Companies Incorporation Amendment Rules 2016}

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Companies Incorporation Amendment Rules 2016



In order to make ‘Business doing’ an easy and widely loved practice in India, the Government of India has been sincerely working towards the Startup India Action Plan. Taking another step towards the goal, on 22nd January of this year, the Companies Incorporation Amendment Rules 2016 was released. It came into effect from 26th of January, 2016. This amendment to the Companies Rule aims at making it easier to start a company in India. The key points of the Amendment Rules are featured in this article.

It is no more mandatory for the Company to have a name in line with the objects of the company. Before the amendment, it was mandatory for the companies to have names in harmony with the objects of the company. However, the new rules have relieved the companies from this compulsion.

Companies may choose a vague or abbreviated name. Prior to the passing of Amendment Rules 2016, names like A2Z Limited or SKB Limited or any other kind of vague, abbreviated names were not approved. Now, in the new rules this clause has been omitted, leaving the companies free to to choose vague or abbreviated names.

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Ban on misleading names lifted. The names not in line with the companies actives, i.e. those misleading regarding the scope or scale of the activities of the company were not allowed earlier. With the coming of the new rule, the Sub-clause (xvii) of clause (b) has been removed. Thus, companies are now free to keep names that may mislead in some way.

Change of activities without change of name approved. Before the new rules were brought in, any company willing to change activities, was required to change its name to a name harmonising with the new activity. This had to be done within six months from the change of activities. Now the changing of activities can be done under the roof of same name. In other words, the company can continue to use the same name even if it is not in line with the new activities of the company.

Using names no more requires a NOC. As per the old rule, if the company name contains name of someone who is not one of the promoters of the company, a NOC must be attached. The new rule brought in that a NOC is not required in such cases from now on.

The steering now in hands of Central Registration Centre for Name. Previously, the name approval process was the responsibility of Registrar of Companies of respective states. The new Rules have handed this responsibility to the central registration centre. It is a centralised system which is concerned with name approval applications filed from across India.

Resubmissions increased from two to three. The number of resubmissions allowed for incorporation of company under the INC-29 method have been increased by one. However it has to be noted that the total period for re-submission should not exceed thirty days.

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All About Tax Deductions}

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Submitted by: Seomul Evans

The month to filing your income tax returns is at hand. If you’ve been organizing your tax documentation through out the year, then you should have no problems with submitting your tax return. If you had enlisted the help of a tax specialist earlier last year, then you should be able to take full advantage of the tax deductions that the government is offering.

If you didn’t enlist the help of a tax specialist and decided to prepare your tax return on your own, then there is a chance that you have missed some deductions that you have every right to apply.

There are some deductions that many people tend to miss and these can add up to a good amount. For example, if you decided that a lot of things in your house are only making a clutter and you gave these away to charity, the value of these items can put down as a deduction under non-cash charitable contributions. However, dont forget to get a receipt for your contributions so if you get audited, you can show proof.

Some self-employed individuals forget or do not know that they can deduct the full cost of a health insurance plan from their taxes.

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If there are deductibles that you can miss, there are also some things that you shouldn’t even try deducting. Some people get into a habit of listening to the advice of other people that are not fully qualified tax specialists. If someone you know tells you deduct something, make sure that it is really a deductible before you go ahead and put it in your tax return. You can get in trouble if you are audited.

Placing to much faith in the advice of other people can get you into trouble, so be choose wisely who you want to listen to.

Another good point to remember is that not all deductions are available every year. Some new deductions may be added and old deductions removed, so be careful in the items you deduct. The best way to make sure that you are deducting everything that is allowed is to visit a tax specialist and have the review your tax return before you file it.

There are also deductions that only self-employed individuals can apply. If you are employed by a company or an organization then these would not apply to you. If you listen to the advice of a self-employed individual, then not all of his or her advice on tax deductions will be accurate.

On the other hand, if you are self-employed then you should know that there are deductions applicable to you that are not applicable to employed individuals. You should be aware of what these deductions are so that you can organize your receipts through out the tax year. Becoming aware of the deductions just before filing your taxes will only get you stressed out trying to look for receipts and other documents to support a deduction you did not know about.

The best way to take advantage of deductions is to go to a tax specialist early in the year to find out what they are. If you didnt do this for the last tax year, then now would be a good time to do so. Always remember that preparing your tax return should be done all year around and not just during the final days when you need to file it.

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Starting Your Own Business Coaching Practice

Starting Your Own Business Coaching Practice


Kris Koonar

Since, business coaching has a growing demand in today’s world and is an unlicensed profession that does not require any specific formal training or academic qualification, you can try earning a reputation for yourself as a business coach if you have the relevant background and skills in the business. Business coaching too, like all other businesses requires comprehensive planning and execution of plans and business strategies in order to be successful. Here are a few basic steps of starting your own business coaching practice that will provide you the necessary guidance in the right direction.

Design An Effective Business Plan

The basic fundamental before starting any business or for that matter any important work is to lay down a good and efficient business plan. To make the task simpler, you can consult a few competent and established business coaches and other professionals who can offer you valuable information and guidance. Outlining a plan calls for taking every action into account right from defining your business goals and objectives to the products and services that you offer, recruitment of employees, deciding on the location of your business, financial needs and requirements and allocation of other necessary resources.

Take Help From Professionals

If this is your very first time in this business and if you have absolutely no prior knowledge, it would do you good if you hired the professional services of lawyers and accountants who are experts in this field. Even if you do possess the relevant skills and expertise, recruiting professionals will only make things easier and simpler for you. While a lawyer provides you with the necessary guidance and handles legal business formalities regarding corporate policies and procedures, an accountant will provide you with advice on tax policies and optimum utilization of financial resources and help you with efficient budgeting.

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Financial Resources

Once you evaluate and assess the amount that you will be requiring as capital and other financial investments in order to start your own business coaching, you have to then take steps to obtain the necessary funds and allocate them efficiently with the help of your accountant. You have various options at your disposal like approaching financial institutions for a loan or considering a private investor.

Making Use Of Business Systems

Business systems like payrolls and receivables play a very important role in helping you to run the business smoothly. They help you to keep a track of your business activities. Other accounting systems include obtaining an Employer Identification Number, an account for employee benefits and information on tax policies and other similar, vital factors.

Deciding The Location Of Your Business

The location of your business plays a very important role in the success of the business. Hence, before you start your own business coaching practice, it is necessary that you choose an appropriate place for running your business efficiently. Take into account important factors like visibility, accessibility, utilities and availability of other resources that can prove helpful.

Hiring Of Employees

Running a business smoothly is not an easy task. You will always need further assistance to keep it running on the right track. Accordingly, you can recruit employees to suit your needs and requirements. Cross checking for their previous track records and references is a good idea.


Advertising in local newspapers and magazines and through the radio and flyers will help you keep in constant touch with the common masses so that they know what products and services you have to offer.

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