How to start business - step wise

The first step towards starting your Import/Export business is to decide and register your business entity. Generally there are 5 popular business structures to get yourself registered-

Sole Proprietorship

One Person Company

Partnership Firm

Limited Liability Partnership

Private Limited Company.

Basically, you can go for Solo Proprietorship firm since you are sole owner of the Firm which control on the business. As a Import Export Business you have to require only the tax registration as a firm like CST and IEC Code, i.e. Import Export Code( a unique code generated by the Directorate General Of Foreign Trade( DGFT) to track imports and exports of goods from India) so its can be done in less cost of formation. Even you have to pay just only the Income tax on the Slab basis ad Individually so you can easily save the income tax.

However it is recommended to get your business registered as private limited company in case of export business since it offers the promoters of the business limited liability protection, transfer-ability, easy access to bank loans and many more such benefits. Further, foreign clients prefer dealing with a registered corporate entity in India.

After registering your business, tax registration can be obtained in the name of the business entity. PAN is the first tax registration required for any kind of new business in India. After that you need to open up a bank account- to commence businesses.

Though, goods and services exported from India do not attract VAT or services tax but VAT registration might be required for the business as it might be required in the business to buy goods from the other state and service tax registration might also be required for the billing of domestic clients. So, it is advisable to have your VAT registration done.

Moreover, VAT and CST or Sales Tax or TIN Registration is required for selling the goods in India for the retailers and manufacture. So you need to apply for the VAT Registration from your state government. VAT is a Indirect taxes so its rules and regulations is very state to state. Even in some state there is security concept so its little bit expensive.

Then, you need to appoint an expert customs clearing agent. He will be able to assist you in clearing the batch at the port. Calculating numerous expenses in port is also important, which is the responsibility of an agent. These expenses include handling charge, customs duty, transportation charges and much more.

The next step involves using your own freight forwarder. A freight forwarder or forwarding agent is also known as a NVOCC (non-vessel operating common carrier), is a person or company that manage and organizes point to point shipments for individuals or corporations to import goods from the manufacturer abroad to your location.

Some Tips which is require for Import Export Business in India :-

• Business Current Account have a SWIFT Code.
• Find Reputed Supplier from Alibaba or other Website.
• Raise Purchase Order ( PO) on your Company Name.
• Purchase Order and Invoice amount must be same.
• Hire third parties for the shipping.

What is Conveyance Allowance?

CA, also called Transport Allowance is a type of allowance offered to employees of a company to compensate for their travel from residence to and from respective workplace location. Allowances are generally offered to employees on top of their basic salary component and may or may not be taxable as per the Income Tax Act.

conveyance allowance is paid by an employer only if the there is no transportation provided by the employer. In case an employer offers office transport, conveyance allowance will not be provided to employees.

Conveyance Allowance Limit for FY 2016-17 & AY 2017-18

There is no limit on the amount of conveyance allowance a company can offer to its employees. However, there is a limit on the amount of exemption under the Income TaxAct as detailed below.

Is Conveyance Allowance Taxable?

Conveyance allowance is given an exemption of up to Rs.19,200 per annum or Rs.1,600 per month. The sections under which this exemption is applicable are Section 10(14)(ii) of Income Tax Act and Rule 2BB of Income Tax Rules.

Before April 2015, the conveyance allowance taxation exemption limit was capped at Rs.800 per month or Rs.9,600 per annum. The exemption limits were extended to Rs.1,600 per months or Rs.19,200 per year in Budget 2015 with an eye to provide tax benefits to the middle class taxpayers in the country.

You do not need to furnish any documents or proof of receiving conveyance allowance from your employer. The full amount of Rs.1,600 per month can be claimed as tax exemption under travel or conveyance allowance.

How to Calculate Conveyance Allowance?

A point to note here is that the exemption for conveyance allowance can be grouped with some other allowances, for instance Special Allowance. So, if your employer is offering you a Special Allowance of Rs.5,000 per month which is fully taxable, you can substitute Rs.1,600 as conveyance allowance and claim tax exemptions for the same. However, you should only do this after consultations with your personal tax advisor.There are no complicated calculations involved in calculating conveyance allowance limit. The limits are absolute at Rs.1,600 per month or Rs.19,200 per year irrespective of the tax bracket an individual falls into.

What is the Conveyance Allowance for Handicapped People?

Handicapped people used to receive a higher limit of Rs.1,600 per month or Rs.19,200 per year as conveyance allowance before April 2015 as compared to other categories of taxpayers. However, Budget 2015 made the exemption limit uniform across all categories of taxpayers at Rs.1,600 per month.

Section 80c - Deductions under Section 80c

most people start sweating and running around looking for ways in which they can save on it. One of the most commonly known sections of the Income Tax act is section 80C. 

Tax Exemption under 80c for FY 2015-16:

As opposed to the deductions for the financial year 2013-14, the limit for maximum deduction under section 80c for 2014-15 and 2015-16 have been changed to Rs. 1.5 lakhs. This means that investments made under 80C up to Rs. 1.5 lakhs will be eligible for tax exemptions. These exemptions are not just limited to investments but also include payments that may be made towards expenses like education fee and home loans.

Eligible Deductions under Section 80c:

So what are the deductions that are eligible for exemption under section 80C? The following is a list of dedications that are included under section 80C.

• Home Loan Payments:
  When you pay a home loan EMI, there are two major components to it; the principal and the interest. Under section 80C you can claim tax benefits on the principal paid. You can also claim benefits under section 24.
• Stamp Duty and Registration Charges for House:
  When you buy a house, one of the expenses you incur will be payments for the stamp duty and the registration of the property. Whatever is spent on these expenses is eligible for benefits under section 80C
• Life Insurance:
  All life insurance premium payments, include those paid for unit linked insurance plans, are also eligible for tax benefits under section 80C. Even if your policy covers other family members, you can claim the tax benefits for the premiums paid. The limit for claiming these benefits is Rs. 1.5 lakhs. This means that if you make no other investments but pay Rs. 2 lakh towards a life insurance policy then Rs. 1.5 lakh out of it will be eligible for tax benefits. This benefit will also only apply if the premium is paid by you, not if your wife or husband or parents pay the premium.
• Health Insurance:
  When you take a health insurance policy, be it an individual or a family floater policy, the annual premium you pay for the policy is eligible for tax benefits under this section.
• Fixed Deposits:
  Most banks offer tax saving fixed deposits that provide tax benefits on the amount deposited in them. These deposits come with a mandatory lock in period of 5 years and can have a maturity period ranging from 5 years to 10 years. The limit of investment in these deposits is determined by the bank and can range from Rs. 1 lakh to Rs. 1.5 lakhs in a year. It needs to be noted that not all FD investments are eligible. Only the ones made in tax saving FDs are.
• Mutual Fund Investments (ELSS):
  When you invest in a mutual fund, particularly an equity linked savings scheme or a tax saving mutual fund, the amount invested is eligible for tax exemption under this section. These mutual funds come with a lock in period of 3 years.
• Provident Funds:
  There are different provident funds that you can invest in. One is the PPF (Public Provident Fund) with an annual investment limit of Rs. 1.5 lakhs and a maturity period of 15 years. The others are EPF and VPF; EPF are Employee Provident Funds where the employer and the employee contributes towards the PF and VPFs are Voluntary provident funds where the employee can choose to contribute more than the employer towards the PF. Regardless of the type of fund, all contributions made are eligible for tax benefits.
• National Savings Certificates:
  National savings certificates are an investment that come with maturity period of 5 and 10 years. Investments made in these certificates is also eligible for tax benefits up to Rs. 1.5 lakhs.
• Sukanya Samriddhi Account:
  This is a special account that was announced by the government in early 2015. It allows parents to open an account for a girl child and deposit money in it, up to Rs. 1.5 lakhs per annum, and earn an interest of 9.1% per annum on it. This account can be opened for two children and can be extended to a third in case there are twins involved.
• Infrastructure Bonds:
  These are bonds that are issued by infrastructure companies like Infrastructure Development Finance Company and India Infrastructure Finance Company. They offer an interest on the money invested with them and the investments made in the tax saving infrastructure bonds are eligible for tax benefits.
• Post Office Time Deposit:
  Just like fixed deposits, time deposits held at post office also are eligible for tax benefits under this section. These deposits come with an option of a 5 year time deposit where investments become eligible for benefits. These deposits also offer attractive interest rates in excess of 8% per annum however it can change at any time.
• Education Expenses:
  School fee is not cheap these days and for that reason, when you do pay it you can claim tax benefits on the amount that you have paid. The conditions that apply in this investment are that it is available only for two children, the school cannot be outside India and the tuition fee is the only payment that is eligible.
• Pension Funds:
  Almost everyone has some sort of a plan in place for the day they retire. If your plan includes investments in a pension fund then the investments made are eligible for deductions under section 80C.
• Senior Citizen Saving Scheme:
  This is a scheme that can only be invested in by senior citizens and provides quarterly interest payments instead of compounded interest. Under this scheme when an investment is made into the scheme, it becomes eligible for tax benefits under this section.

NRI claim under Section 80C:

In India, the basis of the income sources of a person determines the date of filing IT returns for him/her. The due date for filing income tax stays the same irrespective of an individual's residential address. The personal income tax must be filed on or before September 30 of a year. For example, for filing income tax returns for FY 2014 – 2015, which starts from April 1, 2014 and ends on March 31, 2015, the last date is September 30, 2015.

Income tax must be filed for the following income sources:

• Income from profession or business where the a/c of these professions and businesses must be audited in India.
• If the tax filer is a working partner in a particular partnership firm where the account must be audited in India.

All NRIs can avail equal tax deductions as the Indian residents under this section. For example, NRIs can claim deductions on life insurance premiums, pension schemes, etc.

Frequently Asked Questions:

1. Does the limit of Rs. 1.5 lakhs mean that I can invest Rs. 1.5 lakhs in more than one instrument and claim benefits?
   No. The limit of Rs. 1.5 lakh means that after taking into account all the investments you have made under 80C, the maximum benefit of Rs. 1.5 lakhs can be claimed.
2. What is the definition of a senior citizen for the senior citizen savings scheme?
   A senior citizen under this scheme is either someone who is more than 60 years of age or someone who is more than 55 years or age but less than 60 years but has taken voluntary retirement under a specific retirement scheme.
3. When it comes to provident funds, will investments in EPF and PPF be eligible if investments are made in both?
   If you are contributing towards an EPF and are investing in a PPF at the same time, you can claim both investments under 80C.
4. Under EPF schemes is the entire contribution eligible for deduction under 80C?
   No. In EPF only the half paid by the employee is eligible for benefits.
5. If I want to get into tax savings, which options should I go in for?
   The options would be dictated by a multitude of factors like your age, risk appetite and the amount that you wish to invest but some basic ones that you should consider investing in are life and health insurance policies, mutual funds, fixed deposits and provident funds.
6. Is the interest earned through these instruments also eligible for tax deductions under 80C?
   No. The interest earned in most cases is liable for tax under other sections except in the case of NSCs where if the interest is reinvested, it becomes eligible for deduction under 80c for the year that it is reinvested in.
7. If I take a loan for repair/renovation of a house, can I claim deductions under 80C?
   A regular home loan is eligible under 80C but one take from repairs and renovation is not.

कैसे जानें PF बैलेंस..Missed Call se

अगर आप अपना पीएफ बैलेंस जानने के लिए परेशान हैं तो आपको परेशान होने और ईपीएफओ आॅफिस के चक्कर काटने की जरूरत नहीं है। ईपीएफओ आपको अपना पीएफ बैलेंस आॅनलाइन और मैसेज के जरिए जानने की सुविधा दे रहा है। इसके जरिए आप केवल कुछ ही देर में अपना पीएफ बैलेंस पता कर सकते हैं। EPFO आपको पीएफ बैलेंस जानने की सुविधा दे रहा है-
मिस्‍ड कॉल देकर - आप केवल एक मिस्‍ड कॉल देकर भी PF बैलेंस जान सकते हैं। - इसके लिए आपको 011-22901406 पर मिस्‍ड कॉल करनी होगी। - इसके बाद आपको मैसेज के जरिए PF बैलेंस की जानकारी मिल जाएगी।

आपके पीएफ अकाउंट पर नहीं मिलेगी 7500 से ज्‍यादा पेंशन, चाहे जितनी भी हो सैलरी.

अगर आप संगठित क्षेत्र में नौकरी कर रहे हैं और कर्मचारी भविष्‍य निधि संगठन (ईपीएफओ)  के सदस्‍य हैं तो मौजूदा नियमों के तहत आपको अधिकतम 7500 रुपए ही पेंशन मिल पाएगी। ऐसा इसलिए है क्‍योंकि मौजूदा समय में इम्‍पलाइ प्रॉविडेंट फंड स्‍कीम के तहत अधिकतम वेज लिमिट 15000 रुपए है। 

अगर यह लिमिट फ्यूचर में नहीं बढती है तो... आप की अधिकतम पेंशन 7500 रुपए ही होगी। .
यह है पेंशन तय करने का फार्मूला    कर्मचारी भविष्‍य निधि संगठन के एक वरिष्‍ठ अधिकारी ने बताया कि अगर कोई मेंबर रिटायर होता है तो उसकी पेंशन पेंशनेबल सैलरी के आधार पर तय की जाती है। इसके लिए पिछले पांच साल की सैलरी का औसत निकाला जाता है। इस तरह से पेंशनेबल सैलरी तय होती है। पेंशन तय करने का फार्मूला है। यह फार्मूला 1995 के बाद नौकरी ज्‍वाइन करने वालों के लिए है।    पेंशन अमाउंट = पेंशनेबल सैलरी × सेवा की अवधि/ 70... 
मान लेते हैं किसी पीएफ मेंबर की पेंशनेबल सैलरी 15000 है और उसने 30 साल नौकरी की है। मौजूदा नियमों के हिसाब से उसे 2 साल का बोनस मिलेगा। इसतरह से उसकी सेवा की अवधि 32 साल हो जाएगी तो उसकी पेंशन मौजूदा फार्मूले के तहत 6858 रुपए होगी।    पेंशन अमाउंट = 15000 × 32 साल/ 70  मंथली पेंशन होगी 6,858 

35 साल की नौकरी तो मंथली पेंशन 7500    
अगर 2 साल का बोनस जोड़ कर किसी मेंबर की नौकरी की अवधि 35 साल होती है तो उसे मौजूदा वेज लिमिट के आधार पर 7500 रुपए पेंशन मिलेगी। अगर भविष्‍य में सरकार वेज लिमिट को 15000 रुपए से बढ़ा कर 20,000 रुपए या 25,000 रुपए कर देती है तो इम्‍पलाइज पेंशन स्‍क्‍ीम के तहत 58 साल की उम्र में रिटायरमेंट पर पेंशन लिलती है या 50 साल की उम्र पूर भी अर्ली पेंशन मिलती है। 
सरकार करती है पेंशन फंड में योगदान    इम्‍पलाइ पेंशन फंड में कंपनी के मंथली कंट्रीब्‍यूशन का 8.33 फीसदी हिस्‍सा जाता है। इसके अलावा सरकार भी फंड में कर्मचारी की सैलरी का 1.16 फीसदी योगदान करती है। मौजूदा समय में इम्‍पलाइज पेंशन स्‍क्‍ीम के तहत न्‍यूनतम पेंशन 1,000 रुपए है। यानी अगर किसी की पेंशन 1,000 रुपए से कम बनती है तब भी सरकार उसे हर माह 1,000 रुपए पेंशन सुनिश्चित करेगी। ... 

जीवन भर मिलती है पेंशन 

 इम्‍पलाइज पेंशन स्‍कीम के तहत मेंबर को रिटायमेंट के बाद जीवन भर पेंशन मिलती है। कर्मचारी की मौत के बाद उसकी पत्‍नी को पेंशन मिलती है।... 
पत्‍नी की मौत के बाद दो बच्‍चों को 25 साल की उम्र तक पेंशन का प्रावधान है। ... 

All about non copy right video

Process to Get ESIC Pehchan Card Or ESI Card

To Get ESIC Pehchan Card : ESIC card is also known as Pehchan card or PIC. Employee state insurance is a social welfare scheme to help the employees whose gross salary is below 21000 Rs. There are number of ESIC dispensaries and hospitals are helping the employees by giving medical treatment to them & also to their family members.

Earlier ESIC scheme was applicable to employees whose salary is less than 15000 Rs but in order to cover more number of employees the ceiling limit increased to 21000 Rs.

ESIC Percentages : 1.75% of employee’s gross salary will be contributed every month towards ESIC and 4.75% of employee gross salary will be contributed by employer towards  ESIC.

Benefits Of ESIC:

Employees who are covering under ESIC scheme will get the following benefits.

1. Medical Benefit
2. Sickness Benefit
3. Maternity Benefit
4. Disablement Benefit
5. Funeral Expenses

How To Get ESIC Pehchan Card Or ESI Card

 in order to get all those benefits employees need to have ESIC Pehchan card. So every employer must give print counter foil which will be downloaded from employer ESIC portal.

Learn About How To Get Forgotten ESIC Challan  Number In ESIC Portal

Print counter foil is a Pehchan card application form. On this  print counter foil employee doesn’t need to write any thing, every thing will be filled by employer’s HR department and employee need to submit a family photograph.

Family photograph should contain all the members who are going to take Pehchan card and this family photo will be attested by employer, and employee also need to sign on this ESIC Pehchan card application form.

After completing all this formalities employee need to take this print counter foil to their nearest ESIC office along with the family members. In ESIC office they will take photograph of insured person’s family and the card will be handed over to insured person i.e employee with in 20 days, by courrier or employer or some times employee need to visit ESIC office to get ESIC Pehchan card.

In case, if group of employees in an organization want to take ESIC cards collectively then the employer need to write a letter to ESIC office to send an officer to take photo graphs of all employees including their family members for Pehchan card purpose. So this is the process to get ESIC pehchan card.