although it is not that crucial to access in market insights during the strategy-building process because this information is very costly. But the brand owner gives the privilege to learn the importance of market research far especially when the retailers start cutting down the category and denying their recently produced products. Besides, brand owner can obtain Trademark r...

“Before you can run, you need to walk”  - crawl even. These 10 tips on managing cash flow will bring you back down to earth - so your business can fly. Whether one is working for a startup, or he is startup himself, most of the businesses fail because of lack of cash. It has been seen numerous times that the startups try to distend their businesses. And since they do not track their cash flows, they realize one day that their long-term runway has reduced to a limited now. If all the startups start keeping an eye on the movement of cash and their spendings, they can  save their business from failure . The one who takes the risk of running a business without the analysis of cash flow might land in the raises of trouble. If you are doing so, you are actually shooting yourself in the foot and wasting all that you have done to maintain your other great works in management, finance, HR, etc. Here we have described 10 important tips to keep your business on the path of grow...