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  • 18 Nov, 13:22
    Admin User
    “GNUKHATA” IS AN OPEN SOURCE ACCOUNTING & INVENTORY MANAGEMENT SOFTWARE GST COMPLIANT THAT AUTOMATES ACCOUNTING FOR BUSINESSES more...
  • 16 Nov, 13:24
    Admin User
    CANCEL SALE DEED IN S.NO 42 DUKANHALLI “AS RESOLUTION IS DATED 31.10.1973” OF CITB DOES NOT FALL WITHIN THE PRESCRIBED DATES I.E. 20.12.1973 TO 8.5.1986 more...
  • 15 Nov, 15:31
    Admin User
    INDIAN IT COMPANIES HAVE VISA INDEPENDENT GLOBAL DELIVERY MODEL “DELIVERED BY LOCAL HIRES” “NO DEPENDENCY ON US POLICY” more...
  • 14 Nov, 12:47
    Admin User
    BBMP UDD MAY FACE ATROCITY CASE FOR NOT RESERVING 24.10% U/S SECTION 6 OF KTPP ACT IN SWM CONTRACT TO SC ST UNDER 3(I) (ZC) 2 (I) (BC) OF POA ACT more...
  • 13 Nov, 14:13
    Admin User
    INCOME TAX DEPT IS HARASSING BY ISSUING NOTICES TO “NON-PROFIT” (NPO) “SECTION 8 COMPANIES” DESPITE DIRECTORS SHAREHOLDER DO NOT OWN THE COMPANIES more...
  • 12 Nov, 12:29
    Admin User
    SACHIN & BINNY BANSAL GET I-T NOTICES ON WALMART DEAL IS OKAY “RAHUL GANDHI AND SONIA GANDHI GETTING I-T NOTICES FOR SECTION 8 COMPANY IS NOT OKAY” more...
  • 12 Nov, 12:29
    Admin User
    SACHIN & BINNY BANSAL GET I-T NOTICES ON WALMART DEAL IS OKAY “RAHUL GANDHI AND SONIA GANDHI GETTING I-T NOTICES FOR SECTION 8 COMPANY IS NOT OKAY” more...
  • 11 Nov, 12:03
    Admin User
    WEB FREELANCE ENTREPRENEURS “ABOUT 23% EARN UPTO 45 LAKHS” BY HARD WORK AND FOR THEM “OFFICE AND HOME” SAME “THEN WHY NOT YOU?” more...
  • 10 Nov, 13:42
    Admin User
    CAREERS IN CAD “ON DEMAND ENGINEERING DRAWING & DESIGNS SERVICES INDUSTRY” COMPUTER-AIDED DESIGN (CAD) AND COMPUTER-AIDED MANUFACTURING (CAM) more...
  • 9 Nov, 18:17
    Admin User
    GIVE INFORMATION ABOUT BLACK MONEY TO INCOME TAX DEPARTMENT GET UP TO “5CR REWARD” “ONE CR FOR TIP-OFF ON BENAMI DEALS” more...

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M.S.Yatnatti Editor Property Politics
“GNUKHATA” IS AN OPEN SOURCE ACCOUNTING & INVENTORY MANAGEMENT SOFTWARE GST COMPLIANT THAT AUTOMATES ACCOUNTING FOR BUSINESSES
by Admin User - Monday, 18 November 2019, 01:22 PM
 

By : M.S.Yatnatti: Editor and Video Journalist Bengaluru : Kerala's school education system has fully migrated to Free and Open Source software ( FOSS), GNUKhata ends use of Tally a Commercial software in plus Two commerce education in Kerala. Even in many small towns, people use Tally and they pay huge sums for it. I'm glad that there is an open source alternative to it. Apart from being a great movement for people's digital freedom and rights, free software is a great source of earning. Lot of people come to free software due to it's low cost to start with and then tend to like the features most of the time. Then they need customization with few features specifically for their needs. Many corporate pay for free software support and also for specific modifications which they need for running their business. They see the transparency and the low Total Ownership Cost (TOC) as a benefit. GNUKhata is being used by many organizations now. In fact this project started on the very demand of many companies and a lot of accountants who found that “certain software is exploiting them”. GNU Khata is an accounting tool. Or shall I say a collection of accounting tools? It is like the Evernote of economy management. It is so versatile that it can be used from personal Finance management to large scale business management, from store inventory management to corporate tax works.With Goods and Service Tax (GST) since it was implemented, there have been various measures by companies to make filing easy for MSMEs by several accounting software’s . GNUKhata is Built by the technology team at Digital Freedom Foundation, is an open source accounting and inventory management software. The product recently launched its new version making it more GST-friendly with user experience enhancements especially for non-accountants like shopkeepers, dispensaries, small and wholesale traders. GNUKhata is a free and flexible software for accounting and inventory management that supports a wide range of applications in every field of economic activity, including factory or farm-based production, a point of sales accounting & inventory and work in the service sector. While it serves such traditional accounting requirements, it is best-suited for the emerging sectors of the economy who are required to keep audited accounts, such as self-help groups, craft producers, and micro-finance groups. GNUKhata is highly customizable, given its open source nature. It can be easily transformed into Indian languages, largely unreached by existing software solutions. The project is currently funded by International Center for FOSS, a Kerala government undertaking and is now adopted by AccionLabs.

M.S.Yatnatti Editor Property Politics
CANCEL SALE DEED IN S.NO 42 DUKANHALLI “AS RESOLUTION IS DATED 31.10.1973” OF CITB DOES NOT FALL WITHIN THE PRESCRIBED DATES I.E. 20.12.1973 TO 8.5.1986
by Admin User - Saturday, 16 November 2019, 01:24 PM
 

By : M.S.Yatnatti: Editor and Video Journalist Bangalore : : BDA need to Cancel sale deed of Smt Lakshmi Devi Ramanna in respect of Site No 1198 and 1199 in S.No 42 Dukanhalli Villlage Kasba Hobli HAL 2nd Stage Bangalore as the resolution of CITB in respect of Site No 1198 and 1199 in S.No 42 Dukanhalli Villlage does not fall within the prescribed dates i.e. 20.12.1973 to 8.5.1986 as the resolution of the CITB is dated 31.10.1973. Reconvey Site No 1198 and 1199 in S.No 50 Dukanhalli Villlage Kasba Hobli HAL 2nd Stage Bangalore to Muniswamy as per resolution in Subject No. 378 by the Bangalore Development Authority's meeting dated 17-11-1982 as per Section 5 of the Amendment Act introduced Section 38-C in the Act and Section 9 of the Amendment Act validated the allotments made between 20.12.1973 to 8.5.1986 retrospectively. How many years AC (R&R) need to execute the re-convey sale deed to Sri Muniswamy s/o Abbaiah despite he has submitted all documents as per law. The Honble Karnataka high court has issued directions to consider the application of Sri Muniswamy in WP No 26405/2017 (LA-BDA) dated 01-04-2019. In citation of Supreme Court of India Bangalore Development Authority ... vs R. Hanumaiah & Others on 3 October, 2005 it is held that “Moreover, Section 9 of the Amendment Act would also be not applicable as the resolution of CITB does not fall within the prescribed dates i.e. 20.12.1973 to 8.5.1986. In the present case, the resolution of the CITB predecessor-in-interest is dated 19.4.1972 and it would not be deemed to be validated by the deemed fiction created by Section 9 of the Amendment Act to bring it within the provisions of Section 38 -C. Wherefore in case of Site No 1198 and 1199 in S.No 42 Dukanhalli Villlage , the resolution of the CITB predecessor-in-interest is dated 31.10.1973 and it would not be deemed to be validated by the deemed fiction created by Section 9 of the Amendment Act to bring it within the provisions of Section 38 –C as Section 9 of the Amendment Act would also be not applicable as the resolution of CITB does not fall within the prescribed dates i.e. 20.12.1973 to 8.5.1986. As per Supreme Court order cancellation of sale deeds in respect of Site No 1198 and 1199 in S.No 42 Dukanhalli Villlage Kasba Hobli HAL 2nd Stage Bangalore has to happen forth with as it was done in case of R. Hanumaiah & Others. BDA need to cancel illegal re-convey of alternate site given to Smt Lakshmi Devi Ramanna in respect of Site No 1198 and 1199 in S.No 42 Dukanhalli Villlage Kasba Hobli HAL 2nd Stage Bangalore.BDA need to realize the gravity of situation.BDA need to Cancel sale deed of Smt Lakshmi Devi Ramanna in respect of Site No 1198 and 1199 in S.No 42 Dukanhalli Villlage Kasba Hobli HAL 2nd Stage Bangalore as alternate site cannot be allotted in re-convey section and execute the sale deed to Sri Muniswamy s/o Abbaiah for three sites forthwith as per section 38C of BDA Act . Sri Muniswamy s/o Abbaiah has Submitted the true copies of Documents 0n 10-08-2015 (signed by Gazetted officer or Notarised )as per letter of Assistant commissioner (R&R) number AC/R&R/50/15-16 Dated 27-07-2015 in respect of Re-Conveyance and execution of absolute Sale deed in Survey Number 50 Dookanhalli Indra Nagar Post, HAL 2ND Stage Bangalore: 560038 (Facing 100 feet Road) as per resolution in Subject No. 378 by the Bangalore Development Authority's meeting dated 17-11-1982 as per Section 5 of the Amendment Act introduced Section 38-C in the Act and Section 9 of the Amendment Act validated the allotments made between 20.12.1973 to 8.5.1986 retrospectively.

M.S.Yatnatti Editor Property Politics
INDIAN IT COMPANIES HAVE VISA INDEPENDENT GLOBAL DELIVERY MODEL “DELIVERED BY LOCAL HIRES” “NO DEPENDENCY ON US POLICY”
by Admin User - Friday, 15 November 2019, 03:31 PM
 

By: M.S.Yatnatti Editor and Video Journalist Bengaluru : Indian IT companies should stop cribbing and they should always leverage the advantages .Get Going and do something to overcome the situation. Stop begging the US Government .H1B Visa may be trade and service matter and may not be an immigration issue as per Indian Government officials. Trump can be trumped after all he is a businessman and his decision can be taken as blessing in disguise. Indian IT companies have visa independent global delivery model where it reduced the total effort onsite (at the client location) in a project from about 30% on an average to just 10%. “And this 10% will be delivered by local hires. Indian IT is also likely to find significant support among its US customers. The Indian software industry has largely been responsible for building as well as maintaining the information infrastructure of most large US corporations. It plays a very critical role in the success of US corporations, that tampering with it wouldn't be easy. IT companies conducted several pilots and all of them were very successful, "The global downturn and “Buy American and hire American” theory has brought along with it new opportunities. It is for the industry to identify the opportunities and move ahead," Indian IT companies can hire American and sell American and make killing profits in America as American IT companies hire Indian and sell Indian and make killing profits in India . “Make in India American products” "The Indian industry will continue to do well if they learn that there are no easy pickings any longer." And that's true of all companies, irrespective of their size..The US was teaching all countries Globalization and now suddenly talking localization “Buy American and hire American”. Investors from around the world, including in the City of London, will be listening carefully for how America's Donald Trump is set to sign an executive order to overhaul the H-1B & L-1 visa programmes, which let tens of thousands of Indians work in the US, drove tech stocks down and sparked speculation in the IT sector about an uncertain future. Indian business experts predict that Indian IT companies can outsmart any trade barriers created by Donald Trump as they are listening this since the days of his election campaign.India need to remember late Dewang Mehta, the chief lobbyist for India's fledgling software services industry, carried off both with aplomb, convincing businesses that at the stroke of midnight of the new millennium, their computer systems would crash because old programs measured years in two digits instead of four. The solution, he persuaded them, was to let a horde of techies from Bangalore and Hyderabad go through each line of code and fix the Y2K bug.

M.S.Yatnatti Editor Property Politics
BBMP UDD MAY FACE ATROCITY CASE FOR NOT RESERVING 24.10% U/S SECTION 6 OF KTPP ACT IN SWM CONTRACT TO SC ST UNDER 3(I) (ZC) 2 (I) (BC) OF POA ACT
by Admin User - Thursday, 14 November 2019, 12:47 PM
 

By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: “U/S 6 of KTPP Act as amended is read with U/S 2 (a) construction works and read with U/S 2 (f) as services which includes construction works . U/S 2 (f) “services means” ---Construction Works I.E construction work means “services”. Wherefore U/S 6 of KTPP Act construction work means “services”. Wherefore construction work is embedded with services works. Legally construction work and services work are synonymous. In a PIL WP 30942/ 20019 Bench Headed by chief justice has issued order that BBMP will not issue work order without leave of court. The BBMP has already issued Park Maintenance Service Tender on 18-07-2019 with 24.10 reservations to SC ST Contractors then why the delay in Cancelling and re-issue of SWM tender with 24.10% reservation with monthly estimated amount put to tender U/S 6 of KTPP Act as it was done in 2012 for SWM tender enabling SC ST Contractor to bid tender with smaller EMD and smallest turnover of business requirement. According to fee experts Police need to file FIR on the Mayor and Executive Engineer SWM and JC SWM if compliant is made by SC person against non-SC officers of BBMP as not providing opportunity to avail the benefits of reservation 24.10 under Karnataka Transparency in Public Procurement Act, 1999 by Mayor and the Executive Engineer SWM and JC SWM who has committed atrocity on SC ST Contractors under POA Act under 3(I) (zc) and Under Section 2 (I) (bc) . The key features of the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Amendment Act, 2015, are: New offences of atrocities like imposing social or economic boycott have been added . Under Section 2 (I) (bc) “economic boycott” means–(i) a refusal to deal with, work for hire or do business with other person; or(ii) to deny opportunities including access to services or contractual opportunities for rendering service for consideration; or(iii) to refuse to do anything on the terms on which things would be commonly done in the ordinary course of business; or(iv) to abstain from the professional or business relations that one would maintain with other person; and offence under section 3(I) (zc) imposes or threatens a social or economic boycott of any person or a family or a group belonging to a Scheduled Caste or a Scheduled Tribe ,shall be punishable with imprisonment for a term which shall not be less than six months but which may extend to five years and with fine.

M.S.Yatnatti Editor Property Politics
INCOME TAX DEPT IS HARASSING BY ISSUING NOTICES TO “NON-PROFIT” (NPO) “SECTION 8 COMPANIES” DESPITE DIRECTORS SHAREHOLDER DO NOT OWN THE COMPANIES
by Admin User - Wednesday, 13 November 2019, 02:13 PM
 

By : M.S.Yatnatti: Editor and Video Journalist Bangaluru :Government of India need to pass or amend the income tax Act encompassing section 8 companies very clear and unambiguous guidelines as these organization and their directors despite they do not own shares in section 8 companies in are facing unnecessary legal hurdles by income tax department notices . In “not for profit organization” question of buying or selling control does not arise as no one is the owner in the organization .No one person or group of people can own a nonprofit organization. You don't see nonprofit shares traded on stock exchanges, and any equity in a nonprofit organization belongs to the organization itself, not to the board of directors or the staff. Nonprofit assets can be sold, but the proceeds of the sale must benefit the organization, not private parties.If you start a nonprofit and decide at some point in the future that you don't want to do it anymore, you have to walk away from it and leave the running of the organization to someone else. Or, if the time has come to close the doors for good, any assets the organization owns must be distributed to other nonprofits fulfilling a similar mission. NSKFDC was incorporated on 24th January, 1997 under Section 25 (Now section 8) of the Companies Act as a ‘Not For Profit’ Organization. NSKFDC is a wholly owned Government Undertaking under the aegis of Ministry of Social Justice & Empowerment. NSKFDC commenced its operations in October,1997. The Company has an authorized capital of Rs. 710 crores and paid-up capital of Rs 629.99 crores as on date.Government appoints officials and non officials to as directors NSKFDC and this does not get disclosed in their personnel income tax declaration as it does not accrue income to them and as such directors do not get income tax notice then why only AICC President Sri Rahul Gandhi Ji get income tax notice? as he is also Director of young Indian section 8/25 company as that of NSKFDC and other's and such thousands of "Non profit organizations " and companies are registered Under section 25 /Section 8 of companies Act.

M.S.Yatnatti Editor Property Politics
SACHIN & BINNY BANSAL GET I-T NOTICES ON WALMART DEAL IS OKAY “RAHUL GANDHI AND SONIA GANDHI GETTING I-T NOTICES FOR SECTION 8 COMPANY IS NOT OKAY”
by Admin User - Tuesday, 12 November 2019, 12:29 PM
 

By : M.S.Yatnatti: Editor and Video Journalist Bengaluru : The income tax department has issued notices to Flipkart founders Binny Bansal and Sachin Bansal, asking them to disclose their total income arising out of the sale of their company to Walmart International and the capital gains that has accrued as it is commercial company and commercial M&A and share holders get dividend and it is not section 8 company. The income tax department cannot issue notice to Rahul Gandhi for transfer of shares of AJL as it is section 8 dividend less company and capital gains does not accrue Rahul Ganghi.It is important to read section 8 of companies Act . Whether section 8 company is income tax exempt or not under income tax Act 12 AA the face value of share of section 8 company does not change .Section 8 company is free to engage in commercial ventures and it may pay income tax also but it shares valuation is not done as it is dividend free company under section 8 of companies Act .and it share value never changes .So no income on share transfer of section 8 company and consequently no income tax notice on share transfer .Commercial company share transfer is a taxable event . Section 8 company share transfer is a not a taxable event. Income tax department cannot treat commercial companies and not for profit companies M&A under one parametr . Section 8 companies are by law cannot trade their shares and its share value will remain the face value at any given time as it is not commercial company . The contention of income tax department that "The taxable event in these cases is the allotment of YI’s shares to the assessees @ Rs. 100 per share on 22.01.2011 “for a consideration, which is less than the aggregate fair market value of the property” and it is the difference between the fair market value and the actual consideration paid for the shares which is sought to be assessed as “income from other sources” in accordance with Section 56(2)(vii)(c)(ii) read with the Rules." Is incorrect as Young Indian is section 8 company without dividends and at any given points its shares value do not get enhanced and question of "fair market value at any time will remain static to 100 rupees only. Actually it might be a cut and paste mistake of MOA which did mentioned about fair market value otherwise this mistake in MOA can be corrected to represent section 8 of the company. To win income tax case it is necessary to amend MOA of Young Indian. I feel MOA of Young Indian need to corrected to truly represent section 8 company . MOA and AOA for Section 8 company under Companies Act 2013 need to be as per Section 8 of company. : MOA cannot over shoot section 8 of compnies Act.declaration in Form INC 14 by professional stating that draft of MOA and AOA have been drawn up in conformity with the provisions of Sect 8 and rules thereof and that all the requirements of the Act and Rules thereof have been complied therewith. ICAI Clarification regarding Applicability of Form GNL 1 for Change in MoA by Section 8 Companies instead of Form RD 1 [17 May 2016].The ICAI vide Announcement dt 17 May 2016 has clarified that Form GNL 1 is applicable for making changes in Memorandum of Association (MoA) by Section 8 Companies instead of Form RD-1, as under:The Ministry of Corporate Affairs is receiving references from professionals/companies seeking clarification on the forms/process to be followed for alteration in the Memorandum of Association of Section 8 Companies.The professional/companies are filing Form RD-1 seeking approval to change in Memorandum of Association. However, as per the applicable laws read with Rules and relevant Circulars & Notifications, power for approving change in Memorandum of Association has been delegated to the Registrar of Companies.In the background of this development the professionals/companies are advised to apply the request for change in Memorandum of Association of Section 8 Companies in Form GNL-1 instead of filing form RD-1.In case of a section 8 company which is wholly owned subsidiary of another section 8 company, can the shares be purchased by other persons at face value ? Yes off course a company registered under this section shall amalgamate only with another company registered under this section and having the same objective yes they purchase share at face value. Question of fair market value does not arise in section 8 companies.Income tax department cannot issue section 8 companies income tax notices to its share holder as such Rahul Gandhi is share holder of section 8 company and income tax department cannot issue income tax notice . Young Indian company is one among several thousand section 8 companies in India and section 8 prevails over their MOA and if any discrepancy found section 8 prevails over their MOAs. MOA discrepancies cannot be reason to issue income tax notice as Section 8 companies are not owned by share holders as per the Act and MOA also need to follow it as share are transferred to legal heirs or others free of cost and this need to be mentioned in MOA as per Act . Section 8 companies get cash donations property donations movable donations and immovable donations and donations by shares transfer. Transfer of AJL shares to young Indian can be considered as donation to young Indian company and not to its share holders. Let some people value AJL to several thousand Crore and its share . It does not add value to share holders of young Indian. It does not add income to share holders of Young Indian .So question of concealing income tax does not arise. No income and no income tax. Income tax department notice is void illegal and void abinatio as section 8 is very clear. Young Indian company was registered as section 25 now it is under one of section 8 companies under companies Act as non-profit company. The company applied for income tax exemption under income tax Act 12 AA to income tax department with all documents including articles of association and directors details for income tax department gave exemption to it by 9th may 2011. So question of concealing their directorship from the Income Tax Department does not arise. It was told to department that they are the directors in section 25 company without any dividends and without any personal benefits . Any amount of other section 8 companies or commercial companies giving their shares of companies to the section 25 or section 8 company as per companies Act it does not accrue any personal income to directors of section 8 companies like young Indian and it does not add single paisa income personally to directors though company may get benefits which it can spend only for public good.So question of declaring it once gain to department does not arise. So question of concealing personal income by Rahul Gandhi does not arise. Re-assessment notice by Income Tax Department is illegal and null and void and void abinatio as the same income tax department has given income tax exemption under income tax Act 12 AA to Young Indian Company confirming all directors having no dividends and no personal income..

M.S.Yatnatti Editor Property Politics
SACHIN & BINNY BANSAL GET I-T NOTICES ON WALMART DEAL IS OKAY “RAHUL GANDHI AND SONIA GANDHI GETTING I-T NOTICES FOR SECTION 8 COMPANY IS NOT OKAY”
by Admin User - Tuesday, 12 November 2019, 12:29 PM
 

By : M.S.Yatnatti: Editor and Video Journalist Bengaluru : The income tax department has issued notices to Flipkart founders Binny Bansal and Sachin Bansal, asking them to disclose their total income arising out of the sale of their company to Walmart International and the capital gains that has accrued as it is commercial company and commercial M&A and share holders get dividend and it is not section 8 company. The income tax department cannot issue notice to Rahul Gandhi for transfer of shares of AJL as it is section 8 dividend less company and capital gains does not accrue Rahul Ganghi.It is important to read section 8 of companies Act . Whether section 8 company is income tax exempt or not under income tax Act 12 AA the face value of share of section 8 company does not change .Section 8 company is free to engage in commercial ventures and it may pay income tax also but it shares valuation is not done as it is dividend free company under section 8 of companies Act .and it share value never changes .So no income on share transfer of section 8 company and consequently no income tax notice on share transfer .Commercial company share transfer is a taxable event . Section 8 company share transfer is a not a taxable event. Income tax department cannot treat commercial companies and not for profit companies M&A under one parametr . Section 8 companies are by law cannot trade their shares and its share value will remain the face value at any given time as it is not commercial company . The contention of income tax department that "The taxable event in these cases is the allotment of YI’s shares to the assessees @ Rs. 100 per share on 22.01.2011 “for a consideration, which is less than the aggregate fair market value of the property” and it is the difference between the fair market value and the actual consideration paid for the shares which is sought to be assessed as “income from other sources” in accordance with Section 56(2)(vii)(c)(ii) read with the Rules." Is incorrect as Young Indian is section 8 company without dividends and at any given points its shares value do not get enhanced and question of "fair market value at any time will remain static to 100 rupees only. Actually it might be a cut and paste mistake of MOA which did mentioned about fair market value otherwise this mistake in MOA can be corrected to represent section 8 of the company. To win income tax case it is necessary to amend MOA of Young Indian. I feel MOA of Young Indian need to corrected to truly represent section 8 company . MOA and AOA for Section 8 company under Companies Act 2013 need to be as per Section 8 of company. : MOA cannot over shoot section 8 of compnies Act.declaration in Form INC 14 by professional stating that draft of MOA and AOA have been drawn up in conformity with the provisions of Sect 8 and rules thereof and that all the requirements of the Act and Rules thereof have been complied therewith. ICAI Clarification regarding Applicability of Form GNL 1 for Change in MoA by Section 8 Companies instead of Form RD 1 [17 May 2016].The ICAI vide Announcement dt 17 May 2016 has clarified that Form GNL 1 is applicable for making changes in Memorandum of Association (MoA) by Section 8 Companies instead of Form RD-1, as under:The Ministry of Corporate Affairs is receiving references from professionals/companies seeking clarification on the forms/process to be followed for alteration in the Memorandum of Association of Section 8 Companies.The professional/companies are filing Form RD-1 seeking approval to change in Memorandum of Association. However, as per the applicable laws read with Rules and relevant Circulars & Notifications, power for approving change in Memorandum of Association has been delegated to the Registrar of Companies.In the background of this development the professionals/companies are advised to apply the request for change in Memorandum of Association of Section 8 Companies in Form GNL-1 instead of filing form RD-1.In case of a section 8 company which is wholly owned subsidiary of another section 8 company, can the shares be purchased by other persons at face value ? Yes off course a company registered under this section shall amalgamate only with another company registered under this section and having the same objective yes they purchase share at face value. Question of fair market value does not arise in section 8 companies.Income tax department cannot issue section 8 companies income tax notices to its share holder as such Rahul Gandhi is share holder of section 8 company and income tax department cannot issue income tax notice . Young Indian company is one among several thousand section 8 companies in India and section 8 prevails over their MOA and if any discrepancy found section 8 prevails over their MOAs. MOA discrepancies cannot be reason to issue income tax notice as Section 8 companies are not owned by share holders as per the Act and MOA also need to follow it as share are transferred to legal heirs or others free of cost and this need to be mentioned in MOA as per Act . Section 8 companies get cash donations property donations movable donations and immovable donations and donations by shares transfer. Transfer of AJL shares to young Indian can be considered as donation to young Indian company and not to its share holders. Let some people value AJL to several thousand Crore and its share . It does not add value to share holders of young Indian. It does not add income to share holders of Young Indian .So question of concealing income tax does not arise. No income and no income tax. Income tax department notice is void illegal and void abinatio as section 8 is very clear. Young Indian company was registered as section 25 now it is under one of section 8 companies under companies Act as non-profit company. The company applied for income tax exemption under income tax Act 12 AA to income tax department with all documents including articles of association and directors details for income tax department gave exemption to it by 9th may 2011. So question of concealing their directorship from the Income Tax Department does not arise. It was told to department that they are the directors in section 25 company without any dividends and without any personal benefits . Any amount of other section 8 companies or commercial companies giving their shares of companies to the section 25 or section 8 company as per companies Act it does not accrue any personal income to directors of section 8 companies like young Indian and it does not add single paisa income personally to directors though company may get benefits which it can spend only for public good.So question of declaring it once gain to department does not arise. So question of concealing personal income by Rahul Gandhi does not arise. Re-assessment notice by Income Tax Department is illegal and null and void and void abinatio as the same income tax department has given income tax exemption under income tax Act 12 AA to Young Indian Company confirming all directors having no dividends and no personal income..

M.S.Yatnatti Editor Property Politics
WEB FREELANCE ENTREPRENEURS “ABOUT 23% EARN UPTO 45 LAKHS” BY HARD WORK AND FOR THEM “OFFICE AND HOME” SAME “THEN WHY NOT YOU?”
by Admin User - Monday, 11 November 2019, 12:03 PM
 

By : M.S.Yatnatti Editor and Video Journalist Bengaluru : According to press reports demand for freelancers has been on the rise, and the severe shortage of new-age skills has been encouraging many full-time employees to become independent workers offering their expertise to multiple companies and earning much more than in their erstwhile positions.A survey conducted among Indian freelancers has found that web and mobile development, web designing, internet research and data entry are their key focus areas, and 23% of those surveyed said they earn between Rs 40 lakh and Rs 45 lakh a year. Another 23% earn between Rs 2.5 lakh and Rs 5 lakh, while 55 respondents earn below Rs 2.5 lakh, showing that all freelancing jobs do not promise big bucks, and the right set of skills and their application are important. The mean income, according to the survey by digitalpayments company PayPal, was Rs 19 lakh. Freelancer.com, reportedly one of the largest global online platforms where freelancers can offer their services, the number of registered people from India is the highest, at more than 20% of the total. The portal has 5.3 million people from India, and 3.3 million from the US. The startup boom and the changing ethos with respect to job safety and security are also encouraging employees to take up more independent projects.According to start up mentors , there are three primary motivations: One, you see yourself as very good at something and want to do more of it. Two: You see a problem, and you believe you can solve it ingeniously. Three: You see an opportunity to make money. Answer the critical financial question: Who will buy what you intend to sell? Why, and what determines their ability to pay? Do not assume that the market is visible and available. Be prepared to work hard, work long, and work with focus when things go wrong. A successful business can look back and identify the steps it took to get where it stands today. That is the benefit of hindsight. A business must find a way to persist, persevere and plod on. That needs a tremendous amount of positive energy, willingness to learn new things, heightened awareness about the micro and macro view of what is going on and persistent ability to rework. Work from home is most challenging and comes with own set of distractions as you will be living with parents spouse or children’s and you need to set boundaries and you need to have ground rules established and you could consider converting your living room or bed room converting it as your work station or you could go for a nearby co working spaces or local coffee shop or community working spaces . Your portfolio is your asset advertise oneself and additionally continuously enhance your skillets by online learning by investing on self learning and armed with this and other primary requirements you can start making money from home but be careful about pitfalls of freelancing. Upgrading your skills ,knowledge and expertise is the only way to grow .

M.S.Yatnatti Editor Property Politics
CAREERS IN CAD “ON DEMAND ENGINEERING DRAWING & DESIGNS SERVICES INDUSTRY” COMPUTER-AIDED DESIGN (CAD) AND COMPUTER-AIDED MANUFACTURING (CAM)
by Admin User - Sunday, 10 November 2019, 01:42 PM
 

By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: The AutoCAD and Alternatives to AutoCAD like Draft site , FreeCAD , LibreCAD,NanoCAD, Skechhup Make and ZWCAD are ruling the drawing industry and with an IOT .smart-home and 3 D printing boom there is an impending explosion predicted in CAD jobs opportunities across industries . According to reports Computer Aided Design (CAD) has been a real breakthrough in the drawing and design industry by becoming the primary source of communicating design intent. Before the advent of CAD, the only source for draftsmen was pencil and paper for drawing sketches and engineers were to sit with complicated geometry tools and huge drawing boards . The traditional method of manual drafting is iterative and time consuming. However, now there has been a paradigm shift from traditional manual drafting to cad design and drafting.

The prerequisites understanding the physical need of the idea translating an idea into engineering challenge and then using CAD software to solve these challenges is critical element of being employable as an engineer as while 1.5 million engineers pass out and graduate every year in India in engineering and technology institution.Learning CAD is very important aspect of being an engineer. Depending on your situation learn CAD in a small or big institution or choose MOOCS platform like coursesera that offer courses on CAD VLSI CAD and you can utilize AutoDesk university .Another company that provides lot of resources is Ansys. Lot of software tools are available like commercial and OSS .The AutoCAD and Alternatives to AutoCAD like Draft site , FreeCAD , LibreCAD,NanoCAD, Skechhup Make and ZWCAD and fusion 360 TnkerCAD BLENDER and other tools .The job descriptions vary between drafters designers and Managers and real key to succeed in CAD is composed of thrtee things “Practice” “Practice” “Practice” .

According to experts some of the benefits of CAD drafting are -Data storing and Accessibility – One of the advantages of CAD drafting is that the drawings need not be filed and stored in folder unlike in manual drafting. CAD drafting can be easily saved on the computer server and can be accessed from anywhere with internet connection. The chance of losing the documents is higher in manual drafting. As CAD drawings can be saved electronically without the use of paper, it is also an environment friendly method.3D views – 3D drawings are the best way to virtually represent a structure. Though one can manually create a 3d model, it wouldn’t look as realistic as the 3D model generated by AutoCAD. AutoCAD breathes life in the 3D model and aid the visualization process. While creating 3D view manually is a challenging, time-consuming and tire-some job, it becomes much easier with software like AutoCAD.Revisions – While you create any drawing on paper or software, there is bound to be some amount of revisions or modifications. In manual drafting, you need to erase and redraw to make any modification to your drawing. CAD simplifies the revision process to a large extent with its various editing tools. With few clicks of mouse, you can undo, redo or delete your actions. You need not re-draw an object anytime later as you can modify the existing object by mirroring, stretching, rotating, scaling etc.Speed and Time – Technologies are invented to make our work easier, save our time and to complete the work faster. AutoCAD is significantly faster than the traditional method of manual drafting. It speeds up the task of preparing bill of materials, reports, scaling etc. The tedious task of drawing each line on paper can be done in few mouse clicks. As CAD software eliminates repetitive iterations, a substantial amount of time is saved. In AutoCAD, data describing a component or its family is associative in nature and hence revisions are automatically made to all places the data is used. Accuracy – In manual drafting, all the objects drawn must be of correct size and alignment. Each object need to be manually verified and dimensioned as the slightest error can be catastrophic to the entire project. With CAD, there are numerous techniques available to obtain exact dimensions thus leading to improved accuracy in the project.Owing to the numerous benefits in terms of speed, accuracy, data storage, revision CAD offers over manual drafting, it has become a standard for the AEC industries.CAD drawing services has changed the engineering industry in many ways, but all for the better. Those who use CAD outsourcing services for engineering find that they're more profitable and successful. Below, you'll find several more reasons how CAD has changed the engineering industry.Realistic Drafting. Before CAD, all drafts were drawn by hand. This means that all models and drafts were 2D (2 Dimensional). In order to make sure the structures were drafted properly multiple drawings were required to depict all sides of the model.Today, CAD software helps eliminate the hand-drawn drafts. With the use of CAD, engineers are able to create 3D (3 Dimensional) simulations of all drafts – whether it be a machine component, structure or other type of model. There’s even an option to take a virtual 3D tour of the structures being drafted with CAD.Networking Capabilities. Before CAD software, engineers had trouble saving and transferring files without worrying whether or not they’d become lost or degraded. Now, with the help of CAD applications like BIM (Building Information Modeling), engineers are able to store their work and findings in a system that saves and transfers files without any complications. Multiple engineers can locate this information and work on a project using the views, tools and access for the same project.

M.S.Yatnatti Editor Property Politics
GIVE INFORMATION ABOUT BLACK MONEY TO INCOME TAX DEPARTMENT GET UP TO “5CR REWARD” “ONE CR FOR TIP-OFF ON BENAMI DEALS”
by Admin User - Saturday, 9 November 2019, 06:17 PM
 

By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: Become IT department informer .The central government has introduced three new schemes to bring the tax defaulters into tax bracket. The tax revenue, benami transactions and assets of the underwriter have announced a reward of Rs 5 crore. If you have given specific information on tax evasion of income and assets outside India, you will get reward of Rs 5 crore. If you provide information on tax evasion in India, you will get reward of Rs 50 lakh. Those who give information about Benami transactions and assets are paid up to 1 crore rupees. The Finance Ministry has issued a statement to this extent. This reward scheme is aimed at encouraging people to give information about Benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners. The income tax (I-T) department launched the Benami Transactions Informants Reward Scheme under which a person can get a reward of up to Rs 1 crore for giving information to tax authorities about benami transactions and properties of Indians in the country.A similar reward scheme for information about benami assets in foreign countries can earn a reward of up to Rs 5 crore, with even foreigners eligible for the reward. “With the objective of obtaining people’s participation in the income tax department’s efforts to unearth black money and reduce tax evasion, anew reward scheme has been issued, superseding the earlier reward scheme,” according to a press note issued by the Central Board of Direct Taxes (CBDT) . “For information about income and assets actionable under the Black Money Act, a reward of up to Rs 5 crore has been introduced in the new reward scheme,” the CBDT said in the press note .The amount has been kept high to make it attractive to potential sources in foreign countries to give information, the CBDT said. The I-T department has also amended the existing “Income Tax Informants Reward Scheme” under which a person can get a reward of up to Rs 50 lakh for giving actionable information about evasion of tax on income or assets in India.The I-T department is empowered to probe assets of Indians in foreign countries under the Black Money (Undisclosed Foreign Income and Assets) Act. Under the 2015 act, it can recover tax on such undisclosed assets. In a statement, the department said it was found in many cases that black money was invested in properties in the name of others, even though benefits were enjoyed by the investor concealing his/her beneficial ownership in his/her tax returns.


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