MCA UPDATE (BY TEAM JSRA)

MCA UPDATE (BY TEAM JSRA)

FILE YOUR DIR 3 KYC BEFORE TIME TO AVOID LATE FEES PENALTY 5000 FROM 1 SEPTEMBER 2018 AND DIN WILL BE DEACTIVATED 

Documents Required

1. DSC of Director duly Registered;

2. Self attested PAN card;

3. Self attested Aadhar card with updated Mobile number with UIDAI;

4. Self attested Electricity Bill, Mobile Bill, Bank statement of Director (latest by 2 Months) of his/her present address;

5. Latest Passport size photo;

6. DIN declaration cum KYC.

DIR-3 KYC Will issuing from 10.07.2018.

Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August, 2018.

The form should be filed by every Director using his/her own DSC and should be duly certified by a practicing professional.

After expiry of the due date by which the KYC form is to be filed, the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’. 

So please complete your Director KYC before 31 August 2018 to save penalty of Rs.5,000/-

How to set up Financial Goal - Finance Planning in New Financial Year-2018-19

Wishing a New Financial Year-2018-19 to all of you from Team JSRA.

This is our privilege to associate you since long as a client, friend and mentor to the business and I should start with a warm message - Happy new financial year-2018-19. It is rightly said that a good beginning makes a good end. Therefore, to convert this beginning into a tremendous starts, it makes sense to make some resolutions of New Financial Year - resolution to plan our expenses/plan our income, resolution to achieve Financial Freedom, Financial Goals and make your money work for you etc. It is better to come to the point. Here are some things you must consider today, tomorrow and for the whole year and of course for the life time:

1.      Analysis of your ‘Income Expenses Structure’ (Budgeting)

2.      Spend Smarter

3.      Set your Financial goal for whole Financial Year

4.      Prioritise your debts

5.      Have right asset allocation

6.      Magic of tax planning

1. Analysis of your ‘Income Expenses Structure’ (Budgeting)

It is always important to prepare your Inflow/Outflow chart in the beginning of the financial year and do analysis for the same, therefore, as to be prepared for the year ahead and also keep a track on your expenses and income plan wisely. It helps you to get a reality check about what percentage of your total income is going towards expenses and how much money can be left for savings. It also gives you a fair idea on where can you cut down some of your unusual expenses. This process will help you to plan your bigger expense & also help you to make your saving automated. Monthly review over your income and expenses will create a asset at the end of the year.

2. Spend Smarter-Spend Wisely 

Money earns More Money. Spend smarter and invest for your future. Along with managing your money in a better and efficient way, it is equally important to spend your money smarter. Nowadays we own more stuff than we actually need, there must be few things that you purchased, were of no use or of minimal use to you. Spend your money wisely; this can help you save more without any added efforts. The way you can do it is trying postponing your urge to buy that particular thing by few days & after that if you feel no urge to buy it that means you don’t need it.

3. Prioritise your debts:

Paying off your debt should be your first priority, as it is always advisable to earn compounding interest rather than paying it. There is two coin of each story, likewise under compounding interest mechanism there are two sides of coin one create money for you and another will ruin your money, therefore you need to understand the power of compounding interest, do understand that it can equally play out as if it’s on debt and or on investment. Therefore, it is suggestible to first clear your dues, for that, you have to make a list of all your loans and try paying them off, starting with the one where you are paying highest interest rate.

4. Set your Financial Goal:

Everyone has some or the other goal in life. To achieve these goals you should follow a simple rule ‘Plan – Save – Invest’. Create a financial plan, start saving and invest early in order to generate long term wealth and fulfill your goals. You should define your goals in order to achieve them. Identifying goals gives a purpose for investments.
5. Have right asset allocation

It is known that 90% of long term wealth creation happens through correct asset allocation decisions. Periodic portfolio health checkup helps in achieving long term goals. You should review your financial portfolio at least once in a quarter every year and there is no better time other than month of April (start of Financial New Year) to check your portfolio, to know the proper asset allocation of your portfolio. Also do check if there is a change in your current risk profile and the concurrence of your asset allocation and risk profile.

6. Tax planning- Magic to achieve your Financial Goal

Tax planning is one thing that most of the individuals ignore in the beginning and then end up paying more tax. This additional tax payment could have been saved if planned properly in the beginning of the year. At the end they rush to save their taxes and end up investing in instruments which doesn’t suit their portfolio or risk appetite. 

Tax-planning is not only to reduce tax liability but it’s a way to achieve future goals by planning finances in a tax –efficient way with a view to earn optimum returns. Over a longer period power of compounding can also show its wonder under section 80C of income Tax Act.

Tax planning products can be broadly divided into debt & equity, if your portfolio is small & major portion is covered by tax planning than you should also pay equal attention towards asset allocation in tax planning and when you need the corpus. 

Over the time there are other better investment avenue with high returns are available in the market such as SIP- systematic investment plan in Mutual fund. If you will see the track record there are lots of companies who give better returns in terms of your investment.

There is no better time to invest, just plan your investments as per financial goal.

7. Overcome procrastination- Do not postpone Financial decisions:

Some people have the habit of giving less urgent tasks the preference over more urgent ones, and thus putting off impending tasks for future, sometimes to the last minute before the deadline. For example, every year you can file your income tax returns between April 1 and July 31. However, most taxpayers file tax returns during the last week of July. Similarly, for most people every year tax planning starts in January, instead of planning and executing it round the year. Procrastination even costs one if investments for a particular goal is delayed.

For example, two person start investing Rs.2,000 every month for retirement, the first at 25 years of age and the second at 35. At 8% p.a. rate of interest on their investments, the first person has about Rs. 18 lacs more than the second person at 60.

Conclusion:

It is always better to be proactive than reactive, proactive behaviour brings in more focus & control. It helps you to see your financial challenges in advance and gives you healthy time to find a solution for them.

“If you want to be happy, set a goal that commands your thoughts, liberates your energy and inspires your hopes.”

We hope you know the power of financial planning as well as the power of regular check-up of your financial health.

Thanks and Regards

Janmejay Singh Rajput

9818715747

Racs.jsa@gmail.com

Disclaimer:

The views expressed in the articles, comments and all other contributions in any other form are those of the individual author. No part of this work may be produced and stored in a retrieved system or transmitted in any form or by any means, electronic, mechanical, photocopying recording or otherwise without written permission from the publisher.

For singing Legal documents/reports whether blue pen or black pen is required

There is no color required by law, it's just that most people in the legal profession prefer blue for original signatures because this helps distinguish original documents from photocopies. If you're in a pinch and can't find your blue Bic, a black Bic will do fine (or medium).

while there don’t appear to be any laws regulating the color of ink you use to sign a legal document, some organizations, jurisdictions, and individual document custodians (county clerks, notaries, etc.) have their own preferences and practices regarding ink color. Of course, important documents should never be signed in pencil, as your signature can easily be erased or otherwise altered.

In the days before color photocopiers, blue or black ink was preferred because other colors were not dark enough to reproduce. Although photocopying technology has improved in recent years, some document scanners are unable to make out unusual colors such as orange or green.

When it comes to choosing between blue or black ink, the consensus is that blue makes it easier to assume a document is a signed original as opposed to a black-and-white copy. Regardless, you should always read the document instructions regarding color preferences or research local procedures before signing a document that will be notarized or submitted to a court.

Does Ink Quality Matter When Signing Legal Forms?

When selecting a pen to sign a legal document, ink quality also matters. It’s important not to use a cheap pen, as lower quality inks tend to be water based, meaning they can be washed off and altered, or fade over time. Often, these inks also contain acid that eventually wears away the paper.

So, for legal documents, look for an archival quality, or “check-safe” pen that is permanent, waterproof, and acid free. These can be purchased for a relatively low cost at any office supply store.

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