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LetsComply

LetsComply.com is a leading technology-driven platform in India that provides Legal, Finance and Taxation services at one click with innovative acumen and client-centric approach. We have long-term synergistic alliances for business growth. With experience & knowledge encompassing a wide range of legal and finance profession, LetsComply assures seamless mettle and unbounded dedication as the essence of our work. Our impetus-driven and distinct methodology dealing with focused client needs in the most accomplish & effective way under the guidance of an experienced team of professionals, whose unimpeachable expertise is backed by their proven credentials, is our strength. We, at LetsComply.com, are committed to helping entrepreneurs and business owners to start, manage and grow their businesses by taking care of their legal, financial & taxation worries. We have contributed some of the path-breaking standards while ensuring the constant growth of the industry in India as we allow businesses to focus on innovation & expansion on core and major activities of their company, without having to fret about compliance issues, which certainly a matter of great concern and can't be left unattended. We aim to be a long-term partner in the entire business lifecycle at all stages of the entrepreneurship -- Startup, Growth, acceleration & Progression Stage- to make sure that the businesses do not fallback due compliance intricacies and hence continue to grow manifold with zeal to exceed in the global standards. In today’s digital era of future-proof vision for technology escalation in the domain of legal and finance, possessed with a natural flair for trespassing the convolutions of business needs with unvarying attention and continual learning curve, we bring to you the concept of Virtual Intelligence by way of Virtual CFO (vCFO) and Virtual General Counsel services to enable accelerated growth to your business by managing both legal and finance activities, a vital and technical but very important function for any business. We are a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers, Management Experts, IP Attorneys, and Technologists, who are ready to assist you as per your convenience.

WTO Contribution in establishing Rule-Based Trading System

WTO Contribution in establishing Rule Based Trading System- The WTO was formally launched on 1 January 1995, under the Marrakesh Agreement, to replace the General Agreement on Tariffs and Trade (GATT)

WTO:

W.T.O. Stands for “World Trade Organization”. The WTO is an organization that intends to supervise and liberalize international trade. The organization officially started on January 1, 1995, under the Marrakesh Agreement, to replace the General Agreement on Tariffs and Trade (GATT), which appeared in 1948. The organization deals with the regulation of trade between participating countries. It provides a framework for the negotiation and formalization of a commercial agreement and a dispute settlement process aimed at enforcing participants. Much of the focus of the WTO stems from previous trade negotiations, in particular from the Uruguay Round (1986-1994).

The organization is currently seeking to continue in trade negotiations called the Doha Development Agenda or (the Doha Round), which was launched in the year 2001 to promote the fair participation of the poorer countries that represent the majority of the population. However, negotiations hampered the dispute between exporters of bulk agricultural commodities and countries with large numbers of subsistence farmers over the specific conditions for a “special preventive measure” to protect farmers from import surges. At this time, the future of the Doha Round is uncertain. WTO Contribution in establishing Rule Based Trading System

Objectives of W.T.O:-

The Agreement establishing the World Trade Organization (WTO) in its preamble reiterates the GATT goal. that’s it:-

? Raising living standards and income to ensure full employment;

? (B) Expand production and trade;

? Allow optimal use of the world’s resources.

The preamble includes these objectives:

(I) Trade-in services;

(Ii) the need to promote “sustainable development” and to protect and preserve the environment in a manner consistent with the various levels of national economic development;

(Iii) Positive efforts need to be made to ensure that developing countries, especially the least developed, have a better share of growth in international trade.

Functions of the W.T.O:-

The agreement establishing the convention states that it should perform the following four functions:

(1) Facilitate the implementation, management and operation of the Uruguay Round legal instruments and any new agreements that may be negotiated in the future.

(2) The Commission shall provide a forum for further negotiations among member countries on issues covered by the agreements, on new issues within the scope of its mandate, and on further trade liberalization.

(3) shall be responsible for the settlement of disputes and disputes between its Member States.

(4) Responsible for periodic reviews of trade policies of its member countries.

Structure of the W.T.O:-

The highest decision-making body is the biennial Ministerial Conference. Since the establishment of the Third Ministerial Conference, the first two symposia were held in Singapore in December 1996 and the second in Geneva in May 1998. The third will be held in Seattle from 30 November to 3 December 1999.

During the two years between meetings, the General Council shall perform the functions of the Conference.

The General Council meets as a dispute settlement body when it considers complaints and takes steps to resolve disputes between member countries.

It is also responsible for conducting trade policy reviews of individual countries on the basis of reports prepared by the Secretariat.

The General Council is assisted in its work by the:-

? The Council on Classification of Goods, which supervises the implementation and operation of GATT, 1994 and related agreements;

? The Council for Trade in Services, which oversees the implementation and operation of GATTS;

? The TRIPS Council, which oversees the implementation of the TRIPS Agreement.

Decision – Making process:-
Under the agreement, special forces will continue to practice GATT decision-making by consensus. A consensus is considered to have been reached when; at a time when a decision is being taken, not a single member country expresses its opposition to its adoption.

When it is not possible to reach consensus, the US State Agreement provides for a decision by a majority vote, with each country having one vote.

Despite these provisions, decisions are expected to continue on all important political issues by consensus.

However, there are some cases where “special voting conditions” are described. “Special voting requirements” are as follows: –

? The interpretation of the provisions of any of the agreements requires a three-fourths majority vote. [W. t. O Agreement, Article IX: 2]

? Modifications generally require a two-thirds majority. However, the amendments made to me:

? Provisions in the agreement related to amendments and decisions

? The most favoured provisions of the GATT, 1994 and the TRIPS Agreement

It will not take effect until all members accept it. [W. t. O Agreement, Article X: 1, 2]

? Requests for temporary exemption on the part of any member country from their obligations require a three-fourths majority. [W. t. O Agreement, Article IX: 2]

The W.T.O Secretariat:-

Located w. t. O products in Geneva, Switzerland at Great Prices – JadoPado The program is headed by a Director-General, assisted by three Deputy Directors-General. They are appointed by the Director-General. They are appointed by the Director-General in consultation with member countries.

Membership: –

The Special Forces had 134 members as at 31 May 1999.

Countries that are not currently members can become members of the World Trade Organization by negotiating for accession. In these negotiations, it must agree to take steps to bring its national legislation into line with the rules of multilateral agreements. In addition, they must make commitments to reduce tariffs and adjust their regulations in order to improve access to foreign goods and services. These obligations are often referred to as the price of “ticket entry.” Currently, 30 countries are negotiating to join. WTO Contribution in establishing Rule Based Trading System

The Basic Principles of W.T.O:-

The WTO establishes a framework for trade policies. It does not specify or determine the results. This means she is interested in setting rules for trade policy games.

The basic principles of the World Trade Organization are contained in the original GATT law 1947. These operations are still in effect in the form of GATT, 1994 which completes the GATT, 1947. They are nine in numbers. These data are as follows:

(1) Transparency

(2) care treatment

(3) National treatment

(4) The principle of free trade

(5) dismantling of the trade barrier

(6) rules-based trading system

(7) Special and differential treatment for the least developed countries

(8) The principle of competition

(9) Environmental protection

Transparency:-

The WTO aims to achieve transparency in international trade relations by requiring members to notify changes in their trade regulations, technical and plant standards in advance. This helps exporters plan their business and protects them from unnecessary harassment.

Moreover, the World Trade Organization is conducting a periodic review of trade policy of member countries to enhance transparency in their trade policies.

A member of the World Trade Organization is required to immediately publish laws, regulations, judicial decisions and administrative provisions of general application relating to the classification or evaluation of customs products, rates of fees, taxes, or other fees, which affect the sale, distribution, transportation, insurance, inspection, storage etc. In order to enable governments and traders to identify them, agreements affecting international trade policy in force, between the government or government agency of any member and the government or government agency of any other members should also be published. However, a member of the World Trade Organization is not obligated to disclose confidential information that may hinder law enforcement or otherwise interfere with the public interest or that could harm the legitimate business interest of certain institutions, its private-public.

Prior to publication, no measure of general application that affects the increase in customs duties or other costs on imports can be enforced. And to conduct an immediate review of the administrative procedures related to the courts or customs, judicial, arbitration or administrative procedures and correct them. Such courts or proceedings shall be independent of the agencies entrusted with administrative enforcement. Unless these decisions are appealed, they are implemented by enforcement agencies.

 INTELLECTUAL PROPERTY RIGHTS

MFN treatment: Non-discrimination between countries: –

The obligation to treat the most favoured nation, widely known as the obligation to treat the most favourable, requires WTO members not to distinguish between products originating in or destined for different countries. In simple terms, country ‘A’ should, for example, be treated equally or not distinguish between a product originating in country ‘B’ and ‘like’ the product originating in country C.

Article 1 of GATT, 1994 deals with this aspect as follows:

With regard to customs duties and fees of any kind imposed on or in connection with import or export or imposed on international transportation of payments for imports or exports.

Any advantage, favouritism, privilege, or immunity granted by any [member] of any product originating or destined for any other country must be granted immediately and without conditions to the product similar to that originating or destined for the territory of every other country [member]. ”

Objective:-

The aim of an obligation to treat MFNs is to ensure equal opportunities in importing or exporting to all WTO members.

Violation of the most favourable treatment: –

Article 1: From GATT, 1994 defines a test of three levels. These data are as follows:

(1) Does the measure give the subject of the case “an advantage” over the products originating in or destined for the territory of all other members?

(2) Are the products concerned “like”?

(3) Have you given preference in the case “immediately and unconditionally” to all products concerned?

National treatment: non-discrimination within the country: –

An obligation to national treatment usually referred to as the “mentioned region’s obligation,” requires that no discrimination be made against imported products once the imported products enter the domestic market. In other words, the country ‘A’ should not treat products imported from country ‘B’ or ‘C’ less favourable than its own domestic products ‘like’.

the purpose:-

Article 3 of GATT 1994 prohibits distinguishing between domestic and non-imported products through the use of the various internal measures mentioned in Article 3: 1, i.e.

Internal taxes and other internal fees, laws, regulations, and requirements that affect internal selling, offer for sale, purchase, transportation, distribution or use of products and internal quantitative regulations that require the mixture, treatment or use of products in specified quantities or proportions.

In other words, the purpose of Article 3: 1 is to ensure that these internal measures are not applied to imported or domestic products in order to provide protection for domestic production.

(Article Three: 1).

The principle of free trade: the optimal use of global resources: –

Reducing the trade barrier is one of the most obvious means of promoting trade. The barriers involved mainly include customs duties (or tariffs) and measures such as quantitative restrictions such as import bans or quotas that selectively restrict quantities.

Dismantling Trade Barriers: Removal of QRs, Tariff Bindings:-

? Quantitative restrictions: –

Quantitative restrictions (QRs) are measures that prohibit or restrict the quantity of a product that can be imported. A typical example of quantitative restrictions is measured that allow the import of only 10,000 needs. This quantitative restriction is also referred to as a quota.

? General prohibition of quantitative restrictions: –

The 1994 GATT set a general ban on quantitative restrictions. Article XI: 1 of GATT provides as follows:

“No member may establish or maintain any prohibitions or restrictions other than fees, taxes, or other fees, whether they are effective through quotas, import or export licenses, or other measures, regarding the import of any product to the territory of any other [member] or on export.” Or sale to export any product destined for the territory of any other [Member]. ”

? Exception:-

Quantitative restrictions can be applied temporarily to prevent severe food shortages, and to apply commodity standards or any agricultural or fish products.

? Induction link: –

The Marrakesh Protocol is the legal instrument by which the obligations of each member of the World Trade Organization in the Uruguay Round to abolish or reduce tariff rates and non-tariff measures applicable to trade in goods have become an integral part of the GATT Group, 1994.

The tables are divided into four parts as follows: –

(1) Part I

? Section I

Agricultural products: tariff concessions based on care.

? Section I:

Agricultural products: tariff quotas.

? Subchapter II:

Introductory privileges based on sponsorship on other products.

(2) Part II:

Preferential tariff – (if applicable).

(3) Part Three: –

Concessions related to non-tariff measures (generally on non-agricultural products)

(4) Part Four: –

Agricultural products: – Obligations limiting subsidy.

? Section I: –

Local Support: – Total AMS Commitments.

? Subchapter II:

Export subsidies: obligations related to budget expenditures and quantity reduction.

? Third Branch:

An obligation that limits the scope of export subsidies.

Rules-based trading system: certainty and predictability: –

The World Trade Organization is defending the rules-based trade system. To this end, the World Trade Organization is developing and enforcing the necessary measures to achieve international trade fairly through its mechanism and the fastest settlement of disputes. The World Trade Organization adjudicates disputes that arise between members and in the event that the losing side does not comply with the recommendations of the Division; grant permission to impose sanctions on the complainant.

The basic principle of non-discrimination goes a long way towards achieving this goal of the rules-based trading system within the framework of the World Trade Organization.

Special and Differential Treatment for Developing and Least Developed Countries: Assistance to Poor Countries

The World Trade Organization recognizes the need to make positive policy efforts to help developing countries, especially the least developed ones, to take full advantage of trade liberalization. The preamble of the World Trade Organization agreements provides for this goal.

Article IV, paragraph 7, which deals with the structure of the World Trade Organization, directs the Ministerial Conference to establish a Committee on Trade and Development. The Committee periodically reviews the special provisions contained in the Multilateral Trade Agreement in favour of the least developed member countries and reports to the General Counsel to take appropriate action. WTO Contribution in establishing Rule Based Trading System

The principle of competition: restricting monopolies and promoting consumer interests: –

The World Trade Organization aims to enhance consumer interest in promoting competition in the market. To this end, tariff reductions and eliminations go hand in hand with measures to reduce or eliminate subsidies. The “equitable playing field” encourages and strengthens competition between foreign and domestic goods, with a positive impact on efficiency and consumer welfare.

In fact, the Singapore Ministerial Conference in 1996 established a working group on trade and competition policy. The Working Group was given the mandate to examine the issues raised by Members with regard to the interaction between trade and competition policy, including anti-competitive practises, in order to identify any areas that might merit further consideration within the WTO.

Environmental protection: improve the quality of life: –

The issue of trade and environment is not on the agenda of the Uruguay Round negotiations. However, some environmental concerns have been addressed in the outcome of the negotiations.

The preamble of the WTO Agreement contains direct references to the goal of sustainable development and to the need to protect and preserve the environment.

A Committee on Trade and Environment was established at the first meeting of the WTO General Council as a result of the Ministerial Decision adopted in Marrakesh on 15 April 1994. The Committee is charged with determining the relationship between trade and environmental measures, in order to promote sustainable development and make appropriate recommendations on whether Any amendments to the provisions of the trading system are required.

The committee submitted its report to the Ministerial Conference in Singapore. The Ministers expressed their appreciation for the work done by the Committee and instructed the Committee to carry out its work.

WTO system for the settlement of disputes
Dispute Settlement Body

The WTO agreement provides for a uniform system of rules and procedures applicable to disputes arising under any of its legal instruments. The primary responsibility for administering these rules and procedures rests with the General Council, which acts as the Dispute Settlement Body (DSB).

The importance of consultation and conciliation: –

One important principle established by these procedures is that the government of a member country should submit the dispute to the NDRC only after efforts to settle it through bilateral consultations have failed. The procedures also provide that in order to reach mutually acceptable solutions, the parties may request the WTO Director-General or any other person to use his good offices to reconcile and mediate between them.

The complaining party may not formally require the Committee on Conflict Resolution to start, by establishing a team to consider the complaint, except when consultations or efforts to conciliate do not produce the desired results within 60 days, in order to expedite the settlement of disputes and ensure that the establishment of the team is not delayed Aside from the country against which a complaint has been filed, the Complaints Committee is required to establish the panel, when requested by the complaining country, unless there is consensus against the establishment of such a panel. WTO Contribution in establishing Rule Based Trading System

Panels:

The Panel is normally composed of three persons unless the parties to the conflict agree that it should have five persons. Its WTO secretariat is proposing the names of the persons to be appointed to the panel from the list maintained by governmental and non-governmental experts. The persons on the roster are well-qualified senior staff in member countries, members of their delegations to the World Trade Organization, senior officials who have served in the secretariat and persons who have studied international trade law or policy.

The membership of the panels is usually settled in consultation with the parties to the conflict. Panels are generally requested to submit to the Division within six to nine months a report containing their recommendation after an objective assessment of the facts of the case and for conformity with the measures complained of with the provisions of the legal instruments. WTO Contribution in establishing Rule Based Trading System

Appellate body: –

The establishment of the Appellate Body as a type of appeal court is a new addition to the dispute settlement system. The Commission is composed of 7 persons from the recognized authority and has experience in law, international trade and subjects covered by various agreements. You should not be affiliated with any of the seven governments; only 3 people are invited to serve in each case. Any party to the dispute can appeal the appeal. The report of the Appeals Panel, which will be limited to the legal issues contained in the Panel’s report and the legal interpretation it has developed, must be submitted to the Division within a period of 60 to 90 days.

Consider the reports submitted by the Division:

The report of the panel or its appellate body, where one of the parties challenged the report of the team, submits its own appeals to its division for submission and to make appropriate recommendations and provisions. To ensure prompt settlement of the dispute, the period “from the date of establishment of the panel by the panel and the date it considers the panel or appeal report” shall not exceed nine months when the report of the panel does not resume twelve months when it is appealed. WTO Contribution in establishing Rule Based Trading System

Implementation of reports: –

In accordance with the procedures, the Parties will implement the reports of the panels in the three ways described below:

(1) Compliance: –

First, the procedure confirms that the party in breach of obligations must comply immediately with the recommendations of the Panel or the Appellate Body. If the Party is unable to implement the recommendations immediately, the Panel may give it, upon request, a reasonable period of implementation.

(2) Provide compensation:

Secondly, if the violating party does not comply within a reasonable period, the party who invoked the dispute settlement procedure may request compensation. Alternatively, a party violating an obligation may offer to pay compensation.

(3) Permission for reprisals: –

Third, when the violating party does not comply with adequate compensation on request, the grieving party may request the aggrieved party to authorize it to take retaliatory action by suspending the concession or other obligations under the agreements.

LetsComply

LetsComply.com is a leading technology-driven platform in India that provides Legal, Finance and Taxation services at one click with innovative acumen and client-centric approach. We have long-term synergistic alliances for business growth. With experience & knowledge encompassing a wide range of legal and finance profession, LetsComply assures seamless mettle and unbounded dedication as the essence of our work. Our impetus-driven and distinct methodology dealing with focused client needs in the most accomplish & effective way under the guidance of an experienced team of professionals, whose unimpeachable expertise is backed by their proven credentials, is our strength. We, at LetsComply.com, are committed to helping entrepreneurs and business owners to start, manage and grow their businesses by taking care of their legal, financial & taxation worries. We have contributed some of the path-breaking standards while ensuring the constant growth of the industry in India as we allow businesses to focus on innovation & expansion on core and major activities of their company, without having to fret about compliance issues, which certainly a matter of great concern and can't be left unattended. We aim to be a long-term partner in the entire business lifecycle at all stages of the entrepreneurship -- Startup, Growth, acceleration & Progression Stage- to make sure that the businesses do not fallback due compliance intricacies and hence continue to grow manifold with zeal to exceed in the global standards. In today’s digital era of future-proof vision for technology escalation in the domain of legal and finance, possessed with a natural flair for trespassing the convolutions of business needs with unvarying attention and continual learning curve, we bring to you the concept of Virtual Intelligence by way of Virtual CFO (vCFO) and Virtual General Counsel services to enable accelerated growth to your business by managing both legal and finance activities, a vital and technical but very important function for any business. We are a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers, Management Experts, IP Attorneys, and Technologists, who are ready to assist you as per your convenience.

Intellectual Property Rights and their Nature

Intellectual Property Rights- This paper identifies some of the issues that exist in institutional arbitration in India and outlines areas for reform in Indian arbitration, strengthening existing arbitration mechanisms, as well as setting focus areas for strengthening institutional arbitration in India.

Intellectual property rights and their nature: the concept of institutional arbitration – the need for the hour

Abstract

Indian legislators have an agenda to promote India as a centre for arbitration to resolve disputes. Next, they have made specific changes to the Arbitration and Conciliation Act, 1996 by amending the Arbitration and Conciliation Act (Amendment), 2015 (“the 2015 amendments”) that aims to achieve this goal by facilitating Rapid and effective settlement of disputes through arbitration. It is widely accepted that India prefers ad hoc arbitration over institutional arbitration. Although various arbitral institutions have been established in India, particularly in the last five years, ad hoc arbitration remains the preferred method of arbitration. Moreover, a large number of international arbitration proceedings involving Indian parties are seated abroad and are run by foreign arbitral institutions. In order to promote institutional arbitration in India, it is imperative that: (a) Indian parties participating in domestic and international arbitration encourage a shift to institutionally managed arbitration rather than recourse to ad hoc arbitration; (B) India shall become a preferred seat of arbitration in international arbitration, at least in matters relating to Indian parties. With this background, this paper outlines some of the issues that exist in institutional arbitration in India, and outlines areas for reform in Indian arbitration, strengthening existing arbitration mechanisms, as well as setting focus areas for strengthening institutional arbitration in India. Intellectual Property Rights

The arbitration may be defined as “the process in which a dispute or difference between two or more parties is referred to in relation to mutual legal rights and liabilities and is determined judicially with a binding effect on the application of the law by one or more persons instead of the court of law.” 1 The purpose of arbitration is to provide a fair and impartial settlement of disputes at a rapid rate by minimizing expenditures and at the same time allowing the parties to freely agree on the manner in which their disputes should be settled, subject to guarantees imposed for the public good.

Property Title Verification In India

In India, arbitration came as a means of resolving disputes adopted from the Middle Ages when trade and commerce between traders in India and abroad began to grow. 2 Before 1996, the laws governing arbitration in India included three pieces of legislation; the 1940 arbitration law contained general provisions on arbitration; the arbitration law (protocol and convention), 1937, and the Compensation and Enforcement Act issued by foreigners, 1961, covered enforcement of foreign arbitration decisions. This factor and the explanatory interaction between three different legislations have ensured that simplicity, speed and efficiency will not be present.

Following a lot of persuasion from various commercial bodies, 1996 1996 1996 Arbitration and Conciliation Act was issued. It is commendable that the law is based on the United Nations Commission on International Trade Law Model Law, recommended by the United Nations General Assembly to all countries. The impact of the UNCITRAL Model Law ensured some uniformity in law with arbitration worldwide, which was not fully welcomed because the Indian economy was undergoing a sea change after the 1991 crisis.

Today, arbitration is a very popular way to settle alternative disputes in the commercial world, and one can find the arbitration clause included in most commercial contracts. The parties have the right to choose the form of arbitration they deem appropriate in the facts and circumstances of their dispute. This necessarily involves looking at the various features of arbitration forms and evaluating them, and this can be a daunting task, as both forms have advantages and disadvantages. Intellectual Property Rights

Types of arbitration [3]

As mentioned above, arbitration can be divided into two basic forms, ad hoc arbitration and institutional arbitration.

  1. Ad-Hoc Arbitration

Ad hoc arbitration refers to ‘arbitration’ when the parties and the arbitral tribunal conduct the arbitration in accordance with the procedures to be agreed upon by the parties or, in the event of default in the agreement, determined by the arbitral tribunal at the first meeting once the arbitration has commenced. However, there are different sets of rules available to parties considering arbitration, including the rules for their trade associations. 4

Among the peculiarities that have emerged is that in arbitration consisting of three arbitrators, each party appoints one arbitrator and the two arbitrators together appoint the main arbitrator. According to custom, the arbitrators will only appoint the chief arbitrator who was great to both of them and would prefer to appoint the retired chief judge in India. In most cases, the parties prefer to appoint retired judges in the Supreme Court or the Supreme Court, depending on, inter alia, the amount of the claim. At present, given the huge demand for these limited senior judges, the parties often face a scenario in which the dates between hearings can be up to one year, eliminating the entire concept of arbitration as a fast and effective mechanism for dispute resolution. 5

Merits of Ad-Hoc Arbitration[6]

Abolishing the merits of ad hoc arbitration

  • Increase control over the arbitration process

Flexibility in determining the procedure

  • Cost-effective, where administrative fees charged by an arbitral institution constitute a significant portion of the total costs
  • Tend to belong and expensive in some cases in the absence of monitoring
  • Effective only when both parties are willing to cooperate with each other
  1. Institutional Arbitration

Institutional arbitration refers to ‘the management of arbitration by its founder in accordance with its rules of procedure’. The Foundation provides appointment of arbitrators, and case management services, including oversight of the arbitration process, places for holding hearings, etc. Many well-known and internationally recognized institutional arbitration centres, such as the International Chamber of Commerce, the London Court of International Arbitration and the Permanent Court of Arbitration, have opened centres in India. There are currently more than 35 arbitration institutions in India, both domestic and international arbitration institutions, and arbitration facilities by National Arbitration Societies, Commerce, Trade Associations, and City Chambers of Commerce and Industry. Many have their own rules, and some follow the UNCITRAL arbitration rules. Intellectual Property Rights

In institutional arbitration, the arbitration agreement appoints an arbitration institution to administer the arbitration. The parties shall then submit their disputes to the institution that interferes in and administers the arbitration process as stipulated in the rules of that institution. The institution does not arbitrate the dispute. The arbitral tribunal shall determine the dispute. 7

Not all arbitration institutions provide the same services. Some reputable institutions simply offer a set of rules and guidelines, and no other arbitration services, one such is the London Maritime Arbitrators Association (LMAA), etc. There are other institutions that provide rules and a list of qualified arbitrators but do not participate in the appointment of arbitrators, for example, the Association of Maritime Arbitrators in New York.

Certain groups of institutions oversee the entire arbitration process from notifying the defending party with the request for arbitration submitted by the claimant to the parties, including notifying the arbitration award. For example, the International Court of Arbitration of the International Chamber of Commerce. 8

 

Merits of Institutional Arbitration De-Merits of Institutional Arbitration
# A clear set of arbitration rules
# Timeline for the conduct of an arbitration
# Support from trained staff
# A panel of arbitrators to choose from
# Supervision in the form of scrutiny of awards
# If the parties are not sophisticated and do not have sufficient knowledge regarding arbitral proceedings, institutional arbitration is preferable
# Resolve disputes efficiently and follow guidelines when conducting arbitrations
# Lack of credible arbitral institutions
# Misconceptions relating to institutional arbitration related to costs
# Lack of governmental support for institutional arbitration
# Lack of legislative support for institutional arbitration
# Judicial attitudes towards arbitration in general.
# The rules and practices followed are often outdated and inadequate
# Fails to upgrade their administrative and working style as only provide hearing venues with basic facilities and lack more advanced facilities such as multi-screen video conferencing, sound-proof caucus rooms, audio/video recording, court recorders, etc.
# Inflexible as it takes away the exclusive autonomy of the parties over arbitration proceedings
# Delays in Indian courts and excessive judicial involvement in arbitral proceedings contributed to discouraging foreign parties to arbitrate in India.
# Parties often delay arbitration proceedings by initiating court proceedings before or during arbitral proceedings, or at the enforcement stage of the arbitral award.

Challenges Faced By Institutional Arbitration In India

It is widely accepted that India prefers ad hoc arbitration over institutional arbitration. Although various arbitral institutions have been established in India, particularly in the last five years, ad hoc arbitration remains the preferred method of arbitration. Moreover, a large number of international arbitration proceedings involving Indian parties are seated abroad and are run by foreign arbitral institutions. 9 Challenges facing institutional arbitration in India examines the reasons why institutional arbitration is not the preferred method of arbitration in India, with particular emphasis on: Intellectual Property Rights

(1) Misconceptions regarding institutional arbitration;

(2) The lack of government support for institutional arbitration;

(3) Lack of legal support for institutional arbitration; and

(4) Problems related to delays and excessive judicial participation in arbitral proceedings.

  1. Misconceptions regarding Institutional Arbitration – There are many misconceptions related to institutional arbitration between parties. One relates to costs. The parties consider that institutional arbitration is much more expensive than ad hoc arbitration, mainly because of the administrative fees payable to arbitral institutions. 10

This evaluation has been greatly misunderstood because:

(A) Many arbitration institutions charge very reasonable fees;

(B) The use of an arbitral institution helps to avoid disputes over procedural issues leading to cost savings; and

(C) The costs of ad hoc arbitration can easily exceed the costs of institutional arbitration in the case of additional procedural hearings, postponement, use of pre-trial fees, litigation arising from procedural flaws in ad hoc arbitration suits, etc.

Parties also often believe that institutional arbitration is inelastic because arbitral institutions follow rules that take the parties’ exclusive independence in arbitral proceedings. However, most arbitration institutions in the international scenario have attempted to balance the institutionalization of the autonomy of the parties, leaving only matters that deal with their legitimacy and the integrity of the proceedings beyond the freedom of the parties.

These misconceptions can be attributed to the general lack of awareness regarding institutional arbitration and its advantages. This could also be attributed to the lack of initiative by arbitral institutions to strengthen their work and facilities as well as by lawyers to provide appropriate advice to parties on the advantages of institutional arbitration. Even when there is awareness of institutional arbitration as an option, there is often a misconception that this option is only available for larger business and/or high-value disputes. Intellectual Property Rights

2- Governmental support for institutional arbitration – One of the reasons for the weakness of the institutional arbitration framework in India is the lack of adequate government support for the same over the past two years. While the government is India’s most prolific litigant, it can do more in this capacity to encourage institutional arbitration. Often the general conditions for contracts used by the government and public sector projects include arbitration terms, but these conditions usually do not explicitly provide for institutional arbitration.

Moreover, government policy on arbitration requires a review of whether institutional arbitration will become the norm, especially for disputes whose value is valued at large sums. For example, if the government, as the largest litigant, would adopt institutional arbitration as a regular practice, the sheer volume of cases transferred to arbitral institutions would provide a strong impetus for institutional arbitration.

Discussions and initiatives have recently taken place by some state governments as well as to strengthen institutional arbitration, citing that it will be more structured and cost-effective. [11] One of the recommendations I made to the Law Commission of India [12] was that trade and commerce bodies should establish chambers with their own rules. However, the government has so far focused its attention effectively on arbitration in general. To encourage institutional arbitration, special measures are required to develop arbitral institutions. Intellectual Property Rights

  1. Lack of legal support for institutional arbitration – The law was not specific to arbitration, with no provisions specifically geared towards strengthening institutional arbitration. This contrasts with jurisdictions such as Singapore, where the Singapore International Arbitration Center (“SIAC”) is the default appointment authority for arbitrators under the 1994 International Arbitration Law (“International Academy of Arbitration”) that governs global arbitration.

Indeed, one of the provisions of this Act, Section 29A introduced by the 2015 Amendments, considers that arbitral institutions have warned against arbitration proceedings in India. Section 29A provides for strict timetables for completing the arbitration proceedings. This was criticized as an excessive restriction of arbitration institutions which stipulated timetables for the various stages of arbitration proceedings. [13] The merits of such an opinion require examination in the light of the endemic problem of arbitration delays in India.

  1. Problems relating to delays and excessive judicial participation in arbitration – Delays in Indian courts and excessive judicial participation in arbitral proceedings have resulted in India not favouring an arbitration seat, hindering the growth of international arbitration (including institutional arbitration) in India. The parties often delay the arbitral proceedings by initiating court proceedings before or during the arbitral proceedings, or at the stage of enforcement of the award. The great separation of cases before the Indian courts means that judicial procedures related to arbitration take a long time to get rid of them. The Commercial Courts Law seeks to remedy this situation by establishing commercial courts at the provincial or commercial level in the higher courts that have ordinary indigenous civil jurisdiction. These commercial courts/divisions deal with arbitration matters involving commercial disputes, among others.

However, examining the recent list of the Bombay High Court, for example, suggests that business judges often hear questions other than commercial matters, such as family law matters, juvenile justice matters, and so on. In addition, we have noted that the policy of rotation pursued by these higher courts also applies to the judges of the commercial people. Excessive rotation may be hampered by the establishment of arbitral judges who are well versed in arbitration laws and practices. The tendency of Indian courts to intervene heavily in arbitral proceedings has also contributed to India’s reputation as an “unfriendly arbitration” jurisdiction. Intellectual Property Rights

It is a well-known fact that courts in India generally enter when it comes to regulating arbitration procedures, whether in the initial stage of arbitration procedures (such as appointing arbitrators, referring disputes to arbitration or granting temporary relief) or in the enforcement stage. [15] They have, despite their good intentions and justifications, often misjudged the path to take, and to do justice to the issue at hand but setting a questionable precedent for the future. [16] Moreover, inconsistent case law on many critical cases [17] contributed to an uncertainty regarding the law, with severe consequences for India’s reputation as the seat of arbitration.Intellectual Property Rights

In addition to the above-mentioned negatives of institutional arbitration, below are the challenges of institutional arbitration in India. 18

  1. Matters relating to the management and organization of arbitral institutions.

2- Perceptions related to arbitrators issues and experience related to government resources and support, lack of initial capital, weak and insufficient infrastructure, inadequate training of administrative staff, lack of qualified arbitrators, etc.

  1. Cases in developing India as an international arbitration seat.

High-Level Committee to Review the Institutionalization of the Arbitration Mechanism in India

To face the challenges and shortcomings of institutional arbitration, a high-level committee was formed to review the institutionalization of arbitration machinery in India by virtue of Mr Judge Bn Srikrishna in 2016. The committee submitted its report on 3 August 2017. 19 With regard to the institutional arbitration scene in India, The Committee provided the following views: [20]

  1. Establish an independent body, similar to the Arbitration Promotion Board of India, with representatives from all stakeholders to classify the arbitration institutions in India.

The APCI may

  • of professional institutes that provide for accreditation of arbitrators.
  • Hold training workshops and interact with law firms and law schools to train advocates interested in arbitration.
  • Create a specialized arbitration bar consisting of an advocate dedicated to this field.
  • A good arbitration tape can assist in the speedy and efficient functioning of arbitration proceedings.
  • Establishing a specialized arbitration tribunal to deal with these commercial disputes in the field of courts. 21

 

  1. Proposed changes in the various provisions contained in the 2015 amendments to the Arbitration and Conciliation Act in order to make arbitration faster and more effective and incorporate international best practices (immunity of arbitrators, the confidentiality of arbitral proceedings, etc.).

 

  • The committee also believes that the national litigation policy should encourage arbitration in government contracts.

Role of Government – The Central Government and various state governments may state in arbitration clauses/agreements in government contracts that only arbitrators accredited by any recognized professional institute may be appointed as arbitrators under these arbitration clauses/agreements.

work and functioning of the International Center for Alternative Dispute Resolution (ICADR) [22]

  • International Center for Alternative Dispute Resolution was established in 1995 to promote and develop alternative dispute resolution facilities and techniques to facilitate early settlement of disputes and reduce the increasing burden of arrears in the courts.
  • Committee recommended that the International Council of Institutions is declared an institution of national importance and that the institution be seized under a statute as the renovated centre has the potential to be a competitive institution globally.

The reasons for choosing ICADR as the arbitral institution to be developed are:[23]

  • Established in 1995 (under the auspices of the Ministry of Law and Justice) with the aim of promoting alternative development in India.
  • The government has received substantial funding through grants and other benefits accruing from it.
  • It has some benefits such as excellent location (headquarters in New Delhi and regional centres in Hyderabad and Bangalore), good infrastructure and facilities that make it ideal for development as an arbitration institution.

Bilateral Investment Treaty (Bit) Arbitrations Involving The Union of India[24]

India is currently involved in 20 individual bits disputes. The committee’s recommendations on arbitration of bilateral investment treaties are:

1- Establish an inter-ministerial committee composed of officials from the ministries of finance, foreign affairs, and law.

  1. Recruitment of external attorneys with BIT experience.

3 – Fund allocated to fight claims related to bit.

4- Appointing lawyers who have experience in the field of deciding.

5- Enhancing the ability of central and state governments to better understand the implications of their policy decisions on India’s commitment to action.

  1. Establish an International Legal Adviser – responsible for the daily management of arbitration bits.
  2. Consider the possibility of establishing an appeal mechanism for a bilateral investment treaty and a multilateral investment court.

8 That the mechanism for settling disputes between investors and countries as mentioned in Article 15 of the Indian Model “BIT” is effective.

Comparative Analysis of Indian Arbitration Institutions and Other Successful Arbitration Institutions Across the Globe

  • arbitration does not flourish in a country except when its arbitration institutions fulfil the basic requirements for a successful and effective arbitration process. These requirements include the following:

Degree of permanence – disputes often arise many years after the conclusion of the original trade agreement, especially in long-term contracts. It is important that the institutions mentioned in the arbitration clause remain in existence when the dispute arises. Otherwise, the arbitration agreement may prove to be “unenforceable or unable to do”, in the words of the New York agreement, that would be the only recourse for the National Court.

  • Is easier to trust if the chosen institution or centre has a proven record or, if the establishment of the newly established, has some reasonable guarantees of permanence. The International Chamber of Commerce and the London Court of International Arbitration were established in 1923 and 1892, respectively, with a proven track record of successful arbitration over their long-term existence.
  • Indian Arbitration Board was established in 1965. At the beginning of 2010, 574 arbitration cases were pending before the Board at various stages of the arbitration proceedings, but by the end of that year, 579 arbitration cases were being processed, including 20 outstanding cases In courts pursuant to litigation between the two parties. Thus, although it is not as successful as the ICC or LCIA, the coalition has demonstrated a reasonable assurance of permanence.

 

Modern Arbitration Rules – The practice of international commercial arbitration changes with the existence of new laws and procedures, both nationally and internationally. It is important that the rules of the arbitral institutions be amended to reflect these changes and not rest at some comfortable time. ICA rules, according to IACA, 1996. For example, the appointment of one or three arbitrators to the arbitral tribunal is consistent with Article 10 (1) of the 1996 First Arbitration.

Qualified Employees – One of the main objectives of the arbitration institution is to assist the arbitrators and the parties in conducting the arbitration. This assistance can extend not only to explaining the rules, ensuring that time limits are taken into account, collecting fees, arranging visas, and reserving residency, but also providing advice on appropriate procedures with reference to previous experience. It is a task that requires a mix of qualities, ingenuity and diplomacy as well as legal knowledge and experience.

  • Is an area in which the ICC sets the standard, with each arbitration subject to the supervision of a specific “lawyer”, drawn from ICC staff from attorneys with expertise and multiple languages. Although the aforementioned coalition does not have such a lawyer appointed to oversee the arbitration, it does not boat a team of about 1500 arbitrators with a wide range of professional qualifications and experience (legal and illegal), and to ensure a court of the highest competence and mastery. The Alliance has access to distinguished and experienced arbitrators with the widest range of expertise from India, the UK, Singapore, France, USA, Malaysia, Germany and Belgium. Intellectual Property Rights

Reasonable fees – The arbitration process is effective if it is in addition to being fast and fair; it is also cost-effective. Some arbitration institutions, including the International Chamber of Commerce and the Indian Arbitration Board, are assessing their administrative fees and expenses, and fees payable to the arbitrator, with reference to a sliding table based on amounts in the dispute. This has the advantage of certainty, as the parties can discover in a reasonably early stage what the total cost of arbitration is likely to be. Other institutions, such as LCIA, evaluate their costs and administrative expenses, and the arbitrator’s fees, by referring to the time spent on the case.

conclusion

  • Arbitration Reconciliation Act, 2015, attempted to reach the rescue in this regard by setting the fees and timetable for the arbitration, but the thorn in Al-Zahra is that the courts intervene again to investigate the party to which responsibility for the delay in the fulfilment of the timeline will be attributed. Moreover, the Supreme Courts have been given the authority to set rules for fees, and the payment method that would once again lead to asymmetry as each Supreme Court in various states across India has its own rules. Therefore, one needs to strengthen institutional arbitration in India.
  • Is universally recognized that the quality of the arbitration procedures depends on the quality and skill of the arbitrators chosen and that the courts may not have experience in appointing arbitrators who will be experts on the disputed issue. Moreover, in international commercial arbitration, the national court judge will have limited experience, expertise and resources to select the appropriate international arbitrators, especially if practitioners must be selected from other countries. While having an appointed arbitration institution would be more beneficial, it will be specifically organized to perform the task of selecting international arbitrators because of their daily participation in international arbitration and access to a group of highly qualified arbitrators.
  • Institutional arbitration should be strengthened as arbitration takes place on a daily basis and says, for example, from 10 am to 4 pm so that there is no backlog of cases or delay in completing the arbitration proceedings. The issue of fees will also be considered through institutional arbitration because such institutions have a reform fee schedule that will negate the ambiguity space.
  • Addition, steps may be taken to make the order issued by the arbitrator under institutional arbitration open to appeal or review only by the president/registrar (s) of the institution to deny the parties taking the arbitrary route and a decision which can make the above authority final and binding on both parties. Any right of appeal or review in respect of any decision of the above authority to any government court or any other judicial authority. In addition, court intervention in arbitration proceedings may only be permitted when specifically provided for in the arbitration agreement. Intellectual Property Rights
  • Must make institutional arbitration an attractive centre for foreign parties and investors, and some things should be borne in mind as the forum is attractive as a seat only if it has the judiciary that supports arbitration. Moreover, institutions that conduct arbitrations in India should be provided with abundant resources and opportunities to participate in important international arbitration conferences and to host a major international arbitration conference in at least two years in order to invite global participation/interest and exposure that can enhance the international image of institutional arbitration in
  • Institutional arbitration should give the green flag with patient expectations about its results rather than making any hasty decisions because one thing is trustworthy that if countries like Singapore and Hong Kong can become arbitration centres on the strength of institutional arbitration, so India can. India is on track to establish confidence in its legal system, which is the prerequisite for any country to become a place of international arbitration.

 

LetsComply

LetsComply.com is a leading technology-driven platform in India that provides Legal, Finance and Taxation services at one click with innovative acumen and client-centric approach. We have long-term synergistic alliances for business growth. With experience & knowledge encompassing a wide range of legal and finance profession, LetsComply assures seamless mettle and unbounded dedication as the essence of our work. Our impetus-driven and distinct methodology dealing with focused client needs in the most accomplish & effective way under the guidance of an experienced team of professionals, whose unimpeachable expertise is backed by their proven credentials, is our strength. We, at LetsComply.com, are committed to helping entrepreneurs and business owners to start, manage and grow their businesses by taking care of their legal, financial & taxation worries. We have contributed some of the path-breaking standards while ensuring the constant growth of the industry in India as we allow businesses to focus on innovation & expansion on core and major activities of their company, without having to fret about compliance issues, which certainly a matter of great concern and can't be left unattended. We aim to be a long-term partner in the entire business lifecycle at all stages of the entrepreneurship -- Startup, Growth, acceleration & Progression Stage- to make sure that the businesses do not fallback due compliance intricacies and hence continue to grow manifold with zeal to exceed in the global standards. In today’s digital era of future-proof vision for technology escalation in the domain of legal and finance, possessed with a natural flair for trespassing the convolutions of business needs with unvarying attention and continual learning curve, we bring to you the concept of Virtual Intelligence by way of Virtual CFO (vCFO) and Virtual General Counsel services to enable accelerated growth to your business by managing both legal and finance activities, a vital and technical but very important function for any business. We are a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers, Management Experts, IP Attorneys, and Technologists, who are ready to assist you as per your convenience.

Property Title Verification In India

Property Title Verification In India-The land is a subject that falls within the jurisdiction of the State Governments under the Indian Constitution and therefore property laws in India that vary from one State to another. In addition to local laws, many Central Government laws also regulate the acquisition and ownership of property (including a property interest) by purchase/sale, lease, loan, inheritance or gift. The Concurrent List includes the transfer of property other than agricultural land, the registration of actions and the document.

The statute also gives a person the right to use, lease, sell, rent or transfer/gift the land when a person acquires or owns an immovable estate. The holder is also entitled to mortgage his immovable property as loan security.

Here we will investigate the title required for different purposes, including the sale, lease, sublease, and mortgage. For brevity purposes, the selling reference shall also include, where applicable, rental, sublease, license and mortgage purposes.

The title is a legal term; it is the right of property ownership. Property title is everyone’s primary concern when buying a property. Every property has its own name. The title is the evidence of ownership rights or the floor of ownership rights. The title can be created either through the act of parties or through the operation of law.

Title to immovable property is created by perusing specific “documents” and “documents” related to such property. There is a very broad import of the word “Text.” Report ‘ means, under the general law, any matter conveyed or represented by letters, figures or marks on any material for the purpose of documenting that matter. Property or commercial contract records are generally referred to as instruments or acts.

Importance of Title Verification

  1. A title demonstrates ownership. A land title, with the exception of a valid legal dispute, acts as an official land ownership record. Without the appropriate title, and unfiled deed or informal contract will not be recognized by the legal system.
  2. Both holders may hold their own duplicate titles: a legally valid copy of the title may be owned by each land titleholder. The deed registry must make a note of the copy of each holder in the record-keeping process to verify the authenticity of each copy given by each jurisdiction. A recognized administrator may hold a copy of the title on behalf of the trustor company in the case of trust and company-based ownership.

(Access to the title copy can facilitate land negotiations and avoid litigation.)

  1. Prospective landowners also perform title checks to identify potential problems: an investigator may review years of land records during a title search to identify potential land ownership issues. A quest for titles can prevent inexperienced new owners from assuming responsibility for past issues. A property owner, for instance, can not sell or move a property’s ownership rights with unresolved tax issues. An unresolved connection can invalidate any transaction of ownership.

Title searches reveal information about property taxes, property service contracts, CC&Rs (covenants, conditions, and restrictions), deed compliance problems, and disputed claims of possession, and more. If a past property owner gives easement or property rights to a company or person, these reported covenants will also be uncovered by the search.

Although buyers and lenders often use title searches during the buying/selling process, a search for the title may help many other parties. For purposes of risk management and investment security, home builders, companies, and government officials may use title searches.

  1. Title insurance covers the risk associated with the transfer of title: as part of the closing costs of a sale, most landowners invest in title insurance to mitigate the impact of problems not found during a search for the title. Owner’s title insurance often provides coverage for losses up to the title’s full price in case a claim to ownership in the future is jeopardized by an issued. The insurance policies of the claimant will also cover legal costs of dispute resolution and damages awarded to another party up to policy limits. The title insurance of the creditor covers the contract of the lender with the borrower. The plan would cover the losses and legal expenses of the borrower in the case of a land dispute.

It is clear that Title Verification is an essential activity before buying a property.

The procedure of Property Title Verification In India

The Attorney or a Title Company performs a search of the title and legal description of the property in most real estate transactions. The Attorney / Title Company must first go through the property’s previous records. The estate may have “Title Chain.” The solicitor should see if the estate has any Encumbrance.

Sometimes it is also important to have a Legal Heirship Certificate to decide the title of the property if there is more than one person as the property owner. Defining the owners ‘ relationship is important. But this is usually done if the property owner is a deceased person with more than one legal representative. In such a situation, the relationship between the deceased and his legal representative is important. It must also be tested if any Objection on the Selling of the said property has been posted.

Mother Deed is important for tracing the property’s roots. It is a document that helps establish the new ownership in the further sale of the property. In the absence of the original Mother Deed, the registration authorities must receive certified copies. Mother Deed involves the alteration in the property’s possession, whether by purchase, division, donation or inheritance. Mother Deed is very important to record in a sequence the references to the previous owner and should be continuous and unbroken. In the case of a missing sequence, in other documents, one should refer to records from recorded offices, tax reports or recitals (preamble). To the current owner, the series should be changed.

Title confirmation of a property is necessary to avoid legal disputes after a property has been sold. It is usually done with the help of the buyer’s solicitor. The lawyer will decide by going through the property’s previous records. So in the selling of an estate, the confirmation of the title has a major significance.

Property Title Verification In India

Frequently Asked Questions 

How much should I earn to submit a tax return?

If your total annual income does not surpass those limits, you do not need to file a federal tax return. Until filing the tax, the amount of income depends on the type of employment, age and filing status. Know more about the filing of income tax

What is the minimum basic salary for PF deduction?

The employer deducts 12 per cent of the compensation for PF from the employee or the worker on the monthly salary or at least 15,000 a month. More info on ESI registration

Do I need a license to sell homemade food in India?

Indeed, according to the Food Safety and Security Act, FSSAI license is required for any type of food company, whether it is large or small. More detail about FSSAI

Who needs ISO 9001 certification?

ISO certification is designed to assist companies at different levels, including enhancing management, concentrating on customer requirements, finding ways to improve the company. More about the certification of ISO

Is TDS on property refundable?

Under the 1% TDS policy for property sales, the purchaser must subtract 1% TDS irrespective of the loss or benefit of the seller if the sale exceeds Rs. 50 lakh. Data about the restoration of TDS

When can I use the TM symbol?

Use TM or SM does not have any legal significance, but it is prudent to do so. Use TM or SM notifies the branding rights statement to the public. Trademark Registration

Who can avail MSME loan?

For apply for an MSME loan, you must be a professional self-employed, non-professional self-employed or an individual such as a corporation, limited private partnership, liability partnership or a limited company. Learn more about SSI/ MSME Registration

LetsComply

LetsComply.com is a leading technology-driven platform in India that provides Legal, Finance and Taxation services at one click with innovative acumen and client-centric approach. We have long-term synergistic alliances for business growth. With experience & knowledge encompassing a wide range of legal and finance profession, LetsComply assures seamless mettle and unbounded dedication as the essence of our work. Our impetus-driven and distinct methodology dealing with focused client needs in the most accomplish & effective way under the guidance of an experienced team of professionals, whose unimpeachable expertise is backed by their proven credentials, is our strength. We, at LetsComply.com, are committed to helping entrepreneurs and business owners to start, manage and grow their businesses by taking care of their legal, financial & taxation worries. We have contributed some of the path-breaking standards while ensuring the constant growth of the industry in India as we allow businesses to focus on innovation & expansion on core and major activities of their company, without having to fret about compliance issues, which certainly a matter of great concern and can't be left unattended. We aim to be a long-term partner in the entire business lifecycle at all stages of the entrepreneurship -- Startup, Growth, acceleration & Progression Stage- to make sure that the businesses do not fallback due compliance intricacies and hence continue to grow manifold with zeal to exceed in the global standards. In today’s digital era of future-proof vision for technology escalation in the domain of legal and finance, possessed with a natural flair for trespassing the convolutions of business needs with unvarying attention and continual learning curve, we bring to you the concept of Virtual Intelligence by way of Virtual CFO (vCFO) and Virtual General Counsel services to enable accelerated growth to your business by managing both legal and finance activities, a vital and technical but very important function for any business. We are a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers, Management Experts, IP Attorneys, and Technologists, who are ready to assist you as per your convenience.

What is the differentiation between http and https

What is the differentiation between http and https? Have you found either http:/ or https:/ in browser’s address bar while visiting website? Did you find http:/ or https:/ in the address bar of a browser when you visit a website? In short, both of these are protocols that use Web Server or Web Browser to exchange information on a particular website. But what is the difference between the two? Okay, there are extras in https, which makes it free! What a very short and concise distinction between http and https is that https is much better than http.

Time to know this, with 32 lakh Debit Cards compromised in India!

Some of you aware of this difference, but for many who aren’t, it’s worth sharing. The primary distinction between “http:/” and “https:/” is to keep you safe.

“http” means “Transfer Protocol hypertext.”

The “s” (considerable surprise) is “safe.” If you visit a website or web page and look at the web browser address, you will probably start with the following: “http:/

This implies that the Website uses the periodic unsecured language to speak to your browser. In other words, somebody can “eavesdrop” the conversation with the Website on your computer. If you fill in a website form, somebody might see the information you’re sending to that site.

That’s why you never enter your credit card number on a website called “http:/!” But if the web address starts with “https:/,” that implies that your computer speaks to the Website in a secure and safe code that no one can eavesdrop on.

Now, I hope you understood why this is so important.

If you are ever asked by a website to enter your credit/debit card information, you should look automatically to see if “https:/” starts the web address.

If not, you should NEVER enter any Sensitive Information like a Credit/Debit card number etc.

Look for the domain expansion when checking the name of any website (e.g.”.com” or “.org,””.co.in,” “.net” etc). The name just before this is the Website’s domain name. E.g., in the above case, “http:/amazon.Diwali -festivals.com,” “Diwali-festivals” (and NOT “amazon”) is the word before “.com.” So, this Website does not belong to “amazon.com” but is part of “diwali-festivals.com,” which we all haven’t heard of before. You can similarly check for bank frauds. ** Before logging in to your e-banking, make sure that the name just before “.com” is your bank’s name. E.g., here belongs to “something. icicibank.com; but to” some1else “belongs to” Citibank. some1else.com.

This is a straightforward piece of information, but essential and necessary

RERA VS NCDRC: WHERE TO FILE A COMPLAINT AGAINST BUILDER?

LetsComply

LetsComply.com is a leading technology-driven platform in India that provides Legal, Finance and Taxation services at one click with innovative acumen and client-centric approach. We have long-term synergistic alliances for business growth. With experience & knowledge encompassing a wide range of legal and finance profession, LetsComply assures seamless mettle and unbounded dedication as the essence of our work. Our impetus-driven and distinct methodology dealing with focused client needs in the most accomplish & effective way under the guidance of an experienced team of professionals, whose unimpeachable expertise is backed by their proven credentials, is our strength. We, at LetsComply.com, are committed to helping entrepreneurs and business owners to start, manage and grow their businesses by taking care of their legal, financial & taxation worries. We have contributed some of the path-breaking standards while ensuring the constant growth of the industry in India as we allow businesses to focus on innovation & expansion on core and major activities of their company, without having to fret about compliance issues, which certainly a matter of great concern and can't be left unattended. We aim to be a long-term partner in the entire business lifecycle at all stages of the entrepreneurship -- Startup, Growth, acceleration & Progression Stage- to make sure that the businesses do not fallback due compliance intricacies and hence continue to grow manifold with zeal to exceed in the global standards. In today’s digital era of future-proof vision for technology escalation in the domain of legal and finance, possessed with a natural flair for trespassing the convolutions of business needs with unvarying attention and continual learning curve, we bring to you the concept of Virtual Intelligence by way of Virtual CFO (vCFO) and Virtual General Counsel services to enable accelerated growth to your business by managing both legal and finance activities, a vital and technical but very important function for any business. We are a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers, Management Experts, IP Attorneys, and Technologists, who are ready to assist you as per your convenience.

Startup India Registration

What is a startup?

Startup India Registration- A startup is newly established, usually small business started by one or a group of people. What separates it from other new businesses is that a start-up provides a new product or service that is not provided in the same way elsewhere. Innovation is the keyword. The company either develops a new product/service or redevelops something different into an existing product/service.

What is Startup India?

Startups in India are becoming very common. The Government of India, under the leadership of PM Narendra Modi, has initiated and supported Startup India initiative to recognize and encourage startups in order to develop the Indian economy and attract talented entrepreneurs.

How to register your startup with Startup India

Step 1: Incorporate your business

Next, you should establish your business as a private limited company, a corporation or a joint partnership.

You should follow all standard registration procedures for any company, such as obtaining the Incorporation / Partnership registration certificate, PAN, and other appropriate enforcement.

Step 2: Register with Startup India

The business must then be licensed as a start-up. The whole system is online and quick. All you need to do is log in to the website of Startup India and fill in the form with your company information and upload some documents.

Step 3: Documents to be uploaded (in PDF format only)

  1. a) A letter of recommendation/support

A letter of recommendation with the registration form must be submitted. All below will be valid-

  • A recommendation (regarding the innovative nature of business) from an Incubator formed at a post-graduate college in India, in a format defined by the Department of Industrial Policy and Promotion (DIPP);
  • A letter of support from an incubator funded by the Government of India (in relation to the project) as part of any particular innovation promotion scheme;
  • A letter of recommendation (in terms of business creative nature) from an Incubator recognized by the Government of India in a format specified in DIPP;
  • A letter of funding of not less than 20 per cent in equity from any Incubation Fund / Angel Fund / Private Equity Fund / Angel Network, properly registered with SEBI, supporting the business ‘ creative nature;
  • A letter of funding from the Government of India or any Government of any State as part of any particular innovation promotion scheme;
  • A patent filed by the Indian Patent Office and published in the Journal in areas specific to the nature of the business being promoted.
  1. b) Incorporation/Registration Certificate

You need to submit your company / LLP incorporation certificate (Partnership Registration Certificate)

  1. c) Description of your business in brief

A brief description of the innovative nature of your products/services.

Step 4: Answer whether you would like to avail tax benefits

Startups are 3 years free from income tax. But in order to take advantage of these advantages, the Inter-Ministerial Board (IMB) must approve them. DIPP-recognized start-ups, Govt. In India, IPR-related benefits can now be directly available without requiring additional IMB certification.

Step 5: Finally, you must self-certify that you satisfy the following conditions

  • You should declare the new company as a private company, a partnership or a limited partnership
  • You should incorporate/register your company in India, not before 5 years.
  • Turnover must be less than 25 crores per year.
  • Innovation is a must– the organization must strive to invent something new or to dramatically improve the existing software used.
  • The separation or restoration of an existing business must not result in your business.

Step 6: Immediately get recognition number

That’s all there is! You will receive an immediate recognition number for your company when you apply. After all the records are checked, the certificate of recognition will be given.

Be patient, though, when uploading the files. If it is found on subsequent verification that the required document is not uploaded /the wrong document uploaded or that a forged document has been uploaded, you will be liable for a fine of 50% of your paid-up start-up capital with a minimum fine of Rs. 25,000.

Step 7: Other areas

  1. a) Patents, trademarks and/or design registration

If you need an invention patent or a trademark for your company, you can easily access anyone from the government’s list of facilitators.

  1. b) Funding

Access to finance was one of the primary challenges facing many startups Entrepreneurs fail to attract investors due to lack of experience, security, or existing cash flows. In reality, many investors are compensated by the high-risk nature of startups as a significant percentage fail to take off. Startup India Registration

Government has formed a fund with an initial corpus of INR 2,500 crore and a cumulative corpus of INR 10,000 crore over a 4-year period (i.e. INR 2,500 crore per year) to provide funding aid. The Fund is in the form of Fund of Funds, meaning it will not invest directly in Startups but will participate in SEBI’s registered Venture Funds capital.

Key features of the Fund of Funds

  • The Fund of Funds is operated by a committee of industry professionals, academics, and innovative entrepreneurs.
  • Life Insurance Company (LIC) is a co-investor in the Trust.
  • The Fund of Funds shall contribute up to 50 per cent of the Venture Funds (“daughter funds”) registered by SEBI. The daughter fund should have increased the balance by 50 per cent in order to receive the donation. The Fund of Funds will have members depending on the contribution made on the board of the venture fund.
  • The Fund would fund a large mix of sectors such as manufacturing, agriculture, health, education, etc.

Due to the various government programs, it is very easy to register as a company.  Nonetheless, you should concentrate on your key area while we at ClearTax support you to get your startup recognition right from start to finish.  Visit our website for more information on start-up services

ITR TAX DEDUCTIONS AVAILABLE TO SALARIED INDIVIDUALS

FAQ Startup India Registration

Can I start a business without registering it?

When you start a business without reporting it, even if you don’t want to be one, you’ll be called a sole trader. Businesses are required to register and receive a business license in most states before they can operate legally, but this is different from forming or establishing a business.

How do you register a startup company?

  1. Step 1: Incorporate your business. …
  2. Step 2: Register with Startup India. …
  3. Step 3: Documents to be uploaded (in PDF format only) …
  4. Step 4: Answer whether you would like to avail tax benefits. …
  5. Step 5: Finally, you must self-certify that you satisfy the following conditions.

Can I start a business without registering it in India?

The answer is no! It is not the only way to start a company in India to register a company. … The best way to start your own business is to buy any tax permit, such as service tax registration

Can I sell products without registering as a company?

Yes, starting to sell products without registering as a business is legally feasible. The issue is the collection of payments and taxes. Without a business registration, you can’t open a current account. Through registration, you can start slowly and choose the legal way when you start to gain traction.

Is it illegal to have an unregistered business?

In addition, many companies are not going to do business with an unregistered company.

How do I register my business legally?

  1. Use a Doing Business As (DBA) The easiest way to register a business is to file a DBA, also sometimes called registering a fictitious business name, with your state or county clerk’s office. …
  2. Create a Business Structure. …
  3. Register a Trademark.

Do I need to register my small business?

It is usually not mandatory to register one-person businesses that operate as a sole proprietorship. You would usually also need to file with your state for any more complex business form such as a limited liability company (LLC), limited liability partnership (LLP) or corporation.

LetsComply

LetsComply.com is a leading technology-driven platform in India that provides Legal, Finance and Taxation services at one click with innovative acumen and client-centric approach. We have long-term synergistic alliances for business growth. With experience & knowledge encompassing a wide range of legal and finance profession, LetsComply assures seamless mettle and unbounded dedication as the essence of our work. Our impetus-driven and distinct methodology dealing with focused client needs in the most accomplish & effective way under the guidance of an experienced team of professionals, whose unimpeachable expertise is backed by their proven credentials, is our strength. We, at LetsComply.com, are committed to helping entrepreneurs and business owners to start, manage and grow their businesses by taking care of their legal, financial & taxation worries. We have contributed some of the path-breaking standards while ensuring the constant growth of the industry in India as we allow businesses to focus on innovation & expansion on core and major activities of their company, without having to fret about compliance issues, which certainly a matter of great concern and can't be left unattended. We aim to be a long-term partner in the entire business lifecycle at all stages of the entrepreneurship -- Startup, Growth, acceleration & Progression Stage- to make sure that the businesses do not fallback due compliance intricacies and hence continue to grow manifold with zeal to exceed in the global standards. In today’s digital era of future-proof vision for technology escalation in the domain of legal and finance, possessed with a natural flair for trespassing the convolutions of business needs with unvarying attention and continual learning curve, we bring to you the concept of Virtual Intelligence by way of Virtual CFO (vCFO) and Virtual General Counsel services to enable accelerated growth to your business by managing both legal and finance activities, a vital and technical but very important function for any business. We are a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers, Management Experts, IP Attorneys, and Technologists, who are ready to assist you as per your convenience.

Starting a Proprietorship in India

Starting a Proprietorship in India- Individual property is one of the oldest and most common forms of business in India. Property is a business entity owned, managed and controlled by one person. Property is very easy to get started and has very minimal regulatory compliance requirements. However, the property does not offer the owner/property a total of other benefits such as limited liability, independent existence, portability, etc., which other types of business entities such as LLP and Private Limited do. In this article, we look at the surrounding processes starting with ownership.

Start ownership

Starting an individual property requires no legal formalities or registration. However, business licenses must be obtained as required by the state / central government and tax registrations. Moreover, in case the business name is unique or brandable, it is recommended to register the brand.

Business Licenses

Business licenses must be for any business, regardless of the type of business entity. For example, if you are a doctor, you need a license to practice from the state / central government; proverbially, the restaurant requires a food business operator license from the Food Safety Standards Authority of India. Therefore, it is important to understand the regulatory framework surrounding the activity you wish to undertake in ownership and to obtain relevant licenses from the relevant local, government and central/legal authorities. Examples of business licenses include:

• Food business operator license – required for companies dealing with food
• Broker’s license – required to work as a customs broker
• Security agency license – required to provide security services
• Shopping license and construction – required during the operation of shops and commercial establishments

Tax registrations

Depending on the type of activity that the landlord will do, tax records must be obtained from the relevant tax authorities. Some tax registrations that will be required for ownership include:
GST registration – required according to GST turnover limit based on the type of work
• Professional tax registration – required for companies that employ professionals
• ESI / PF-registration is required for most companies with employees

Registration of trademarks

There is no registrar or ownership record in India. Therefore, ownership may normally be operated under any name, as long as it does not conflict with any trademark registrations and / or does not conflict with other rules and regulations. Therefore, if you want to invest a large amount of time and money in ownership, or if you must use your business name exclusively to identify goods and services arising from your business; it is recommended to obtain a trademark registration.

Open bank account

Opening a bank account in the name of a property company is one of the first steps after opening a property, to open a bank account in the name of the property, and the following two documents are required in accordance with the RBI standards to know your customer (I know you):

A certificate/license issued by the municipal authorities under the Law on Shops and Institutions,
• GST registration certificate
• The registration / licensing document issued in the name of the Royal Authority by the central government or the authority/administration of the state government.
• IEC (importer source code) issued to the property concern by the DGFT office as an identity document to open a bank account.
• A license issued by the Registrar such as the Certificate of Application issued by the Institute of Chartered Accountants of India, Institute of amount Accountants of India, Institute of Corporate Trustees of India, Indian Medical Council, Food and Drug Control Authorities, etc.

FDI India investment 

To know more call us at +91-9717070500 or send us an email at help@letscomply.com.

LetsComply

LetsComply.com is a leading technology-driven platform in India that provides Legal, Finance and Taxation services at one click with innovative acumen and client-centric approach. We have long-term synergistic alliances for business growth. With experience & knowledge encompassing a wide range of legal and finance profession, LetsComply assures seamless mettle and unbounded dedication as the essence of our work. Our impetus-driven and distinct methodology dealing with focused client needs in the most accomplish & effective way under the guidance of an experienced team of professionals, whose unimpeachable expertise is backed by their proven credentials, is our strength. We, at LetsComply.com, are committed to helping entrepreneurs and business owners to start, manage and grow their businesses by taking care of their legal, financial & taxation worries. We have contributed some of the path-breaking standards while ensuring the constant growth of the industry in India as we allow businesses to focus on innovation & expansion on core and major activities of their company, without having to fret about compliance issues, which certainly a matter of great concern and can't be left unattended. We aim to be a long-term partner in the entire business lifecycle at all stages of the entrepreneurship -- Startup, Growth, acceleration & Progression Stage- to make sure that the businesses do not fallback due compliance intricacies and hence continue to grow manifold with zeal to exceed in the global standards. In today’s digital era of future-proof vision for technology escalation in the domain of legal and finance, possessed with a natural flair for trespassing the convolutions of business needs with unvarying attention and continual learning curve, we bring to you the concept of Virtual Intelligence by way of Virtual CFO (vCFO) and Virtual General Counsel services to enable accelerated growth to your business by managing both legal and finance activities, a vital and technical but very important function for any business. We are a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers, Management Experts, IP Attorneys, and Technologists, who are ready to assist you as per your convenience.

Will Registration In India

Will Registration In India- When a person makes a will, he/she declares to whom after his / her death the wealth and property will be disbursed. The said property and wealth, of course, can not be hereditary in nature but held by themselves.

  1. Registration of the will is not compulsory, as it is considered a personal choice of the testator under the Indian Succession Act, 1925. Nevertheless, recording it is advisable if its contents are to be remembered after the death of the person. In other words, if it is not registered, the truth or legitimacy of the will be a suspect and difficult to prove. SUCCESSION CERTIFICATE IN INDIA

Procedure for will registration

  1. A witness must accompany the tester to the registrar for registration until the will is written.
  2. When licensed, in a bank locker or with the solicitor, it can be held in safe custody. The registrars are also licensed to hold wills in the deposit. You will have to apply the will in a sealed cover by the testator or by an individual properly approved by the testator if you opt for the registrar to safeguard your will. The registrar must keep the cover containing the will in order to satisfy the testator’s identity or the individual approved by the testator.
  3. When you decide to change your mind and want to delete the will from the registrar, you can submit your application directly or do it through an official agent. If the registrar is pleased the individual will receive it.
  4. If you want to modify and change certain clauses in your will, it can be done by using Codicil, a document that enlists the modified parts of the will. The testator then certifies it in the presence of two witnesses and holds it with the registrar along with the will.
  5. If the person whose will is with the registrar dies, any person will apply to the registrar to open the cover that contains the deceased’s will. Nonetheless, the registrar will only open the cover in the presence of the applicant and provide the applicant with a copy only after the registrar is sure that the testator is dead. The original will remain in the registrar’s custody until a court orders the official to show the original will.

Will Registration In India

Advantages of Registering a 

  1. The will cannot be tampered, destroyed, lost or stolen.
    The will is kept in safe custody by the registrar.
    c. No person can access or examine the will without the express permission in writing of the testator until his/ her death.
    d. If a registered will is uncontested, it may be possible to get the leasehold property mutated in the name of the legal heirs without obtaining a probate of the will.

Disadvantages of Registering a Will

  1. Revocation of a registered will is cumbersome when compared to the revocation of an unregistered will.
    b. If a registered will is revoked, the subsequent will made by the person should also be a registered will.

LetsComply

LetsComply.com is a leading technology-driven platform in India that provides Legal, Finance and Taxation services at one click with innovative acumen and client-centric approach. We have long-term synergistic alliances for business growth. With experience & knowledge encompassing a wide range of legal and finance profession, LetsComply assures seamless mettle and unbounded dedication as the essence of our work. Our impetus-driven and distinct methodology dealing with focused client needs in the most accomplish & effective way under the guidance of an experienced team of professionals, whose unimpeachable expertise is backed by their proven credentials, is our strength. We, at LetsComply.com, are committed to helping entrepreneurs and business owners to start, manage and grow their businesses by taking care of their legal, financial & taxation worries. We have contributed some of the path-breaking standards while ensuring the constant growth of the industry in India as we allow businesses to focus on innovation & expansion on core and major activities of their company, without having to fret about compliance issues, which certainly a matter of great concern and can't be left unattended. We aim to be a long-term partner in the entire business lifecycle at all stages of the entrepreneurship -- Startup, Growth, acceleration & Progression Stage- to make sure that the businesses do not fallback due compliance intricacies and hence continue to grow manifold with zeal to exceed in the global standards. In today’s digital era of future-proof vision for technology escalation in the domain of legal and finance, possessed with a natural flair for trespassing the convolutions of business needs with unvarying attention and continual learning curve, we bring to you the concept of Virtual Intelligence by way of Virtual CFO (vCFO) and Virtual General Counsel services to enable accelerated growth to your business by managing both legal and finance activities, a vital and technical but very important function for any business. We are a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers, Management Experts, IP Attorneys, and Technologists, who are ready to assist you as per your convenience.

What is due diligence?

What is due diligence- Investors generally exercise due diligence to verify regulatory and operational compliance by the company on a regular basis. The company’s due diligence is generally performed before any private equity investment, selling business, bank loan financing, etc.
In this process, the legal, financial and compliance aspects of the company are usually reviewed and documented. It is essentially the process of examining all material facts of a transaction or contract before the parties sign a legal contract. It is not limited only to buyers, so sellers can conduct due diligence on the buyer. Due diligence consists of facts, backgrounds, legal and accounting controls. This was done to ensure no surprises after the completion of the deal.

Documents required for due diligence

Good news! Just some basic documentation. Just see the checklist below:
• Company charter documents

• Notices, Attendance Sheets and Board Meeting Minutes

• Notices, attendance sheets and general meeting minutes

• Legal records

• Legal agreements implemented by the company

• RBI related documents

Assessment of MCA Documents

Most of the company’s due diligence begins with the Ministry of Corporate Affairs. On the website of the Ministry of Corporate Affairs, key data about the company is made public. Furthermore, with a nominal fee, all documents deposited with the Registrar of Companies are available to anyone. This information is verified from the MCA website first in general. The information and documents collected in this step include:

company information

• Date of Establishment
• Authorized capital
• paid Capital
• Date of the last annual general meeting
• Date of last balance sheet
• Company status

Manager Information

• Company Managers
• Date of appointment of managers

Registered Fees

• Details of secured lenders of the company
• The amount of secured loans

documents

• Certificate of incorporation
• Foundation note
• Assembly materials

In addition, the Company’s financial information and other deposits with the MCA relating to various aspects of the Company may be downloaded and reviewed. A review of company documents can provide a good overview of the company to the person doing the due diligence.
Evaluation of trade union materials
It is necessary to review the materials associated with the company during the due diligence process to identify the different classes of shares and voting rights. Materials associated with the Company may restrict / restrict the transfer of the Company’s shares. Therefore, the provisions relating to affiliation should be examined wisely to ascertain the procedures for transfer of shares.
Evaluate the company’s legal records
Under the Companies Act, 2013, a private limited company is required to maintain various legal records related to the transfer of shares, shares, board meetings, etc. Next, the legal records of the company should be reviewed to obtain and verify the information related to the manager and shares.
Evaluating the book of accounts and financial statements
Companies are required to keep a book of accounts along with detailed transaction information under the Companies Act 2013. Detailed financial transaction information should be reviewed and verified against the financial statements prepared by the company. The following are some of the relevant issues during the business due diligence process:
• Check bank statements
• Verify and evaluate all assets and liabilities
• Check cash flow information
• Check all financial statements against transaction information

Assessment of tax aspects

The tax aspects of the company should be carefully examined during the due diligence process. This helps to ensure that there are no unexpected / unexpected tax liabilities created on the company at a later date. The following aspects relating to the tax side of the company should be verified:
• Income tax return provided
• Income tax paid
• Calculation of tax liability for income by the company
• ESI / PF returns provided
• ESI / PF payments
• ESI / PF payment account
• Goods / services tax / VAT returns provided
• VAT / service payments
• Calculation basis of VAT / Service / VAT payment
• TDS returns
• TDS payments
• TDS accounts

Assessment of legal aspects

A full legal review of the company must be carried out by a legal practitioner to determine whether there are any legal proceedings pending / incomplete, and claims by or against the company and its respective liability. Furthermore, the following aspects must be verified during due process:
• Due diligence for all real estate properties of the company.
• There is no objection from the secured creditor to the company’s transfer.
• Check court documents and court filings, if any

Assessment of operational aspects

It is important to have a thorough understanding of business processes, business model and operational information during the process. The review of operational aspects should be comprehensive, including on-site visits and staff interviews. The aspects to be covered and documented in the review of operational aspects are:
• Business model
• Number of Employees
• Number of clients
• Production information
• Seller information
• Information goddesses
• The facilities

Questions and answers about due diligence of the company

1. Is it necessary to conduct due diligence before investing?
Yes, it is appropriate to know the legal compliance made by the company to date before entering into a shareholder agreement with the company.
2. How to deal with non-compliance, if any?
Don’t worry, we will provide solutions on a case-by-case basis.

Where To File A Complaint Against Builder?

 To know more call us at +91-9717070500 or send us an email at help@letscomply.com.

LetsComply

LetsComply.com is a leading technology-driven platform in India that provides Legal, Finance and Taxation services at one click with innovative acumen and client-centric approach. We have long-term synergistic alliances for business growth. With experience & knowledge encompassing a wide range of legal and finance profession, LetsComply assures seamless mettle and unbounded dedication as the essence of our work. Our impetus-driven and distinct methodology dealing with focused client needs in the most accomplish & effective way under the guidance of an experienced team of professionals, whose unimpeachable expertise is backed by their proven credentials, is our strength. We, at LetsComply.com, are committed to helping entrepreneurs and business owners to start, manage and grow their businesses by taking care of their legal, financial & taxation worries. We have contributed some of the path-breaking standards while ensuring the constant growth of the industry in India as we allow businesses to focus on innovation & expansion on core and major activities of their company, without having to fret about compliance issues, which certainly a matter of great concern and can't be left unattended. We aim to be a long-term partner in the entire business lifecycle at all stages of the entrepreneurship -- Startup, Growth, acceleration & Progression Stage- to make sure that the businesses do not fallback due compliance intricacies and hence continue to grow manifold with zeal to exceed in the global standards. In today’s digital era of future-proof vision for technology escalation in the domain of legal and finance, possessed with a natural flair for trespassing the convolutions of business needs with unvarying attention and continual learning curve, we bring to you the concept of Virtual Intelligence by way of Virtual CFO (vCFO) and Virtual General Counsel services to enable accelerated growth to your business by managing both legal and finance activities, a vital and technical but very important function for any business. We are a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers, Management Experts, IP Attorneys, and Technologists, who are ready to assist you as per your convenience.

FDI India investment

FDI India investment – India is more open than it has ever been to international investment. Barring multi-brand retail, India today allows FDI in almost every major industry, but the desired result has not been achieved.

It’s tough times. There does not seem to be any more running away from that fact. The growth story of India has stalled, with growth dropping below 7%. There is a decline in confidence and spending, and there has been a free fall in industrial output. All savings and consumption are growing. Some say these are some of the hardest times that the Indian economy has seen in the past decade or so. That makes the agony different this time is that the financial sector is also the centre of the current crisis.

All the economy’s levers are under duress. And obviously, a sectoral approach is being taken by the government of Modi to bring the economy back to health.

The slew of Finance Minister Nirmala Sitharaman’s announcements last week undone some of the damage that Budget 2019 caused. This included the cancellation of the foreign portfolio investor surcharge and the announcement of public sector banks ‘ upfront recapitalization. Many of the interventions focused on increasing capital transmission and demand fueling. Another collection of announcements followed this week— this further opening up India’s economic sectors to foreign direct investment (FDI). Clearly, the government hopes that international investors will generate interest. FDI India investment

The boldest move by the government was to allow 100% FDI for open sale under the automatic route in coal mining (as well as the construction of allied infrastructure such as washeries). This move threatens the government-run monopoly of Coal India and could lead to severe resistance from trade unions-India’s coal industry was nationalized in 1973. The policy change is consistent with the government’s target of mining 1.5 billion tons of coal by 2020, and the government is also undoubtedly hoping the move will generate investment and industrial activity. This would reduce India’s import bill for coal and give greater access to cutting-edge mining technology from around the world to the economy.

The Modi-led government has opened the economy far more than any previous government to foreign investment for all its nationalistic fervour. If the government of Narasimha Rao first unshackled the economy in 1991-often referred to as the liberalization period of India-Prime Minister Modi took this agenda very vigorously forward. It had faced protests from the Swadeshi Jagran Manch in the first term of the NDA government as it floated the idea of raising FDI limits in the insurance sector. However, tacit acceptance was met with the later steps of the government towards opening up sectors. FDI India investment

While much ideological opposition has not met the opening of India’s economy, the movements have not attracted much FDI either. Yes, last year’s FDI inflows to India fell by one quarter to $44.4 billion. In several industries, including non-bank financial firms, single-brand retail and infrastructure, the government also relaxed FDI rules last year. Former finance minister Arun Jaitley had announced at least three times in the Modi government’s first term the opening of several sectors of the Indian economy. For India to build the roads, highways, airports and ports it needs, and boost growth, foreign investment is crucial.

In contract manufacturing and in single-brand retail, one hundred per cent FDI was also allowed under the automatic route. However, the precise details of the 30 per cent local sourcing requirements have been modified, and online sales are now permitted without the prior opening of brick and mortar stores.

The success of these movements, however, depends on a number of details. For example, while the government is opening coal mining to foreign investment, it is still holding pricing power in that market. That could be a barrier to investing in a major international business. Any business that chooses to make the necessary massive investments would want the opportunity to price the coal that it eventually sells. There is also some confusion regarding coal transport, for instance, will Coal India shipments be given first priority?

Liberalizing standards is just one part of the solution. India’s FDI story has been somewhat standard over the decades, with the country attracting investment in service sectors such as finance and software, with one-off FDI investments entering telecommunications or infrastructure. Data for 2018-19 indicates that the services sector attracted the highest FDI equity inflow-$9.16 billion-followed by computer software and hardware ($6.42 billion), trading ($4.46 billion) and telecommunications ($2.67 billion). Total FDI equity inflows hit US$ 3.6 billion for the month of March 2019. In 2018-19, India’s largest inflows of FDI capital came from Singapore-$16.23 billion-after Mauritius ($8.08 billion), the Netherlands ($3.87 billion), the US ($3.14 billion) and Japan ($2.97 billion).

Nevertheless, during the period of the UPA-II administration, FDI in manufacturing made just 28% of the total FDI, slightly below the average level of 44%.

India needs to actively address issues of implementation and policy irritants that have been intensifying for companies wanting to use the FDI route to invest in the FDI country market. And in addition to the regulatory dimension, the government must also take up the challenge of convincing companies of the consistency of their policies and that their interests will be protected and they will not be subjected to tax terrorism.

Biswajit Dhar and K.S. economists In a book, India’s Recent Foreign Direct Investment: An Analysis, Chalapati Rao argues that the country needs to do a great deal of homework on its FDI strategy. In this context, FDI inflows are viewed as a bellwether of the economy— not getting the right kind of inputs can lead to serious misjudgments.

The authors quote a discussion paper on ‘ Industrial Policy 2017, ‘ circulated by the Department of Industrial Policy and Promotion, expressing dissatisfaction with India’s FDI levels and non-profit inflows, and highlighting the need for a review of the country’s FDI policy. It spoke about India’s “volume-centred” approach to FDI, and said such funding was increasingly being sought to alleviate the current account deficit — and correspondingly, the role of FDI as a development finance and technology provider had decreased.

 

Here is the hope that India will be more comprehensive in its FDI policy this time around.

LetsComply

LetsComply.com is a leading technology-driven platform in India that provides Legal, Finance and Taxation services at one click with innovative acumen and client-centric approach. We have long-term synergistic alliances for business growth. With experience & knowledge encompassing a wide range of legal and finance profession, LetsComply assures seamless mettle and unbounded dedication as the essence of our work. Our impetus-driven and distinct methodology dealing with focused client needs in the most accomplish & effective way under the guidance of an experienced team of professionals, whose unimpeachable expertise is backed by their proven credentials, is our strength. We, at LetsComply.com, are committed to helping entrepreneurs and business owners to start, manage and grow their businesses by taking care of their legal, financial & taxation worries. We have contributed some of the path-breaking standards while ensuring the constant growth of the industry in India as we allow businesses to focus on innovation & expansion on core and major activities of their company, without having to fret about compliance issues, which certainly a matter of great concern and can't be left unattended. We aim to be a long-term partner in the entire business lifecycle at all stages of the entrepreneurship -- Startup, Growth, acceleration & Progression Stage- to make sure that the businesses do not fallback due compliance intricacies and hence continue to grow manifold with zeal to exceed in the global standards. In today’s digital era of future-proof vision for technology escalation in the domain of legal and finance, possessed with a natural flair for trespassing the convolutions of business needs with unvarying attention and continual learning curve, we bring to you the concept of Virtual Intelligence by way of Virtual CFO (vCFO) and Virtual General Counsel services to enable accelerated growth to your business by managing both legal and finance activities, a vital and technical but very important function for any business. We are a team of experienced Chartered Accountants, Company Secretaries, Cost Accountants, Corporate Lawyers, Management Experts, IP Attorneys, and Technologists, who are ready to assist you as per your convenience.

There are certain deductions available to the salaried individuals under the Income Tax Act, 1961. Since the tax paid by these individuals make up for the biggest share of the total tax paid by the taxpayers in the country, it is essential to provide this section of taxpayers sufficient tax-saving mechanisms to ensure the continuance of this practice among them. Tax Deductions differ significantly from Tax Exemptions which are those sources of income which are exempted from tax, while tax deductions relate to certain deductions that are made to the gross total income which is arrived at after the exempted income is deducted from the salary.

Key Tax Deductions Available To Salaried Individuals

The Income Tax Act, 1961 provides various tax-saving provisions for these individuals, most of which are mentioned in Section 80 of the Act. However, some of the major tax deductions are:

  • Deduction for the loan for Higher Studies– Section 80E of the Income Tax Act, 1961 deals with this deduction. As per this section, the condition precedent to claiming this deduction is that the loan for the said purpose should have been taken from a bank or a financial institution in India or abroad by the individual himself or his spouse or children. His tax deduction can be claimed from the year from which the loan starts getting repaid up to the next 7 years or before the repayment of loan whichever is earlier.
  • Interest on Home Loan– Section 80C deals with this deduction which provides that the homeowners, including the salaried individuals, have an option to claim deduction up to INR 2 Lakh for interest on Home Loan if taken for self-occupancy. In case the house property is let out, the individual can claim a deduction for the entire amount of the interest related to such home loan. This deduction has to be read with Section 24 of the Act for further clarification.

File Income Tax Return Online

  • Exemption from House Rent Allowance– This is subject to total or partial deduction under the Income Tax Act if the salaried individual is staying at a rented accommodation. There are different types of HRA, these include-
    • Total HRA received from your employer;
    • Rent paid less 10% of basic salary + DA;
    • 40% of salary (basic +DA) in case of non-metro cities and 50% of salary (basic+ DA) in case of metro cities.
  • Standard Deduction– These deductions vary from budget to budget. Generally, they range between INR 40,000- INR 50,000. This acts as a huge benefit for the salaried individuals who can claim this deduction from their gross total salary.
  • Medical Insurance DeductionSection 80D of the Income Tax Act, 1961 deals with this deduction which the salaried individual can claim on his medical expenses. As per this section, a deduction up to INR 25,000 can be claimed on medical insurance premiums paid for the health of the individual himself, family and dependent parents. In case the parents fall within the age bracket of senior citizens then the deduction can be claimed up to Rs. 50,000.
  • Deductions on Savings Account Interest– Section 80TTA of the Income Tax Act, 1961 deals with these deductions, wherein it provides for deduction up to Rs. 10,000 on the income earned by an individual from savings account interest. In case the amount of income from bank interest exceeds the prescribed limit then the excess is subject to being taxed.
  • Additional Deduction for interest on Home Loan- Section 80EE of the Income Tax Act, 1961 deals with these deductions, wherein it allows the homeowners to claim an additional deduction of INR 50,000 (Section 24) for the interest of the home loan EMI. This section, however, comes with a proviso that the amount of loan should not be more than INR 35,00,000 and the value of the property should not exceed INR 50,00,000. To claim this deduction, the individual should not have any other property registered under his name at the time when the loan is being sanctioned.

These are some major tax deductions available for a salaried individual under the Income Tax Act, 1961. However, the Act provides for certain other deductions too, like- Leave Travel Allowance, deductions under section 80C, 80CCC and 80CCD(1), the deduction for donations, etc.

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