Form 5: Fill & Download for Free

Prime Minister Narendra Modi had announced the 'Startup India, Standup India' initiative in his Independence Day address last year. On Saturday, PM Modi unveiled the action plan for startups in the country. He announced a self-certification scheme in respect of nine labour and environment laws and said there will be no inspection during the first three years of launch of the venture. Addressing the first conference of start-up entrepreneurs, Modi announced an action plan to boost such ventures which are seen as key to employment generation and wealth creation.Here are the top takeaways from the prime minister's speech.1. Compliance regime based on self certificationThe objective of compliance regime based on self certification is to reduce the regulatory burden on startups. This self-certification will apply to laws like payment of gratuity, contract labour, employees provident fund, water and air pollution acts.2. Startup India hubA startup India hub will be created as a single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding.3. Simplifying the startup processA startup will be to able to set up by just filling up a short form through a mobile app and online portal. A mobile app will be launched on April 1 through which startups can be registered in a day. There will also be a portal for clearances, approvals and registrations4. Patent protectionThe government is also working on a legal support for fast-tracking patent examination at lower costs. It will promote awareness and adoption of Intellectual Property Rights (IPRs) by startups and help them protect and commercialise IPRs.5. Funds of funds with a corpus of Rs 10,000 croreIn order to provide funding support to startups, the government will set up a fund with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore over four years. The fund would be managed by private professionals drawn from the industry while LIC will be a co-investor in the fund. The credit guarantee fund for start-ups would help flow of venture debt from the banking system to start-ups by standing guarantee against risks.6. Credit Guarantee FundA National Credit Guarantee Trust Company is being envisaged with a budgetary allocation of Rs 500 crore per year for the next four years.7. Exemption from Capital Gains TaxCurrently, investments by venture capital funds in startups are exempt from this law. Now, the same is being extended to investments made by incubators in startups.8. Tax exemption for startupsIncome tax exemption to startups announced for three years9. Tax exemption on investments above Fair Market Value10. Startup festsInnovation core programs for students in 5 lakh schools. There will also be an annual incubator grand challenge to create world class incubators11. Launch of Atal Innovation MissionAtal Innovation Mission started to give an impetus to innovation and encourage the talent among the people12. Setting up of 35 new incubators in institutionsPPP model being considered for 35 new incubators, 31 innovation centres at national institutes13. Setting up of 7 new research parksGovernment shall set up seven new research parks - six in IITs, one in IISc with an initial investment of Rs 100 crore each.14. Promote entrepreneurship in biotechnologyFive new bio clusters, 50 new bio incubators, 150 technology transfer offices and 20 bio connect offices will be established.15. Innovation focused programmes for studentsThere will be innovation core programs for students in 5 lakh schools.16. Panel of facilitators to provide legal support and assist in filing of patent application17. 80 per cent rebate on filing patent applications by startups18. Relaxed norms of public procurement for startups19. Faster exits for startups(Source - India Today)

Prime Minister Narendra Modi had announced the 'Startup India, Standup India' initiative in his Independence Day address last year. On Saturday, PM Modi unveiled the action plan for startups in the country. He announced a self-certification scheme in respect of nine labour and environment laws and said there will be no inspection during the first three years of launch of the venture. Addressing the first conference of start-up entrepreneurs, Modi announced an action plan to boost such ventures which are seen as key to employment generation and wealth creation.Here are the top takeaways from the prime minister's speech.1. Compliance regime based on self certificationThe objective of compliance regime based on self certification is to reduce the regulatory burden on startups. This self-certification will apply to laws like payment of gratuity, contract labour, employees provident fund, water and air pollution acts.2. Startup India hubA startup India hub will be created as a single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding.3. Simplifying the startup processA startup will be to able to set up by just filling up a short form through a mobile app and online portal. A mobile app will be launched on April 1 through which startups can be registered in a day. There will also be a portal for clearances, approvals and registrations4. Patent protectionThe government is also working on a legal support for fast-tracking patent examination at lower costs. It will promote awareness and adoption of Intellectual Property Rights (IPRs) by startups and help them protect and commercialise IPRs.5. Funds of funds with a corpus of Rs 10,000 croreIn order to provide funding support to startups, the government will set up a fund with an initial corpus of Rs 2,500 crore and a total corpus of Rs 10,000 crore over four years. The fund would be managed by private professionals drawn from the industry while LIC will be a co-investor in the fund. The credit guarantee fund for start-ups would help flow of venture debt from the banking system to start-ups by standing guarantee against risks.6. Credit Guarantee FundA National Credit Guarantee Trust Company is being envisaged with a budgetary allocation of Rs 500 crore per year for the next four years.7. Exemption from Capital Gains TaxCurrently, investments by venture capital funds in startups are exempt from this law. Now, the same is being extended to investments made by incubators in startups.8. Tax exemption for startupsIncome tax exemption to startups announced for three years9. Tax exemption on investments above Fair Market Value10. Startup festsInnovation core programs for students in 5 lakh schools. There will also be an annual incubator grand challenge to create world class incubators11. Launch of Atal Innovation MissionAtal Innovation Mission started to give an impetus to innovation and encourage the talent among the people12. Setting up of 35 new incubators in institutionsPPP model being considered for 35 new incubators, 31 innovation centres at national institutes13. Setting up of 7 new research parksGovernment shall set up seven new research parks - six in IITs, one in IISc with an initial investment of Rs 100 crore each.14. Promote entrepreneurship in biotechnologyFive new bio clusters, 50 new bio incubators, 150 technology transfer offices and 20 bio connect offices will be established.15. Innovation focused programmes for studentsThere will be innovation core programs for students in 5 lakh schools.16. Panel of facilitators to provide legal support and assist in filing of patent application17. 80 per cent rebate on filing patent applications by startups18. Relaxed norms of public procurement for startups19. Faster exits for startups

Key Changes in New ITR Forms for Asst. Year 2018-2019Fees for late filing of return [Section 234F] [Applicable for ITR 1 to 7]ITR 1 & 4 require more details of salary and house property income [Applicable for ITR 1 and 4]Additional details to be furnished by taxpayers opting for presumptive scheme [Applicable for ITR 4]Transfer of TDS Credit to Other Person [Applicable for ITR 2 to 7]Capital Gains in case of transfer of unquoted shares [Applicable for ITR 2, 3, 5, 6 and 7]Reporting of sum taxable as Gift [Applicable for ITR 2, 3, 5, 6 and 7]Partners cannot use ITR 2Revised Depreciation Schedule [Applicable for ITR 3, 5 and 6]Details of business transactions with registered and unregistered suppliers under GST[Applicable for ITR 6]Assessee claiming DTAA relief is required to report more details [Applicable for ITR 2, 3, 5 and 6]Info relating to capital gains exemption to be furnished in detail [Applicable for ITR 2, 3, 5 and 6]Disallowance of expenses in case of TDS default (for residuary income) [Applicable for ITR 2, 3, 5, 6 and 7]Taxability on remission of trading liability in case of 'Income from other source [Applicable for ITR 2, 3, 5, 6 and 7]Income from transfer of Carbon Credits [Applicable for ITR 2, 3, 5, 6, 7]Impact on profit or loss due to ICDS deviation [Applicable for ITR 3, 5 and 6]Details of GST paid and refunded [Applicable for ITR 3, 5, and 6]Removal of 'Gender' from personal information [Applicable for ITR 2, 3 and 4]Details of foreign bank account of non-residents [Applicable for ITR 2, 3, 4, 5, 6 and 7]Reporting of CSR appropriations [Applicable for ITR 6]Break-up of payments/receipts in foreign currency [Applicable for ITR 6]Ownership information in case of unlisted company [Applicable for ITR 6]Trusts to disclose more information in ITR [Applicable for ITR 7]Charitable or religious trusts filing income-tax return for the Assessment Year 2018-19 in Form ITR 7 shall be required to disclose following additional information.Details of fresh registration upon change of objects [Section 12A] [Applicable for ITR 7]Taxability of Dividend in excess of Rs. 10 lakhs [Section 115BBDA] [Applicable for ITR 7]No deduction for corpus donations made to other institutions [Section 11] [Applicable for ITR 7]