All the necessary requirements and official documents have to be submitted with the project report. The project report should be such that it should represent the idea of the whole business and can be easily understood by the reader.

What is a project report? A Project Report is a document which provides details on the overall picture of the proposed business. The project report gives an account of the project proposal to ascertain the prospects of the proposed plan/activity. It helps the entrepreneur to get an exact idea about the initial inputs required for the business. It also provides records of which helps him to avail certain loans and funding from financial institutions.

Is it mandatory? Yes. And even if Bank doesn’t make it compulsory, it still helps the entrepreneur to get an exact idea about the initial inputs required for the business, and making business transaction forecast.

Project Report content For Bank Loan

Introductory Page

Summary of the project

Details about the Promoters, their educational qualifications, work experience, etc.

Current Status of the Bank, its products and services, target market, and activities.

Employees, details about the top management, their educational qualifications, work experience, etc.

Infrastructure facilities, tools deployed, operational premises, machinery, etc.

Customers, details about them as well as prospective customers

Regional Operations

Fiscal acquisitions and tie-ups

Means of Financing

Balance Sheet

Profit and Loss Statements

Fund Flow Statement

Chief Ratios

Break Even Point Evaluations

Conclusions

Why a Professionally made project report required? Project reports are valuable tools to both project teams and stakeholders. It provides several benefits. Through these reports, all those involved are able to track the current progress of the project and compare it against the original plan. They can identify risks early on, and take corrective action.

Project reports are crucial for the below purposes:

For availing the working capital loan, term loan and other facilities from banks or financial institution.

For making a presentation to get equity participation of the investor.

For structuring/restructuring bank loan / financial and business strategies of the firm.

For buying, taking over or starting a new business.

For making proper disposal of an existing business.

For assessing the value of the project or the business.

 So, get yourself ready to be open to the right opportunities. Follow these lists of ways to get job-ready:

Create an AWESOME Resume or CV An awesome resume or CV for most recruiters is one that speaks! We don’t need it to be pretty, we need it to do a good job in speaking for you before the actual interview. A speaking resume/CV is one that is comprehensive yet concise, keeps the recruiter engaged, gets the recruiter interested (or even excited) in speaking or meeting with you.

Adaptability An ability to accept and adapt to change is important too because, like it or not, change is part of the modern working world. Whether organisational, technological or skills-based, the jobs we do and the way we do them is and will change again and again. Since we don’t know what those changes will be, employers want people who can move out of their comfort zone and see change as an opportunity for growth and innovation.

Interpersonal and communication skills It is all well and good learning something new every day and thinking of smart solutions to challenges, but these soft skills get lost if you don’t communicate your knowledge to others. Employers favour jobseekers who possess exceptional communication skills and are comfortable speaking with people at all levels of an organisation in a professional manner.

Identify your strengths – and weaknesses You need to be clear about what you can offer future employers. To discover what your ‘brand’ is, ask trusted friends and colleagues to list the 5 or 10 things they think you do well – perhaps you have good technical skills or are good at being collaborative? Then ask if there are any aspects of your personality or performance that they think maybe you are not so good at organisation?

Search online for keywords that will sell you Next, match what you have to offer with the jobs you are interested in. A quick scan of job boards to see what recruiters are looking for will identify the keywords you need to include in your job applications – from ‘collaborative’ to ‘commercial’. Make a list. Then rephrase your skills so they fit these descriptions – for example, ‘ambitious’ could be ‘target-driven’.

Remember to tailor your application/CV to each role When you get to the stage of applying, carefully read the job specification. Identify the exact job role and Industry requirement. Include all of the keywords listed – using somewhat same wording. Look through your list of skills and keywords that sell your brand and include those that are required or you think will add value to the job. Remember, at this stage, you need to show that you are an obvious fit for the job.

Have a professional photo taken While many recruiters hate photos on CVs, they do like to see them online – either on your own website (if you have one) or your online profiles. A really good photo (remember to smile or at least look approachable) is, therefore, a must. At the very least, avoid holiday or party selfies.

Get your online presence ready – LinkedIn in particular A potential employer or recruitment consultant might come across your profile and at the very least will check it. Ask a few key contacts if they will provide you with a recommendation and add a bit of personality by posting a few blogs or sharing some newsworthy links. Also, boost your network by requesting others to join it – the more senior the better.

A willingness to learn A willingness to learn tops the list of soft skills sought. The ideal employee will be listening to webinars and podcasts on their commute, looking at what the competition is doing, keeping an eye on customer feedback, recommending news articles to their colleagues or creating email alerts for themselves surrounding this topic. As changes occur in your industry, gaps in your skills and knowledge emerge. Thus, you must have the self-awareness needed to spot any new gaps, and seek to bridge them.

Take part in seminars and conferences Most cities and towns host career seminars about motivation or career advice. Conferences are also a good ground to understand what skill set you need to develop or what avenues you can explore, given your strengths and weaknesses.

Engage in strategic networking Find ways to network with staff who work for your ideal employers to find out what it is like to work there. You can then ask them if they have a referral scheme (existing employees are often given a bonus for recommending a new employee) or to let you know if there are any opportunities.

Now, depending on your accountants to reach office, and prepare your accounts, and then provide necessary reports can be quite tedious and tiresome. Plus, your present accountant may not be competent enough for every section of the bookkeeping process and compliances. Let the team of expert professional perform these services virtually.

What is Virtual Accounting Services: Virtual accounting service (also called online book keeping service), is the online version of the accounting services you get from you’re an expert accountant. The accounting service provider have a group of qualified accountants, CAs and financial professionals who are well versed in this field and can provide reliable accounting services from journal to financial statements and compliances. The process is mainly online, where you provide the details and the service provider maintain books of accounts, prepare financials, MIS, and also keep track of compliances.

When are you looking to improve your Bookkeeping Functions with savings in cost, and time, your first option should be to hire Virtual accounting services, and keep track of all your money in the business.

Why Virtual Accounting Services through Rustle Business Consultancy:

Expert professionals with tax and compliance knowledge

Best softwares – Tally, Xero, Quickbooks, Zoho

Part-Time & Full-Time Staffing Flexibility

Review on Statutory and Regulatory Compliances

Save cost

Best MIS report to assist management in decision making

Data Confidentiality

CFO services to manage Finance, if needed

You have more time for your operational and business strategies

Use of latest Technology

Other ancillary services with Virtual Accounting:

Taxation services and advisory

Accounts receivable

Payroll

ROC, GST Compliances

Consulting CFO

Different types of Notices commonly served:

NOTICE U/S 142(1)

Normally this notice is sent to people to understand the reason why they have not filed the return or if they have filed then need to explain or furnish additional details. A notice is served by the assessing officer u/s 142 (1) in two cases. Firstly, if the officer requires additional information and documents pertaining to your income tax returns. Secondly, if the return has not been filed but the officer wants the return to be filed. If you do not respond to the notice served under Section 142(1), you would face a penalty of INR 10,000, prosecution for up to 1 year or both.

What to do when You receive a 142(1) notice from the income tax department? Notice under section 142(1) is issued when return has not been filed by the assessee or for producing required documents asked by the A.O. When notice is received, an assessee should file his return within the time period provided in the notice and if documents and details asked to produce and then provide the same to A.O. within the specified period.

NOTICE U/S 139(9):

Also knows as defective return. If the AO believes that a defective income tax return is filed, he would serve you notice under this section. The error can be missing information, use of the wrong ITR form, incomplete return, etc. The officer would also highlight the defect in the income tax return and recommend the solution thereof. You get a period of 15 days to respond to the notice. If you do not respond, your ITR would be rejected.

What to do after receiving notice u/s 139(9)? Once you’ve been served with notice of defective return u/s 139(9), then you must correct your return by revising it within 15 days from the receipt of notice by the Income Tax Department. You can also apply for extension by writing an application to the Assessing Officer (A.O.) requesting an extension of the deadline of filing a revised return.

NOTICE U/S 148:

This notice is sent in cases where the assessing officer(AO) has a reason to believe that a taxpayer has filed his ITR on a lower income or not filed when he was mandated by the law. The time limit to send the notice under this section depends on the amount and nature of income escaped.

Before issuing a notice to the assessee based on the provisions under Section 148, the Assessing Officer should have some kind of concrete evidence that suggests the Assessee in question has evaded assessment of income tax return for the relevant year of assessment. Without any proof, the officer can’t produce a notice based on mere suspicion.

 What assessee is required do after receiving notice under Section 148? The assessee is required to produce the details of his/her income tax returns within the time duration that has been specified by the assessing officer in the notice given. In the case that the assessee needs to provide income tax returns of any other assessable person, then he or she has to provide them in the format specifically mentioned as per provisions of the act with any other information deemed to be provided with the detailed information.

INTIMATION U/S 143(1)

After you file and verify your ITR, they are processed online by the tax department. Post this initial assessment, the tax department sends an intimation to all the taxpayers u/s 143(1). It contains information related to an additional tax liability or refund or if the loss amount mentioned in the return should be increased or decreased or if filed return is perfect.

What should be done on receiving intimation u/s 143(1)? - In case you agree with the tax amount payable or amount of refund due You would be required to pay the amount of outstanding taxes or you will simply receive the amount of refund shown in the intimation u/s 143(1). - In case you do not agree with the calculations done by income tax department You can opt to file an online request for rectification of your income-tax return under section 154 or file an appeal under section 246A. - And, if the net amount refundable or payable is zero, then you can treat the intimation received u/s 143(1) as the completion of the return filing process from the Income Tax Department for the financial year in the relation to which the return was filed.

NOTICE U/S 143(2) FOR SCRUTINY ASSESSMENT U/S 143(3)

A notice u/s 143(2) is sent to the taxpayer if the Tax Department chooses to scrutinize the ITR of the taxpayer. The assessing officer sends this notice within 6 months from the end of the financial year in which the return is furnished. After the notice is received by the taxpayer, he/she should reply to the questionnaire issued by the income tax department and submit all the additional documents requested. In simple words, Scrutiny assessment or detailed assessment u/s 143(3) means a scrutiny is carried out to confirm the correctness and genuineness of various claims, deductions, etc. made by you in your Income Tax Return.

What is the time limit for issuance of notice u/s 143(2)? A notice u/s 143(2) for scrutiny assessment can only be issued upto a period of six months from the end of the financial year in which the return was furnished by you.

What to do when you receive notice U/s 143(2) You or your tax representative will appear before the AO to place your arguments and evidences as required by assessing officer. Alternatively, you can submit online response to notice u/s 143(2) by uploading your evidence and your arguments. After hearing all the evidence,as produced by the assessee as per notice u/s 143(2), AO will pass an assessment order determining total tax payable or refund to the assessee after taking into account produced evidence.

NOTICE U/S 245

This notice u/s 245 of the Income Tax Act is served by the assessing officer(AO) if it is believed that you have not paid taxes in the previous FY where you had a tax liability and the tax refund of the current FY can be used to pay off the tax liability. You are required to respond within 30 days, failing which, the AO would consider it as consent to adjust the tax refund with previous tax liabilities and then issue your refunds after such adjustments.

What to do when you receive notice U/s 245) Once receiving the Intimation u/s 245, read it in and out and check all the details along with the time mentioned within which you can take any action (generally it’s 30 days) because if you do not take any action then the outstanding demand as on that date will be considered for adjustment against your refund.

The first thing to do upon receiving a notice, is NOT TO PANIC. Read the Notice properly in and out. Consult an expert, and take proper action.

 Doing business in India has several advantages because of its development-friendly reforms. The ever-growing Indian start-up ecosystem has been garnering attraction from both local and foreign stakeholders. Due to factors like a large customer base, rapid growth in economy, comparatively inexpensive labour force countries like India, china, Brazil etc. remain the most obvious choice of Multi-National companies to establish business in these countries. While several foreign investors from the US, Japan and China are pouring in money in the Indian start-up ecosystem, several founders are also looking to start businesses in India.

Top Reasons to start Business in India:

1. Ease of Doing Business The Government of India has been playing an important role in providing great deal of help to entrepreneurs by easing the mode of starting business – through business-friendly laws, reducing the procedures for registration, and liberalizing the market. Setting up business in India has become very quick, and easy.

2. Cost-Effectiveness When it comes to cost of basic amenities like labour, food, electricity and infrastructure, it is much more affordable in India when compared to developed countries. Skilled low-cost labor is also one of the economic reasons

3. Talent, and Employability There is no paucity of talent in India. For many years the youth of India have been chasing employment and have been in the search of a 9-to-5 job profile. Now, the tables have turned because they have finally got the choice of being hired or becoming the hirer

4. Big Market, and ample demand People in India have variety in everything. Therefore, demand to purchase new amenities never goes down. Plus the Population of India is enough to keep demand high.

5. Startup Ecosystem India is a hub for certain kinds of startups, including technology, e-commerce, and financial services. The fact that the Indian market is open to accepting new business ideas makes it easier for new businesses to enter it

6. Business-friendly laws In the recent years, several important bills that are beneficial for most industrial sectors have been passed in the Indian Parliament. Plus, the procedure to set up business have been very much simplified.

7. Business Sustainable Environment Economy is at growing stage which will be very favorable for a business to maintain its stability and growth. In the upcoming years, India will be the host for some of the major infrastructural plans which will help in creating new business environment for different sectors.

Services we provide to Set up Business in India:

Business set up

Company Incorporation

Company Law compliances

Tax advisory

Setting of foreign subsidiary, branch

Statutory Licenses & Regulatory Approvals

Setting up of Liason office

Statutory Compliances post business set up

India market research

Private equity & VC funding, Debt syndication

HR advisory services

Services for NRIs

Due diligence for target acquisitions

Tax compliances

Direct Taxes - Income Tax

Indirect Tax - GST, Customs

NRI Taxation -tax on sale of property of shares in India

Accounts outsourcing, Data entry services

 But in terms of actually taking steps to register a company in India, many foreign companies shelved their plans because of the perceived difficulties in doing the necessary paperwork. Over the last few years, however, many steps have been taken to increase the ease of doing business in India, and foreign companies are being encouraged to have a footprint in India.

Entry Modes:  There are many entry modes by which a foreign company can establish an entity in India. The choice of business form entirely depends upon the end goals to be achieved. There are majorly 3 options for foreign companies entering into India:

1. Establishing a Wholly owned subsidiary (Private Limited Company) – Most Preferred option 2. Establish a Liaison office (LO) 3. Establishing a Branch office (BO);

Wholly Owned Subsidiary:  Registering a Private Limited Company is considered the most preferable, easiest, and fastest way of entry in India for foreign nationals and also for foreign companies.

The foreign direct investment which ranges up to 100% in a private limited company or a limited company happen under the automatic route and in such case no special permission is required from the Central Government in India.

Mandatory requirements for the establishment of a Company in India - Director, Shareholder: To start a Private Company (here subsidiary of foreign company) in India, a minimum of two people and a place of business in India are required. A private limited company in India must have a minimum of two directors and a minimum of two shareholders. As per section 149 (3) of companies act 2013, it is compulsory that to register a private limited company, at least one director has to be Indian citizen and Resident. - Authorised Representative: Further, to register the Indian subsidiary of foreign company, an authorized representative must be appointed by the company, who shall be responsible for registration process and all the communication with the MCA in this regards. - Place of Business: A place of business in India is required to serve as the registered office of the Company. The city in which the registered office address of the company will be setup will also determine the legal jurisdiction applicable for the company.

Basic Procedure for Incorporation: For Incorporation of wholly owned subsidiary will need to comply with all the Registrar of Companies processes including submission of different forms (DIR-12, INC-7, INC-22, Spice form etc.), documents like MOA, AOA etc, payment of necessary fees, opening of bank accounts, etc. Once the certificate of incorporation is received, the documents for capital infusion have to be submitted for complying with Foreign Direct Investment regulations prescribed by the Reserve Bank of India.

Taxation on Companies:

Formalities After the Company Is Incorporated After the company is registered in India, the company is required to have a bank account in its name. Once the bank account is approved, and in place, then the company is required to make an FDI reporting to the Reserve Bank of India. Completing this reporting and getting the approval would mean that your company is compliant and ready to embark its operations in India.

Summing  up…. Making a local presence in India is strongly advised. Remember that India is a huge and diverse country, with more than 30 regional languages. Starting a private limited company is the coolest and fastest way to set up in India. FDI of up to 100% into a public limited or private limited is permitted under the FDI policy.