MoSDE has recently announced the Second Call for Application for National Entrepreneurship Awards Scheme (NEAS)’2017.
The Application window is open from 28th July’17 to 15th Sept’17.
About the Award
National Entrepreneurship Awards Scheme (NEAS) has been instituted by the Ministry of Skill Development and Entrepreneurship (MoSDE) to encourage a culture of entrepreneurship across the country.
These premier awards seek to recognise and honour entrepreneurs and entrepreneurship ecosystem builders for their outstanding efforts.
There are two tracks under this scheme of awards
- Award Track –To honor exceptional entrepreneurs from various sectors.
- Award money of INR 5 lakh each to the enterprise + Trophy and Certificate
- A total of 17 Awards under various categories are covered under Award Track.
- Recognition Track –Institutions and Mentors engaged in Entrepreneurship Development
- Award money of INR 10 lakh each (organisations/institutes) and INR 5 lakh (mentor) + Trophy and Certificate
- A total of 6 Awards covered under Recognition track
For more details visit www.neas.gov.in
‘National Entrepreneurship Awards’ Scheme
The National Entrepreneurship Awards have been instituted by the Ministry of Skill Development and Entrepreneurship (MoSDE) to encourage a culture of entrepreneurship across the country. These premier awards seek to recognise and honour entrepreneurs and entrepreneurship ecosystem builders for their outstanding efforts in the field of entrepreneurship development. The Awards also seek to highlight models of excellence for others to emulate and improve upon.
The Call for Application is now open from 28.07.2017- 15.09.2017. Applications should be filled online on www.neas.gov.in. Also, visit this website for further details.
Society for Innovation & Entrepreneurship(SINE),IIT Bombay
3rd Floor CSRE Building,IIT Bombay,Powai,Mumbai,IN 400 076
Tel: +91 22 2572 1197
Two Zoroastrian (Parsi) Entrepreneurs have started up an Internet Technology platform for young Fashion Designers that helps them showcase their creative talent and get orders directly from their customers worldwide without any middle man involved. Check out their startup at www.getNatty.com and give support to such budding entrepreneurs who can continue making our community proud.
The benefits for startup India includes self-certification and a three-year exemption from inspections, an online portal and mobile app, an 80% in the patent application fee and a single-point hub for hand-holding
Prime Minister Narendra Modi on Saturday launched the “Start-Up India Action Plan” that aims to enable an eco-system to promote and nurse entrepreneurship across the country. What exactly is the plan and the details of the scheme?
So what exactly is Startup India?
Startup India in an action plan to develop an ecosystem to promote and nurture entrepreneurship across the country. This is based on an action plan aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage startups with jobs creation. The campaign was first announced by Prime Minister Modi in his 15 August 2015 address from the Red Fort.
What is a startup?
A startup is an entity, private, partnership or limited liability partnership (LLP) firm that is headquartered in India, which was opened less than five years ago and have an annual turnover less than Rs25 crore. To be eligible for considering as startup, the entity should not be formed by splitting up or reconstruction and its turnover should not have crossed Rs25 crore during its existence.
What are the advantages?
Under the Scheme, no inspection would be carried out on start-ups for three years regarding labour laws. In addition, environment law compliance is required only post-self certification.
Are there financial benefits?
In patent costs, the startups can claim an 80% rebate. That means, if a startup applies for a patent, the government will fund the defence of the patent, and give rebate of 80% in the fees. The government will also pay fees of the facilitator for helping the startup obtain the patent. Faster patent registration and protection for Intellectual Property Rights (IPRs) is provided under the Scheme. Patent filing procedures to be simplified. Significant reduction in fees for filing Patents.
What are the advantages for startups regarding registration?
The government is launching a mobile app on 1 April 2016 and a portal that will allow companies to register in a day. In addition, there would be a single point of contact for Start-up India hub. In addition, there will be single window clearance for clearances, approvals, and registrations.
What is the government’s role in boosting start ups?
The Ministry of Human Resource Development (HRD) and the Department of Science and Technology have agreed to partner in an initiative to set up over 75 startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and National Institutes of Pharmaceutical Education and Research (NIPERs).
What are the special benefits for startups in public procurement?
Startups in the manufacturing sector are exempted from the criteria of prior ‘experience/ turnover’ without any relaxation in quality standards or technical parameters in public procurement (by government).
How much funding is available for this scheme?
Rs10,000-crore fund for new enterprises, equal opportunity in government procurement, a Rs500-crore credit guarantee scheme and easier exit norms. Japanese Softbank, which had already invested $2 billion in Indian startups, has pledged total investments of $10 billion.
What are benefits under the provision on Income Tax?
Under the Scheme, Income Tax exemption is available for first three years. However, the startup will be eligible for tax benefits only after obtaining certificate from the Inter-Ministerial Board, setup for this purpose.
Is there any exemption in capital gains tax?
Yes. If the money is invested in fund of funds recognised by the government, the investor can claim capital gains tax exemptions. In addition, existing capital gain tax exemption for investment in newly formed MSMEs by individuals shall be extended to all startups.
What is the eligibility for startups?
To become eligible as a startup and get a green signal from the Inter-Ministerial Board, the entity should be the one which aims to develop and commercialise, a new product or service or process or a significantly improved existing product or service or process that will create or add value for customers or workflow. Products, services or process, which do not have potential for commercialisation or is undifferentiated or have no or limited incremental value will not be considered under the Scheme. To be considered as eligible as startup the entity, should be supported by
a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator established in a post-graduate college in India an incubator, which is funded (in relation to the project) from GoI as part of any specified scheme to promote innovation a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator recognized by GoI or be funded by an Incubation Fund/ Angel Fund/ Private Equity Fund/ Accelerator/Angel Network duly registered with SEBI that endorses innovative nature of the business or be funded by GoI as part of any specified scheme to promote innovation or have a patent granted by the Indian Patent and Trademark Office in areas affiliated with the nature of business being promoted.
by : CA Pratik Anand
These days there is a flurry of new businesses or start-ups being launched. As a start-up, you won’t want to get into a legal tangle especially with a very aggressive tax regime and a long incorporation process. To make sure your new business is handling its regulatory, tax obligations properly, run through these common mistakes that most start-ups make:
- Choosing the Wrong Legal Entity
Your startup’s legal structure affects your legal reporting requirements and your tax filings and how much you pay as tax, so it’s important to choose the right entity.
There are a number of entity structures that you could choose such as a Registered Company (Public/Private Limited), LLP, proprietorship, partnership etc.
While the proprietorship mode of business could lower your tax pay out to an extent but a registered company is more formal and widely accepted way for doing business especially with foreign clients which generally want to do business with registered companies. Also venture backed startups generally require registered companies for funding.
Also if you do not want personal liability for the losses/liabilities of your startup than you could opt for either a Limited liability partnership or Limited Company, but if you don’t mind your personal assets being used for settling the business losses/liabilities then you could opt for proprietorship or partnership.
Remember that not choosing the right form of a legal entity can get you into a legal tangle and can also result in a higher tax outgo. A discussion with a tax advisor or CA can help you figure out which structure is right for your situation.
- Not Keeping Track of All Your Expenses
From the moment you launch a business, you’re able to deduct all “ordinary and necessary” business expenses (e.g. office supplies, event fees, kilometers driven to meet with partners).
The biggest mistake start-ups make is not keeping track of these expenses throughout the year and trying to gather every receipt when it’s time to file the tax returns. Always remember, you can’t deduct what you can’t document, and failing to record expenses as you go most likely means you’re leaving money on the table.
Find a method for documenting expenses that works for you. There are accounting softwares, such as QuickBooks, Tally, Busy, FreshBooks etc which let you record and manage expenses. You can hire services of an accountant to record all your expenses. You can also get all your accounting outsourced from a professional such as a CA.
- Mixing Capital Expense with Revenue expense
First-time business filers get tripped up as to which expenses are considered assets /capital expenditure and which are revenue expenses deductible in the P&L A/c. Capital Expenditure/ Assets/ Equipment are typically higher-value items that will last significantly longer than one year. For example, a new computer, server, office chairs. The expenses on their purchases are not deductible as revenue expenses in the P&L A/c but only the depreciation/amortization on them is deductible over a period of time.
Revenue expenditure includes things that you use/consume during the year (e.g. printing paper, pens, toner cartridges etc.).
If you mistakenly deduct your equipment or capital items as revenue expense, the tax department can determine that you improperly characterized the expense and that you’re not entitled to the deduction.
- Mixing Personal and Business expenses
New startup founders and small business owners often invest so much of their time and money in the company that their personal and business expenses become indistinguishable. This practice can lead to major confusion come tax filing time, and in some cases, can lead to deductions being disallowed on an ad-hoc basis by the revenue and higher tax outgo as a result. Avoid trouble by establishing a company financial account from the start and maintaining separate records for the business.
- Not Paying Your Taxes Regularly
Businesses, including self-employed sole proprietors, are required to pay taxes on a advance basis i.e they have to determine their taxes for the year in advance and pay as prescribed instalments in Advance. Not paying the taxes deducted from payments of suppliers/ service providers can land you in big trouble. Take a stock of your profit/loss statement at each quarter and pay your advance taxes accordingly. A CA/Tax Consultant can help you estimate these payments if you need some help.
- Not asking for professional tax help
Once you get established and incorporate, find a tax advisor to make sure you are following all the regulations. Your job is to get your company up and running, to focus your energy on creating your product, forming strategic relationships, and other big-picture ideas. The last thing you want to think about is taxes. It’s essential to hire a tax advisor to accept liability, and make sure you follow all regulations.
Above all, any startup or small business owner must think of taxes as a year-long obligation, not just something to revisit once a year.
(The author is a Chartered Accountant in practice and has wide experience of working startups/new businesses right from incorporation to compliance related filings. He is also founder at taxraasta.com which deals in setting up businesses for startups in India.)
– See more at: http://taxguru.in/income-tax/6-common-tax-mistakes-startups.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+articlenoticejudiciarynews+%28TaxGuru.in+%3A+Legal+%26+Tax+Updates%29#sthash.FbAbQfxK.dpuf
“Living is hard, but dying is easy.
“These were my last thoughts as I downed a bottle of poison.
“My aunt caught me in the act and rushed me to the local hospital…
“When I opened my eyes in the hospital room I was not the same person any more.
“Gone was the naive helpless girl the world had deemed too worthless to exist.
“I felt strong, recharged and empowered.
Padmashree awardee Kalpana Saroj who fought child marriage, poverty and a host of social injustice went on to become the CEO of a million dollar company and lived to tell her tale.