Trademark registration online aids organizations in safeguarding their brand identities and fighting off imitators and fake goods. Since consumers utilize brand identity to evaluate and compare companies, trademark registration is a crucial component of the current business environment. All organizations strive to develop distinctive strategies to set themselves apart from the competition. Without their recognizable logos and brand names, can you picture what companies like Apple or Samsung would seem like?

These companies rely on such branding techniques to be memorable and increase client loyalty. As a result, maintaining success depends on preserving brand reputation from damage. Businesses can obtain exclusive rights to use their brand name, logo, and other visual symbols by trademark registration online. In this blog, you will understand why you ought to get trademark registration online through trademark registration process.

What does trademark mean?

A trademark is any logo, symbol, word, or combination of words, symbols, and numbers that distinguishes a brand from others in the market. Furthermore, trademark registration online prevents competitors from utilizing identical names or logos, making it a crucial piece of intellectual property for an organization. Additionally, they help businesses create a thorough brand identity by letting shoppers connect different visual elements with their goods.

For startups registered as MSMEs under the Udyog Aadhaar Scheme, the Department for Promotion of Internal Trade and Industrial Policy recently lowered the application fee for trademark registration online in one class by 50%.

What are the benefits of getting trademark registration?

1. Easy identification of a product or service
2. Grants brands the exclusive right to use distinctive visual features
3. Ensures quality of a product and service
4. Helps in promoting and marketing goods and services
5. Provides legal protection against products that are fake or copied
6. Facilitates the launch of a product into new markets and market segments
7. Makes it possible for the organization to develop stronger goodwill, reputation, and dependability

You need not worry about how to register trademark in Surat or how to register trademark in India! Access experienced assistance with our team of professionals at Finaccle who will walk you through each step of the process at a very affordable cost!

What are the types of trademark?

The following are the types of trademarks that organizations or brands can register:

1. A picture, symbol, 3D shape, or letters
2. Sound marks in audio formats
3. Using letters and numbers together to represent a brand
4. Brand name
5. Graphic design or a logo

Application for trademark

Any person, company, or other legal entity that trades in goods or services may submit a trademark application. Additionally, the trademark registration process might take anywhere from 18 to 24 months to complete.

Companies can highlight their trademark registration by including the ® (registered symbol) after successful registration. In order to ensure the legal protection offered by the Trademark Office, organizations will also obtain a registration certificate. A registered trademark also has a ten-year validity period from the filing date, and trademark owners must renew their trademarks to maintain protection.

What are the documents required?

1. Trademark or logo copy
2. Information about the application
3. Details of the products and services to be registered
4. Date of usage on the application (if used it)
5. If required, a power of attorney

What is included in the trademark registration online process in India?

1. To avoid having application rejected, applicants must first check to discover if similar trademarks are already in use before applying.
2. Individuals must file an application to the Indian Trademark Registry after selecting a trademark. It also has offices in Kolkata, Mumbai, Delhi, Chennai. The government now permits organizations to submit applications online. It is advised to seek aid of a professional at Finaccle!
3. In addition, the examiner carefully reviews each application after receiving it and conducts a thorough examination for somewhere between 12 to 18 months. The trademark is published in the Trademark Journal after the examination.
4. Individuals have the option to oppose the trademark registration during this time. The applicant will be required to appear at a fair hearing and defend their right to register the mark if there is an opposition.
5. The TM Office issues a registration certificate upon successful clearance, after which you may use the ® symbol. However, the applicant must renew the trademark every ten years in order to maintain protection.

Why Finaccle can prove to be useful for you?

Trademark registration process takes a long time and involves plenty of paperwork. However, it guarantees the sustainability and safety of the goods and services associated with your brand. As a result, organizations should rely on qualified services to acquire trademark registration.

Finaccle provides a complete package that makes it simple for organizations to safeguard their brand identification. Get trademark registration process done with Finaccle! You need not worry about how to register trademark in Surat or how to register trademark in India! Access experienced assistance with our team of professionals at Finaccle who will walk you through each step of the process at a very affordable cost!

Not only  trademark registration, you can also benefit from our services in the Financial, Accounting, Legal and Taxation domain! Ask us any doubt you may have! For more updates, follow us on the following platforms. Share this blog and for more, stay tuned!

Trademark registration process takes time and requires continuous maintenance. Laws governing trademarks are helpful in enforcing and regulating legal rights relating to brand-building elements including logos, symbols, and business names. Trademark registration online gives you the right to sue anyone who tries to use a similar trademark to yours and stops others from doing the same.

Why is trademark registration important for businesses?

Reasons which make trademark registration crucial and essential for businesses are that it promotes its distinctive identity, aids in developing customer trust and loyalty, provides legal protection for your brand’s identity, prevents unauthorized usage of it and is a valuable asset on a whole.

Application for business trademark registration

Anybody who wants to claim ownership of a trademark may submit an application for trademark registration online. One could create:

1. A name that is unique
2. A term which does not accurately convey the nature or quality of good or service
3. Numbers, letters, or a combination of the two
4. The legal claim to trademark ownership
5. Symbols or gadgets
6. Monograms
7. A phrase or device combined with a single color or a combination of colors
8. Marks that make up 2D signs
9. Product shapes and packaging
10. Sound marks

How to submit an application in the trademark registration process?

• The initial step in starting the trademark registration process is a trademark search. It helps in finding similar or identical trademarks in the same class. Finalize a trademark.

• Next, choose a class with great care. You must choose a specific class or sector from the 45 available trademark classes from the Trademark Registry in order to register your trademark.

• Review of all the information after the trademark application is submitted is done by the examiner. Then, a go-ahead for publication in the trademark journal is given. Any person or organization may object to the trademark registration process. Trademark authorization certificate will be granted (if no objections). It will have a 10-year validity period.

• The applicant has 30 days to react to the notice if there is opposition because of similar trademarks. In response to the notice, a hearing date will be made public so that the applicant can make their case for trademark registration.

You need not worry about how to register trademark in Surat or how to register trademark in India! Access experienced assistance with our team of professionals at Finaccle who will walk you through each step of the process at a very affordable cost!

Documents and information needed for business trademark registration

1. Name of the applicant
2. Name and objective of the business
3. Brand’s name/ slogan/logo
4. Registered address
5. Identity proof (Aadhaar card, driving license, passport, voter ID)

Some frequently asked questions

1.What kind of trademark applications are typically rejected?

Your trademark will be rejected if it’s the same as an application that already exists, would offend religious sensibilities, contains geographical names, or contains common words. It would also be rejected if there was a chance it might lead to misunderstanding.

2. When should I use the TM symbol?

You can use the TM symbol as soon as you submit the application and get an acknowledgement. After completing the trademark registration process, you can use the ® symbol.

3. Do I need to do the trademark registration online in my own name?

While big firms would rather do it in the name of the company, many startup founders register it in their own names. This is due to the uncertainty surrounding a start-up’s future.  The trademark would be valid no matter how the company is doing, if it is owned by the founder. But in this instance, a trademark license agreement is necessary.

4. By when will I be able to register my trademark?

The approval process for a trademark might take anything from six months to 1 year. However, if we can obtain all the information and documentation as soon as possible, we can apply and begin utilizing the TM sign within a few days.

Conclusion

Trademark registration in India is open to all parties, including individuals, companies, and organizations which are charitable. If you don’t establish and protect a unique brand identity for your business, it may be difficult to stand out in the modern marketplace with your products or services. Hence, you need to do trademark registration online. With Finaccle, you can get your trademark registration process done.

You need not worry about how to register trademark in Surat or how to register trademark in India! Access experienced assistance with our team of professionals at Finaccle who will walk you through each step of the process at a very affordable cost!

Not only  trademark registration, you can also benefit from our services in the Financial, Accounting, Legal and Taxation domain! Ask us any doubt you may have! For more updates, follow us on the following platforms. Share this blog and for more, stay tuned!

In this blog, we have explained how to register trademark in India by completing trademark registration online.

Meaning of a trademark

A trademark is whatever you use to set your products apart from those of competitors, including words, colors, logos (device marks), shapes of goods, sounds, and 3 dimensions. To put it another way, a trademark is any phrase, word, logo, symbol, image, design, or combination of these that serves to identify the brand that owns the rights to a certain product or service. A trademark gives a service, product, or business a distinctive identity. They stand out from the crowd thanks to this unique identity.

An individual or a company may complete the trademark registration process. The Trade Marks Act of 1999, introduced the legal process of trademark registration online

Steps in trademark registration

Step-1

– Documents required for registration

• Documentation that the proposed mark may be used in another nation
• A power of attorney must be signed and submitted by owner
• A properly filled application form
• When applying for a sole proprietorship business, the applicant’s information, the proprietor’s identification proof (PAN card, Aadhaar card, name, address, nationality, etc.,) may be submitted
• Proof of address for businesses
• Location, nature and purpose, of business for trademark registration online
• In the event of a corporation, small business, startup, or other entity; COI, and, if the business is a partnership firm, a partnership deed

Step-2

– Cost of the process

Various fees are levied at each stage. You shall have to pay for trademarks searches, filing of application, professional help and also if the Trademark Registry rejects your application.

Step-3

– Select and register your own brand name

When you submit an online application to the government website, you will receive an immediate acknowledgement there. Choose a trademark carefully. Later changes will be time- and costly.

Step-4

– Conduct trademark search

When choosing a trademark, check if it is distinctive by conducting a trademark search. If another person has already registered a trademark that is close to or identical to yours, you must amend or modify yours before continuing. If the trademark is distinctive, the classification procedure may start.

Step-5

– Trademark classification

Trademark Registry’s 45 classifications exist. To determine the class to which the business belongs one can use it.

Step-6

– Preparing the trademark application form and submitting documents

Examples include business identity verification, a copy of the trademark, proof of claim, and power of attorney.

Step-7

– Filling the application form

When filing documents electronically, the acknowledgement is available right away. After this, one can use the Trademark symbol (TM).

Step-8

– Advertisement or publication in the Trademarks Journal

The Controller General (of Patents, Designs, and Trademarks) lays down rules and guidelines, which is verified by the Trademark Officer in the application. A trademark objection notice will be sent, if any issues exist or details are required. Within 30 days after receiving the notice, you must respond, justifying your position and offering sufficient evidence to support it.

If the officer is satisfied with the reply, the trademark will be published in the Indian Trademark Journal by the Registrar. 

Opposition must be filed within 90 days or, in some situations, 120 days of the date of publication. If not, they will set up a hearing where you will have to represent yourself using a trademark attorney.

Step-9

– Trademark registration or receiving a certificate of trademark registration

If no opposition is there within the allotted 90 days, the Registrar will accept your trademark application and issue Certificate of trademark registration. It shall bear the Trademark Registry’s seal. A form acknowledgement is also given within 15–20 days.

The R symbol takes about 2 years to be received, however the trademark symbol is available within 3 to 4 days of application.

An allocation number is then assigned, which can be tracked online. It takes about 1.5 to 2 years to register a trademark through the trademark registration process.

Step-10

– Renewal

Trademark has a validity of 10 years from the date of application. Trademark renewal is done 6 months prior to the expiry date.

Conclusion

Trademark registration process entails many steps and a considerable financial investment. With Finaccle, get trademark registration online. Don’t worry about how to register trademark in Surat or how to register trademark in India! Access experienced assistance with our team.

Not only  trademark registration services, you can also benefit from our services in the Financial, Accounting, Legal and Taxation domain! Ask us any doubt you may have! For more updates, follow us on the following platforms. Share this blog and for more, stay tuned!

Businesses must first assess whether it’s eligible to register under the most recent indirect tax regime before beginning the online GST registration process. Any individual or group engaged in commercialized business must comply with the New GST Registration and Eligibility Criteria because it enables the proprietary to discharge taxes and take advantage of input tax credit. Certain businesses must get online GST registration done. It will face severe penalties if it conducts business operations without being registered. The GST Council states that a business entity must meet a number of GST filing requirements in order to be eligible for online GST registration.

So, in this blog, we have explained what the GST eligibility criteria is and how Finaccle can help you further to file GST in an economical and convenient way.

What is meant by GST registration?

The Goods & Services Tax (GST) is an indirect tax that is paid when purchasing goods or services for consumption. It’s also a value-added tax levied on services. Additionally, companies that deliver services and sell goods must contribute fairly to the GST. GST eliminates the cascading effect of indirect taxes. In addition, it combines a number of separate central and state indirect taxes to provide more revenue for the government. Similar to that, online GST registration went into effect in April 2017 and demanded registration from all eligible enterprises.

What is the eligibility criteria under GST filing?

• Individuals registered under legislation like excise, VAT, service tax, etc. that were in place prior to the implementation of the GST
• A non-resident Indian taxpayer or a casual taxpayer
• Supplier’s agents, distributors of Input Services, and aggregators or E-commerce operators
• People who pay taxes through the GST registration reverse charge mechanism
• A business with a turnover that exceeds the 20 lakh rupee threshold. For states like Jammu and Kashmir, Himachal Pradesh, Uttarakhand, and the North Eastern Indian states, the limit is 10 lakh rupees
• Any business engaged in the supply of goods whose annual turnover exceeds Rs. 20 lakhs for states in the Special category and Rs. 40 lakhs for states in the Normal category
• Any business providing services whose annual turnover surpasses Rs. 10 lakhs for states in the Special category and Rs. 20 lakhs for states in the Normal category
• If a registered business is transferred to another party or dissolves, the transferee must take online GST registration since the date of the transfer
• A person who provides online information and database access or retrieval services from a location outside India to a person in India who is not a registered taxable person
• A person making interstate supplies and a person providing online information and database access or retrieval (OIDAR) services to a person in India who is not a registered taxable person from a location outside India

Who is considered a Casual taxable person for online GST registration?

A person without a permanent place of business, who occasionally provides goods or services in an area where GST is applicable. According to GST, this person will be regarded as a casual taxable person. Suppose, a person operates in Bangalore and provides taxable consulting services in Pune, with no place of business there. Here, the person would be regarded as a casual taxable person in Pune.

Who is considered a Non-resident taxable person for online GST registration?

If a non-resident does not have a permanent place of business in India but periodically supplies products or services in an area where GST is applicable. This person will be regarded as a non-resident taxable person under GST. Similar to the situation above, however, the non-resident does not have a place of business in India.

Who is a distributor of Input Services for GST filing?

An ‘Input Service Distributor’ is an office of the supplier of goods or services that receives tax invoices upon receipt of input services. They issue tax invoices for distributing credit of paid on the said services to branch with the same PAN. Therefore, credit can only be distributed for ‘input services’, not for input goods or capital goods.

For assessees who are not currently registered as input service distributors, this will be a new topic. The use of this facility is, however, optional.

What is the meaning of composition taxpayer?

A composition taxpayer is a person registered under the composition scheme who is exempt from having to charge customers the normal rates of GST. Instead, they can file Form CMP-08 and pay tax to the government at nominal or lower rates. For these taxpayers, specific guidelines have been established. When the GST was first implemented, only suppliers of goods with an annual turnover of up to Rs. 1.5 crore were eligible to choose the composition scheme governed by Section 10 of the CGST Act. For online GST registration, the maximum annual aggregate turnover limit must be Rs. 50 lakh.

What is the meaning of QRMP taxpayer?

A registered person who must file a GSTR-3B return and who has an aggregate turnover of up to Rs. 5 crore in the last financial year is eligible for the QRMP Scheme. The scheme allows for the quarterly filing of GSTR-1 and GSTR-3B and the monthly payment of tax using form PMT-06. Furthermore, the Invoice Furnishing Facility (IFF) can be used if B2B sales invoices need to be uploaded.

Online GST registration by type of taxable person

• Within thirty days from the date on which they are required to register, every person is required to submit an application for GST registration in each state where they are liable
• Casual/non-resident taxpayers must submit their applications at least five days before they commence business
• Since the GST registration number will be based on PANs, possessing a PAN is a need for registering
• Since GST registration is State-specific, the assessee must obtain separate registrations for each State
• The assessee has the choice to acquire separate registrations in the same State for each of the ‘business verticals’
• Special GST registration provisions for non-resident taxable persons and casual taxable person
• A casual taxable person or a non-resident taxable person must make an application for registration at least five days before the start of business. Special provisions for casual and non-resident taxable persons under GST are outlined in Section 24
• A temporary registration for a term of 90 days that may be extended for an additional 90 days is available to non-resident or casual taxable persons. A person that registers under Section 24 will need to pay an advance GST deposit based on their anticipated tax liability

Conclusion

Knowing who is eligible to file for GST and what the eligibility requirements are, makes it crucial to keep your company updated with the most recent GST filing in order to avoid penalties.

Click here to contact our team at Finaccle to get GST registration in Surat or anywhere in India! Not only can you get online GST registration done but also will have our support throughout the online GST registration process. All this can be done at an affordable GST registration fees.

We also render services related to the Financial, Accounting, Legal and Taxation domain! Read our blogs to know what is GST, supply under it, how to calculate it! If you have any queries related to GST or any other topic do let us know! Share this blog and stay tuned for more!

Users are only permitted to use a trademark exclusively in connection with the product or service classes for which it was registered. Trademark registration online in India is open to all parties, including individuals, companies, and organizations which are charitable. If you don’t establish and protect a unique brand identity for your business, it may be difficult to stand out in the modern marketplace with your products or services. Hence, you need to do trademark registration online. We’ll walk you through the trademark registration process in this blog. Continue Reading!

One way to efficiently and distinctively promote your products or services to the general public in the form of words, marks, or taglines is through the use of a trademark. It’s an inexpensive approach for marketing your product. An image, letter, slogan, or color scheme could be used to give your products a name or identity. However, when a third party starts using the trademark without your permission, managing it becomes challenging. This is said to be a trademark infringement. Hence, it’s important to take trademark registration services affordably in India.

Purpose of trademark

• By putting the product in contact with a renowned manufacturer, it ensures the quality of the product and service
• Gives brands the sole right to use the distinguishing graphic elements
• Assists in advertising and marketing products and services
• Offers legal protection against fake or copied products
• Aids in the introduction of a product into new markets and market segments
• It enables the company to gain a better reputation, dependability and goodwill

Examples of trademark types

• A logo, photograph, 3D shape, graphic design or letters
• Audio formats with sound marks
• Representing a brand with a combination of letters and numbers
• Name of the company

Trademark infringement

There are several views on trademark infringement. Occasionally, but not always, another party will infringe upon your exclusive right. In order to learn the truth, it is crucial to evaluate the legal provision to ascertain what amounts to infringement and what does not.

Trademark infringement :- Drawbacks

Since we all reside in the second-most populous country in the world, it can be challenging to monitor who else is using our trademark. Additionally, when someone else uses our trademark, they frequently change it so that they can use it for their own business, which makes it harder to challenge the trademark on the surface. These factors increase the difficulty and complexity of maintaining a trademark portfolio. Using another person’s trademark is considered trademark infringement in India, which is wrong and prohibited.

Two of the various ways that trademark infringement can harm the owner are the loss of the original owner’s reputation and company value. Customers who feel deceived without realizing it is not you who is doing it will be unhappy when a trademark infringement decreases the quality of your product. In this way, as clients start switching to a different brand, the value of the current business starts to decline. Trademark owners seek the assistance of experts who can manage their trademark portfolios and keep an eye out for unethical behavior because of all the unethical strategies employed by their competitors and to reduce any costs associated with business growth.

Trademark infringement :- Guidelines

• Trademark infringement happens when one of your trademark confuses the general public because it is identical to another registered trademark
• Using a mark that is similar to or nearly so for a product constitutes infringement
• Using a mark that is confusingly similar to a well-known brand constitutes trademark infringement, regardless of whether the mark is applied to goods in the same class
• When a registered trademark is utilized in any kind of commercial, its reputation suffers
• The use of a trademark to describe the nature, amount, or quality of a good is not considered trademark infringement
• Using someone else’s words, but doing so is not covered by trademark registration. The opposing party cannot raise a trademark registration. Hence, you need to get the trademark registration process done at a reasonable price

In order to avoid all these consequences of trademark infringement, you can consult Finaccle for trademark registration at an affordable price.

Conclusion

A trademark should raise the perceived worth of the products and services offered by your company and increase brand recognition.  At this point, you ought to be aware of the trademark infringement. As you create your trademark strategy, you should keep these points in mind. This will help you regardless of whether you already have a trademark or intend to receive trademark registration services for one in India.

If you’d rather hire experts to handle it for you, than take the chance of making mistakes, you can always get in contact with Finaccle if you want to register your trademark in India quickly and easily. You don’t have to worry about how to register trademark in Surat or how to register trademark in India, complete the trademark registration online process with us! We not only render trademark registration services but also those related to the Financial, Accounting, Legal and Taxation domain! Contact us today and don’t forget to share this blog on the platforms below! Ask us any queries you may have!

Why is it necessary to incorporate company?

You should incorporate a company for :-

• Tax savings
• Liability protection
• Business credibility
• Ease in raising capital
• Perpetual duration
• Transfer of ownership
• Privacy

What are the benefits/advantages of company incorporation?

Let’s look at 10 benefits of company incorporation :-

1. Corporate veil

Incorporation successfully establishes the corporate veil, a protective area of limited liability that safeguards the interests of the company’s shareholders and directors. As a result, incorporated companies can absorb a lot of risks that aid in growth without exposing owners, directors, and shareholders to a lot of financial liabilities beyond their initial investments in the company.

2. Corporate personality

The incorporation of the company aids in the establishment of a legal entity of the company that is independent of and distinct from the stockholders, owners of the company, and partnership firms.

3. Limited liability

The Company Act Section 34(2) states that if a company is shut down, the members are solely liable for the debts. But, the members are legally required to contribute with some nominal share held by the members and have few additional liabilities once the company is established.

4. Perpetual succession

In spite of any owner’s death, bankruptcy, insanity, or transfer of shares to another entity, etc., the company continues to operate. Perpetual succession gives the company immunity.

5. Transferable shares

The shares and other interests of the members are movable property that can be transferred, as stated in Companies Act, Section 82. This gives investors liquidity and generates investment of funds in shares.

6. Separate property

Company’s property is treated as separate property separate from its members. The company, like a real person, controls, manages, and disposes of the property. The shareholders might face criminal charges for misappropriating the company’s funds if they use the company’s property for personal use, according to the law.

7. Capacity to sue

An incorporated company has the right to sue and be sued ( exceptions exist)

8. Flexibility and autonomy

A company that has been incorporated has the autonomy and freedom to establish its own rules and regulations and decide how to carry them out. However, these are constrained by Equity rules, General principles of law and Morality.

9. Elevates company credibility

Companies that have been incorporated are more stable than those that have not. Simply said, adding ‘Inc.’ or ‘ltd’ to the end of the company name adds credibility, stability, and permanence.

10. Additional benefits

One of the main benefits of incorporation is tax benefits. Taxes are levied on a corporation’s profit. To achieve their financial objectives, an incorporated company may additionally deduct salary, health benefits, etc.

Conclusion

Hope this blog was useful for you. Please do not hesitate to get in touch with us at Finaccle, if you require further help. Apart from online company registration in India (such as private limited company registration in Surat), we also render services related to Finance, Accounting, Tax and Legal aspects! Share this blog and follow us on the following platforms to know more!

Taxpayers who have completed online GST registration, must first understand what Negative Liability for GST Advisory is, to know how to alter the amount in statement. On April 30, 2022, GSTN, the Goods and Services Tax Network, issued an advisory to composition taxpayers regarding negative liability.

Composition taxpayers must make the quarterly payment starting with the 2019–20 financial year. They must submit Form GST CMP-08 and Form GSTR-4 for returns .

In GSTR-4, “tax payable” is determined after deduction of liability reported in GST CMP-08 is made (which is fetched in Table 5 automatically). The advisory states that taxpayers must provide their annual tax liability, calculated at the applicable tax rates, in GSTR-4.

‘0‘ is entered, if no obligation is found in Table 6 in GSTR -4. Even if the taxpayer has successfully paid liability with Form GST CMP-08, here it is assumed that taxpayer has no obligations to pay. It is shown as a negative liability item in Form GSTR-4 and treated as an additional tax payment.

What is the treatment of negative liability?

The issued Advisory to Taxpayers on Negative Liability is as follows:

Composition taxpayers may fail to complete Table 6 of Form GSTR-4 return . Amount paid by the taxpayer through Form CMP-08 goes to the credit of negative liability statement.

• Such a negative liability has currently been removed from the negative liability statement by the GSTIN system. If the taxpayer used any amount from the statement, that amount would be removed from the cash ledger.
• If the cash ledger balance goes negative, the taxpayer must deposit the money using a challan for that amount.
• The taxpayer may request a refund of the excess amount if the payment of the amount that has been credited to negative liability has been made through DRC-03, DRC-08, or GSTR-4 of the following Financial Year. In order to do this, he or she must complete Form RFD-01, a refund application.
• In relation to the debit entries, GSTIN emails the taxpayer.

The GST login website has a report called a negative liability statement. It includes a negative summary for the current quarter in Form CMP-08.

Checking the Negative Liability Statement

By submitting Form GSTR-4 of last year, at the fiscal year end negative liability statements with balance can be checked. Logging into the GST website, the taxpayer has access to the negative liability statement.

• The taxpayer should go to the GST website, select ‘Services’, and then select ‘Ledgers’
• To check the negative liability statement, the user must then select the ‘Negative Liability Statement‘ option

Way to nullify Negative Liability Adjustment

The first step in invalidating a negative liability adjustment is for the taxpayer to raise a ticket on the website for grievances or write to the relevant jurisdictional GST (Goods and Service Tax) officer as soon as they become aware of this problem.

Debit of the Negative Liability

Additional amount in the negative liability statement has been reduced. GSTN noted some taxpayers provided the liability in order to file a statement in Form GSTR-4 or GST CMP-08 of that fiscal year by using extra amount that was made available in the negative liability statement. This amount is debited in the cash ledger. However, certain exceptions do exist here!

To sum up with a few pointers :-

• When the taxpayer deposits the liability through a challan, the cash ledger balance is changed; however, when the liability is not deposited, the balance becomes negative
• In these situations, it is advised that the taxpayers deposit their former liability as quickly as possible using a challan for the same amount
• The taxpayers will receive information about the deduction via emails that may be accessed on the GST website
• By submitting Form GST RFD-01, the taxpayer may claim a refund of the same amount even if the liability has been revised to include the liability for the next year

In conclusion

For GST registration in Surat or anywhere in India, you can reach out to us at Finaccle to complete the online GST registration process. Undoubtedly ,we also provide support throughout the online GST registration process! Additionally, we also render services related to the Financial, Accounting, Legal and Taxation domain! Read our blogs to know what is GST, supply under it, how to calculate it! If you have any queries related to GST or any other topic, do let us know! Share this blog and follow us on the below mentioned platforms to know more!

A firm’s partners do not always get along, and there are times when the LLP is not running efficiently as it could. After LLP registration, changes to the LLP agreement become necessary if the LLP is not operating as efficiently as it could.

In a LLP, partners have limited liability. The Ministry of Corporate Affairs (MCA) has set compliance and regulatory requirements for Limited liability partnership registration. The Limited Liability Partnership Act of 2008 regulates LLP registration and LLP agreement, a document that sets up the partners administration, rights, and responsibilities.

Modifications permitted to LLP agreement

Changes to :-

• LLP’s name and activities
• Duties, contributions, and rights of LLP partners
• Registered address, contribution, and profit-sharing ratio
• In lieu of the LLP being wound up, shut down, dissolved, or declared inoperative

Reasons for modifying an LLP agreement

Change in :-

• Business operations

• Capital contribution by partners in a LLP
  • By increasing capital
  • By decreasing capital
  • By altering capital contribution ratio

• Capital management structure
• Criteria for addition, resignation, expulsion, or retirement of partners involved in the LLP
• Partners’ duties and rights
• Expansion and contraction of clause

Steps for modifying an LLP agreement :-

Do the registration and form-filling process, after :-

• Holding a meeting of partners and obtaining consent from all parties concerned (by passing a resolution for the partners, this can be done)
• One of the partners must be given power to submit documents to MCA and meet the amendment requirement
• LLP agreement must be modified then
• Next stamp duty must be paid
• LLP agreement and the supplementary deed both require the signature of the partners to be valid
• Two witnesses(minimum) must attest the amended LLP agreement
• A resolution must be passed
• After the resolution has been passed, Form-3 must be filed with the Registrar within 30 days
• The information required in Form 3 is :-
  • Modification date of LLP agreement
  • Reason for proposed changes
  • Business changes
  • Changes in partners composition
  • Changes to profit/loss ratio of partners
• Changes in crucial details which include :-
  • Duties and rights of company or its partners
  • Limitations on the authority of partners
  • Changes to management or administration of partners
  • Alteration to procedure of conducting meetings
  • Indemnity clause details

• Partner related changes like :-
  • Admission
  • Retirement
  • Expulsion
  • Termination
  • Resignation

• To settle disputes between :-
  • Partners
  • Partners and the LLP
  • Other LLP-related clauses

• Documents to be filed with Form-3 :-
  • LLP agreement before and after modifications
  • Additional relevant and significant documents

Lastly

File Form-4 :-

• For replacement of a designated partner
• Where information such as address, name, designation, and others need to be changed

• Documents that must be filed with Form 4 :-
  • Document with partner’s consent
  • Proof for name change or an affidavit for the same and proof of termination
  • If a company is the designated partner, the company must pass a resolution before a new person can join the LLP as a partner
  • An authorization letter that includes the name and address of the person named as the representative or partner

NOTE:

• You can download LLP agreement from the MCA website
• The aforementioned electronic form may be downloaded, filled, and submitted, or it may be completed online with a digital signature certificate
• If you’re filling the form offline, you can upload the scanned document directly to the portal

Conclusion :-

The process will get more simple if you use the knowledge and expertise of the team at Finaccle. We provide services related to Financial, Taxation, Accounting and Legal domain besides LLP registration in Surat or LLP registration services! To learn more about all our services explore our website!

Feel free to ask us any questions you may have and share this blog with your mates on any of the platforms below!

Read about LLP registration here . Stay tuned for more informative content!

Let’s evaluate every factor that goes into the registration of a slogan as a trademark.

How can slogans/ taglines benefit a company?

Slogans are a group of words that are used in combination with a brand name or logo to make a unique impression. Slogans serve as a helpful tool for keeping the brand in the minds of customers.

Many have utilized slogans, catchphrases, and taglines to stir up interest in their target market. Before we discuss legal protection of a slogan, let’s first understand the significance of a slogan for new businesses.

What is the importance of trademarking a slogan?

The points listed below highlight the importance of trademarking a slogan for your brand :-

1. Increased credibility 

When you trademark a slogan, your brand’s credibility rises and people begin to link the phrase to your brand name, particularly if the slogan is completely one of a kind.

2. More likely to stay in the public’s memory

Similar to the television commercials, catchy slogans might cause us to repeat them in our minds. People will begin to recognize your brand by its tagline if it has a memorable, unique phrase. For instance, when you hear someone say, “I’m Lovin’ It” you generally think of McDonald’s first.

 3. Protection against infringement

It is extremely difficult to defend the fine line between infringement and inspiration when it comes to mind creations. It is crucial to take all essential precautions to preserve the brand if your slogan has contributed to your branding. You can obtain exclusive legal rights to use a slogan that is essential to your branding by trademarking it.

4. A legal document proving ownership

You have the sole right to protect your slogan from infringement by third-party imitators after you have legal proof of its ownership.

Do you know any court cases where a company won a case because of trademarking? Comment below!!

Basic criteria for trademark registration of a slogan

Trademarking a slogan is subject to the following conditions :-

• Your brand must be easily recognizable from the slogan. Take AMUL, for instance, whose tagline “The taste of India ” has become quite popular over time.

• Before registering a slogan as a trademark, ensure it does not describe the goods or services you deal in. For instance, Red Bull was successful in having its slogan registered despite the fact that the tagline, “Red Bull Gives You Wings” is in no way descriptive of an energy drink.

• A slogan can be registered as a trademark if it is not sufficiently distinctive but has gained a completely new meaning due to widespread use and brand goodwill. “Because you’re worth it” ( L’Oréal ), can be confused for a quote of inspiration. But because the slogan has earned the brand a lot of goodwill via its use, it has become distinctive and is now a registered trademark slogan.

• For the phrase to be registrable, it must be widely used in the market while promoting the brand.

How to register a trademark in India for a slogan?

The process for trademark registration online of a slogan is the same as that for registering your brand name or logo.

The steps consist of:

• Filing the TM Application
• Examination by the Registrar
• Responding to the Examination report within one month 
• Show Cause Hearing
• Publishing an advertisement in the TM Journal
• Third-Party Opposition
• Registration or Refusal 

Parle Agro and PepsiCo Battle Over Being Bold!

The slogan “For the Bold” was a registered trademark of Pepsi Co. Nacho Chips – Doritos had made heavy use of the slogan in both production and marketing. Parle Agro invented a drink named “B Fizz” in the year 2020. With the slogan “Be the Fizz! For the Bold!” They rapidly began marketing the brand. Against Parle Agro, Pepsi Co. filed a lawsuit for Rs. 2 crore.

This instance demonstrates the value of legal protection and the need for trademark registration online!

How did PepsiCo safeguard its reputation as well?

Pepsi is a soft drink sold under the Pepsi Co. label. Thums Up and Coca-Cola, however, are both marketed under the label of Coca-Cola. The tagline “Ye Dil Maange More!” was used in Pepsi Co. campaign launched, and it helped Pepsi’s branding rocket. A few months later, however, Coca-Cola released a new ad campaign that made fun of the Pepsi product by utilizing the phrase “Ye Dil Maange No More” The court ruled in favor of Pepsi Co., which had sued for infringement of its slogan, and protected its reputation by passing an injunction order against the mocking advertisement.

With Finaccle, you can get your trademark registration process done. You need not worry about how to register trademark in Surat or how to register trademark in India! Access experienced assistance with our team of professionals who will walk you through each step of the process.

Not only trademark registration services, you can also benefit from our services in the Financial, Accounting, Legal and Taxation domain! Numerous clients have benefited from our assistance leading to the growth of their work, and you could be the next!

Ask us any doubt you may have! For more updates, follow us on the following platforms. Share this blog and for more, stay tuned!

LLP is a versatile, legally recognized entity which enables business partners to work efficiently, to maximize profits while also minimizing their liability for the actions of other partners.

LLP agreement – Importance

A legally binding agreement entered by the members (partners) of a partnership serves as the foundation for the creation of a Limited Liability Partnership (LLP). The purpose of this agreement is to promote good faith in business relationships among the partners while protecting their rights and interests as well as those of the LLP as a whole. General partnerships are not required by law to be registered, but LLP registration must be done with an executed LLP agreement.

Documents required for LLP company registration

• Passport size photograph (recent) of partners
• PAN card of partners
• Identity proof (Aadhaar card, Passport, Driving license or Voter ID card) of partners
• Specimen signature
• Address proof of partners (Bank statement or Passbook, Electricity bill, Telephone bill, Aadhaar card or Any utility bill)
• Copies of all partners’ mobile bills, telephone bills, electricity bills, or bank statements with current addresses of partners
• Address proof of Registered office – electricity bill with rent agreement and NOC / ownership proof of the proposed registered office
• LLP agreement and the state’s stamp paper, where the LLP will be incorporated

The above documents must be self-attested.

Is LLP registration in Surat the best option?

When forming an LLP, there are a few strict requirements. You can lawfully incorporate and run an LLP if and only if you can meet the requirements listed below :-

• A minimum of two individuals must register an LLP. There is no maximum cap on the number of partners, though.
• The requirements of the business and the participant’s contributions to the partnership determine capital in the case of an LLP. The Stamp Duty on the deed is based on the capital amount. To start an LLP, there is no minimum capital requirement.
• At least one designated partner for the LLP must be an Indian resident.
• An LLP’s accounts must be audited when its turnover is equal to or more than Rs. 40 lakh and its total capital contribution is equal to or more than Rs. 25 lakh.

When you are satisfied that you meet the above basic requirements for forming an LLP, you can then assess the feasibility of doing so by reading the reasons for Limited Liability Partnership registration outlined below.

Reason for LLP registration

Gain from a company's operational simplicity and flexibility

An LLP’s main advantage is that it requires less paperwork and is simpler to set up and run. LLP registration cost is less even though they are similar to companies. Because of flexibility in its structure and management, LLP is useful for smaller firms and venture capital investment.

Less compliance and tax obligation

An LLP has lower annual ROC compliance than a private limited company because there is no requirement for a compulsory audit. Additionally, given the structure of the company, its regulatory compliance is extremely minimal. Also, there is no incidence of dividend tax in the case of an LLP.

Establish a different legal entity to reduce your liability

In an LLP, the partners’ liability is limited to the amount of their investment. An LLP can sue and be sued since it is a separate legal entity from its partners. The LLP continues to operate even after a partner dies. Furthermore, ownership of an LLP may be easily transferred to another person (transferee), however, they must be admitted as LLP designated partner. Partners and the LLP may also lend to one another.

The Gist

We advise you to gain from the experience of professionals at Finaccle while you’re determining if it would be feasible to get LLP registration done for your LLP or you’re looking to complete LLP company registration online. With constant effort to make sure that you adopt the business structure that is most suitable for your needs, our team of professionals will leave no stone unturned.

In addition, get in touch with us to avail services such as Financial, Accounting, and Legal services and for all taxation related work! Stay tuned for more such informative blog posts and share it with your close ones through the platforms below!

The ability to reduce taxes is one of the most effective ways to reduce costs and increase survival and competitiveness of business. This blog post will help you if you’re confused about how to reduce your tax while running or starting a small business. To learn about the numerous tax-saving tips, continue reading.

The Top 5 Tax-saving tips are as follows:

1. Keep track of every expense related to your business

You must keep track of every expense you incur for operating your business, no matter how big or small. You could end up paying extra taxes on your profits if you neglect to record the expenses.

By keeping track of your expenses, you can better understand how your business is operating right now, what areas need your attention to improve operational metrics, etc. Over time, you’ll have more control over your company while saving money on taxes.

2. Pay attention to depreciation costs

According to the Income Tax Act, a manufacturing business is entitled to claim an additional depreciation of 20% for any new machinery purchased in that year in addition to the regular depreciation of 15%. Additionally, under Section 35AD of the Income Tax Act, you can claim 100 % of the cost of installing new machinery provided it is part of the company’s Capex plan.

For example, let’s say that you manufacture paints and that you recently installed new machinery to replace the old. In this scenario, in addition to the regular 15% depreciation, you may also claim an additional 20% depreciation. You must pay taxes on the 20% unclaimed amount if you don’t claim the additional depreciation.

3. Use electronic transactions

If your cash payments total is more than Rs. 20,000 a day, you are not eligible to claim any deductions under the new Income Tax Act rules. This will raise your tax liability.

Therefore, it is preferable to split out cash payments over a few days to avoid going over the Rs. 20,000 daily limit. Using alternative digital banking methods, such as a cheque, NEFT, RTGS, or UPI is the best way to make payments because this can minimize errors. Note that a rupee saved is a rupee earned!

4. Reduce Tax at Source

While paying for the services, received from a third party vendor, tax at source must be collected as per the Income Tax Act.

For example, suppose you are paying the leasing firm INR 94,400 (Rs. 80.000 plus 18% GST) for the space you have taken on lease to operate your business. In this situation, you must first subtract 10% from the source as tax, before crediting the leasing firm. As a result, you must subtract Rs. 9,440 from the recipient’s total tax due as tax adjusted, and credit Rs. 84,960 to the recipient’s bank account.

5. Apply for a business loan

If you meet all the requirements for a business loan and you have plans to make a capital purchase or are considering growing your company, or are having working capital issues, consider applying for a small business loan.

Always keep in mind that if the interest rate is on a higher end, the drawbacks will exceed the advantages while evaluating the option’s viability. 

Conclusion

Your techniques of doing business should change in accordance with how businesses are evolving so that you can react quickly to the continuously changing business dynamics. Saving money on costs is one way to do this.

The above- mentioned points are some of the best ways to reduce your income taxes and support the expansion of your business.

Bonus tips!

• Always submit your tax returns on time to avoid penalties
• You can carry forward business losses for up to following 8 assessment years

Hope you found this blog worthy of reading! You can contact our team at Finaccle for the best income tax saving tips to help you save a lot of money in addition to the following :-

• Financial services
• Accounting services
• Legal services
• GST return filing and other services related to these domains!

Book your free interaction with us today! Share this blog with your mates by choosing any platform of your choice below!

Tax planning is a structured financial procedure that looks into taxation options. It determines when and how to conduct business in order to avoid or lower taxes.

What role does tax planning play in starting a new business?

For new businesses that are to be established in India, tax planning is crucial. This importance has increased as a result of the rising market competition and the effects of the pandemic. Tax planning for a new business aids business personnel and entrepreneurs in achieving their financial objectives. Not only must a business invest a significant sum of money in order to operate; it also needs to keep a positive cash flow.

Here are a few of the many advantages of tax planning for a new business:

Track expenditure

The most crucial aspect of planning is to keep track of the areas where you must invest and spend money. Through bookkeeping, you can keep track of this information, which will be useful for better cash flow management and tax savings.

Conduct inclusive research

Tax planning and savings are difficult to implement and involve a lot of complexity. Research on the taxation laws, regulations, and modifications is first needed, which will help you gain a lot of valuable knowledge! Any tax planning consultancy may also be of assistance for you.

Classify the business

The slab rates that are in effect for various categories of businesses are different in accordance with the Income Tax Act, 1961, of the Indian Government. You can successfully save on taxes by choosing from a variety of company registrations including a Private Limited Company, a Sole Proprietorship, and a One Person Company.

Dates for filing taxes

You can avoid late fees and increase tax savings for the business when you file your income tax returns or do GST filing in accordance with government regulations as per the due dates. In order to handle the taxation portion, you could contact professionals at Finaccle!

Office at home

Many entrepreneurs begin their business by using their house as a location of business. According to Sections 32 and 37 of the Income Tax Act, owners can claim deduction on the expenses that are related to office costing, utilizing bills, property laws, and mortgages.

The expanding Indian economy and the available manpower must pave the way for a new business’s incorporation to go smoothly. But if you want to successfully run a business, you should choose tax planning. It is difficult to outperform the competition and expand in the market as the market grows more competitive.

But, you need not worry! Finaccle offers you all kinds of assistance you will require for your business or company from financial services to accounting services to legal services and taxation related work! Contact us today and see your business become bigger and better! Stay tuned for more such insightful blog posts!