HR Firm: Necessary For Any Start Up

Regulating the rules set for hiring and firing of the employees but apart from this main task they have many other tasks such as maintaining communication between juniors and senior and providing support to the higher management. Just like this HR firm (consultant) holds a position of authority among all HR professionals and acts as supervisor role in the startup.

Now a day, Startups are getting importance because of their ideas and focusing on the single thing can help them grow their business to the next level and if the startup is founded by a group then it may be possible to handle multiple things at the same time but if there is a single person behind the idea, then he will be in great dilemma whether to focus on growth or hiring employees.

Here the work of an HR firm or a human resource consultant greatly helps the business as they made it easy to hire people or make the work flow smooth in the office. As these firms help in recruiting the eligible employees, providing necessary support for the higher posts or owners of the start up in form of working.

The Startup also benefits from a Human resource consultant in various ways like providing the necessary experience in the hiring process or how the work environment of the organisation should be and what should be the model of communication between different levels, to which model it should be switched to as the organisation grows.
HR firms are becoming a necessity for a small startups growth and their budget don’t allow them to have different human resource departments so for them it is a very cost effective method as in return they are getting experienced workers who are going to help in decision making and maintaining a healthy communication between the different levels of management or maintaining a healthy working environment in the organisation by getting the most out of least.

Hiring is a process through which every company has to go through and make it grow from the ground to one of the biggest companies of the country and with every new start up there is a dream which the founders have, that is to come in list of top companies of the country and then to capture a pie in the share of the international market.

Every dream has a beginning and then by taking the right decisions at right time requires some advice from an experienced person in the field. Thus, for these reasons, an HR firm is very important for any startup to have.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online, Copyright Registration, Patent Registration, Trademark Registration.

How To Get A Patent For Software?

The Indian IT sector, contrary to the general global perception, does not limit itself to providing service. India is gifted with a lot of genius and innovators in the software industry as well. A lot of novel software products are churned out almost on a daily basis.

Copyright infringement is an issue plaguing this industry, primarily due to there being a lot of ignorance about the Indian Patents Act, 1970. The section 3(K) which lay down the exceptions lets a layperson construe that software patent is possible but might not always be permissible. To quote this section, “mathematical or business method or computer programmes per se or algorithms” are not permitted to be patented.

At first glance, it might seem (since software is nothing but an end result of computer generated programming) that no software can be patented at all! That is, however, not the case. An intelligent drafting lawyer would know that this exception is only for standalone software products. What that basically means is that you cannot patent only the software as a separate entity. But worry not software developers, who have, in fact developed standalone software.

When any software is developed it is developed with providing some sort of result or service to the users concerned. When an application for a patent is being filed, the emphasis should be on the end result of the product rather than the software itself. This means that the patent protection will be provided to the software by its virtue of being the means to the end result of the software, that is, being part of the unique service it provides. For example, Google in India has a patent in the title of “Generating user information for use in targeted advertising”(Patent No. 252220). In simple terms, it just means that Google has the right, as a service providing user software, to collect the information of its users (with their permission, of course) and strategically place ads in their feed so as to promote user based buying of the advertised product. It is not a very new concept, and has existed since the early 2000s. However, by portraying their concept as something new and novel which no other company provided and was an “innovative” software from their company, they obtained a patent from the Indian government solely on the grounds of providing an advertising service as well. The patent protection to their software here was just incidental and secondary, so to say.

Having said that almost any software is patentable in India, it is pertinent to note here that almost all the applications for software patent are initially rejected on the grounds of exception under Section 3(k) of the Indian Patents Act. The point of utmost importance here is to remember that subject matter apart from the software to be patented has to coexist here in confluence with the “computer programme” that was so laboriously created by the software developers in question.

If, however, all a software developer wants is the protection of his/her intellectual rights, the software in question can also be registered as copyright. As per Section 2(O) of the Copyright Act, 1957, computer software and programs can be registered under the ambit of literary work (because coding, duh). Keep in mind that while applying for copyright registration for a software, the source code of the software for which the application has been filed has to be submitted along with the application to the Copyright Office.

Another useful method to protect the software is trademark. A software product may have a certain number of brand names in-built. These names can be registered as sub-products of the said software having various functionalities and functions.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online, Copyright Registration, Patent Registration, Trademark Registration.

Which Returns Should Professionals And Freelancers File? How Can I Save Time By Filing...

Which returns should professionals and freelancers file?

First of all, who are freelancers? Freelancers are self-employed individuals who don’t remain stuck to one employer. They keep on doing work for different individual or organizations. They switch very soon and find new employers very soon. They work for one organization for a contract or short period of time.

“If a person works through the year on regular basis as a freelancer, along with a job, he/she would be called a professional”.

After the budget of 2016, being a freelancer or a professional has become easier. There was a relief for people earning less than 50 lakhs per annum. They have come under the ambit of presumptive tax. Earlier, this benefit was available to only HUFs, individual businesses and partnership firms with less than Rs 1 crore turnover under the section 44D of the Income Tax act.

The professionals and freelancers must file presumptive income tax returns, since it has become easy and beneficial for people like these. Since the freelancers and professionals don’t have too many business expenses, this kind of tax payment is a boon for them. This can be hassle free. There is a 30-page form that needs to be filled which contains the information of business and also the good related information like cess, tax, freight, cost of goods etc.

What is a presumptive scheme?

The income, in presumptive basis, is calculated on the basis of assumption rather than actual basis. This has come into force as per the new section 4ADA. There is a need to maintain the records of the expenses. The record must be properly maintained. The person filing presumptive income tax return must remain consistent for the next 5 years, otherwise s/he will not be able to obtain the benefits from the scheme. He will be deprived of the benefits from these. If he fails to do so, he cannot derive the benefits for the next 5 years.

Freelancers and professionals should opt for presumptive income tax for it is easy and has several benefits.

How can I save time by filing presumptive ITR (ITR 4S)?

Presumptive Income Tax Return come with numerous benefits like reducing tax liability, saving time etc. The section 44AD has eased the way you file your presumptive income tax returns. It helps you escape from scrutiny and demands. This helps in giving relief to small tax payers.

It helps you save time in various ways:

1. You need not fill a long form since it has been replaced by a shorter form for the one filing presumptive tax.

2. You need not maintain the books of accounts.

3. You need not get your books audited.

Unlike other professionals who need to pay advance tax, those under Presumptive Tax Scheme (PTS) don’t need to pay advance tax which means that they need not estimate their income 4 times a year which is of help as well. The filling of form 4S is easier than filling the form 4.


Another benefit of filing tax through Presumptive Tax Scheme is that there is a minimum rate of estimation of income. Hence the actual rate of profit needs not be calculated and the minimum of 8% can be used as profit rate. Thus total revenue will help to calculate presumptive profit. There is no need to go into actual calculations which saves time as well. However, if you think that you earn much more than the 8% of total revenue, then you can easily increase the rate for yourself. The government will be happy to accept the additional tax you pay on the income.

Now freelancers and other professionals can file their ITR through LegalRaasta for hassle free experience. LegalRaasta will extend you all the help you need easily at a charge of a very nominal fee which will be less than others. You will have a wonderful experience that will make you come back to us over and over again. The service we provide is of top quality.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online, Copyright Registration, Patent Registration, Trademark Registration.

How To Get A Business Loan Online?

Loans which are provided to businesses based on their needs and are intended particularly for business purposes are called business loans. As with loans of all types, it creates a debt which must be repaid along with interest. Further, business loans are of several types, such as invoice financing, asset-based financing, mezzanine financing and the humble bank loan. Deciding which loan to opt for requires assessing the needs of the business.

The maximum loan amount which any borrower can ask for in a business loan is 25 Lakhs and the term of the loan is from 1- 5 years. There are however many websites which provide business loan online but we at Legal Raasta provide you with business loan easily and without any complications. Applying for a business loan through Legal Raasta provides the borrower certain advantages as in the process is brief and convenient, the financial results are personalised and malleable and the services that are provided are customer adaptable.

The steps which would help the borrower to apply for the business loan online through us are:

Step 1:

Before applying for a business loan online through legal raasta the borrower is supposed to check if he qualifies for the loan or not. A simple form in which details such as name, mobile number, e-mail, the type of loan, the loan amount and the loan tenure are to be filled to check the eligibility.

Step 2:

Once it is seen that the borrower qualifies the eligibility , our team would contact you and would further ask you about some details related to the business loan such as about the fact as to what is the annual turnover of the company , what is your credit score and for how much time has the business been in operation .

Step 3:

The borrower is then required to send some of the documents like address proof, last 2 years balance sheet and profit and loss statement and the registration details of the company.

Step 4:

Legal Raasta coordinates with 30 + banks and NBFC’s in order to get the application for business loan approved.

Step 5:

We try to get you the best rates and the rates depend on various factors such as

1) The type of Loan which the borrower is choosing?

2)The annual turnover of the company

3) How long the borrower wants the loan?

4) What is the credit score of the company?

5) the Time is business

Step 6:

Once the loan is approved, the amount is credited to the borrower’s account.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online, Copyright Registration, Patent Registration, Trademark Registration.

Mistakes Often Committed By Assessors

Selecting Incorrect ITR form

One must choose the correct ITR form and check which one is applicable to them.

For Instance:-

1. ITR 1 form is meant only for an Individual assessee having Income under the heads such as salary , pension, income from house property and from other sources which do not include lottery etc.,

2. ITR 2 form is meant only for an Individual as well as HUF assessee having Income from any of the heads such as House property , salary/pension, capital gains and other sources and for those assesses who are have foreign assets as such.


3. ITR 2A form is meant only for an Individual as well as HUF assessee who derive income from heads such as salary, pension, income from house property and income from other sources and those assesses who do not have foreign assets.

* Incorrect Bank Account Number and IFSC Code
The bank account number in ITR should in no case be less than nine digits and a valid IFSC code must be specified.

* Incorrect claim of TDS
Taxpayers are required to mention the TDS amount after reconciliation of 16/16 A forms with form 26 AS or you’ll have to pay an additional differential income tax.

* Forget Sending ITR V to Income Tax Department
Taxpayers are required to post an ITR V form to income tax department on the address at
Income Tax Department-CPC,
Post Bag No.1,
Electronic City P.O,
Bangalore – 560200,
Karnataka

by regular Indian Post or Speed Post only. This form shall be compulsorily sent within 120 days of the filing of the e-form of income tax return.
Nearly 10% of Taxpayers forget to send ITR V every year.
From 2015-16, the department has introduced a new way of verification under which the taxpayers are not required to send the ITR V form.


* Filing The Income Tax Return without taking effect or considering Interest Payable under sections such as 234A, 234B and 234C

* The assessor shall pay tax under sections 243B and 243C. These are the sections which are related to complete non-payment or less payment of advance income tax than the amount prescribed.

When the Taxpayers file income tax return after the valid date or when the time period has expired and ignored the interest due under section 234A. The taxpayers shall have to pay the interest even if the date has been extended even for a single day, then the interest payable would be @1% per month. If the taxpayer furnishes an Income Tax for the assessment year return beyond the date of 31st August, 2015 then he would be subject to an applicability of interest under section 234A.
Intimation and Rectification.

After the Income Tax is filed, the next process is to process the same which is done by the IT department and after that, an intimation will be generated containing the basic details of revenue and tax. If the details of the ITR filed matches, then there wouldn’t be any scope for any action taken against the same , if any error is found, an application can be filed to correct such errors within the period of 4 years starting from the end of the financial year and such a rectification can be done through online.

Don’t forget to check Intimation after income tax return filing which will explain that you need to file correction application or not.

* Revising the late filed Income Tax Return
A revised return can be filed within the specified time. Such a mistake can be rectified only when the income declared while filing the ITR doesn’t exceed Rs. 5,00,000 and also if it is filed manually.

Foreign Assets, Bank Account, Aadhar Number and Passport Number

The income Tax department has released new ITR forms for the assessment year of 2015-2016 on 22nd June 2015 and the below heads are to filed by the assessee compulsorily such as:

1. Aadhar Number (if held)
2. Passport Number (if held)

* Details of all bank accounts held in India at any time during the previous year (except dormant account)
1. Details of Foreign Assets and Income from any source outside India.
2. Incorrect information in Personal Information Schedule:-

One of the most prominent errors often committed by the assesses are furnishing of wrong details of these things :- D.O.B, TAN No., email addresses, mobile nos., Residential address.

An assesse should understand the fact that:

1. Incorrect TAN: Will not allow him to claim the Tax Deducted at a source.
2. Incorrect Email Address: Will result in non-receipt of all intimations from CPC and other communications.
3. Incorrect Mobile No.: Will result in non-receipt of SMS based Communication.
4. Incorrect Date of Birth: Will lead in Computation of higher taxes in case of senior citizens.
5. False Residential Status: Will result in Computation of higher taxes.
6. Incorrect Aadhar no.: Will not enable Aadhar updation and EVC verification.
7. If there are any claims made of excess in deduction or when the deductions made are claimed more than once: – many cases arise when the tax assesses claim more of the deductions under some sections such as 80,80CCC & 80CCD(1), tax assesses aren’t aware of the fact that the maximum amount of the deductions available under the above-specified sections in aggregate cannot exceed aggregate cannot exceed Rs.1,50,000.

There are many such taxpayers who claim deduction under section 80G by assuming it as under the head of donation.

* Claiming Tax without real payment of Self-Assessment Tax
When the Income Tax is paid without paying the whole and original payment of IT, it would result in the payment of interest @ 1% p.a under sections 220 & 221 or as deemed fit by the assessing officer. An unpaid Income Tax along with interest if an intimation is received under the prescribed sections of 234B and 234C.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online, Copyright Registration, Patent Registration, Trademark Registration.