NGO (Non-Government Organization) or NPO (Non- Profit Organization) is an organization formed under Section 8 of the Companies Act, 2013 to achieve a specific set of objectives as defined under the Act. These types of companies are formed with the objective of working towards the public development of society at large. This blog will help you […]

Starting a food business in India can be an exciting venture, but it comes with its share of responsibilities, including obtaining the necessary licenses and permits. Navigating the licensing process might seem daunting, but with a step-by-step guide, you can ensure compliance with the regulations while setting up your food business. As per Section 31(1)

PAN stands for Permanent Account Number, and TAN stands for Tax Deduction and Collection Account Number. PAN is a unique 10-digit alphanumeric number that is allotted to individuals, companies, and other entities by the Income Tax Department of India. In contrast, TAN is a 10-digit alphanumeric number allotted to persons who are required to deduct

The term “Income tax” collected by the Income Tax Department of India. Professional tax is similar to income tax, but unlike income tax, it is collected by the state government. Professional tax deducts from the employee’s salary income or applies to the income of professionals and businesses for their trade and profession. Many employees may

The term “real-time gross settlement (RTGS)” refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities. RTGS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank. Once completed, real-time gross settlement payments are final and irrevocable. In most

A moratorium period is a period during which the borrower is not obligated to make payments. In other words, during a moratorium period, the borrower is permitted to halt their payments. It is commonly incorporated in home loans – called an equated monthly installments holiday – and educational loans. Understanding a Moratorium Period A moratorium

ISO refers to International Organization for Standardisation. It is an independent organisation that provides standards in terms of quality, safety, and efficiency of products and services provided by businesses. With the increasing competition among the business, it is important to deliver high quality of goods & services in order to sustain in the market. ISO

Non-residents living abroad have to appoint a representative who performs official tasks on their behalf. This whole process is formalised by drafting and executing of a power of attorney (PoA). The PoA is a legal authorisation that gives a person the power to act on behalf of another person. This could be a power of attorney

Market cannibalization refers to a phenomenon that happens when there’s a decreased demand for a company’s original product in favor of its new product. When cannibalization occurs, the business experiences losses not just in sales volume but also in revenue and market share. Due to cannibalization, some companies opt not to release their new products because they

Narcotic drugs and psychotropic substances can be imported and exported subject to the following restrictions: import and export of narcotic drugs and psychotropic substances listed in Schedule I to the NDPS Rules is prohibited. Import of opium, concentrate of poppy straw, and morphine, codeine, thebaine and their salts is prohibited except by the Government Opium