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Fincto turns out that context is a key part of learning.
Fincto turns out that context is a key part of learning.
NGO Darpan, a government-funded portal, enables registration and reporting of NGOs receiving government funding. It streamlines registration, updates information, and filing activity and fund utilization reports. To register, NGOs must align with predefined eligibility criteria.
NGO Darpan Registration is essential for NGOs in rural development and poverty alleviation to gain credibility and authenticity in the non-profit sector. Eligibility benchmarks and registration process can be found on the NGO Darpan portal..
NGOs rely on donations for funding and often register under Sections 80G and 12A of the Income Tax Act to obtain tax exemption. This privilege depends on prior NGO Darpan registration. 80G registration allows for soliciting donations and issuing exemption certificates, while 12A registration grants income tax exemption for surplus income over expenses.
Recent amendments require re-validation for continual tax benefits, which takes three months and requires application submission within one week of document lodgement. Re-validation is mandatory every five years and requires filing half a year before registration expires.
CSR-1 registration is crucial for NGOs seeking corporate social responsibility (CSR) funding from companies with specific net worth, turnover, or net profit. To initiate the process, NGOs must file Form CSR-1 with the Ministry of Corporate Affairs (MCA), which may require additional documentation or clarifications. Approval grants NGOs the CSR-1 registration certificate, paving the way for securing CSR funding from companies. This one-week process is essential for NGOs in the CSR funding realm.
The founders agreement emphasizes confidentiality for co-founders, including:
Section 8 companies must maintain their charitable status through annual compliances. A comprehensive package efficiently executes tasks like auditor appointments, register maintenance, statutory meetings, director reports, financial statements, tax returns, and filing mandates for these non-profit entities.
Section 80G of the Income Tax Act 1961 allows for donation deductions. Forms 10BD and 10BE provide enhanced transparency in verifying deductions. Form 10BD encapsulates donations received by charitable organizations and is electronically filed, containing donor information, donation amount, and receipt mode.
Form 10BE issues a certificate from Income Tax, including organization details, approval numbers, donation specifics, and donor particulars. Non-filing repercussions include fees and penalties, emphasizing the importance of adhering to these regulations.
A founders agreement establishes the entity's structure and nature.
Agreement outlines business vision, mission, objectives, and growth trajectory.
A structured role framework helps co-founders avoid overlapping roles by designating responsibilities based on expertise.
Founders agreement clearly outlines ownership distribution, preventing conflicts.
Agreement prevents ideological differences among co-founders through systematic decision-making and deadlock resolution.
Document outlines proportional compensation for co-founders violating agreement mandates.
Agreement protocols address co-founder expulsion, equitable resolution, and fund distribution.
The founders agreement emphasizes confidentiality for co-founders.
THIS FOUNDERS’ AGREEMENT (hereinafter referred to as the ‘Agreement’) is executed on [DD/MM/YYYY] by and among [XXXX] (the ‘Company’), and the following founders (the ‘Founders’):
[Insert Founder Name]
[Insert Founder Name]
NOW, WITH DUE CONSIDERATION to the foregoing and the mutual covenants and agreements hereinafter detailed, the parties hereto concur as follows:
[Continuation of the founders agreement template, incorporating company information, initial capital, ownership structure, vesting schedule, intellectual property rights, amendment protocols, resignation procedures, confidentiality commitments, dispute resolution, and more.]
Fincto combines technology and legal expertise for thousands of legal tasks.
Government processes simplified for convenience.
Package includes two iterations for satisfaction.
Fincto simplifies legal processes, making them accessible and accessible.
For comprehensive guidance, expert consultation is recommended.
Draft comprehensive business plan incorporating objectives and co-founder obligations.
Append additional required information to the agreement, as necessary.
Notarize the agreement on a non-judicial stamp paper after unanimous agreement.
Seek expert legal counsel before finalizing the agreement to ensure its robustness.
Validate the draft for inclusion of mandatory provisions, eliminating ambiguities.
Obtain unanimous acknowledgment and approval of the final draft from all co-founders.
Obtain the signature of all co-founders on the notarized agreement.
A founders agreement encompasses several pivotal sections, including:
Identifying co-founders and their roles within the company.
Defining equity ownership distribution and percentage among co-founders.
Potential inclusion of a vesting timetable for equity shares.
Managing intellectual property rights in business ventures.
Outlining decision-making mechanisms, roles, and responsibilities of co-founders.
Describing scenarios leading to termination and exit procedures for co-founders.
Establishing protocols for dispute resolution, including mediation and arbitration.
This Fincto-structured agreement upholds the following clauses:
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Improve founders' agreement through two iterations for excellence.
Fincto simplifies legal aspects for a transformational journey.
24/7 customer support team addresses queries and concerns.
Customer may receive a refund for product dislike, damaged, incorrect item, or predefined issues upon return.
Refund policy governs online order cancellation process, details, and procedures for refunds.
A Website Disclaimer communicates liabilities to visitors, safeguards intellectual property, discourages unauthorized usage, and prevents misuse accusations. It can be standalone or integrated into legal documents, demonstrating responsible online conduct and promoting responsible behavior.
A Cookie Policy is essential for online transparency and legal compliance, educating visitors about active cookies, their purpose, and user data processing. It is often a legal requirement in many jurisdictions.
E-commerce relies on efficient shipping and delivery; a Shipping Policy provides clear information on fees, timelines, and procedures, improving customer experience.
A well-crafted contract securely stores user data and complies with terms.
Ethical service providers must communicate service conditions to clients.
Policies guide service provider-customer legal framework.
Legal contracts require integrated privacy policies for websites.
Privacy guidelines outline data collection, confidentiality, sharing, and collaboration.
Understanding policies ensures responsible online conduct, legal compliance, and user experience.
GSTR1 is the form used for tax returns on outward supplies, encompassing both interstate and intrastate B2B and B2C sales. It also includes details of purchases under reverse charge and inter-state stock transfers made during the tax period. Late filing of GSTR1 can result in a late fee, which is collected in the subsequent open return, Form GSTR-3B. Since January 1, 2022, taxpayers cannot file Form GSTR-1 if they haven't filed Form GSTR-3B in the preceding month.
This amendment form corrects any discrepancies between the GSTR-1 of a taxpayer and the GSTR-2 of their customers. The filing window for GSTR1A is between the 15th and 17th of the following month.
Monthly GST returns for inward supplies are filed using this form. It contains taxpayer information, return period, and detailed invoice-level purchase information related to goods and services separately.
This auto-generated tax return compiles purchases and inward supplies made by a taxpayer based on the information from their suppliers GSTR-1.
An auto-generated document that acts as an Input Tax Credit (ITC) statement for taxpayers, facilitating faster return filing, minimizing errors, easing reconciliation, and simplifying compliance.
This form is used to file consolidated monthly tax returns. It contains the taxpayers basic information, turnover details, final aggregate-level inward and outward supply details, tax liability under CGST, SGST, IGST, additional tax (+1% tax), ITC, cash, liability ledgers, and details of other payments like interests, penalties, and fees.
This is a tax notice issued by the tax authority to a defaulter who has failed to file monthly GST returns on time.
It is a temporary consolidated summary GST return for inward and outward supplies, introduced as a relaxation for recently registered businesses.
This quarterly GST return is filed by compounding vendors. It includes the total value of supplies made during the covered period and details of tax paid at the compounding rate (not exceeding 1% of aggregate turnover) along with invoice details for inward supplies.
The Quarterly purchase-related tax return filed by composition dealers, automatically generated by the GSTN portal based on information from the suppliers GSTR-1, GSTR-5, and GSTR-7.
Variable return for Non-resident foreign taxpayers, containing details of the taxpayer, return period, and invoice details of all goods and services sold and purchased. It also includes imports on Indian soil for the registered period/month.
This monthly GST return is for ISDs (Input Service Distributors), containing details of invoice-level supply from the GSTR-1 of counterparties, credit for ITC services received, debit for ITC reversed or distributed, and closing balance.
It is a monthly return for TDS (Tax Deducted at Source) transactions, containing the taxpayers basic information, return period, supplier's GSTIN, and invoices against which the tax has been deducted, categorized under SGST, CGST, and IGST. It also includes details of other payments like interests and penalties.
This is the monthly return for e-commerce operators. It contains the taxpayers basic information, return period, details of supplies made to customers through the e-commerce portal, tax collected at source, tax payable, and tax paid.
The annual consolidated tax return, comprising detailed income and expenditure, regrouped according to the monthly GST returns filed by the taxpayer.
The annual composition return form to be filed by every taxpayer enrolled in the composition scheme.
This Audit form is filed by taxpayers liable to get their annual reports audited when their aggregate turnover exceeds ₹2 crores in a financial year.
Filed before cancelling GST registration, this final GST return contains the details of all supplies, liabilities, tax collected, and tax payable.
Variable tax return for taxpayers with UIN (Unique Identification Number), containing details of purchases made by foreign embassies and diplomatic missions for self-consumption during a particular month.
LUT and bonds confirm exporter commitment, guiding when to opt for them and claiming IGST refunds for exports.
Staying compliant with GST due dates is vital to avoid late payment charges and interests. Fincto provides updated information on due dates for the financial years 2021-2022 and 2022-2023. Keeping clients informed of these updates can help taxpayers stay on top of their compliance requirements and ensure timely filing of GST returns.
Taxpayers registered under the Composition Scheme must file taxes using CMP-08 every quarter and file GSTR-4 annually. The due date for the GST return for Composition Scheme registrants is the 18th of the month following each quarter.
Fincto provides a hassle-free GST return filing experience with the support of a team of dedicated experts. Fincto offers a seamless GST compliance journey. It's commendable to see such dedication to assisting taxpayers in their GST return filing processes.
A GST Certificate is an important document issued by the Indian government which proves that a business is registered under GST. The certificate contains crucial information like the GST identification number, name, and address of the business. With a GST Certificate on hand, businesses can easily charge and collect GST, apply for loans, and participate in tenders.
Fincto’s legal experts and chartered accountants handle the NGO registration process, providing transparent updates and comprehensive assistance. They ensure a seamless experience at an affordable cost, navigating NGO registration, CSR-1 filing, and annual compliances with professionalism. Non-filing repercussions include fees and penalties, emphasizing the importance of adhering to regulations.
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2023-01-05 14:00 (INTERNATIONAL TIME)
