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Why entrepreneurs need mental stability to succeed?

2017-08-28 10:37:41 | Legal Services
That may sound fascinating and enticing initially but a great deal of self-discipline, risk management, and hard work goes into making things work. To save yourself from taking commands you have to forego many things which require you to follow the 3 C’s,i.e. CONCENTRATION, CONVICTION & CONSISTENCY!

The journey involves many highs and lows but success comes to very few. But then, there is an island of opportunities in the ocean of tragedies and those who recognise this island well in time, make it big in their lives. Let’s have a quick look at some psychological factors that every startup entrepreneur should keep in mind to make it big in the long term.

Dig in Your Heels; Manage Your Funds Well

Be firm, clear and precise with your objectives, have a plan and religiously stick to it. Ambiguity in terms of your objectives and motive will hurl you down in long term in terms of both productivity and performance.

Also, never be bothered by the size of your organisation. It’s always good to play safe and go for smaller business loans during the initial phase and invest the smaller chunk of investment than taking the extreme risks of making major investments.

Be Patient, Flexible & Wisely Calculate Your Risks

Patience is virtue and requires practice like any other art. For any entrepreneur to be successful a prime factor is patience. Since there is no leader, no boss and no one to bear the brunt of loss for a startup venture, so one needs to be patient and optimistic. Keep the bigger

the picture in your mind, be flexible and don’t mind incorporating some changes in the process that can help you succeed!

Also, “No pessimist has ever discovered the secrets of stars or unraveled the mysteries of the past.” Foresight, optimism and patience will take you miles ahead of your contemporaries.

Avoid Being Thin-Skinned; Take Criticism in Your Stride
For your startup to be successful it is important to realise the value of the reviews of your customers and associates. No power point presentation can ever leave an impact on your future investors than the real life feedback from your customers and present associates. Positive reviews help to garner your business a good start plus takes the investors out of the dilemma of collaborating with you. If the reviews turn out to be negative, take them in your stride, work harder and realise where you need to work more.

Go Easy With Your Partner; Take Your Ego Away

Working with a partner requires a huge amount of sacrifice, understanding, and tolerance. You 2 need to have vested interests and common objectives. Then, there should be equivalence and understanding between you 2, there should not be the element of being bossy and dominance per se. You need to take your ego out of the equation, analyse each other’s pros and cons and optimise the results.

Entrepreneurship is Social Construction

To some extent, entrepreneurship is about the personal traits of the entrepreneur but that’s not enough. It is about social construction, it is a phenomenon where individuals react to the circumstances based on the ecosystem they are backed by. This includes family members, colleagues, investors, competitors, etc. The interactions between these bring out the combination you are looking for. Hence nurturing this ecosystem and interacting with it is extremely important!
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.

Essential January tax dates Assesses need to know about.(2017)

2017-08-28 10:37:41 | Legal Services
The beginning of a year always means a fresh start for everybody right from the tax payers to the tax assessing officers that very well means the beginning of the tax season. For every business entrepreneurs, its very important to not to miss the due dates of tax payment. However it is very easy to miss a deadline but that follows a heavy set of penalties which is not so fun as missing it. So here are the five most important tax dates that one should mark in their calendars, so as to make their business more organised and relevant and most importantly in compliance all months.
January 7: Due date for deposit of tax which is either collected or deducted for the month of December 2016: this is the date when all the taxes that have been collected or deducted and, the sum so collected, by the office of a government shall be credited to the account of central government on the same day. This should actually be kept as a reminder to pay the TDS for the period of October 2016 to December 2016 when such quarterly taxes are deposited under Section 192 , 194A , 194D , or 194H .

January 14: Due date for issue of the TDS certificate: By January 14th , the assessing officer shall issue a tax deducted at source (TDS) certificate under the section 194-IA in the month of November 2016.

January 15: Due date to furnish form 24G: by this date the officers shall furnish the form 24G by an office of the government where the TDS of the month of December 2016 has been paid without producing the challan. Though every online seller has a sales tax filing due date throughout January. One shall make sure, that they check dates and filings of each states, since its different in every state.

January 30: due date to collect quarterly TCS certificate , Deposit challan cum statement , deposit TDS for the period of January 2017 to march 2017 , : From this date the periodic payment of taxes begin. And on this date one needs to pay taxes of the assessment year for filing electronic and other paper tax returns for the tax year. As a matter of fact , it is expected that as many as around 153 million tax returns to be filed in 2017.On this date the quarterly TCS certificate is collected by the assessing officers and also the due date to submit and furnish the TDS for the period of January 2017 – march 2017 whenever the assessing officer has permitted the quarterly deposit of TDS under section 192 , 194A , 194D or 194 and it is also the last date of the submission or furnishing of the bank challan under the section 194-IA in the month of December 2016.

January 31: quarterly statement of TDS that has been deposited for the end of the quarter of December 2016: –

It’s the due date of furnishing the quarterly return of non-deduction at a source by a banking company from interest on time and also the date for filing the bank transactions or the post offices in respect to the cash deposits made during the period of November 2016 to December 2016 aggregating to :-

(i) Rs. 12,50,5000 or more, in one or more current account of a person: or

(ii) Rs. 2,50,000 or more , in one or more accounts.

(iii) Cash deposits made during the period of 1st April, 2016 to 9th November, 2016 in the respective accounts.

And there are specified extensions for such dates which shall be as deemed by the concerned authorities. All of the above mentioned dates are the important dates that the assesses need to comply with in the month of January.
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.

5 important steps to take before launching your startups

2017-08-28 10:37:41 | Legal Services
Alot of people think that starting a business is hard and that it requires the huge amount of capital. A lot of would-be-entrepreneurs get stuck early in the process because they think that only a certain type of person has that quality what it takes him to make him as a successful business owner. The reality is, that most of the people have what it takes: a good idea, the right amount of capital and the creativity.
But what most of the people lack, is patience, determination and the ability to plan. A businessman can easily become overwhelmed in the early stages of starting a business and the key to it is that the businessman is required to have the working plan and he must stick to it. Thus a businessman must use something simple which helps him to guide along the way.
The article tells us about the seven key first steps which a would-be entrepreneur must follow to start his own business:

1. Take time to brainstorm.

An idea is always great, but the businessman is required to give it legs. But The first essential step which every businessman must follow is that he must research his potential market. His job as a new entrepreneur and a future business owner is to think about every aspect of his business. Come up with answers to every question which either a stranger or a potential investor might ask the businessman. For example, try to answer these questions:
Who is the target market for the product?
What could go wrong and how will the businessman solve it?
Are there additional products or services that the businessman could tie into his main offering?
What are the main things which a businessman wants his customers to know about him?
By preparing answers to these questions ahead of time, the businessman would come across as a more confident and a trustworthy business owner when it comes time to try to attract the attention of the right stakeholders.

2. The businessman must then create a business plan.
After the businessman has taken the time to answer the questions about his business or the product idea, he must use them to put together a concrete business plan.
The main parts of a business plan include the executive summary, a company description (as to what makes the company unique), a market analysis (the competition and the target demographics), the company's structure, a description of the service or the product line, the marketing and the sales strategy, its financial projections -- plus any other additional useful information.

3. The businessman is then required to arrange the funds that are required

A businessman can't start a business without capital. He is required to determine what he has, what he will need and how he will go about getting it. If he plans to seek the investor funding or financing, he is required to start writing a business plan . he must Research the costs that are associated with his business. He must Know how much money he'll need and decide where it could come from.

4. Hire a good business attorney:

The businessman is not necessarily required to have needed an attorney on a retainer. An attorney can advise the businessman about things such as the drafting of contracts, reviewing businessman’s lease and determining the right business structure. However, the best way to find a good attorney is either by referral or through networking.

5. The businessman is then required to hire a good accountant:

An accountant will work in conjunction with the attorney and he will play an instrumental role in determining the best form of ownership. The accountant can also help the owner to establish bookkeeping and other record keeping procedures which the businessman is required to keep on track for years. Most important, a good accountant will help with tax planning which includes ITR Filing, TDS Return Filing etc.

6. Decide on a business structureThe businessman has a lot of choices which include sole proprietorship, partnership, Private Limited Company or Limited Liability Partnership. The Personal liabilities, taxes, paperwork and regulations vary greatly among the different legal business structures. The businessman’s attorney and accountant help to play a key role in assisting him in this important decision.

7. Decide on a business name

It seems obvious and simple, but the name is how the business will be known to the world. The right name says a lot about the businessman’s company. The businessman must Make a list of all the potential names and he must then narrow the list down to the one that best describes the company in a few words while being catchy, easy to remember, easy to pronounce and easy to spell. The businessman must also consider how it would translate to a web domain name.

8. Get all necessary licenses and permits

Along with a business license, the businessman is also required to get additional licenses depending on the type of business and local laws. Many professionals, such as contractors and real estate agents, are required to licensed in the states in which they work. Additionally, he may need licenses to manufacture and/or sell specific products such as liquor, firearms or even lottery tickets and these licenses might be Import Export Code, Fssai License and so on. The businessman must thus Research all the licenses that are applicable in his country and his state. It's also extremely important to know the zoning laws before the businessman opens a business.
Whether the business is a day or an year old, the businessman or a would-be businessman must continuously set goals in order to move his business forward. He must Examine the competition, employees, investors and peers which help him decide what new goals need to be set and what needs to happen in order to be successful.
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.

Education is about ISO certification

2017-08-28 10:37:39 | Legal Services
ISO stands for ‘International Organisation for Standardisation’. This organisation was founded in 23 February 1948. ISO brings economic, technological, and societal benefits which helps to sustain the life of people. ISO also promotes the industrial and commercial practices worldwide. They co-ordinate with the technical specifications of products and services, making industry more efficient, effective and breaking down resistance to international trade. International Standards also contribute effectively to sustainable dev

elopment, by educating manufacturers about good practices on the use of technologies and the management of processes affecting social, economic and environmental aspects of the world.
Educational institutions are increasingly recognising these benefits and are featuring them in many fields of education. We realise the vital contribution of educational institutions in raising awareness about standardisation and its benefits, and are keen to support their work.
Some of the actions the ISO have taken are listed below:
Vast storage of resources and teaching materials.
Awards are circulated around to promote education institutions leading the way in standardisation.
Promoting and controlling co-ordination between the standards bodies and education institutions in developing countries.
Beneficiation to postgraduate courses.
2) Why should we implement these standards with education?
The training and education system in the world is losing much of its special status, and is being regarding as an “ordinary” economic sector. To protect these degrading practices of education we implement some educational standards according to the ISO. The schools, universities, and training providers are increasingly expected to perform at the best level, behave professionally, and provide quality services throughout.
Two important trends that can be observed are:
External demands from governments, students, and employers on the education and training systems are increasing; this puts pressure on the distribution of resources and the efficiency of the organisation.
The continuing education and training sector is becoming a more cultivated and “well-established” economic sector, apace with many other service sectors.
Such trends clearly suggests that the education and training paradigms are changing to demand-led learning from supply-driven teaching. Many educators are not satisfied with such improvements, they will be imminent. Clearly, similar customer-driven trends are witnessed in other areas, such as public services.
Keeping this in mind, implementation of ISO 9001 seems to be the next logical step in gaining a competitive advantage in world against competitors. ISO 9001 improves the quality of education and training centers.
Customer completes an ISO 9001 application via Web, phone, or e-mail with a sales engineer. The customer then signs three-year quotations and returns it to the PRI Registrar office. Then the sales engineer schedules your initial assessment.
An auditor will then be allocated, taking various consideration factors such as geographic location, industry knowledge, and scope experience.
All Registrar customers are assigned a client manager. The personal client manager will contact you within a week of your signing the agreement. Client managers will assist you along the audit coordination throughout the certification process.
Nearly 45 days prior to the audit, a member of the PRI Registrar team will alert the customer to print and make available to the auditor all required documents.
Nearly 30 days prior to the audit, the auditor will forward a copy of the audit plan to the customer. The audit is performed likewise to the audit plan.
At the completion of the audit, the auditor generates an audit report identifying any non-conformances (NCR) to the ISO standards. The reports and NCRs are entered into the PRI Registrar’s online EQM system. The customer works with the auditor to resolve any NCRs using the online EQM system.
The audit documentation is then checked by a third party expert for approval.
Once the expert approves the closure of NCRs, the certificate of registration is issued and sent to the client. The auditor works with the customer to set up subsequent surveillance audits to ensure adherence to the ISO 9001 standard.
4) What are the advantages?
Leaving the usual benefits that ISO 9001 brings to the organisations and people, it offers some benefits especially for education and training institutions around the world. The quality in educational institutions has been barely noticed, focusing on particular areas of the education and training services offered.
If properly implemented, ISO will bring the following changes to the education institution:
A focus on the quality of the teacher towards the performance of the education institution as a whole;
Introduction of new or additional quality control mechanisms in higher education system;
Standardises work processes;
Defines responsibilities clearly;
Improves integration of the library within the schools and colleges;
Improves the staff quality.
These advantages in the process are possible only if the top management is able to control the lower working staffs in the education and training institutes. Every person who affects quality should have the required competence, and should be given training in the principles and dimensions of quality. They must understand the necessity of measuring trends in processes, and not hiding but actually declaring services not conforming to the required standards and not hide them.​
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.

What Is The Difference Between Section 8 Company And Trust?

2017-08-28 10:37:35 | Legal Services
Section 8 of the company act states provisions related to formation of a company with charitable objects and of that sort. Whereas trust is governed by the public trust act. A trust is basically a legal entity in which a trustor (first party) through which the second party holds the rights to man age the interests of the property or assets.
There are basically three reasons of forming a Section 8 Company: objectives,- to attain objectives, to apply the income and the profits derived from the companies to attain such objectives and to not to pay the dividends to its members.
Trust is also a charitable organisation which are of two kinds: – public and private . and there is no regulatory requirement for the public filing of accounts.
The basic differences are:
• The trust are basically governed by In
dian Trust Act , 1882 whereas the company under section 8 is governed by the Indian company’s act , 2015.
• The main registrable document of a trust is the trust deed whereas the main registrable document for a Section 8 Company is its MOA (Memorandum of association) and AOA(Articles of Association).
• Under the trust , the jurisdiction falls on the charity commissioner or the deputy registrar of that area whereas in the latter the jurisdiction falls under the regional director or registrar of the state.
• A minimum of 2 members are required under a Trust whereas a minimum of 2 under private company and 7 for public company is required.
• The trust deed has to be made on a non judicial stamp paper which may vary from state to state whereas no stamp duty is required in the latter
• The public charitable trusts are irrevocable or cannot be dissolved whereas the company under
section 8 may be dissolved at any time.
• Mode of succession of the board of directors is by appointment or election whereas it is managed by the board of manager in the latter.
• The legal title vests in the name of the trustees only whereas the rights of legal title vests in the hands of the company.
• Under the trusts, there is no obligation of filing annual returns whereas there is a requirement of the return of annual accounts with the
ROC and has to be filed necessarily.
• In case the trust becomes inactive due to mere negligence , the commissioner may take steps to revive the company and if it is still not able to revive the trust then it may apply a legal doctrine stating to amend the objects of the trust whereas under a
Section 8 Company
, after the dissolution of the company and after its settlement , the remaining property and assets must be transferred or given to some other company under
Section 8 Company
• The time period involved to form a trust involves 10-15 days whereas the time taken to form a
Section 8 Company
can take anywhere between 60-75 days.
• The cost factor involved in trusts are critically low as compared to a company under section 8 of the company’s act.
• The transparency in working is very low in trusts as compared to a
Section 8 Company
• The grant of subsidies to trust are very less as compared to the company under section 8.

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.