Happy Holi

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Dos and Don'ts when you approach Banker for Loan

* Never Share your Bank Account that is provided in the Income Tax Return, as there is a risk of your e-filing account being compromised by the executives of the Private Bank, if the same is shared with them.

* While approaching for a Personal Loan you are required to provide the six months bank statement, to the bank to prove your cash flow generation ability, as well as to prove your surplus accretion capability, which means, whether your monthly expenditure commitments are less than your monthly earnings or not, so it is always desirable to have one more account, in savings account, the same account should be provided while filing your Return of Income.

*  Banking is the key to secure the loan quickly. Not withstanding, whether you get paid through cheques or not try to deposit all your collections in your bank account, religiously, sans adjusting your cash expenses out of cash collections from your customers, this would create an excellent banking track, as well as feel of the Income generation capacity of your business to your banker.

*  Approach the banker with whom you are actively banking with, only when you don't get any support from your principal banker you may approach other banks, for your financial requirements.

*  Keep your CIBIL Score above 750, for this you have to issue cheques only when there are funds in your bank account. Keep sufficient balance to meet all your personal loan ECS clearings, sans arranging the cash after ECS is bounced. 

*  Keep filing your Income Tax Returns without delaying beyond the due dates, year after year, as bankers would be interested to deal with the people who are, law abiding citizens, in other words, bankers would be comfortable to take a bet on your endeavors only when you prove that you are person with high commercial propriety.

*  Please understand that Bankers are you partners in growth, hence our word of caution is, have excellent and impeccable banking track, and focus on fine tuning your accounting for your business as well as compliance with applicable laws, like Service Tax Compliance, VAT, CST & Income Tax Compliance, this would not only help reaching your business to the next level of expansion by being able to secure support from your bankers.

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Permanent Establishment

IN RE BOOZ & COMPANY (AUSTRALIA) PVT. LTD (AAR)

Entire law on what constitutes a “Permanent Establishment” and “Business Connection” explained
As regards a “permanent establishment”, various factors have to be taken into account to decide a Fixed place PE which inter alia includes a right of disposal over the premises. No strait jacket formula applicable to all cases can be laid down. Generally the establishment must belong to the Employer and involve an element of ownership, management and authority over the establishment. In other words the taxpayer must have the element of ownership, management and authority over the establishment. As regards a “business connection”, the essential features may be summed up as follows: (a) a real and intimate relation must exist between the trading activities carried on outside India by a non-resident and the activities within India; (b) such relation shall contribute, directly or indirectly, to the earning of income by the non-resident in his business; (c) a course of dealing or continuity of relationship and not a mere isolated or stray nexus between the business of the non-resident outside India and the activity in India, would furnish a strong indication of ‘business connection’ in India. Apart from the fact that requirements of Expln. 2, referred to above, are satisfied, the facts of the instant case would also fulfill the aforementioned essential features of business connection

Annual Accounts to be filed with ROC

Directors of the Companies who have not yet file the Annual Returns
would be required to spend more on additional fees for the Period of Delay

Upto 30 days Two times of normal fee
More than 30 days and upto 60 days Four times of normal fee
More than 60 days and upto 90 days Six times of normal filing fee
More than 90 days Nine times of normal filing fees
Source : General Circular No: 4/2010 dt 22nd November, 2010, Ministry of company affairs

How ever this scenario is going to change with the New Companies Act, 2013, which contemplates strict implementation of filing compliance from the corporate, accordingly, additional fees is done away with and, strict penalty of Rs.1,00,000/- is proposed to be levied if the annual accounts are not filed with in the due date, coupled with imprisonment for one year for the directors, considering this all the corporate may align their plans and file the annual accounts in time to avoid the stringent measures contemplated

Corporate if you have not yet complied the Annual Return filing avail reduction to the tune of reduction @ 75% in the Additional fees payable to MCA by filing your Annual Returns through CLSS-2014 Scheme, which is about to commence from August 15, 2014 to 15th October, 2014, for further details have a look at http://drsassociates.blogspot.in/2014/08/company-law-settlement-scheme-clss-2014.html

Balala sangham seeks ban on milk brands - The Hindu

Balala sangham seeks ban on milk brands - The Hindu

Balala sangham seeks ban on milk brands - The Hindu

Balala sangham seeks ban on milk brands - The Hindu

Marketing Ideas For Online Business Owners

Savvy online business owners can take advantage of all the free marketing opportunities the Internet has to offer.  In order to maximize the results by using free marketing, you’ll need to put in a little bit of elbow grease and quite a few hours of time, but once you get the hang of it, you’ll be astonished by how well you can get the word of your business out there and start seeing real conversions.

The best way to go about marketing your site without spending a dime is definitely the social media route.  There has been a literal explosion of interest in sites such as LinkedIn, Facebook, MySpace, and Yelp in recent years, and any online business owner who’s interested in getting the word out about their products and services would be foolish to not take advantage of these congregation spots.

The trick for making social media marketing effective is the method in which you go about it.  Many business owners simply sign up their businesses for accounts and then send off hundreds if not thousands of friend requests and expect interest to come flooding back in.

The reality of the situation is that it’s not that easy – a smaller approach is definitely much more economical insofar as generating real interest in your business is concerned.  Start by joining smaller groups – no larger than twenty people.  If somebody sees that you’re trying to friend over two hundred people, chances are they’ll think you’re a spammer and not reply to your query.  Smaller groups make you look more genuine and interesting.  Also remember only to friend groups and individuals who have a stated interest in the product or services that you sell; to do otherwise is considered spam.

When sending out news feeds on these sites, the number one rule to consider is keeping your send-offs interesting.  Before you send anything out, be it a “tweet” or a status update or an email announcement, take a minute and think about whether or not what you’re sending out is relevant or interesting.  People will enjoy hearing about your product offers occasionally, but not three times a day.  Again, you don’t want to come off as a spammer, because then people will stop checking you and the whole process will be for naught.

Also, be sure to take the time to look at the profiles of your friends and occasionally comment on what they have to say.  This helps build your credibility as a “friend” and show that you take an active interest in the people who are following you on the social networking sites.  Once again, more personable and less spam-like makes your social media marketing strategy much more effective.