Govt extends deadline for filing income tax returns by a month to August 31

The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns from July 31, 2018, to August 31, 2018, for certain categories of taxpayers.








The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns to August 31, 2018, for categories of taxpayers who were to file their returns by July 31.


The decision comes days ahead of the July 31 deadline, which several groups had requested the government to push to later.

CBDT had notified the new income tax return forms for assessment year 2018-19 on April 5. Experts said the introduction of new forms was leading to delays in filing of returns.


Further, the CBDT had said non-filing of ITR before the due date from this assessment year would lead to a penalty of Rs 1,000, 5,000 and Rs 10,000, depending on when the returns were filed after the deadline. The fine for taxpayers having income under Rs 5 lakh remained at Rs 1,000.



If you are still unclear in choosing the appropriate ITR for disclosing your income earned during the previous year, here's a quick guide on the various ITR forms.

ITR 1 Sahaj:

Applicable to individuals that are an ordinary resident in India deriving income from salaries, one house property, other sources and having total income upto Rs 50 Lacs.

ITR 2:

It is applicable to any individual having total income exceeding Rs. 50 Lacs or having foreign asset/income or having more than one residential house property or income from capital gain or HUF.

ITR-3:

It is applicable to individuals and HUFs deriving income from profits and gains from business or profession along-with any income from salaries or house property or capital gains or other sources.

ITR-4 SUGAM:

It is for resident taxpayers (Individual, HUF, Firm other than LLP), who have opted for presumptive income scheme as laid down under section 44AD, 44ADA and 44AE of the Income Tax Act, 1961.

ITR-5:
This form can be used by a person being a Firm, Limited Liability Partnerships (LLP), AOP/BOI, Private discretionary trust, an Artificial juridical person referred to in section 2(31)(vii), Cooperative Society and Local authority.

ITR-6:

This form is being used by Company, other than a company claiming exemption under section 11 of the Income Tax Act. The ITR also introduces a new Schedule for Ind AS Compliant companies wherein they are required to disclose the balance sheet and P/L account in the same format as prescribed under the Companies Act, 2013

ITR-7:Required to be filed when individuals including companies fall under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). This ITR form is basically meant for trusts claiming exemptions u/s 11 of the Act, Political party, Mutual funds, Securitization trust, and other specified assesses.

OSP Registration in India

As per the New Telecom Policy (NTP) 1999, service providers in India involved in providing services like tele-banking, tele-medicine, tele-education, tele-trading, e-commerce, call center, network operation center and other IT Enabled Services, using telecom resources are termed as “Other Service Providers” (OSP). These Other Service Providers or OSP’s are required to obtain a OSP Registration from the Department of Telecommunication (DOT). In this article, we look at the process and procedure for obtaining OSP Registration in India.

Overview

As per the Terms and Conditions formulated by the Telecom Commission in February 2000, OSP’s can take telecom resources from authorized Telecom Service Providers only and should not provide switched telephony. Further, the Department of Telecommunication must register OSPs using telecom resources for providing an array of services like call center, tele-banking and other IT enabled services. Therefore, the Department of Telecommunication (DOT) now registers OSPs in India and has registered over 2500 cases since inception.

OSP Registration Applicability

Service providers in India involved in providing services like tele-banking, tele-medicine, tele-education, tele-trading, e-commerce, call center, network operation center and other IT Enabled Services, using telecom resources are required to obtain OSP Registration. Telecom Resources are telecom facilities used by an OSP including, but not limited to Public Switched Telecom Network, Public Land Mobile Network, Integrated Services Digital Network (ISDN) and /or the telecom bandwidth provided by authorized telecom service provider.

OSP Registration Requirement

To obtain a OSP Registration in India, it is mandatory for the entity to be a Private Limited Company. Therefore, Entrepreneurs having plans for starting a call center or BPO or e-commerce or other IT Enabled Services must incorporate a Private Limited Company. The following are the documents necessary for OSP Registration in addition to the application in the prescribed format:

• Certificate of Incorporation of Private Limited Company
• Memorandum of Association (MOA) and Articles of Association (AOA)
• Board of Resolution or Power of Attorney authorizing the authorized signatory
• Name of Business and Activities Proposed
• List of Directors
• Present Shareholding

The above documents must be certified with seal by a Company Secretary or Director of the Company or Statutory Auditor or Public Notary.

OSP Registration Compliance

Once a OSP Registration is approved, the license is valid for a period of 20 years – unless otherwise expressly mentioned.  To maintain compliance, each of the OSPs are required to submit an “Annual Return” to the DOT mentioning the activities undertaken and the present status of the OSP. The annual return for OSP License renewal must be submitted with 6 months of completion of financial year.

In addition to the above, OSPs must maintain compliance with the Terms and Conditions prescribed by the Department of Telecommunication for OSPs. The detailed terms and conditions for OSP Registration and OSP Operation to be maintained can be downloaded here.

Indian Government Startup Schemes

Here is a list of startup schemes launched by the Indian government and run under different ministries and are further headed by different departments.



Indian Government Startup Schemes

           

Name Of The Scheme	Headed By	Industry Applicable	Fiscal Incentive (*T&C applied)
Support for International Patent Protection in Electronics & Information Technology (SIP-EIT)	Department of Electronics and Information Technology (DeitY)	IT Services, analytics, enterprise software, technology hardware, Internet of Things, AI	Up to INR 15 Lakhs per invention or 50% of the total expenses incurred in filing and processing of the patent application upto grant, whichever is lesser.
Multiplier Grants Scheme (MGS)	Department of Electronics and Information Technology (DeitY)	IT Services, analytics, enterprise software, technology hardware, Internet of Things, AI	Limited to a maximum of INR 2 Cr per project and the duration of each project should, preferably, be less than two years. For industry consortiums these figures would be INR 4 Cr and three years.
Software Technology Park (STP) Scheme	Software Technology Parks of India (STPI)	IT services, fintech, enterprise software, analytics, AI	Sales in the DTA up to 50% of the FOB value of exports is permissible and depreciation on computers at accelerated rates up to 100% over 5 years is permissible.
Electronic Development Fund (EDF) Policy	Department of Electronics and Information Technology (DeitY)	IT Services, analytics, enterprise software, technology hardware, Internet of Things, AI, nanotechnology	Companies will get risk capital from "Daughter Funds" set up by Electronic Development Fund (EDF).
Modified Special Incentive Package Scheme (M-SIPS)	Department of Electronics and Information Technology (DeitY)	Technology hardware, Internet of Things, aeronautics/aerospace & defence, automotive, non-renewable energy, renewable energy, green technology,and nanotechnology	Majorly provides capital subsidy of 20% in SEZ (25% in non-SEZ) for units engaged in electronics manufacturing.
Scheme to Support IPR Awareness Seminars/Workshops in E&IT Sector	Department of Electronics and Information Technology (DeitY)	IT services, analytics, enterprise software, technology hardware, Internet of Things, AI	Organisations are provided with a grant between INR 2 Lakhs to INR 5 Lakhs.
NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC)	NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC)	Chemicals, technology hardware, healthcare & lifesciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fintech, Internet of Things, nanotechnology, social impact, food & Beverages, pets & animals, textiles & apparel.	Provide a limited, one-time, non-recurring financial assistance, up to a maximum of INR 25 Lakhs.
The Venture Capital Assistance Scheme	Small Farmers’ Agri-Business Consortium (SFAC)	Agriculture	The quantum of SFAC Venture Capital Assistance will depend on the project cost, location and the promoter's status.
Credit Guarantee	Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)	Sector-Agnostic	Both term loans and/or working capital facility up to INR 100 Lakhs per borrowing unit are being provided.
Performance & Credit Rating Scheme	National Small Industries Corporation (NSIC)	Sector-agnostic	The incentives are proportional to the turnover of the MSMEs.
Raw Material Assistance	National Small Industries Corporation (NSIC)	Sector-agnostic	MSMEs will be helped to avail economics of purchases like bulk purchase, cash discount, etc. Also, all the procedures, documentation and issue of letter of credit in case of imports will be taken care of.
Revamped Scheme of Fund for Regeneration of Traditional	Khadi and Village Industries Commission	Sector-agnostic	Funds limited to a maximum of INR 8 Cr to support soft, hard and thematic interventions are provided.
Single Point Registration Scheme (SPRS)	National Small Industries Corporation (NSIC)	Sector-agnostic	Micro and small enterprises will get exemption from payment of Earnest Money Deposit (EMD) and will be issued tender sets free of cost.
Aspire - Scheme for promotion of innovation, entrepreneurship and agro-industry	Steering Committee, Ministry of MSME	Agriculture, pets & animals, social impact, healthcare & life sciences	Based on nature of existence of the incubator
Infrastructure Development Scheme	National Small Industries Corporation (NSIC)	Sector-agnostic	For a deposit of six months refundable rent, an office space of 467 sq.ft. to 8,657 sq.ft. is provided.
MSME Market Development Assistance	Office of the Development Commissioner (MSME)	Sector-agnostic	Provides air fare reimbursements based on category entrepreneur lies in (General, women, SC/ST/PwD). The total subsidy on air fare & space rental charges will be restricted to INR 1.25 Lakhs per unit.
National Awards (Individual MSEs)	Office of the Development Commissioner (MSME)	Sector-agnostic	The Selected National awardee is facilitated with a cash prize of INR 1 Lakh, INR 75K, INR 50K  in order of ranking.
Coir Udyami Yojana	Coir Board	Agriculture	The amount of bank credit will be 55% of the total project cost after deducting 40% margin money (subsidy) and owner’s contribution of 5% from beneficiaries.
International Cooperation (IC) Scheme	Office of the Development Commissioner (MSME)	Travel & tourism, human resources, events, advertising	The incentives vary as per the organisation category.
Credit Linked Capital Subsidy for Technology Upgradation	Office of the Development Commissioner (MSME)	Sector-agnostic	Ceiling on loans under the scheme has been raised from INR 40 Lakhs to INR 1 Cr while the rate of subsidy has been enhanced from 12% to 15%.
Bank Credit Facilitation Scheme	National Small Industries Corporation (NSIC)	Sector-agnostic	N/A
Atal Incubation Centres (AIC)	Atal Innovation Mission (AIM)	Chemicals, technology hardware, healthcare & lifesciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fintech, Internet of Things, nanotechnology, social impact, food & beverages, pets & animals, textiles & apparel.	AIM will provide a grant-in-aid of INR 10 Cr to each AIC for a maximum of five years
Atal Tinkering Laboratories	Atal Innovation Mission	Chemicals, technology hardware, healthcare & lifesciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fintech, Internet of Things, nanotechnology, social impact, food & Beverages, pets & animals, textiles & apparel. Eligibility: Schools (Grade VI – XII) managed by the Government, local body or private trusts/society can apply to set up an ATL.	AIM will provide grant-in-aid that includes a one-time establishment cost of INR 10 Lakhs and operational expenses of INR 10 Lakhs for a maximum period of five years to each ATL.
Scale-up Support to Establishing Incubation Centres	NITI Aayog	Chemicals, technology hardware, healthcare & lifesciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fintech, Internet of Things, nanotechnology, social impact, food & Beverages, pets & animals, textiles & apparel.	Grant-in-aid support of INR 10 Cr will be provided in two annual instalments of INR 5 Cr each.
Udaan Training Programme For Unemployed Youth Of J&K	National Skill Development Corporation (NSDC)	Education, human resources	INR 750 Cr has been earmarked for the implementation of the scheme over a period of five years
Enhancement of Competitiveness in the Indian Capital Goods Sector	Department of Heavy Industries (DHI)	Chemicals, technology hardware, healthcare & lifesciences, aeronautics/aerospace & defence, agriculture, automotive, construction, non-renewable energy, renewable energy, green technology, Internet of Things, nanotechnology, social impact, food & beverages, textiles & apparel.	One time grant up to 25% of the cost of the technology acquisition of each technology. Maximum amount given shall not exceed INR 10 Cr
National Clean Energy Fund (NCEF) Refinance	Indian Renewable Energy Development Agency (IREDA)	Renewable energy, clean energy, green energy plants.	REDA would provide funds received from NCEF by way of refinance to scheduled commercial banks and financial institutions (including IREDA). Maximum refinance amount INR 15 Cr per project.
IREDA Scheme For Discounting Energy Bills	Indian Renewable Energy Development Agency (IREDA)	Renewable energy, clean energy, green energy	Upto 75% of the invoice value pending for maximum six months from the date of application subject to a maximum bill discounting facility of INR 20 Cr. The minimum amount of transaction covering a set of bills shall not be less than INR 1 Cr.
Bridge Loan Against MNRE Capital Subsidy	Bridge Loan Against MNRE Capital Subsidy	Renewable energy, clean energy, green energy	The projects will get up to 80% of the existing pending eligible capital subsidy claim, as verified by the IREDA with a minimum loan assistance of INR 20 Lakhs.
Bridge Loan Against Generation-Based Incentive (GBI) Claims	Indian Renewable Energy Development Agency (IREDA)	Renewable energy, clean energy, green energy	A minimum loan assistance of INR 20 Lakhs is provided under this scheme.
Loan for Rooftop Solar PV Power Projects	Indian Renewable Energy Development Agency (IREDA)	Renewable energy, clean energy, green energy	The quantum of loan from the IREDA shall be 70% of the project cost with minimum promoter’s contribution of 30%.  IREDA may extend the loan upto 75% of the project cost.
Credit Enhancement Guarantee Scheme	Indian Renewable Energy Development Agency (IREDA)	Renewable energy, clean energy, green energy	Provide credit enhancement by way of unconditional and irrevocable partial credit guarantee to enhance the credit rating of the proposed bond.
Dairy Entrepreneurship Development Scheme	National Bank for Agriculture and Rural Development (NABARD)	Agriculture, pets & animals, social impact, food & beverages.	The incentives differ with respect to the cost of the required equipment or establishment of the facilities
4E (End to End Energy Efficiency)	Small Industries Development Bank of India (SIDBI)	Sector-agnostic	Up to 90% of the project cost with minimum loan amount of INR 10 Lakhs and maximum loan amount not to exceed INR 150 Lakhs per eligible borrower can be granted. The MSME unit has to pay only INR 30,000 and applicable taxes and the balance fee will be paid by SIDBI to auditors.
Pradhan Mantri Mudra Yojana (PMMY)	Micro Units Development and Refinance Agency Ltd. (MUDRA)	Sector-agnostic	MUDRA offers incentives through these interventions: >Shishu: covering loans upto INR 50,000/- > Kishor: covering loans above INR 50,000/- and upto INR 5 Lakhs > Tarun: covering loans above INR 5 Lakhs and upto INR 10 Lakhs
Stand Up India	Small Industries Development Bank of India (SIDBI)	Sector-agnostic	Composite loan between INR 10 Lakhs and INR 1 Cr to cover 75% of the project cost can be taken up, inclusive of term loan and working capital.
Sustainable Finance Scheme	Small Industries Development Bank of India (SIDBI)	Green Energy, Non-renewable Energy, Technology Hardware, Renewable Energy	Suitable assistance by way of term loan / working capital to ESCOs implementing EE / CP / Renewable Energy project provided.
SIDBI Make in India Soft Loan Fund for Micro Small and Medium Enterprises (SMILE)	Small Industries Development Bank of India (SIDBI)	Sector-agnostic	The loan amount granted is based on category entrepreneur lies in. (General, women, SC/ST/PwD)
Startup assistance Scheme	Small Industries Development Bank of India (SIDBI)	Sector-agnostic	The financial assistance provided is need-based, subject to a maximum of INR 200 Lakhs and equity kicker
Growth Capital and Equity Assistance	Small Industries Development Bank of India (SIDBI)	Sector-agnostic	MSMEs are helped to leverage equity / sub debt assistance from SIDBI for raising higher debt funds.
Assistance to Professional Bodies & Seminars/Symposia	Science and Engineering Research Board (SERB)	Events, chemicals, technology hardware, healthcare & lifesciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fintech, Internet of Things, nanotechnology, social impact, food & beverages, pets & animals, textiles & apparel.	The incentives include nominal support for pre-operative expenses
Ayurvedic Biology Program	Science and Engineering Research Board (SERB)	Chemicals, healthcare & life sciences, nanotechnology, social impact.	Support is primarily given to encourage participation of young scientists and research professionals in such events along with nominal support for pre-operative expenses.
Industry Relevant R&D	Science and Engineering Research Board (SERB)	Sector-agnostic	The industry share should not be less than 50% of the total budget. Overhead is provided to the academic partner. The SERB share shall not exceed INR 50 Lakhs for a project.
High Risk-High Reward Research	Science and Engineering Research Board (SERB)	Chemicals, technology hardware, healthcare & lifesciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fintech, Internet of Things, nanotechnology, social impact, food & beverages, pets & animals, textiles & apparel.	The research grant covers equipment, consumables, contingency and travel apart from overhead grants. No budget limit is prescribed for these projects.
Technology Development Programme (TDP)	Science and Engineering Research Board (SERB)	Chemicals, technology hardware, healthcare & lifesciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fintech, Internet of Things, nanotechnology, social impact, food & beverages, pets & animals, textiles & apparel.	Provided support for project staff salaries, equipment, supplies and consumables, contingency expenditure, patent filing charges, outsourcing charges, etc.
National Science & Technology Management Information System (NSTMIS)	Department of Science and Technology (DST)	Chemicals, technology hardware, healthcare & lifesciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fintech, Internet of Things, nanotechnology, social impact, food & beverages, pets & animals, textiles & apparel.	Grant-in-aid are provided for projects. Also, overheads on projects are provided at the rate of 10% of the total project cost for educational institutions and NGOs and 8% for laboratories & institutions under Central Government departments/agencies.
Biotechnology Industry Partnership Programme (BIPP)	Biotechnology Industry Research Assistance Council (BIRAC)	Healthcare & life sciences	Support is provided for high-risk, accelerated technology development especially in futuristic technologies.
Industry Innovation Programme on Medical Electronics (IIPME)	Biotechnology Industry Research Assistance Council (BIRAC)	Healthcare & life sciences	The loan and grant are provided according to the startup stage.
Extra Mural Research Funding	Science and Engineering Research Board (SERB)	Chemicals, technology hardware, healthcare & lifesciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, computer vision, construction, design, non-renewable energy, renewable energy, green technology, fintech, Internet of Things, nanotechnology, social impact, food & beverages, pets & animals, textiles & apparel.	The research grant covers equipment, consumables, contingency and travel apart from overhead grants. No budget limit is prescribed.
SPARSH (Social Innovation programme for Products: Affordable & Relevant to Societal Health)	Biotechnology Industry Research Assistance Council (BIRAC)	Healthcare & life sciences	The loan and grant are provided according to the startup stage.
Promoting Innovations in Individuals, Startups and MSMEs (PRISM)	Council of Scientific & Industrial Research	Sector-agnostic	Support grant is provided under categories such as PRISM Phase I, PRISM Phase II and PRISM-R&D Proposals.
Science and Technology of Yoga and Meditation (SATYAM)	Department of Science and Technology (DST)	Healthcare & life sciences	Not specified.
Rapid Grant for Young Investigator (RGYI)	Department of Biotechnology (DBT)	Healthcare & Life sciences	RGYI provides startup grants to young investigators across the country working in different settings such as central government funded institutions, state government-funded university departments, scientists at DSIR-approved private institutions etc.
Biotechnology Ignition Grant (BIG)	Biotechnology Industry Research Assistance Council (BIRAC)	Healthcare & life sciences	Up to INR 50 Lakhs for research projects with a commercialisation potential with duration of up to 18 months are provided.