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CONSEQUENCES OF UNDISCLOSED INCOME UNDER INCOME DISCLOSURE SCHEME, 2016 The last date for declaring undisclosed income with the Income Tax Department is 30 th September 2016. The Department is carrying on survey and raid on the taxpayers evading tax. Also the department is conducting inquiry and collecting information from financial institutions, banks, co-operative banks, etc. Undisclosed Income 1.       Bullion, jewelry or precious stone 2.       Archaeological collections 3.       Drawings, paintings, sculptures or any work of art 4.       Shares & securities (quoted & unquoted) 5.       Immovable property 6.        Interest in a partnership firm 7.       Any other asset such as                     i.             Undisclosed Bank Accounts                   ii.             Fixed Deposit                 iii.             Deposit in Cooperative Bank                  iv.             Investment in Credit Co-operative Societies                   

Incentives for Startup under the Apprenticeship Act In order to create more employment opportunities through startup ecosystem, Government of India have introduced incentivizing startups by provision of ease in regulatory compliances. Startups are defined by Department of Industrial Policy & Promotion (DIPP), as an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding rupees 25 Crores in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. Startups are allowed to self - certify compliances with various Labour Laws. Similar action has been introduced to incentivize startups engaging apprentices. The Apprentices Act, 1961 has been amended from 22 nd December, 2014 to make it more users friendly to industry as well as to the youths. Establishment has been allowed for selection of trades

STARTUP RECOGNITION PROCESS Under Startup India Action Plan An Entity shall be considered as ‘Startup’ 1.      Up to five years from the date of its incorporation/registration 2.      If its turnover for any of the financial years has not exceeded Rupees 25 crore, and 3.      It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property Any such entity formed by splitting up or reconstruction of a business already in existence shall not be considered a ‘startup’. Meaning of Entity 1.      Private limited company as defined in the Companies Act, 2013 2.      Registered partnership firm registered under section 59 of the Partnership Act, 1932 3.      Limited liability partnership under the Limited Liability Partnership Act, 2002 An entity is considered to be working towards innovation, development, deployment or commercialization of new products, processes or

MICRO, SMALL & MEDIUM ENTERPRISES AND COVERAGE UNDER THE ACT (Under Micro, Small & Medium Enterprises Development (MSMED) Act, 2006) Manufacturing Enterprises Enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) or employing plant and machinery in the process of value addition to the final product having a distinct name or character or use. The Manufacturing Enterprise are defined in terms of investment in Plant & Machinery. Service Enterprises : The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment. Investment in Plant & Machinery Manufacturing Sector Service Sector Micro Enterprises 0-25 Lakhs 0-25 Lakhs Small Enterprises 25 Lakhs - 5 Crores 25 Lakhs - 5 Crores Medium Enterpris

STARTUP SCHEMES IN INDIA The term “startup” became internationally widespread during the dot-com bubble in the late 1990s, when a great number of Internet-based companies were founded. A startup company (startup or start-up) is an entrepreneurial venture which is typically a newly emerged, fast-growing business that aims to meet a marketplace need by developing or offering an innovative product, process or service. According to U.S. Small Business Administration, a startup is a “business that is typically technology oriented and has high growth potential". The reference to "growth potential" may mean growth in revenues, number of employees, or both, or to the scaling up of a business to offer its goods or services to a wider or larger market. Any new business can be considered as a startup if it commits a rare idea with a potential for rapid growth irrespective of technology oriented or otherwise. Evolution of startups in India Technology startups in India