Part I -- MSME Basic Concept |
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| 1. - Overview of MSME |
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| Introduction |
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| Ministry of MSME |
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| Functions of Ministry of MSME |
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| MSMED Act |
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| Aatmanirbhar Bharat -- A Self Reliant India |
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| Registration of MSMEs |
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| Benefits available to registered MSMEs |
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| MSME Schemes |
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| IndiaXports Initiative 2021 |
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| 2. - Important Terminologies |
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| Enterprise |
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| Micro Enterprise |
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| Small Enterprise |
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| Medium Enterprise |
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| 3. - Classification and Re-Classification of MSMEs |
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| Investment |
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| -- Computation of investment in plant and machinery or equipment |
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| “Plant and machinery or equipment”- Connotation of |
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| -- Value of plant and machinery or equipments |
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| -- Exclusions from “plant and machinery” and “equipment” |
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| Turnover |
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| -- Meaning of turnover |
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| -- Computation of turnover |
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| -- Turnover of previous financial year to be considered for deciding category as MSMEs |
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| Implications if an entity crosses the ceiling limits of investment in plant and machinery or turnover |
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| Separate GSTIN of single entity under same PAN to be treated as one enterprise for determining ceiling limit of MSME |
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| Classification with illustrations |
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| What is manufacturing or production MSME |
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| -- Manufacture Vs. production |
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| Service MSME |
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| Activities not to be included in manufacture or production of goods or providing or rendering of services |
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| Some clarifications as to categorization of activities under manufacturing or service |
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| Incorporation of wholesale and retail trade in MSME category |
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| Inclusion of urban street vendors under MSMEs |
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Part II -- Business Organisations Vis-a-Vis MSMEs |
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| 4. - Business Organisations Vis-a-Vis MSMEs |
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| Sole Proprietorship |
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| Partnership Firm |
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| Hindu Undivided Family |
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| Limited Liability Partnership |
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| Company |
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| -- Private company |
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| -- Public company |
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| -- One person company |
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Part III -- Registration of MSMEs |
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| 5. - Udyam Registration |
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| Eligibility for registration |
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| Criteria for classification of MSMEs |
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| How to get registered with Udyam |
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| -- Person; -- Meaning thereof |
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| Information required for Udyam registration |
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| Portal for Udyam Registration |
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| CHAMPIONS -- Single Window Facilitation Systems |
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| Penalty for default |
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| Registration of existing enterprises [Migration from UAM/EM to Udyam] |
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| Wholesale and Retail trades to be registered as MSMEs |
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| Updation of information |
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| -- Updation on self-declaration basis |
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| -- Suspension of status in case of non-updation |
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| -- Communication of graduation or reverse graduation |
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| -- Maintaining prevailing status for specified period in case of graduation and reverse graduation |
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| Grievance redressal of enterprises |
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| 6. - Other Registration and Licences |
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| Permanent Account Number |
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| -- PAN required for setting up of business |
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| -- Registration of PAN |
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| Tax Deduction and Collection Account Number |
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| -- Application for TAN |
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| Registration under Shops & Establishments Act |
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| -- Meaning of Establishment and shop under the Act |
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| -- License under Shop and Establishment Act, 1948 |
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| -- Communication of any change to Inspector |
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| -- Closing of establishment to be communicated to Inspector |
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| National Small Industries Corporation (NSIC) Registration |
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| -- Application |
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| -- Procedure for calculation & fixation of Monetary Limits of Micro & Small Enterprises |
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| -- Documents to be submitted by MSEs for fresh registration |
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| -- Documents required for renewal of registration |
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| -- Registration Fee |
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| -- Eligibility |
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| -- Features of NSIC Registration |
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| GST |
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| -- Compulsory Registration |
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| -- Persons not liable to register |
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| -- Procedure for Registration |
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| -- Cancellation of registration |
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| Import Export Code(IEC) Registration |
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| -- Requirement of IEC |
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| -- Application for IEC Registration |
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| -- Documents required to be attached for Import Export Code (IEC) registration |
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| -- Features of the Import Export Code (IEC) Registration |
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| ESIC |
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| -- ESI registration of Employer |
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| -- ESI registration of Employee |
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| Provident Fund registration |
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| -- Registration process -- Application |
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| -- Documents to be submitted online |
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| -- PF authorities to grantProvident Fund Allotment Letter |
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| Pollution |
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| FSSAI |
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| -- FSSAI Registration |
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| -- FSSAI License |
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| -- List of Mandatory Documents -- Required for Registration and Licencing under FSSAI |
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| 2. Product Approval NoC from Standards Division, FSSAI IIQ |
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| Trademark |
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| -- Filing of application for registration |
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| -- Opposition to registration |
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| -- Registration of Trademark |
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| Copyright |
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| -- Application for registration of copyright |
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| -- Time for processing application |
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| -- Objections raised towards registration |
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| -- Changes in particulars of register |
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| Design |
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| -- Application for registration |
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| -- Documents required to be submitted for Design registration |
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| -- Controller to accept or reject registration |
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| Patent |
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| -- Registration of patent |
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| -- Signing of application and specifications |
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Part IV -- Benefits Available to MSMEs |
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| 7. - Protection Against Delayed Payment to MSME |
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| Liability of buyer for making payment |
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| Interest of delayed payment and recovery of amount due |
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| Micro and Small Enterprises Facilitation Council |
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| Appeal against decree, order or award |
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| Disclosure of total amount in annual statement of account |
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| MSME Samadhaan e-portal |
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| Annexure I |
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| 8. - Trade Receivables Discounting System (TReDS) Portal |
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| TReDS Platform |
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| Companies required to register on TReDS |
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| Procedure for financing or discounting through TReDS |
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| Annexure I -- FAQs on TReDS |
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| Annexure II -- On-tap Authorisation of Payment Systems |
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| Annexure III |
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| 9. - Public Procurement Policy Order |
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| Objectives |
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| Mandatory overall procurement from Micro and Small Enterprises |
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| Special provisions for Micro and Small Enterprises owned by Scheduled Castes (SCs) or Scheduled Tribes (STs) [Section 4 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| Reporting of targets in Annual Report [Section 5 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| Price quotation in tenders [Section 6 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| Developing MSE vendors [Section 7 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| Annual Procurement Plan on websites [Section 8 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| Enhancing participations of MSEs owned by SCs or STs in Government procurements [Section 9 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| Special provisions for MSEs owned by women |
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| Reduction in transaction cost [Section 10 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| Reservation of specific items for procurement from MSEs [Section 11 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| Special Provisions for Defence Procurements [Section 14 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| Review Committee [Section 12 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| Setting up of Grievance Cell for issues related to Government procurement [Section 13] |
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| Monitoring of goals set under Policy [Section 15 of Public Procurement Policy for Micro and Small Enterprises Order, 2012] |
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| MSME Sambandh |
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| Annexure 2 |
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| 10. - GECL Scheme |
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| About the Scheme |
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| Eligibility of borrowers |
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| Eligible Member Lending Institutions |
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| Credit facility eligible under Guarantee coverage of all components of Scheme |
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| 11. - Loans and Restructuring of Advances |
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| Background |
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| MSME Loan Schemes |
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| MUDRA Yojna |
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| -- Credit for Micro Enterprises |
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| -- Mahila Uddyami Scheme |
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| -- Refinance Scheme for Banks |
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| -- Credit Guarantee Fund |
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| -- Micro-Credit Scheme |
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| -- Mudra Card |
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| -- Equipment Finance Scheme |
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| Credit Guarantee Fund Scheme |
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| -- Objective |
155
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| -- Key benefits |
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| -- Eligibility to apply |
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| -- Way to apply |
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| Prime Minister’s Employment Generation Programme (PMEGP) |
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| -- Objective |
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| -- Key benefits |
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| -- Eligibility to apply |
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| -- Way to apply |
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| Documents required to be uploaded for MSME loans |
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| Interest rates for MSME loans from banks and NBFCs : Relevant data of few banks |
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| Restructuring of advances as per RBIs circular |
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Part V -- Schemes Available for MSMEs -- Ministry-wise |
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| 12. - Schemes of Ministry of MSME |
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| SME Division Scheme |
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| -- International Cooperation Scheme |
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| -- Assistance to Training Institutions Scheme (ATI scheme) |
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| -- Marketing Assistance Scheme |
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| Development Commissioner (DC-MSME) Schemes |
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| -- Credit Guarantee Fund Scheme |
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| -- Credit Linked Capital Subsidy (CLCS) for Technology Upgradation Scheme |
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| -- ISO 9000/ISO 14001 Certification Reimbursement Scheme |
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| -- Micro and Small Enterprises Cluster Development Programme (MSE-CDP) |
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| -- Micro Finance Programme Scheme |
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| -- MSME Market Development Assistance Scheme (MDA Scheme) |
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| -- National Awards (Individual MSEs) Scheme |
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| -- National Manufacturing Competitiveness Programme |
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| National Small Industries Corporation (NSIC) Schemes |
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| -- Performance and Credit Rating Scheme |
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| -- Bank Credit Facilitation Scheme |
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| -- Raw Material Assistance Scheme |
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| -- Single Point Registration Scheme (SPRS) |
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| -- Infomediary Services |
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| -- Marketing Intelligence Services Lease |
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| -- Bill Discounting Scheme |
185
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| -- NSIC Infrastructure |
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| ARI Division Schemes |
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| -- Prime Minister’s Employment Generation Programme (PMEGP) |
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| -- Aam Admi Bima Yojana |
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| -- Modified Market Development Assistance (MMDA) |
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| -- Science and Technology Scheme |
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| -- Coir Udyami Yojana |
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| -- Coir Vikas Yojana (CVY) |
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| -- Aspire (Scheme for promotion of innovation, entrepreneurship and agro-industry) |
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| -- Revamped Scheme of Fund for Regeneration of Traditional Industries (SFURTI) |
198
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| 13. - Schemes of Ministry of Agriculture |
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| Schemes of agricultural marketing divisions |
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| -- Marketing Research and Information Network Scheme |
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| Strengthening of Agmark Grading Facilities (SAGF) Scheme |
200
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| -- Objectives |
200
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| -- Key benefits |
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| -- Eligibility to apply |
200
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| -- Way to apply |
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| Development/strengthening of agricultural marketing infrastructure, grading and standardisation |
200
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| -- Objectives |
200
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| -- Key benefits |
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| -- Eligibility to apply |
200
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| -- Way to apply |
200
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| Gramin Bhandaran Yojana -- A Capital Investment Subsidy Scheme For Construction/Renovation Of Rural Godowns |
200
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| -- Objectives |
201
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| -- Key benefits |
201
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| -- Eligibility to apply |
201
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| -- Way to apply |
201
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| Scheme for Small Farmers’ Agriculture-Business Consortium (SFAC) |
201
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| -- Objectives |
201
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| -- Key benefits |
201
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| -- Eligibility to apply |
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| -- Way to apply |
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| Assistance to National Cooperative Development Corporation (NCDC) Programmes for Development of Cooperatives |
202
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| -- Objectives |
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| -- Key benefits |
202
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| -- Eligibility to apply |
202
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| -- Way to apply |
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| Agri-Clinics and Agri-Business Centres (ACABC) Scheme |
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| -- Objectives |
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| -- Key benefits |
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| -- Eligibility to apply |
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| -- Way to apply |
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| National Horticulture Board (NHB) |
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| -- Development of Commercial Horticulture |
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| -- Capital investment subsidy scheme for construction/expansion/ modernisation of cold storage and storages for horticulture products |
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| Scheme for Promotion and Strengthening of Agricultural Mechanisation through Training, Testing and Demonstration |
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| Post-harvest technology and management |
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| -- Objectives |
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| -- Key benefits |
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| -- Eligibility to apply |
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| -- Way to apply |
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| Capacity building to enhance competitiveness of Indian agriculture and registration of organic products Abroad |
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| -- Objectives |
206
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| -- Key benefits |
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| -- Eligibility to apply |
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| -- Way to apply |
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| Dairy entrepreneurship Development Scheme |
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| -- Objectives |
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| -- Key benefits |
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| -- Eligibility to apply |
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| -- Way to apply |
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| Fodder and Feed Development Scheme |
208
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| -- Objectives |
208
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| -- Key benefits |
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| -- Eligibility to apply |
208
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| -- Way to apply |
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| 14. - Schemes of Ministry of Chemicals and Fertilizers |
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| Forms for an enterprise |
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| -- Department of Petro-Chemicals Schemes |
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| -- Department of Fertilisers Scheme |
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| -- Department of Pharmaceutical (DoP) Scheme |
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| 15. - Schemes of Ministry of Communication and Information Technology |
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| R&D Funding scheme |
212
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| -- Objectives |
212
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| -- Key benefits |
212
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| -- Eligibility to apply |
212
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| -- Way to apply |
212
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| Technology Incubation and Development of Entrepreneurs (TIDE) |
213
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| -- Objectives |
213
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| -- Key benefits |
213
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| -- Eligibility to apply |
213
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| -- Way to apply |
213
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| Multiplier Grants scheme (MGS) |
213
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| -- Objectives |
213
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| -- Key benefits |
213
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| -- Eligibility to apply |
213
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| -- Way to apply |
213
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| SIP-EIT, Support International Patent Protection in Electronics and IT |
213
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| -- Objectives |
213
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| -- Key benefits |
214
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| -- Eligibility to apply |
214
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| -- Way to apply |
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| e-Governance schemes |
214
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| -- Common Services Centres (CSC) scheme |
214
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| -- Capacity Building scheme |
214
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| -- State Data Centre scheme |
215
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| -- State Wide Area Network (SWAN) |
215
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| Software Technology Parks of India (STPI) |
216
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| Special Economic Zone scheme (SEZ) |
217
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| -- Objectives |
217
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| -- Key benefits |
217
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| -- Eligibility to apply |
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| -- Way to apply |
217
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| Electronics Hardware Technology Park (EHTP) scheme |
217
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| -- Objectives |
217
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| -- Key benefits |
217
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| -- Eligibility to apply |
218
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| -- Way to apply |
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| Export Promotion Capital Goods (EPCG) scheme |
218
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| -- Objectives |
218
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| -- Key benefits |
218
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| -- Eligibility to apply |
218
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| -- Way to apply |
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| Duty Exemption and Remission schemes |
218
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| -- Objectives |
218
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| -- Key benefits |
219
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| -- Eligibility to apply |
219
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| -- Way to apply |
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| Deemed Exports |
219
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| -- Objectives |
219
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| -- Key benefits |
219
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| -- Eligibility to apply |
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| -- Way to apply |
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| Manpower development for Export Industry |
219
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| -- Objectives |
219
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| -- Key benefits |
219
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| -- Eligibility to apply |
219
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| -- Way to apply |
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| The participation of private institutes under ISEA project |
220
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| -- Objectives |
220
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| -- Key benefits |
220
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| -- Eligibility to apply |
220
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| -- Way to apply |
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| 16. - Schemes of Ministry of Corporate Affairs |
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| Scheme for Certified Filing Centres (CFCs), operated by professionally qualified persons/bodies to facilitate e-filing of documents under MCA21 e-Governance programme of the Ministry of Corporate Affairs (MCA) |
221
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| -- Objectives |
221
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| -- Key benefits |
221
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| -- Eligibility to apply |
221
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| -- Way to apply |
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| EES Filing Scheme & Information |
222
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| -- Objectives |
222
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| -- Key benefits |
222
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| -- Eligibility to apply |
222
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| -- Way to apply |
222
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| Scheme for fast track exit (FTE) mode |
222
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| -- Objectives |
222
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| -- Key benefits |
222
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| -- Eligibility to apply |
222
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| -- Way to apply |
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| 17. - Schemes of Ministry of Culture |
224
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| Scheme for the Award of Fellowship to Outstanding Persons in the Field of Culture |
224
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| -- Objectives |
224
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| -- Key benefits |
224
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| -- Eligibility to apply |
224
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| -- Way to apply |
225
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| Scheme for Financial Assistance for Capacity Building and Training of Museum Professionals |
225
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| -- Objectives |
225
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| -- Key benefits |
225
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| -- Eligibility to apply |
225
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| -- Way to apply |
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| Scheme of Building Grants including Studio Theatres |
226
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| -- Objectives |
226
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| -- Key benefits |
226
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| -- Eligibility to apply |
226
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| -- Way to apply |
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| 18. - Schemes of Ministry of Finance |
227
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| I. SIDBI Schemes |
227
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| Scheme for Growth Capital and Equity Assistance |
227
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| -- Objectives |
227
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| -- Key benefits |
227
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| -- Eligibility to apply |
227
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| -- Way to apply |
227
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| Scheme for Refinance for Small Road Transport Operators (SRTO) |
228
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| -- Objectives |
228
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| -- Key benefits |
228
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| -- Eligibility to apply |
228
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| -- Way to apply |
228
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| General Refinance Scheme (GRS) |
228
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| -- Objectives |
228
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| -- Key benefits |
228
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| -- Eligibility to apply |
228
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| -- Way to apply |
228
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| Refinance scheme for textile industry under Technology Upgradation Fund |
229
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| -- Objectives |
229
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| -- Key benefits |
229
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| -- Eligibility to apply |
229
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| -- Way to apply |
229
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| Scheme for acquisition of ISO series certification by MSE unit |
229
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| -- Objectives |
229
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| -- Key benefits |
229
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| -- Eligibility to apply |
229
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| -- Way to apply |
229
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| Composite Loan Scheme |
229
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| -- Objectives |
229
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| -- Key benefits |
230
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| -- Eligibility to apply |
230
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| -- Way to apply |
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| Single Window Scheme (SWS) |
230
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| -- Objectives |
230
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| -- Key benefits |
230
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| -- Eligibility to apply |
230
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| -- Way to apply |
230
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| Scheme for Rehabilitation of Sick Industrial Units |
230
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| -- Objectives |
230
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| -- Key benefits |
230
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| -- Eligibility to apply |
230
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| -- Way to apply |
231
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| Scheme for development of industrial infrastructure for MSME sector |
231
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| -- Objectives |
231
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| -- Key benefits |
231
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| -- Eligibility to apply |
231
| >> |
| -- Way to apply |
231
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| Scheme for Integrated Infrastructural Development (IID) |
231
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| -- Objectives |
231
| >> |
| -- Key benefits |
231
| >> |
| -- Eligibility to apply |
231
| >> |
| -- Way to apply |
231
| >> |
| Scheme for Bills Re-Discounting Equipment |
232
| >> |
| -- Objectives |
232
| >> |
| -- Key benefits |
232
| >> |
| -- Eligibility to apply |
232
| >> |
| -- Way to apply |
232
| >> |
| Scheme for Bills Rediscounting–Equipment (Inland Supply Bills) |
232
| >> |
| -- Objectives |
232
| >> |
| -- Key benefits |
232
| >> |
| -- Eligibility to apply |
232
| >> |
| -- Way to apply |
232
| >> |
| II. NABARD Schemes |
233
| >> |
| Scheme for Producers Organisations Development Fund (PODF) |
233
| >> |
| -- Objectives |
233
| >> |
| -- Key benefits |
233
| >> |
| -- Eligibility to apply |
233
| >> |
| -- Way to apply |
233
| >> |
| Scheme for Dairy Venture Capital Fund |
233
| >> |
| -- Objectives |
233
| >> |
| -- Key benefits |
233
| >> |
| -- Eligibility to apply |
233
| >> |
| -- Way to apply |
233
| >> |
| Scheme for establishing poultry estates and mother units for rural backyard poultry |
233
| >> |
| -- Objectives |
233
| >> |
| -- Key benefits |
234
| >> |
| -- Eligibility to apply |
234
| >> |
| -- Way to apply |
234
| >> |
| Scheme for establishment/modernisation of rural slaughter houses |
234
| >> |
| -- Objectives |
234
| >> |
| -- Key benefits |
234
| >> |
| -- Eligibility to apply |
234
| >> |
| -- Way to apply |
234
| >> |
| Scheme for commercial production units of organic inputs |
234
| >> |
| -- Objectives |
234
| >> |
| -- Key benefits |
235
| >> |
| -- Eligibility to apply |
235
| >> |
| -- Way to apply |
235
| >> |
| Poultry Venture Capital Fund |
235
| >> |
| -- Objectives |
235
| >> |
| -- Key benefits |
235
| >> |
| -- Eligibility to apply |
236
| >> |
| -- Way to apply |
236
| >> |
| 19. - Schemes of Ministry of Food Processing |
237
| >> |
| Mega Food Park |
237
| >> |
| -- Objectives |
237
| >> |
| -- Key benefits |
237
| >> |
| -- Eligibility to apply |
238
| >> |
| -- Way to apply |
238
| >> |
| Cold Chain |
238
| >> |
| -- Objectives |
238
| >> |
| -- Key benefits |
238
| >> |
| -- Eligibility to apply |
238
| >> |
| -- Way to apply |
238
| >> |
| Modernisation of Abattoirs |
238
| >> |
| -- Objectives |
238
| >> |
| -- Key benefits |
239
| >> |
| -- Eligibility to apply |
239
| >> |
| -- Way to apply |
239
| >> |
| Research & Development, Quality Assurance, Codex and Promotional Activities |
239
| >> |
| -- Objectives |
239
| >> |
| -- Key benefits |
239
| >> |
| -- Eligibility to apply |
239
| >> |
| -- Way to apply |
239
| >> |
| National Mission on Food Processing (NMFP) |
239
| >> |
| -- Objectives |
239
| >> |
| -- Key benefits |
240
| >> |
| -- Eligibility to apply |
240
| >> |
| -- Way to apply |
240
| >> |
| 20. - Schemes of Ministry of Housing and Urban Poverty Alleviation |
241
| >> |
| Rajiv Awas Yojana (RAY) |
241
| >> |
| -- Objectives |
241
| >> |
| -- Key benefits |
241
| >> |
| -- Eligibility to apply |
242
| >> |
| -- Way to apply |
242
| >> |
| Rajiv Rinn Yojana (RRY) |
242
| >> |
| -- Objectives |
242
| >> |
| -- Key benefits |
242
| >> |
| -- Eligibility to apply |
242
| >> |
| -- Way to apply |
242
| >> |
| National Urban Livelihoods Mission |
242
| >> |
| -- Objectives |
242
| >> |
| -- Key benefits |
242
| >> |
| -- Eligibility to apply |
243
| >> |
| -- Way to apply |
243
| >> |
| Jawaharlal Nehru National Urban Renewal Mission (JNNURM) |
243
| >> |
| -- Objectives |
243
| >> |
| -- Key benefits |
243
| >> |
| -- Eligibility to apply |
243
| >> |
| -- Way to apply |
243
| >> |
| 21. - Schemes of Ministry of Rural Development |
244
| >> |
| Aajeevika-National Rural Livelihoods Mission (NRLM) |
244
| >> |
| -- Objectives |
244
| >> |
| -- Key benefits |
244
| >> |
| -- Eligibility to apply |
245
| >> |
| -- Way to apply |
245
| >> |
| Pradhan Mantri Gramin Awas Yojana (PMGAY)/Indira Aawas Yojna (IAY) |
245
| >> |
| -- Objectives |
245
| >> |
| -- Key benefits |
245
| >> |
| -- Eligibility to apply |
245
| >> |
| -- Way to apply |
245
| >> |
| Pradhan Mantri Gram Sadak Yojana (PMGSY) |
245
| >> |
| -- Objectives |
245
| >> |
| -- Key benefits |
246
| >> |
| -- Eligibility to apply |
246
| >> |
| -- Way to apply |
246
| >> |
| Prime Minister’s Rural Development Fellows Scheme (PMRDFS) |
246
| >> |
| -- Objectives |
246
| >> |
| -- Key benefits |
246
| >> |
| -- Eligibility to apply |
246
| >> |
| -- Way to apply |
247
| >> |
| Provision of Urban Amenities to Rural Areas (PURA) |
247
| >> |
| -- Objectives |
247
| >> |
| -- Key benefits |
247
| >> |
| -- Eligibility to apply |
247
| >> |
| -- Way to apply |
247
| >> |
| Swarnjayanti Gram Swarozgar Yojana |
247
| >> |
| -- Objectives |
247
| >> |
| -- Key benefits |
247
| >> |
| -- Eligibility to apply |
248
| >> |
| -- Way to apply |
248
| >> |
| 22. - Schemes of Ministry of Science and Technology |
249
| >> |
| International S&T Cooperation (ISTC) |
249
| >> |
| -- Objectives |
249
| >> |
| -- Key benefits |
249
| >> |
| -- Eligibility to apply |
250
| >> |
| -- Way to apply |
250
| >> |
| Science & Engineering Research Council (SERC) |
250
| >> |
| -- Objectives |
250
| >> |
| -- Key benefits |
250
| >> |
| -- Eligibility to apply |
250
| >> |
| -- Way to apply |
250
| >> |
| State Science & Technology Programme (SSTP) |
250
| >> |
| -- Objectives |
250
| >> |
| -- Key benefits |
250
| >> |
| -- Eligibility to apply |
250
| >> |
| -- Way to apply |
251
| >> |
| Science and Technology Application for Rural Development (STARD) |
251
| >> |
| -- Objectives |
251
| >> |
| -- Key benefits |
251
| >> |
| -- Eligibility to apply |
251
| >> |
| -- Way to apply |
251
| >> |
| Science and Technology for Weaker Sections (STAWS) |
251
| >> |
| -- Objectives |
251
| >> |
| -- Key benefits |
251
| >> |
| -- Eligibility to apply |
252
| >> |
| -- Way to apply |
252
| >> |
| Scheme for Young Scientists (SYS) |
252
| >> |
| -- Objectives |
252
| >> |
| -- Key benefits |
252
| >> |
| -- Eligibility to apply |
252
| >> |
| -- Way to apply |
252
| >> |
| Tribal Sub-Plan (TSP) |
252
| >> |
| -- Objectives |
252
| >> |
| -- Key benefits |
252
| >> |
| -- Eligibility to apply |
252
| >> |
| -- Way to apply |
252
| >> |
| Critical Technology Programme (CTP) |
253
| >> |
| -- Objectives |
253
| >> |
| -- Key benefits |
253
| >> |
| -- Eligibility to apply |
253
| >> |
| -- Way to apply |
253
| >> |
| Science and Technology for Women |
253
| >> |
| -- Objectives |
253
| >> |
| -- Key benefits |
253
| >> |
| -- Eligibility to apply |
253
| >> |
| -- Way to apply |
253
| >> |
| National Science & Technology Entrepreneurship Development Board (NSTEDB) |
253
| >> |
| -- Innovation and Entrepreneurship Development Centre (IEDC) |
254
| >> |
| -- Entrepreneurship Development Cell (EDC) |
255
| >> |
| -- Entrepreneurship Development Programme (EDP) |
255
| >> |
| -- Science & Technology Entrepreneurship Development (STED) |
256
| >> |
| -- Science and Technology Entrepreneurs/Entrepreneurship Park (STEP) |
256
| >> |
| -- Technology Business Incubators (TBI) |
257
| >> |
| 23. - Schemes of Ministry of Social Justice |
258
| >> |
| Rajiv Gandhi National Fellowship (RGNF) |
258
| >> |
| -- Objectives |
258
| >> |
| -- Key benefits |
258
| >> |
| -- Eligibility to apply |
259
| >> |
| -- Way to apply |
259
| >> |
| Scheduled Caste Welfare |
259
| >> |
| -- Objectives |
259
| >> |
| -- Key benefits |
259
| >> |
| -- Eligibility to apply |
259
| >> |
| -- Way to apply |
259
| >> |
| NGO Working for SC Organisations |
259
| >> |
| -- Objectives |
259
| >> |
| -- Key benefits |
260
| >> |
| -- Eligibility to apply |
260
| >> |
| -- Way to apply |
260
| >> |
| Scheme of Venture Capital Fund for Scheduled Castes |
260
| >> |
| -- Objectives |
260
| >> |
| -- Key benefits |
260
| >> |
| -- Eligibility to apply |
260
| >> |
| -- Way to apply |
260
| >> |
| 24. - Schemes of Ministry of Textiles |
261
| >> |
| Scheme for Integrated Textile Park (SITP) |
261
| >> |
| -- Objectives |
261
| >> |
| -- Key benefits |
261
| >> |
| -- Eligibility to apply |
261
| >> |
| -- Way to apply |
262
| >> |
| Catalytic Development Programme (CDP) in Project Mode |
262
| >> |
| -- Objectives |
262
| >> |
| -- Key benefits |
262
| >> |
| -- Eligibility to apply |
262
| >> |
| -- Way to apply |
262
| >> |
| I. Development Commissioner (Handlooms) Schemes |
263
| >> |
| Comprehensive Handloom Cluster Development Scheme(CHCDS) -Mega Handloom Cluster (12th Plan) |
263
| >> |
| -- Objectives |
263
| >> |
| -- Key benefits |
263
| >> |
| -- Eligibility to apply |
263
| >> |
| -- Way to apply |
264
| >> |
| Comprehensive Handlooms Development Scheme (CHDS) |
264
| >> |
| -- Objectives |
264
| >> |
| -- Key benefits |
264
| >> |
| -- Eligibility to apply |
264
| >> |
| -- Way to apply |
264
| >> |
| Yarn Supply Scheme (YSS) |
265
| >> |
| -- Objectives |
265
| >> |
| -- Key benefits |
265
| >> |
| -- Eligibility to apply |
265
| >> |
| -- Way to apply |
266
| >> |
| Pashmina Wool Development Scheme |
266
| >> |
| -- Objectives |
266
| >> |
| -- Key benefits |
266
| >> |
| -- Eligibility to apply |
266
| >> |
| -- Way to apply |
266
| >> |
| II. Development Commissioner (Handicrafts) Schemes |
266
| >> |
| Design and Technology Up-gradation |
267
| >> |
| -- Objectives |
267
| >> |
| -- Key benefits |
267
| >> |
| -- Eligibility to apply |
267
| >> |
| -- Way to apply |
267
| >> |
| Babasaheb Ambedkar Hastshilp Vikas Yojana |
267
| >> |
| -- Objectives |
267
| >> |
| -- Key benefits |
268
| >> |
| -- Eligibility to apply |
268
| >> |
| -- Way to apply |
268
| >> |
| Human Resource Development (HRD) Scheme |
268
| >> |
| -- Objectives |
268
| >> |
| -- Key benefits |
268
| >> |
| -- Eligibility to apply |
268
| >> |
| -- Way to apply |
269
| >> |
| 25. - Schemes of Ministry of Tourism |
270
| >> |
| Time Share Resorts (TSR) |
270
| >> |
| -- Objectives |
270
| >> |
| -- Key benefits |
270
| >> |
| -- Eligibility to apply |
270
| >> |
| -- Way to apply |
271
| >> |
| Tented Accommodation |
271
| >> |
| -- Objectives |
271
| >> |
| -- Key benefits |
271
| >> |
| -- Eligibility to apply |
271
| >> |
| -- Way to apply |
271
| >> |
| Travel trade |
272
| >> |
| -- Objectives |
272
| >> |
| -- Key benefits |
272
| >> |
| -- Eligibility to apply |
272
| >> |
| -- Way to apply |
272
| >> |
| Scheme of Capacity Building for Service Providers (Institutes) |
272
| >> |
| -- Objectives |
272
| >> |
| -- Key benefits |
273
| >> |
| -- Eligibility to apply |
273
| >> |
| -- Way to apply |
273
| >> |
| Marketing Development Assistance (MDA) |
273
| >> |
| -- Objectives |
273
| >> |
| -- Key benefits |
273
| >> |
| -- Eligibility to apply |
273
| >> |
| -- Way to apply |
273
| >> |
| Publicity and Marketing |
273
| >> |
| -- Objectives |
273
| >> |
| -- Key benefits |
273
| >> |
| -- Eligibility to apply |
274
| >> |
| -- Way to apply |
274
| >> |
| Refresher courses for regional level guides |
274
| >> |
| -- Objectives |
274
| >> |
| -- Key benefits |
274
| >> |
| -- Eligibility to apply |
274
| >> |
| -- Way to apply |
274
| >> |
| Rahul Sankrityayan Paryatan Puraskar Yojna |
274
| >> |
| -- Objectives |
274
| >> |
| -- Key benefits |
274
| >> |
| -- Eligibility to apply |
274
| >> |
| -- Way to apply |
274
| >> |
| Stand-Alone Restaurants |
274
| >> |
| -- Objectives |
274
| >> |
| -- Key benefits |
275
| >> |
| -- Eligibility to apply |
275
| >> |
| -- Way to apply |
275
| >> |
| Hunar-Se-Rozgar Tak-Sena Ke Sahyog Se |
275
| >> |
| -- Objectives |
275
| >> |
| -- Key benefits |
275
| >> |
| -- Eligibility to apply |
275
| >> |
| -- Way to apply |
275
| >> |
| 26. - Schemes of Ministry of Tribal Affairs |
276
| >> |
| Adivasi Mahila Sashaktikaran Yojana (AMSY) |
276
| >> |
| -- Objectives |
276
| >> |
| -- Key benefits |
276
| >> |
| -- Eligibility to apply |
276
| >> |
| -- Way to apply |
276
| >> |
| Tribal Forest Dwellers Empowerment Scheme |
277
| >> |
| -- Objectives |
277
| >> |
| -- Key benefits |
277
| >> |
| -- Eligibility to apply |
277
| >> |
| -- Way to apply |
277
| >> |
| Micro Credit Scheme (MCS) for Self Help Groups (SHGs) |
277
| >> |
| -- Objectives |
277
| >> |
| -- Key benefits |
277
| >> |
| -- Eligibility to apply |
277
| >> |
| -- Way to apply |
277
| >> |
| 27. - Schemes of Ministry of Urban Development |
278
| >> |
| National Urban Information System (NUIS) |
278
| >> |
| -- Objectives |
278
| >> |
| -- Key benefits |
278
| >> |
| -- Eligibility to apply |
278
| >> |
| -- Way to apply |
278
| >> |
| North-Eastern Region Urban Development Programme (NERUDP) |
279
| >> |
| -- Objectives |
279
| >> |
| -- Key benefits |
279
| >> |
| -- Eligibility to apply |
279
| >> |
| -- Way to apply |
279
| >> |
| Pooled Finance Development Fund |
279
| >> |
| -- Objectives |
279
| >> |
| -- Key benefits |
279
| >> |
| -- Eligibility to apply |
279
| >> |
| -- Way to apply |
279
| >> |
| 28. - Schemes of Ministry of Women and Child Development |
280
| >> |
| Gender Budgeting scheme |
280
| >> |
| -- Objectives |
280
| >> |
| -- Key benefits |
280
| >> |
| -- Eligibility to apply |
281
| >> |
| Support to Training and Employment Programme (STEP) for Women |
281
| >> |
| -- Objectives |
281
| >> |
| -- Key benefits |
281
| >> |
| -- Eligibility to apply |
282
| >> |
| -- Way to apply |
282
| >> |
| 29. - Schemes of Ministry of Commerce and Industry |
283
| >> |
| I. Export Credit Guarantee Corporation of India Limited |
283
| >> |
| Schemes relating to Export Credit Guarantee Corporation of India Ltd. |
284
| >> |
| -- Small Exporters Policy (SEP) |
284
| >> |
| -- Small and Medium Exporters Policy |
284
| >> |
| II. Department of Industrial Policy and Promotion |
284
| >> |
| Indian Leather Development Programme |
285
| >> |
| -- Mega Leather Cluster Sub-Scheme |
285
| >> |
| -- Market Access Initiatives (MAI) Scheme |
285
| >> |
| III. TEA Board |
286
| >> |
| Scheme for participation in International fairs and exhibitions with Tea Board |
286
| >> |
| -- Objectives |
286
| >> |
| -- Key benefits |
286
| >> |
| -- Eligibility to apply |
286
| >> |
| -- Way to apply |
286
| >> |
| Promotion scheme for packaged Tea’s of Indian origin |
286
| >> |
| -- Objectives |
286
| >> |
| -- Key benefits |
286
| >> |
| -- Eligibility to apply |
287
| >> |
| -- Way to apply |
287
| >> |
| IV. SPICES Board |
287
| >> |
| Export Development and Promotion of Spices |
287
| >> |
| -- Promotion of Indian Spice Brands Abroad |
287
| >> |
| -- Spices Processing in North Eastern Region |
288
| >> |
| -- International Trade Fairs/Meetings |
288
| >> |
Part VI -- Start-up |
290
| >> |
| 30. - Start-up Introduction |
291
| >> |
| Definition of Start-up |
291
| >> |
| Recognition of eligible entity as start-up |
292
| >> |
| Benefits for start-ups |
292
| >> |
| Certification for the purposes of section 80-IAC of the Income Tax Act |
293
| >> |
| 31. - Start-up India Scheme |
294
| >> |
| Action Plans |
295
| >> |
| -- Simplification and Handholdings |
295
| >> |
| -- Funding Support and Incentives |
298
| >> |
| -- Industry-Academia Partnership and Incubation |
300
| >> |
| Registration as start-up |
303
| >> |
| -- Incorporation of business |
303
| >> |
| -- Registering with Startup India |
303
| >> |
| -- Documents to be uploaded |
303
| >> |
| -- Tax benefits |
303
| >> |
| -- Self certification |
304
| >> |
| -- Generation of recognition number |
304
| >> |
| -- Processing of application |
304
| >> |
| Benefits to start-ups |
304
| >> |
| -- Learning and Development Program |
304
| >> |
| -- Government Schemes |
304
| >> |
| -- State's Startup Policies |
305
| >> |
| -- Services free of cost |
305
| >> |
| -- Innovation Programs and Challenges |
305
| >> |
| -- Networking and Discussion |
305
| >> |
| -- Tools and Templates |
305
| >> |
| -- International Bridges |
305
| >> |
| Requirement of funding for start-ups |
306
| >> |
| Sources of funding for start-ups |
306
| >> |
| -- Pre-seed funding stage |
306
| >> |
| -- Seed or validation stage |
307
| >> |
| -- Series A Stage |
307
| >> |
| -- Series B and C funding |
308
| >> |
| -- Initial Public Offerings |
308
| >> |
| Fund raising process |
309
| >> |
| -- Assessing the need for funds |
309
| >> |
| -- Assessing Investment Readiness |
309
| >> |
| -- Preparation of Pitchdeck and Investor Targeting |
309
| >> |
| -- Due diligence by interested investors |
309
| >> |
| Challenges faced by startups |
310
| >> |
| -- Financial resources |
310
| >> |
| -- Revenue Generation |
310
| >> |
| -- Infrastructure |
310
| >> |
| -- Team members and their skills |
310
| >> |
| -- Branding and Marketing |
311
| >> |
| -- Stubbornness of founders and lack of mentorship |
311
| >> |
| Opportunities for startups |
311
| >> |
| -- Large consumer base |
311
| >> |
| -- Promising start-ups seek more investments |
311
| >> |
| -- Changing mindset of working class and upcoming generation |
311
| >> |
| Various Government Initiatives |
311
| >> |
| Standard Operating Procedure (SOP) |
312
| >> |
Part VII -- MSMEs and Companies Act |
328
| >> |
| 32. - MSME and Companies Act, 2013 |
329
| >> |
| Mandatory reporting of outstanding payments through Form MSME-1 |
329
| >> |
| -- Specified companies -- Meaning of |
330
| >> |
| -- Form MSME-1 |
330
| >> |
| -- Provision as to time limit for making payment |
330
| >> |
| -- Consequences of non-payment of due amount in time |
330
| >> |
| -- Consequences of non-filing of Form MSME-1 |
330
| >> |
| Ageing schedule of trade payables and trade receivables |
331
| >> |
| Provisions pertaining to small company under Companies Act, 2013 |
331
| >> |
| -- Small company -- Meaning of |
331
| >> |
| -- Cash flow statement |
332
| >> |
| -- Signing of annual return |
332
| >> |
| -- Form for filing of annual return |
332
| >> |
| -- Frequency of Board meeting |
332
| >> |
| -- Lesser penalties for small companies |
333
| >> |
| -- Merger and amalgamation |
333
| >> |
| Compliance with accounting standards for MSMEs under Companies Act, 2013 |
337
| >> |
| -- Definition of MSMEs |
337
| >> |
| -- Obligation to comply with Accounting Standards |
337
| >> |
| -- Qualification for exemption or relaxation in respect of SMC |
338
| >> |
| -- Exemptions |
338
| >> |
| -- Relaxation in compliance with accounting standards |
338
| >> |
Part VIII -- MSME and Income Tax Act |
341
| >> |
| Section A -- Suitable Form of Entity and Basis of Charge for MSMEs |
342
| >> |
| 33. - Form of Entity Beneficial to Opt for a MSME for Income Taxation Point of View |
342
| >> |
| Forms for an enterprise |
342
| >> |
| Basic characteristics of sole proprietorship firm |
342
| >> |
| Characteristics of partnership firm and LLP |
343
| >> |
| Characteristics of private limited company |
343
| >> |
| 34. - Chargeability of Income and Residential Status |
344
| >> |
| Income chargeable to tax |
344
| >> |
| Tax incidence and residential status |
344
| >> |
| Residential status of individual i.e., in case of proprietorship firm |
345
| >> |
| -- Basic conditions |
345
| >> |
| -- Relaxation of basic conditions for Indian citizens |
345
| >> |
| -- Additional conditions |
346
| >> |
| Deemed resident sub-section (1A) of section 6 |
346
| >> |
| Residential status of HUF [Section 6(2)] |
346
| >> |
| -- Resident but not ordinarily resident |
347
| >> |
| -- Meaning of the term ‘control and management’ |
347
| >> |
| Residential status of firm, AOP |
347
| >> |
| Firm, AOP/BOI when treated as non-resident in India |
347
| >> |
| Residential status of a company [Section 6(3)] |
347
| >> |
| Residential status of every other person [Section 6(4)] |
348
| >> |
| Residential status to be same for all sources of income |
348
| >> |
| Section B -- Computation of Profits and Gains of MSMEs |
349
| >> |
| 35. - Computation of Business Income of MSME |
349
| >> |
| Income chargeable under section 28 |
349
| >> |
| Deemed income chargeable to tax as profits and gains of business or profession |
351
| >> |
| Computation of income chargeable as business and professional income |
351
| >> |
| Profits and gains of business or profession when chargeable |
351
| >> |
| Chargeability of profits from illegal business |
352
| >> |
| Setting up vis-a-vis commencement of business |
352
| >> |
| Meaning of trade, commerce and manufacture |
352
| >> |
| Compensation receipts as per section 28(ii) |
352
| >> |
| Income of trade, professional or similar association for specific services |
353
| >> |
| ‘Trade association’ vis-a-vis ‘trading association’ |
353
| >> |
| Export incentives |
354
| >> |
| Value of any benefit or perquisite |
354
| >> |
| Benefit arising from amalgamation |
355
| >> |
| Hypothetical income by way of ‘advance license benefit’ or ‘duty entitlement pass book benefit’ |
356
| >> |
| Voluntary payments |
356
| >> |
| Non-compete fees and exclusivity rights |
356
| >> |
| Conversion of inventory into capital asset to be taxed as business income [Section 28(via)] |
357
| >> |
| Allowability of business loss |
357
| >> |
| Income from all businesses to be aggregated |
358
| >> |
| 36. - Allowability of Depreciation Additional Depreciation and Investment Allowance |
359
| >> |
| Allowability of depreciation |
359
| >> |
| Depreciation allowance in case of succession, demerger and amalgamation |
359
| >> |
| Allocation of depreciation between private company or unlisted public company and limited liability partnership (LLP) in case of conversion of such company into LLP |
359
| >> |
| Depreciation on assets used by employees |
360
| >> |
| Depreciation in relation to machinery acquired on hire purchase agreement |
360
| >> |
| Rates at which depreciation allowable |
360
| >> |
| Computation of depreciation allowance |
361
| >> |
| Actual cost |
361
| >> |
| Written down value |
362
| >> |
| WDV in case where goodwill formed part of block of asset |
362
| >> |
| Block of assets |
363
| >> |
| Set off and carry forward of unabsorbed depreciation [Section 32(2)] |
363
| >> |
| Allowability of additional depreciation |
364
| >> |
| Allowability of investment allowance under section 32AD |
364
| >> |
| 37. - Allowability of Business Deductions |
366
| >> |
| Deduction available in respect of particular business activity |
366
| >> |
| -- Tea development account, etc. [Section 33AB] |
366
| >> |
| -- Deduction in respect of Site Restoration Fund [Section 33ABA] |
366
| >> |
| -- Deduction in respect of right to use Spectrum for Telecommunication Services [Section 35ABA] |
367
| >> |
| -- Deduction in respect of expenditure for obtaining licence to operate telecommunication services [Section 35ABB] |
367
| >> |
| -- Deduction for expenditure on prospecting, etc. for certain minerals [Section 35E] |
367
| >> |
| -- Optional deduction in respect of capital expenditure in case of specified business [Section 35AD] |
367
| >> |
| Deduction in respect of particular expenditure |
371
| >> |
| -- Scientific research expenditure |
371
| >> |
| -- Deduction regarding preliminary expenditure [Section 35D] |
375
| >> |
| -- Amortisation in case of amalgamation, etc. [Section 35DD] |
376
| >> |
| -- Amortisation of expenditure vis-a-vis Voluntary Retirement Scheme [Section 35DDA] |
376
| >> |
| -- Deduction regarding rent, rates, taxes, repairs and insurance for premises [Section 30] |
376
| >> |
| -- Deduction regarding repairs, insurance of machinery, plant and furniture [Section 31] |
377
| >> |
| Deductions via different clauses of section 36(1) |
377
| >> |
| Allowability of residuary business expenditure [Section 37(1)] |
378
| >> |
| -- Non-allowability of illegal expenses |
378
| >> |
| -- Non-allowability of Corporate Social Responsibility (CSR) expenditure |
379
| >> |
| 38. - Certain Business Disallowances |
380
| >> |
| I. Disallowance for Cash Payment [Section 40A(3)] |
380
| >> |
| Disallowance under section 40A(3) |
380
| >> |
| Subsequent disallowance due to violation of section 40A(3) in a year other than the year of allowance of deduction of expenses |
380
| >> |
| No disallowance under prescribed circumstances even where payment exceeds ` 10,000 |
381
| >> |
| Higher exemption limit for cash payment in case of transporters |
381
| >> |
| Applicability or otherwise of section 40A(3) |
381
| >> |
| -- Flat rate of profit adopted after rejection of account books |
381
| >> |
| -- Section 40A(3) cannot be applied where income was assessed by applying net profit rate |
382
| >> |
| -- Additions already made under sections 28 to 43 |
382
| >> |
| -- Illegal business, requirement of section 40A(3) as to |
382
| >> |
| -- Cash payment by film distributor for acquiring sole distributorship of film |
382
| >> |
| -- Payment partly made in cash |
383
| >> |
| II. Disallowance for Want of Actual Payment [Section 43B] |
383
| >> |
| Disallowance when attracts under section 43B |
383
| >> |
| Allowability where payment is made before due date for furnishing of return |
384
| >> |
| Employer’s contribution to welfare funds be allowed if payment made before due date of filing return |
384
| >> |
| Position where interest payable to certain non-banking financial companies allowed as deduction in earlier assessment year |
385
| >> |
| 39. - Disallowance of Interest Paid or Payable to MSME while Computing Business Income |
386
| >> |
| Disallowance of interest paid or payable to msme while computing income |
386
| >> |
| -- Section 22 -- Requirement to specify unpaid amount with interest in the annual statement of accounts |
386
| >> |
| -- Section 23 -- Interest not to be allowed as deduction from income |
387
| >> |
| -- Section 24 -- Overriding effect |
387
| >> |
| 40. - Presumptive Scheme of Taxation Available to MSME for all Businesses Except Business of Plying Hiring, Leasing of Goods Carriages [Section 44AD] |
388
| >> |
| Benefit of presumptive taxation scheme available to small business |
388
| >> |
| Deemed income under section 44AD in respect of turnover or receipt by way of cash |
388
| >> |
| -- Provision illustrated |
389
| >> |
| Lower deemed income where turnover or receipts by way of account payee cheque/draft or by other digital means |
389
| >> |
| Modes prescribed via rule 6ABBA |
389
| >> |
| Illustration |
389
| >> |
| Meaning of “eligible assessee” |
390
| >> |
| Meaning of “eligible business” |
390
| >> |
| No deduction under sections 30 to 38 allowable |
391
| >> |
| Salary and interest to partners |
391
| >> |
| Computation of WDV of assets of the eligible business |
391
| >> |
| Requirement as to declaration of profit under section 44AD for continuous period of next five years |
391
| >> |
| Requirement regarding maintenance of books of accounts and audit thereof |
392
| >> |
| Non-applicability of provision of section 44AD |
392
| >> |
| Non-applicability of section 68 |
393
| >> |
| Books not maintained where turnover does not exceed specified limit -- Whether assessing officer empowered to reject turnover offered |
393
| >> |
| 41. - Presumptive Taxation Scheme for Professional Enterprises [Section 44ADA] |
394
| >> |
| Professionals eligible to opt for presumptive income scheme |
394
| >> |
| Deemed income under section 44ADA |
394
| >> |
| No deduction under sections 30 to 38 allowable |
395
| >> |
| Computation of W.D.V. of assets of the eligible business |
395
| >> |
| Option to declare income lower than the deemed income |
395
| >> |
| No restriction regarding opting out of section 44ADA scheme |
395
| >> |
| No addition can be made on account of discrepancy in account books |
396
| >> |
| Illustration computing taxable income as per section 44ADA |
396
| >> |
| 42. - Presumptive Taxation Scheme for MSME Engaged in Transport Business [Section 44AE] |
397
| >> |
| Deemed income under section 44AE |
397
| >> |
| Assessee owning vehicle is assessable and not the user |
397
| >> |
| Who is owner |
397
| >> |
| Computation of deemed income as per sub-section (2) of section 44AE |
398
| >> |
| -- Position applicable from assessment year 2011-12 to assessment year 2014-15 |
398
| >> |
| -- Position between assessment year 2015-16 to assessment year 2018-19 |
398
| >> |
| -- Position effective from assessment year 2019-20 |
398
| >> |
| Meaning of ‘goods carriages’ and heavy goods vehicle |
398
| >> |
| -- Meaning of heavy goods vehicle |
399
| >> |
| -- Meaning of heavy vehicles as per Motor Vehicles Act, 1988 |
399
| >> |
| -- Unladen weight |
399
| >> |
| -- Gross vehicle weight |
399
| >> |
| -- Section 44AE -- Heavy Goods Vehicle -- Gross vehicle weight or unladen weight, which is to be taken |
399
| >> |
| Deduction allowable under sections 30 to 38 deemed to be allowed |
399
| >> |
| Written down value of vehicles |
400
| >> |
| JCB not regarded as goods carriage |
400
| >> |
| Computation of number of goods carriages for purposes of section 44AE |
400
| >> |
| Assessee cannot pick and choose section 44AE scheme on lorry to lorry basis |
400
| >> |
| Computation of income in case of rejection of books of accounts |
400
| >> |
| No addition permissible where income estimated under section 44AE |
400
| >> |
| Illustrations showing computation of income under section 44AE |
401
| >> |
| Requirement as to maintenance of books of accounts and audit thereof |
401
| >> |
| 43. - Maintenance of Books of Accounts by MSME |
402
| >> |
| Maintenance of accounts by certain persons carrying on profession or business |
402
| >> |
| Books when required to be maintained by specified professionals |
402
| >> |
| -- If gross receipts do not exceed ` 1,50,000 |
402
| >> |
| -- If gross receipts exceed ` 1,50,000 |
402
| >> |
| Books which are required to be maintained |
403
| >> |
| Books required to be maintained by non-specified professionals and by person carrying on any business |
403
| >> |
| Place for keeping books of account |
404
| >> |
| Period for keeping and maintaining books of account |
404
| >> |
| Penalty for failure to keep or maintain books of account |
404
| >> |
| Meaning of books of account |
404
| >> |
| Constitutional validity of section 44AA |
405
| >> |
| Non-maintenance of books cannot be alleged by assessing officer without completing assessment |
405
| >> |
| 44. - Tax Audit Requirement for MSME |
406
| >> |
| Applicability of tax audit provision |
406
| >> |
| Persons required to get his accounts audited on compulsory basis |
406
| >> |
| -- Person carrying on business |
406
| >> |
| -- Person carrying on profession |
407
| >> |
| -- Person covered under section 44AE, 44BB or 44BBB |
407
| >> |
| -- Professional covered by section 44ADA |
407
| >> |
| -- Person covered by section 44AD |
407
| >> |
| -- Non-residents |
408
| >> |
| -- Case of assessee required to get accounts audited under any other law |
408
| >> |
| Non-applicability of section 44AB |
408
| >> |
| Effective limits from assessment year 2021-22 for person carrying on business |
408
| >> |
| Inclusions/exclusions in receipts/expenditure |
409
| >> |
| Different situations identified |
409
| >> |
| Provisions illustrated |
410
| >> |
| Due date for getting books audited and for submission of audit report |
412
| >> |
| Form of audit report |
412
| >> |
| Meaning of “accounts” |
412
| >> |
| Meaning of sales and turnover |
413
| >> |
| ICAI clarification as to manner of disclosure of excise duty in the presentation of revenue from sales transactions (turnover) in the statement of profit and loss |
413
| >> |
| Gross receipts |
414
| >> |
| -- Items of income and/or receipts covered by the term gross receipts in business |
414
| >> |
| -- Items of income not forming part of the term “gross receipts in business” |
415
| >> |
| Gross receipts in case of professionals |
416
| >> |
| Professional carrying on business also |
416
| >> |
| Assessee carrying on several business activities |
416
| >> |
| Proprietor where having multiple businesses |
417
| >> |
| Each year to be considered separately |
417
| >> |
| Assessees whose income is not at all chargeable to tax |
417
| >> |
| -- ICAI’s opinion |
417
| >> |
| -- Judicial opinion |
418
| >> |
| -- Our opinion |
418
| >> |
| Penalty owing to assessee’s failure to get its accounts audited |
418
| >> |
| Applicability of section 44AB in case of a doctor running hospital |
418
| >> |
| Income from pathological lab run by a non-medical person |
419
| >> |
| Transactions on behalf of clients not to be taken as part of total turnover |
419
| >> |
| Chit subscription cannot be treated as turnover for the purposes of tax audit |
419
| >> |
| Freight charged by the assessee from the different parties and paid to individual truck owner part of assessee’s turnover |
419
| >> |
| Individual carrying on a different business under different trade name |
420
| >> |
| Two firms having same partners carries on separate businesses |
420
| >> |
| Hire purchase |
421
| >> |
| Tax audit requirement is in respect of business income only |
421
| >> |
| Assessee, an entry provider |
421
| >> |
| Case of money lender |
421
| >> |
| Civil contractor |
422
| >> |
| Applicability of section 44AB in case of advance received towards sale of flats |
422
| >> |
| Finance business carried on by a partnership firm |
422
| >> |
| Travel agent |
423
| >> |
| Agency business |
423
| >> |
| Leasing company/Lease financing |
423
| >> |
| Commission agent |
423
| >> |
| Case of share broker |
424
| >> |
| -- ICAI opinion |
424
| >> |
| -- Judicial opinion |
424
| >> |
| Transactions in shares, securities, and derivatives |
425
| >> |
| -- Speculative transaction |
425
| >> |
| -- Derivatives, futures and options |
425
| >> |
| -- Delivery based transactions |
426
| >> |
| Turnover from derivative transactions |
426
| >> |
| Business of derivatives/future and options |
427
| >> |
| Transaction carried out through MCX |
427
| >> |
| Assessee engaged in the business of commodity trading |
427
| >> |
| Treatment of discounts, rebates, etc. while determining total turnover |
427
| >> |
| Constitutional validity of guidelines mandating upon number of tax audit |
427
| >> |
| Section C -- Various Obligations Under Income Tax Act |
428
| >> |
| 45. - TDS Obligations as Regards MSME |
428
| >> |
| Introduction |
428
| >> |
| TDS while making payment of salary |
428
| >> |
| -- Time for deduction of tax |
429
| >> |
| -- Duty to deduct estimated tax on payment of salary |
429
| >> |
| -- Tax deduction on reimbursement of various allowances |
429
| >> |
| -- TDS in case of salary received from other employer |
429
| >> |
| -- Voluntary payments to employees |
430
| >> |
| -- TDS on vehicle facility provided for comutation between office and home |
430
| >> |
| -- Computation of salary for TDS |
430
| >> |
| -- Computation of tax deductible where employee is working under more than one employer [Section 192(2)] |
431
| >> |
| TDS on income in respect of option under section 115BAC |
431
| >> |
| TDS from premature withdrawal from EPFS [Section 192A] |
431
| >> |
| TDS from payment of interest other than interest on securities [Section 194A] |
432
| >> |
| -- Circumstances when tax is not required to be deducted under section 194A |
432
| >> |
| -- Time for deduction of tax at source |
432
| >> |
| -- Section 194A is concerned with the crediting of interest income in the accounts |
432
| >> |
| -- Interest paid by consignor to commission agent |
433
| >> |
| -- Interest payment to supplier for delayed payment of goods purchased |
433
| >> |
| -- Payment for supply of goods collected by banker |
433
| >> |
| -- Penalty for non-payment of value of goods in time |
434
| >> |
| -- Interest payment by firm |
434
| >> |
| -- No need for tax deduction where assessee obtained Form No. 15G/15H from payees |
435
| >> |
| TDS from payment to contractors [Section 194C] |
435
| >> |
| -- Meaning of specified person |
435
| >> |
| -- No TDS in case of personal payments |
436
| >> |
| -- No TDS when payment does not exceed the specified limit |
436
| >> |
| -- Justification of TDS on reimbursement of actual cost |
436
| >> |
| -- Section 194C applicable only in relation to ‘works contract’ and ‘labour contracts’ and not to cover ‘contracts for sale of goods’ |
437
| >> |
| -- Certain clarifications by CBDT |
438
| >> |
| -- Certain clarifications via Circular No. 715, dt. 8-8-1995 |
441
| >> |
| -- Payment of hire charges being part of cost of purchase |
441
| >> |
| -- TDS requirement in case of two separate agreements one for supply of materials and other of sale |
441
| >> |
| -- Payment to service provider who neither carried out any work nor provided any labour |
442
| >> |
| TDS from payment of commission or brokerage [Section 194H] |
442
| >> |
| -- No deduction under certain cases |
442
| >> |
| -- Meaning of commission or brokerage [Explanation (i) to section 194H] |
443
| >> |
| -- Target incentives to dealers |
443
| >> |
| -- Payment of commission for introduction of clients |
444
| >> |
| -- No TDS on reimbursement of commission to dealers |
444
| >> |
| -- TDS on trade discount offered by franchisee |
444
| >> |
| -- Transaction on principal to principal basis |
444
| >> |
| -- Commission and discounts offered to agents |
444
| >> |
| -- Commission to retail dealers through del-credere agents |
446
| >> |
| -- Finance charges |
446
| >> |
| TDS from payment of rent [Section 194-I] |
446
| >> |
| -- Meaning of rent |
446
| >> |
| -- TDS from warehousing charges |
447
| >> |
| -- Payments made to C & F agents not liable to TDS under section 194-I |
447
| >> |
| -- Decree for possession of premises and damages for use and occupation |
447
| >> |
| -- Payment of rent towards stall taken in seminar |
448
| >> |
| -- Franchisee agreement vis-a-vis rental of premises |
448
| >> |
| Scope of TDS on rent extended to individuals and HUF other than those covered by section 194-I [Section 194-IB] |
448
| >> |
| TDS on payment under Joint Development Agreement [Section 194-IC] |
449
| >> |
| TDS from payment of fees for professional or technical services if any [Section 194-J] |
449
| >> |
| -- No deduction under certain circumstances |
449
| >> |
| Payment to contractor, commission agent and professionals not covered by section 194C, 194H and 194J [Section 194M] |
450
| >> |
| TDS on e-commerce transaction [Section 194-O] |
450
| >> |
| TDS on purchase of goods [Section 194-Q w.e.f. 1-7-2021] |
450
| >> |
| Payment to non-residents [Section 195] |
451
| >> |
| TDS on higher rate in case of non-furnishing of PAN |
451
| >> |
| Obtainment of tax deduction account number |
451
| >> |
| Requirement regarding submission of quarterly return |
451
| >> |
| Consequences of non-furnishing or delayed furnishing of TDS statement |
452
| >> |
| -- Fee for late furnishing of TDS statement |
452
| >> |
| -- Penalty under section 271H |
452
| >> |
| Duty to deposit TDS |
452
| >> |
| Mode of payment of TDS |
453
| >> |
| -- Electronically in certain cases |
453
| >> |
| -- Deposit of TDS in physical format |
453
| >> |
| 46. - TCS Obligations Vis-a-Vis MSME |
454
| >> |
| Statutory provision governing collection of tax at source |
454
| >> |
| Tax to be collected at source on sale of motor vehicle of the value exceeding ` 10 lakh, either in cash or otherwise |
454
| >> |
| TCS on remittances through LRS and on sale of overseas tour package |
454
| >> |
| TCS by seller of goods other than those covered by section 206C(1), 206C(1F) and 206C(1G) and other than goods exported out of India |
456
| >> |
| Power to remove difficulties in implement-ation of sub-sections (1G) and (1H) |
456
| >> |
| -- Applicability on transactions carried through various Exchanges |
457
| >> |
| -- Calculation of threshold for the financial year 2020-21 |
457
| >> |
| -- Applicability to sale of motor vehicle |
458
| >> |
| -- Adjustment for sale return, discount or indirect taxes |
458
| >> |
| -- Fuel supplied to non-resident airlines |
459
| >> |
| TDS under section 194Q vis-a-vis TCS under section 206C(1H) |
459
| >> |
| Rates of collection of tax at source |
459
| >> |
| -- For goods specified in sub-section (1) of section 206C |
459
| >> |
| -- For payment specified in sub-section (1C) of section 206C |
460
| >> |
| -- For consideration referred to in sub-section (1F) of section 206C |
460
| >> |
| -- For foreign remittance and for overseas tour programme [Section 206C(1G), w.e.f. 1-10-2020] |
460
| >> |
| -- For sale of any goods [Section 206C(1H), w.e.f. 1-10-2020] |
460
| >> |
| Lower deduction in certain cases for a limited period |
460
| >> |
| Octroi vis-a-vis toll |
460
| >> |
| 'Tahbazari' vis-a-vis 'Parking Lot', 'Toll Plaza' |
461
| >> |
| Excavation of minor minerals |
461
| >> |
| Meaning of “seller” |
461
| >> |
| Meaning of “buyer” |
462
| >> |
| Constitutional validity of amendment with regard to the definition of the term 'buyer' |
463
| >> |
| Meaning of ‘scrap’ |
463
| >> |
| Products obtained in the course of ship breaking activity |
464
| >> |
| Sale of maize husk |
465
| >> |
| Cotton waste sold though used by purchaser as raw-material |
465
| >> |
| Sale of de-oiled cake |
465
| >> |
| Sale of old hospital equipment on buy-back basis |
465
| >> |
| Sale of scrap material purchased from railways in auction |
466
| >> |
| Sale of processed tendu leaves |
466
| >> |
| No tax required to be collected where scrap is utilised for manufacturing or processing of articles or things and not for trading purposes |
466
| >> |
| Copy of declaration to be submitted by seller to the prescribed authority |
468
| >> |
| Duty regarding deposit of tax collected at source |
468
| >> |
| Furnishing of TCS statement |
468
| >> |
| -- Fees for late furnishing of TCS statement |
469
| >> |
| -- Penalty for late furnishing of TCS statement or for furnishing incorrect information in the statement |
469
| >> |
| Furnishing of TCS certificate |
469
| >> |
| Person responsible for collection of tax, if fails to collect, shall be deemed to be assessee in default |
469
| >> |
| Levy of interest |
470
| >> |
| Penalty for failure to collect tax at source |
470
| >> |
| 47. - Advance Tax Related Obligations |
471
| >> |
| Liability to pay advance tax as per Chapter XVII-C |
471
| >> |
| Instalments of advance tax and due dates |
471
| >> |
| Payment where last day happens to be a holiday can be made on the next day immediately following working day |
472
| >> |
| Date when payment is made by cheque |
472
| >> |
| Consequences of non-payment of advance tax |
472
| >> |
| 48. - Obligations as to Filing of Return of Income |
473
| >> |
| Obligation to file return of income |
473
| >> |
| Maximum amount not chargeable to tax |
473
| >> |
| Return of income to be filed compulsorily in cartain cases |
473
| >> |
| -- Compulsory filing of return by firm/companies in certain cases |
474
| >> |
| -- Resident persons required to furnish return compulsorily in certain cases |
474
| >> |
| Fee for delay in furnishing of return of income [Section 234F] |
475
| >> |
| Return of loss to be filed by the due date |
475
| >> |
| Relevant Form for ITR |
475
| >> |
| Due date for filing the return of income |
476
| >> |
| Belated or revised return |
477
| >> |
| Verification of return of income [Section 140] |
478
| >> |
| Section D -- Compliance Related Precautions by MSMEs |
480
| >> |
| 49. - Beware of Addition Under Sections 68 to 69D and Penalty for False Entry and Fake Invoices |
480
| >> |
| MSME to take care of provision contained in sections 68 to 69D |
480
| >> |
| Applicability of sections 68 to 69D where assessee opted for presumptive scheme under sections 44AD/44ADA/44AE |
480
| >> |
| Cash credited in books of account chargeable to tax under section 68 |
481
| >> |
| Unexplained investments, when chargeable under section 69 |
481
| >> |
| Unexplained money etc., when chargeable under section 69A |
482
| >> |
| Amount of investment etc., not fully disclosed in books of accounts chargeable to tax under section 69B |
482
| >> |
| Unexplained expenditure deemed to be income under section 69C |
482
| >> |
| Amount borrowed or repaid on hundi chargeable under section 69D |
483
| >> |
| Computation of tax on income referred to in sections 68 to 69D |
483
| >> |
| No deduction to be allowed |
484
| >> |
| Income chargeable under section 115BBE required to be reported in ITR as income from other sources |
485
| >> |
| Applicability of section 115BBE where income voluntarily offered during search or survey |
485
| >> |
| Assessee need not include income likely to be deemed under sections 68 to 69D |
486
| >> |
| Set-off of business loss against surrendered income |
486
| >> |
| Levy of penalty under section 271AAD for false entry in books of account |
486
| >> |
| -- Penalty for false entry, fake invoices, etc. |
486
| >> |
| -- Levy of penalty on other person who forced to make false entry |
487
| >> |
| -- Amount of penalty |
487
| >> |
| -- Meaning of "false entry" for purpose of section 271AAD |
487
| >> |
| 50. - Compliance of Provision of Sections 269SS and 269T |
488
| >> |
| Introduction |
488
| >> |
| Requirement as to the mode of acceptance and taking of certain loans and deposit as provided in section 269SS |
488
| >> |
| Requirement regarding mode of repayment of certain loan or deposits as per section 269T |
489
| >> |
| Penalty for failure to comply with provisions of sections 269SS and 269T |
490
| >> |
| Provisions contained in sections 269SS and 269T are constitutionally valid |
490
| >> |
| Credit of interest amount |
490
| >> |
| Loan taken free of interest |
491
| >> |
| Advance against sales |
491
| >> |
| Transaction between sister concerns in current account neither loan nor deposit |
491
| >> |
| Transactions with partners and members of family of the sister concerns covered by section 269SS |
492
| >> |
| Assessee acting as agent of principal |
492
| >> |
| Payment received by partners from firm |
492
| >> |
| Bridge finance |
492
| >> |
| Deposit through journal entries does not amount to “loan or deposit” |
493
| >> |
| Points to be taken care of as per Guidance Note on Tax Audit under section 44AB of the Income Tax Act, 1961 (Revised 2014 edition). |
493
| >> |
| Section 269T lays emphasis on the name of lender or depositor and not on the person |
494
| >> |
| Capital contribution to proposed partnership |
494
| >> |
| Transaction by firm with its partners under bona fide belief |
495
| >> |
| Temporary advances for business exigencies |
495
| >> |
| Sale proceeds not loan so as to attract provision of section 269SS |
496
| >> |
| 51. - Restriction on Cash Receipt Exceeding Specified Limit |
497
| >> |
| Restriction on cash receipt of ` 2 lakh or more |
497
| >> |
| Circumstances where restriction does not attract |
497
| >> |
| Beware of levy of penalty under section 271DA while receiving cash payment |
499
| >> |
| Penalty under section 271DA in case of income found from undisclosed sources |
499
| >> |
| Certain FAQs |
499
| >> |
| 52. - Acceptance of Payment Through Prescribed Electronic Modes as per Section 269SU |
503
| >> |
| Mandating acceptance of payments through prescribed electronic modes |
503
| >> |
| Prescribed electronic modes for purposes of section 269SU |
503
| >> |
| Non-applicability of section 269SU |
504
| >> |
| Penalty for failure to comply with provisions of section 269SU |
504
| >> |
| -- Penalty under section 271DB(1) |
504
| >> |
| -- No penalty in case of good and sufficient reason |
504
| >> |
| -- Authority empowered to levy penalty |
504
| >> |
| Section E -- Incentives Available to MSME Companies by Way of Reduced Tax Rates |
505
| >> |
| 53. - Reduced Tax Rates for Certain New Companies |
505
| >> |
| Basic tax rates for companies for assessment year 2021-22 and 2022-23 |
505
| >> |
| Various options available to companies |
506
| >> |
| Option when exercised under section 115BA |
506
| >> |
| Option when exercised under section 115BAA |
506
| >> |
| Option when exercised under section 115BAB |
507
| >> |
| 54. - Option under Section 115BA to Domestic Manufacturing Companies |
508
| >> |
| Tax on income of certain domestic manufacturing companies as per section 115BA |
508
| >> |
| Conditions required to be fulfilled when option under section 115BA is exercised |
508
| >> |
| No further deduction on account of loss |
509
| >> |
| Time limit for exercising the option |
509
| >> |
| Manner of exercising option |
509
| >> |
| -- Form for furnishing option |
509
| >> |
| -- Form to be furnished electronically |
509
| >> |
| -- Authority prescribed for administering the procedure |
510
| >> |
| Withdrawal of option once exercised |
510
| >> |
| 55. - Option under Section 115BAA to Certain Domestic Companies |
511
| >> |
| Tax when option under section 115BAA is exercised |
511
| >> |
| Levy of flat surcharge and cess when company opts for section 115BAA |
511
| >> |
| Conditions required to be fulfilled for exercising option under section 115BAA |
511
| >> |
| No further deduction for loss |
512
| >> |
| Modification in conditions for IFSC units exercising option under section 115BAA |
512
| >> |
| Time limit for exercising option under section 115BAA |
513
| >> |
| Exercise of option where option exercised under section 115BAB becomes invalid |
513
| >> |
| Option once exercised cannot be withdrawn |
513
| >> |
| Applicability of MAT |
513
| >> |
| Procedure as to exercise of option under section 115BAA(5) |
514
| >> |
| 56. - Option under Section 115BAB to New Domestic Manufacturing Companies |
515
| >> |
| Tax on income of certain new manufacturing companies |
515
| >> |
| Levy of surcharge and cess |
515
| >> |
| Tax when to be levied at the rate of 22 per cent |
516
| >> |
| Companies eligible to opt section 115BAB |
516
| >> |
| Consequence of violation of conditions contained in sub-section (2) after exercising option under section 115BAB |
516
| >> |
| Condition as regards formation of company |
517
| >> |
| -- Circumstances referred to in section 33B |
517
| >> |
| Condition as regards use of plant and machinery |
517
| >> |
| -- Consequence of non-fulfilment of condition contained in section 115BAB (2)(a)(ii) |
518
| >> |
| Condition as regards use of building |
518
| >> |
| -- Consequence of non-fulfilment of condition contained in section 115BAB(2)(o)(iii) |
518
| >> |
| Condition as regards to nature of business |
518
| >> |
| -- Consequence of non-fulfilment of condition |
518
| >> |
| -- Meaning of manufacture and production |
518
| >> |
| -- Businesses not regarded as manufacture or production |
519
| >> |
| Important judicial decisions clarifying nature of particular activity |
519
| >> |
| Board empowered to issue guidelines for removing difficulties in fulfilment of certain conditions |
520
| >> |
| Computation of total income without providing for specified exemption, deduction or incentive |
520
| >> |
| No further deduction on account of loss |
521
| >> |
| Safeguards against misuse of reduced rate of taxation |
521
| >> |
| Time limit for exercising option |
522
| >> |
| Procedure as to exercise of option under section 115BAB(7) |
522
| >> |
| Option once exercised cannot be withdrawn |
522
| >> |
| Non-applicability of MAT |
522
| >> |
| Non-applicability in case of foreign company |
523
| >> |
| 57. - Exemptions or Deductions Not Available to Companies Opting for Sections 115BA, 115BAA or 115BAB |
524
| >> |
| Deductions and exemptions not available to companies |
524
| >> |
| Comparative analysis before exercising option for new reduced tax rate regime |
526
| >> |
| Companies engaged in research and development activities |
526
| >> |
| Companies planning for its expansion |
526
| >> |
| Section F -- MSME Vis-a-Vis Start-ups |
527
| >> |
| 58. - Incentives Available to Start-Ups |
527
| >> |
| Provisions dealing with start-up taxation |
527
| >> |
| Investment in eligible start-up and deduction under section 54GB |
527
| >> |
| -- Eligible business and eligible start-up for purpose of section 54GB |
528
| >> |
| Tax holiday under section 80-IAC |
528
| >> |
| Exemption in respect of angel tax under section 56(2)(viib) |
528
| >> |
| Benefit regarding carry over and set off of losses |
528
| >> |
| 59. - Tax Holiday to Eligible Start-ups Under Section 80-IAC |
529
| >> |
| Start up eligible for deduction under section 80-IAC allowable |
529
| >> |
| Amount of deduction |
529
| >> |
| Option to claim deduction in ten years |
530
| >> |
| Meaning of eligible business |
530
| >> |
| Conditions precedent |
530
| >> |
| Applicability of provisions of section 80-IA(5) and 80-IA(7) to (11) |
531
| >> |
| -- Mode of computation of deduction |
531
| >> |
| -- Requirement as to audit by Chartered Accountant |
531
| >> |
| -- Effect of transfer of goods/services from/to other business to/ from eligible business |
531
| >> |
| -- Deduction under any other section cannot be claimed in respect of profits of the undertaking eligible for deduction under section 80-IAC |
532
| >> |
| -- Assessing officer empowered to compute profits of an eligible business |
532
| >> |
| -- Central Government empowered to disallow deduction to any class of industrial undertaking |
532
| >> |
| Availability of tax exemption under section 80-IAC where company opts for section 115BAB regime |
533
| >> |
| 60. - Incentive to Start-ups by Way of ESOP Taxation |
534
| >> |
| Role of ESOP |
534
| >> |
| Tax treatment of ESOP |
534
| >> |
| -- Taxation of value of specified security or sweat equity shares as perquisite |
534
| >> |
| -- Section 17(2)(vi) when get triggered |
535
| >> |
| -- Amount that is taxed as perquisite |
535
| >> |
| Deferred taxation of ESOPs in case of eligible start-ups |
535
| >> |
| Tax to be paid on self–assessment basis |
535
| >> |
| -- Tax payable by employee |
536
| >> |
| -- TDS by employer |
536
| >> |
| Taxable event and year of taxability as regards perquisite on stock options |
537
| >> |
| Provisions illustrated |
537
| >> |
| Different situations identified |
538
| >> |
| 61. - Incentive to Start-ups by Way of Exemption from Angel Tax |
540
| >> |
| Angel tax and start-ups |
540
| >> |
| Definition of start-up for purpose of exemption |
540
| >> |
| Recognition of start-up [Para 2 of DIPP notification] |
541
| >> |
| Certification for the purposes of section 80-IAC |
541
| >> |
| Exemption for the purpose of section 56(2)(viib) [Para 4 of DIPP notification] |
542
| >> |
| Declaration |
543
| >> |
| Scope of notification |
543
| >> |
| Revocation |
544
| >> |
| 62. - Deduction from Capital Gain Under Section 54GB on Investment in Eligible Start-up |
545
| >> |
| Deduction in respect of capital gains under section 54GB |
545
| >> |
| Amount of deduction under section 54GB |
545
| >> |
| Eligible company -- Meaning of |
546
| >> |
| Meaning of new asset |
546
| >> |
| Eligible business and eligible start-up-- Meaning of |
547
| >> |
| Deposit of unutilised amount |
547
| >> |
| Cost of new asset |
547
| >> |
| Non-utilisation of amount deposited in specified account |
548
| >> |
| Sell or transfer of equity shares of company within a period of five years -- Effect of |
548
| >> |
| 63. - Relaxation for Carry Forward and Set off of Losses |
549
| >> |
| Eligible start-ups provided relaxation under section 79 |
549
| >> |
| Rules regarding carrying over and set off of loss by companies other than start-up |
549
| >> |
| Conditions regarding carry over and set off of loss in case of a company being eligible start-up |
550
| >> |
| When section 79 not apply to eligible start-up |
550
| >> |
| Illustrations |
550
| >> |
| -- Illustration 1 |
550
| >> |
| -- Illustration 2 |
551
| >> |
| Exceptions to provisions of section 79(1) |
552
| >> |
Part IX -- MSMEs and GST Laws |
553
| >> |
| 64. - MSME and GST Laws |
554
| >> |
| Liability to get registered under GST Law |
555
| >> |
| Composition levy |
555
| >> |
| -- Persons eligible to opt for composition levy |
556
| >> |
| -- Aggregate turnover -- Meaning |
556
| >> |
| -- Treatment of exempt supply of services including interest and discount |
556
| >> |
| -- Rate of tax under composition levy |
556
| >> |
| -- Persons not eligible to opt for composition levy |
557
| >> |
| -- Persons engaged in manufacture of notified goods not eligible for composition levy |
557
| >> |
| -- Conditions and restrictions applicable to composition dealers |
557
| >> |
| -- Persons engaged in supply of services are not eligible to opt for composition levy |
558
| >> |
| -- Persons making supply of non-taxable goods are not eligible |
559
| >> |
| -- Persons making inter-State supplies of goods cannot opt composition levy |
559
| >> |
| -- All registered persons having same PAN are required to opt for composition levy |
559
| >> |
| -- Composition dealer neither collect tax nor can take input tax credit |
559
| >> |
| -- Levy of tax on reverse charge basis by a composition taxpayer |
560
| >> |
| -- Filing of intimation for composition levy |
560
| >> |
| -- Effective date for composition levy |
560
| >> |
| -- Validity of composition levy |
561
| >> |
| -- Composition taxpayer is required to issue Bill of Supply |
561
| >> |
| -- Issuance of invoice by a registered person paying tax under reverse charge basis |
561
| >> |
| -- Periodicity and due date for payment of tax for composition taxpayers |
561
| >> |
| -- Furnishing of quarterly return/statement by a composition taxpayer |
561
| >> |
| -- Furnishing of annual return |
562
| >> |
| -- Payment of tax due on return |
562
| >> |
| -- Furnishing of nil return is mandatory |
562
| >> |
| Input tax credit |
562
| >> |
| -- Input tax -- Meaning |
562
| >> |
| -- Conditions for taking input tax credit |
563
| >> |
| -- Goods or services not eligible for input tax credit |
565
| >> |
| -- Time limit for claiming input tax credit |
567
| >> |
| -- Transfer of credit on obtaining separate registration for multiple places of business within a State or Union Territory |
567
| >> |
| -- Input tax credit in case of switching over from composition levy to normal scheme |
568
| >> |
| -- Input tax credit in case of exempt supply becoming taxable supply |
568
| >> |
| Returns in GST |
569
| >> |
| -- Furnishing of monthly/quarterly return in Form GSTR-3B |
569
| >> |
| -- Furnishing of details of outward supplies in Form GSTR-1 |
573
| >> |
| -- Ascertainment of details of inward supplies as per FORM GSTR-2B |
575
| >> |
| -- Furnishing of quarterly statement by a composition dealer |
576
| >> |
| -- Requirement of furnishing nil return |
576
| >> |
| -- First return |
576
| >> |
| -- Annual return |
576
| >> |
| -- Final return |
578
| >> |
| -- What is e-invoice |
579
| >> |
| -- Persons required to prepare e-invoice |
579
| >> |
| -- Persons not required to prepare e-invoice |
579
| >> |
| -- Effective date from which e-invoice is required to be prepared |
580
| >> |
| -- Time of issuance of invoice |
580
| >> |
| -- Manner of issuing invoice |
580
| >> |
| -- Furnishing of serial number of invoices electronically |
581
| >> |
| -- Requirement of mentioning HSN code in tax invoice |
581
| >> |
| Abolition of audit under section 35(5) |
583
| >> |
Part X -- MSME Vis-a-Vis Insolvency and Bankruptcy |
584
| >> |
| 65. - Pre-Packaged Insolvency Resolution Process |
585
| >> |
| Eligibility for Pre-Packaged Insolvency Resolution Process |
586
| >> |
| Minimum default for matters as to pre-packaged insolvency resolution process |
586
| >> |
| Approval from financial creditors |
586
| >> |
| -- Circumstances where approval of financial creditors required |
586
| >> |
| -- Notice of meeting of financial creditors |
587
| >> |
| -- Approval of terms of appointment of RP |
587
| >> |
| -- Approval for filing application of initiation |
587
| >> |
| -- Absence of financial debt or financial creditor being related party |
587
| >> |
| Filing of application with Adjudicating Authority(AA) for initiation of pre-packaged insolvency process |
587
| >> |
| -- Application to AA |
587
| >> |
| -- Documents to be filed alongwith application |
588
| >> |
| -- Applicability of NCLT Rules, 2016 |
588
| >> |
| -- Serving a copy to IBBI |
588
| >> |
| -- AA to be informed regarding any winding up petition filed |
589
| >> |
| Adjudicating Authority to admit or reject the application |
589
| >> |
| Declaration of moratorium |
589
| >> |
| Appointment of resolution professional and other matters related therewith |
590
| >> |
| -- Duties of resolution professional |
590
| >> |
| -- Powers of resolution professional |
591
| >> |
| -- Eligibility for resolution professional |
591
| >> |
| -- Assistance to resolution professional |
592
| >> |
| -- Appointment of professionals by resolution professional |
592
| >> |
| -- Access to books by RP |
593
| >> |
| -- Cessation of duties of insolvency professional |
593
| >> |
| -- Fee for resolution professional |
593
| >> |
| Public announcement |
593
| >> |
| Submission of list of claims and information memorandum |
594
| >> |
| -- Submission of list of claims and its updation |
594
| >> |
| -- Submission of preliminary information memorandum |
594
| >> |
| -- Liability for compensation in case of any loss or damage |
595
| >> |
| -- Determining amount of claim |
595
| >> |
| Constitution of committee of creditors |
595
| >> |
| -- Committee with creditors in class |
596
| >> |
| -- Committee with only operational creditors |
596
| >> |
| -- Change in committee |
596
| >> |
| Meeting of CoC |
596
| >> |
| -- Service of notice |
596
| >> |
| -- Contents of the notice |
597
| >> |
| -- Participation through video conferencing or other audio and visual means |
598
| >> |
| -- Quorum at meeting of CoC |
599
| >> |
| -- Conduct of meeting of committee of creditors |
599
| >> |
| -- Submission of finalised information memorandum by RP |
601
| >> |
| -- Further information to be called for |
601
| >> |
| Authorised representative |
601
| >> |
| -- Choice of Authorised representative |
601
| >> |
| -- Authorised representative for creditors in a class |
602
| >> |
| -- Remuneration of authorised representatives |
602
| >> |
| -- Rights and duties of authorised representatives |
602
| >> |
| Voting |
603
| >> |
| -- Voting by the committee |
603
| >> |
| -- Voting by authorised representatives |
604
| >> |
| -- Voting through electronic means |
604
| >> |
| Appointment of registered valuers |
605
| >> |
| -- Fair value and liquidation value -- Meaning of |
605
| >> |
| -- Persons not eligible to be appointed as registered valuers |
606
| >> |
| -- Determination of fair value and liquidation value |
606
| >> |
| -- Submission of resolution plans to resolution professional |
606
| >> |
| -- Confidentiality to be maintained by resolution professional and registered valuers |
606
| >> |
| Management of affairs of corporate debtor |
607
| >> |
| Vesting management of corporate debtor with resolution professional |
607
| >> |
| -- Filing of application for vesting management of corporate debtor with resolution professional |
607
| >> |
| -- Passing of order |
608
| >> |
| -- Powers of resolution professional in case of management of affairs of the corporate debtor |
608
| >> |
| -- Applicability of some provisions of Code to proceedings under this Chapter |
608
| >> |
| Consideration and approval of resolution plan |
608
| >> |
| -- Submission of base resolution plan |
608
| >> |
| -- Confirmity with section 30 of the Code |
609
| >> |
| -- Approval of plan by CoC |
610
| >> |
| -- Invitation to prospective resolution applicants |
610
| >> |
| -- Consideration of plan by CoC |
611
| >> |
| -- Resolution plan to fulfil criteria set |
612
| >> |
| -- Resolution plan to provide for certain measures |
612
| >> |
| -- Mandatory contents of resolution plan |
613
| >> |
| -- Preferential payments |
614
| >> |
| -- Submission of resolution plans |
614
| >> |
| -- Evaluation of resolution plans |
614
| >> |
| -- Resolution plan to be presented to committee for approval |
614
| >> |
| -- Resolution professional to disclose scores of plan for further improvement |
615
| >> |
| -- Manner of improving a resolution plan |
615
| >> |
| -- Approval of resolution plan by CoC |
615
| >> |
| Dilusion of shareholding or control in case of impairment of claims owned |
616
| >> |
| Resolution applicant to provide for performance security |
616
| >> |
| Approval or rejection of resolution plan by AA |
616
| >> |
| -- Submission of resolution plan to AA |
616
| >> |
| -- Approval of plan by AA on satisfaction [Section 54L] |
617
| >> |
| -- Rejection of resolution plan by AA |
617
| >> |
| -- Service of copy of order of AA |
617
| >> |
| -- Intimation to claimamt regarding payment of debts |
617
| >> |
| -- No change in management on order passed under section 54J(2) and plan approved by CoC |
617
| >> |
| Termination of the pre-packaged insolvency resolution process [Section 54(N)] |
617
| >> |
| -- Resolution professional to file for termination of process approved by CoC |
617
| >> |
| -- Form for filing application for termination |
618
| >> |
| -- Order of AA terminating the process |
618
| >> |
| -- Liquidation order to be passed in case of order under section 54J(2) |
618
| >> |
| Preferential and other transactions |
618
| >> |
| -- Resolution professional to identify preferential or other transactions |
618
| >> |
| -- Determination under intimation to the Board |
619
| >> |
| -- Application to Adjudicating Authority for relief |
619
| >> |
| Time limit for pre-packaged insolvency resolution process |
619
| >> |
| Pre-packaged insolvency resolution process costs |
619
| >> |
| Appeal against the order of AA approving resolution plan |
620
| >> |
| Initiation of corporate insolvency resolution process (CIRP) |
620
| >> |
| -- Intimation of decision of CoC |
620
| >> |
| -- Order by Adjudicating Authority |
620
| >> |
| -- Effect of order passed |
621
| >> |
| Application of provisions of Chapters II, III, VI, and VII to this Chapter |
621
| >> |
| -- Application of provisions of CIRP to pre-packaged insolvency resolution process |
621
| >> |
| -- Modifications of provisions of CIRP when made applicable to pre-packaged insolvency resolution process |
622
| >> |
| Miscellaneous Provisions |
623
| >> |
| -- Disclosures to be made by RP |
623
| >> |
| -- Preservation of records |
623
| >> |
| -- Filing of forms by RP |
623
| >> |
| -- Debt in foreign currency |
623
| >> |
| -- Transfer of debt due to creditors |
623
| >> |
| ANNEXURES |
623
| >> |
-- Annexures |
650
| >> |
| 66. - Annexures |
651
| >> |
| I. THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006 |
651
| >> |
| Chapter I -- Preliminary |
651
| >> |
| Short title and commencement |
651
| >> |
| Definitions |
651
| >> |
| Chapter II -- National Board for Micro, Small and Medium Enterprises |
653
| >> |
| Establishment of Board |
653
| >> |
| Removal of member from Board |
655
| >> |
| Functions of Board |
656
| >> |
| Powers and functions of Member-Secretary of Board |
656
| >> |
| Chapter III -- Classification of Enterprises, Advisory Committee and Memorandum of Micro, Small and Medium Enterprises |
656
| >> |
| Classification of enterprises |
656
| >> |
| Memorandum of micro, small and medium enterprises |
658
| >> |
| Chapter IV -- Measures for Promotion, Development and Enhancement of Competitiveness of Micro, Small and Medium Enterprises |
659
| >> |
| Measures for promotion and development |
659
| >> |
| Credit facilities |
660
| >> |
| Procurement preference policy |
660
| >> |
| Funds |
660
| >> |
| Grants by Central Government |
660
| >> |
| Administration and utilisation of Fund or Funds |
660
| >> |
| Chapter V -- Delayed Payments to Micro and Small Enterprises |
660
| >> |
| Liability of buyer to make payment |
660
| >> |
| Date from which and rate at which interest is payable |
661
| >> |
| Recovery of amount due |
661
| >> |
| Reference to Micro and Small Enterprises Facilitation Council |
661
| >> |
| Application for setting aside decree, award or order |
662
| >> |
| Establishment of Micro and Small Enterprises Facilitation Council |
662
| >> |
| Composition of Micro and Small Enterprises Facilitation Council |
662
| >> |
| Requirement to specify unpaid amount with interest in the annual statement of accounts |
663
| >> |
| Interest not to be allowed as deduction from income |
663
| >> |
| Overriding effect |
663
| >> |
| Scheme for closure of business of micro, small and medium enterprises |
663
| >> |
| Chapter VI -- Miscellaneous |
663
| >> |
| Appointment of officers and other employees |
663
| >> |
| Penalty for contravention of section 8 or section 22 or section 26 |
664
| >> |
| Jurisdiction of courts |
664
| >> |
| Power to make rules |
664
| >> |
| Power to make rules by State Government |
665
| >> |
| Power to remove difficulties |
665
| >> |
| Repeal of Act 32 of 1993 |
665
| >> |
| II. Micro, Small and Medium Enterprises Development (Furnishing of Information) Rules, 2016 |
666
| >> |
| Short title and commencement |
666
| >> |
| Definitions |
666
| >> |
| Form |
666
| >> |
| Data Bank |
666
| >> |
| III. Micro, Small and Medium Enterprises Fund Rules, 2016 |
669
| >> |
| Short title and commencement |
669
| >> |
| Definitions |
669
| >> |
| Objective of Fund |
669
| >> |
| Administration of Fund. |
670
| >> |
| Composition of Governing Council |
670
| >> |
| Approval and release of money from Fund |
670
| >> |
| Progress reports and review |
671
| >> |
| Secretarial support |
671
| >> |
| Information on Web portal |
671
| >> |
| Accounts and audit |
671
| >> |
| Office of DC (MSME) Policy Division |
672
| >> |
| IV. Frequently Asked Questions [FAQs] |
672
| >> |
| What kind of business comes under MSME? |
672
| >> |
| Is GST mandatory for MSME? |
672
| >> |
| Are traders eligible for Udyam Registration? |
672
| >> |
| How many days it will take to get MSME certificate? |
672
| >> |
| Which services are covered under MSME? |
673
| >> |
| What is difference between MSME, MSE and SME? |
673
| >> |
| What is the eligibility for MSME? |
673
| >> |
| Does travel agency come under MSME? |
673
| >> |
| Is there any specific initiative that has been taken by GeM in terms of Public Procurement? |
673
| >> |
| What are pre-requisite for primary user registration? |
673
| >> |
| Is Aadhaar card mandatory for primary user registration? |
673
| >> |
| What are the key tasks of a primary user? |
674
| >> |
| How can a user verify his/her email id during registration? |
674
| >> |
| How can a user verify his/her email id during registration? |
674
| >> |
| What benefits do the MSME Technology Centres of Ministry of MSME provide to MSMEs? |
674
| >> |
| What support is provided by the Ministry for improving manufacturing competitiveness? |
674
| >> |
| Whether there is any scheme for assisting MSMEs for Intellectual Property Rights? |
675
| >> |
| What is CLCSS? |
675
| >> |
| Whether the CLCSS is in operation at present? |
675
| >> |
| When CLCSS was launched? |
676
| >> |
| What were the salient features of the CLCSS? |
676
| >> |
| How many products/sub-sectors have been approved under the CLCSS? |
676
| >> |
| How can I get benefit under the Scheme? |
676
| >> |
| Which are the Nodal Agencies for implementation of CLCSS? |
676
| >> |
| Whether the Scheme is applicable for new MSEs? |
676
| >> |
| Is CLCSS applicable for medium and large-scale Enterprises? |
676
| >> |
| What are new steps will have been taken by the Ministry for effective implementation of CLCSS? |
676
| >> |
| Is there any web-site where from I can get more details of the CLCSS? |
677
| >> |
| What is the mechanism for disbursement of subsidy to the unit? |
677
| >> |
| What are the objectives of Procurement and Marketing Support scheme? |
677
| >> |
| What are the eligibility criteria of the PMS scheme? |
677
| >> |
| Who is the implementing agency for the scheme? |
677
| >> |
| What are the components of the PMS schemes? |
678
| >> |
| What support is provided by the Ministry for participation of MSMEs in international events? |
678
| >> |
| Who can apply under this scheme |
678
| >> |
| How to apply under this scheme? |
678
| >> |
| What is Cluster? |
678
| >> |
| What is MSE-CDP? |
679
| >> |
| What are the objectives of MSE-CDP? |
679
| >> |
| Which are the components covered under MSE-CDP? |
679
| >> |
| How many items are reserved for exclusive purchase from MSEs? |
680
| >> |
| Whether this policy is applicable for works/trading activities also? |
680
| >> |
| Whether policy is applicable for MSEs registered with NSIC? |
680
| >> |
| Whether policy provides benefits for exemption from Security Deposits to MSEs? |
680
| >> |
| Whether MSE quoting price within price band L1 + 15 % could be given complete supply to tender in case tender item is non-splitable/non-dividable? |
680
| >> |
| Which are MSEs owned by SC/ST enterprises? |
680
| >> |
| Whether Government Ministries/Departments/CPSUs those have meager value of total procurement may be exempted from policy? |
680
| >> |
| Whether policy has provision for exemption from 20% percentage procurement target? |
680
| >> |
| What is the share of procurement from MSEs out of the total procurement made by Central Government Ministries/ Departments/Public Sector Undertakings? |
681
| >> |
| Whether there is any reservation for MSEs owned by SC/ST entrepreneurs? |
681
| >> |
| Who is eligible for availing benefits under the Public Procurement Policy? |
681
| >> |
| What is the date of implementation of this Policy? |
681
| >> |
| Whether Policy is transparent, competitive and cost effective? |
681
| >> |
| Whether Policy is transparent, competitive and cost effective? |
681
| >> |
| Whether the Policy is implemented in parts or fully from its inception? |
682
| >> |
| Whether there is any monitoring system for assessing the Government procurement from MSEs? |
682
| >> |
| Whether there is price match making facility for procurement from MSEs over large scale? |
682
| >> |
| What steps are to be taken by the Government Ministries/ Departments/CPSUs to develop MSE Vendors to achieve their targets for MSE procurement? |
682
| >> |
| What steps are to be taken by the Government Ministries/ Departments/CPSUs to develop vendors from MSEs owned by SC/ST entrepreneurs? |
682
| >> |
| What are the other benefits/facilities to the MSEs available under the Policy? |
683
| >> |
| Whether there is any review mechanism for monitoring and review of the Policy? |
683
| >> |
| Whether there is any kind of purchases that have been kept out of the purview of the Procurements under the Policy and if yes, how monitoring of the goal set will be done? |
683
| >> |
| From where the detail of the Policy can be obtained? |
683
| >> |
| Whether this Policy is mandatory under any Act? |
683
| >> |
| What is MSME Samadhaan Portal? |
684
| >> |
| Do Ministry of MSME take action on applications filed on MSME Samadhaan Portal? |
684
| >> |
| Can Ministry of MSME intervene in matters of MSEFC. |
684
| >> |
| Is filing of Udyog Aadhaar Memorandum (UAM) Mandatory to file applications on MSME Samadhaan Portal? |
684
| >> |
| How can I get Udyog Aadhaar Memorandum (UAM) Number? |
684
| >> |
| Is it mandatory to file Delayed Payment Applications online on MSME Samadhaan Portal only? |
684
| >> |
| Who can convert the application into Regular Reference Petition/ claim case? |
684
| >> |
| If there is no action on an application filed by MSEs, whom to contact? |
684
| >> |
| Is work order compulsory to file application on MSME Samadhaan Portal? |
685
| >> |
| How to upload multiple invoices? |
685
| >> |
| What is Startup India Hub? |
685
| >> |
| How do Investors add value to Startups? |
685
| >> |
| Why do Investors invest in Startups? |
685
| >> |
| How can I register a profile on the hub? |
686
| >> |
| How do we connect to enablers after creating a profile? |
686
| >> |
| Can a foreign company register under Startup India hub? |
686
| >> |
| I want to share events, tools & templates, reports, blogs, etc. How can I publish these on the Hub? |
686
| >> |
| When the Government of India launched the Central Government Stores Purchase Programme? |
686
| >> |
| When the Single Point Registration Scheme was evolved by Government of India and what was the objective of Single Point Registration Scheme? |
686
| >> |
| What are the benefits available to Micro & Small Enterprises (MSE) registered with NSIC under Government Stores Purchase Programme? |
687
| >> |
| Who is eligible to get registered with NSIC under Single Point Registration Scheme? |
687
| >> |
| How and to whom MSEs should apply for registration with NSIC under its Single Point Registration Scheme? |
687
| >> |
| Is NSIC issuing Provisional GP Registration Certificate to Micro & Small Enterprises; if yes what is the criteria? |
687
| >> |
| How much Monetary Limit fixed in Provisional Registration under SPRS |
687
| >> |
| When MSMED Act introduced? |
687
| >> |
| What is the prescribed limit for investment in Plant & Machinery for Micro Enterprise in MSMED Act.? |
687
| >> |
| What is the prescribed limit for investment in Plant & Machinery for Small Enterprise in MSMED Act |
687
| >> |
| What is the prescribed limit for investment in Plant & Machinery for Small Enterprise in MSMED Act |
688
| >> |
| Whether the Service Enterprises are eligible to get the benefit as prescribed in the Public Procurement Policy for Micro & Small Enterprise (MSMEs) Order 2012. |
688
| >> |
| What is the prescribed limit for investment in equipment for micro service industry? |
688
| >> |
| What is the prescribed limit for investment in equipment for small service industry? |
688
| >> |
| How can buying agency verify the GP Enlistment certificate, whether it is valid or not? |
688
| >> |
| What the validity period of Enlistment Certificate? |
688
| >> |
| Can traders can be registered under SPRS? |
688
| >> |