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KB & CO. CHARTERED ACCOUNTANTS

KB & CO. CHARTERED ACCOUNTANTS is a Professional Service Organization, set up in March 2004 by young 3 Chartered Accountant, Promoted by CA Babu K Thevar, our firm is one of the leading Chartered Accountants, serving an Indian and Multinational Corporates, Banking and Financial Institutions, Start-ups, High net-worth individuals, executives and expatriates. The firm is led by senior member, CA Babu K Thevar having collective experience of over twenty years, the firm also comprises of Team of 30 Semi Qualified Professionals. The Major areas of Workings are Risk Management, Auditing, Taxation, Company Law, Management Consultancy.
OUR SPECIALISED AREA OF

  • Statutory Audits and Internal Audits.
  • Fund based management advisory, such as preparation of project report, fund flow Statement, Budgets, Cash flow Statement, Trend Project, Etc.
  • Internal Control Advisory
  • Due diligence Audits and Investigations
  • Advisory Services on Corporate laws, other allied laws
  • Compliance and Secretarial Services including incorporation under the Companies Act.
  • Special Investigation Audit and Fraud Audits
  • Income Tax, GST
  • Management and Internal Audit of Entities
  • Preparation of Techno-Economic Feasibility Reports and representation to Financial Institutions and Banks for Term and Working Capital loans
  • Designing Management Information Systems
  • Preparation of Systems Manuals
  • Project Finance
Some of the Our Clients:

  • Kumar properties
  • Golden Gate
  • Naryana Hrudalaya Ltd ( NH Ltd)
  • SBI Bank ( credit card ) and Branch statutory auditors
  • Nixt serv IT Solutions (P) Ltd
  • Hosting Raja
  • Sri Adhinatha Jain Educational Trust
  • TKS pvt Ltd
  • Assis India Pvt Ltd.
  • Suguna & co.
  • Daily Thanthi ( Dina Thanthi News paper)

CA

Startups Tax Incentives
The Inter-Ministerial Board setup by Department of Industrial Policy and Promotion validates Startups for granting tax related benefits. The Board comprises of the following members:

  • Additional Secretary, Department of Industrial Policy and Promotion, Convener
  • Representative of Ministry of Corporate Affairs, Member
  • Representative of Ministry of Electronics and Information Technology, Member
  • Representative of Department of Biotechnology, Member
  • Representative of Department of Science & Technology, Member
  • Representative of Central Board of Direct Taxes, Member
  • Representative of Reserve Bank of India, Member
  • Representative of Securities and Exchange Board of India, Member
1. Income Tax Exemption on profits under Section 80-IAC of Income Tax Act

A DIPP recognized Startup shall be eligible to apply to the Inter-Ministerial Board for full deduction on the profits and gains from business.

Provided the following conditions are fulfilled:

  • A private limited company or a limited liability partnership,
  • Incorporated on or after 1st April 2016 but before 1st April 2021, and
  • Products or services or processes are undifferentiated, have potential for commercialization and have significant incremental value for customers or workflow The deduction is for any three consecutive years out of seven years from the year of incorporation of startup.
2.  Income Tax Exemption on investments above fair market value received under Section 56 of Income Tax Act

A DIPP recognized Startup being a private limited company shall be eligible to apply to the Inter-Ministerial Board for exemption from income tax on investments above fair market value made by angel investors.

Provided the following conditions are fulfilled:

  • the aggregate amount of paid up share capital and share premium of the Startup after the proposed issue of shares does not exceed ten crore rupees,
  • the investor/proposed investor, who proposed to subscribe to the issue of shares of the Startup has, —
    a. the average returned income of twenty-five lakh rupees or more for the preceding three financial years; or
    b. the net worth of two crore rupees or more as on the last date of the preceding financial year, and
  • the Startup has obtained a report from a merchant banker specifying the fair market value of shares.
Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design.

In order to meet the objectives of the initiative, Government of India announced the Action Plan that addresses all aspects of the Startup ecosystem on 16th January 2016. With this Action Plan, the Government hopes to accelerate spreading of the Startup movement. The Action Plan is based on the following three pillars
Incentives :

Type of Benefit Fiscal
Benefit Details For Domestic Patents: The cost of filing and prosecution of patent application will be reimbursed to incubated startup companies upto a limit of Rs. 2 lakh per Indian patent awarded For Foreign Patents: For foreign patents on a single subject matter, upto Rs. 10 lakh (Rs. 1 Million) will be reimbursed to incubated startups

The reimbursement will be done in 2 stages - 75% after the patent is filed and the balance 25% after the patent is granted.
Eligibility Criteria The applicant should be a Startup registered with the Karnataka Startup Cell with a valid Karnataka Startup Cell registration number Only patents that have been filed by a startup within validity of this Policy will be eligible to claim this reimbursement Patents that are created for a technology based service or product or uses technology 1 for enhancing functionality or reach of an existing product or service are eligible.

The applicant should have already filed or been granted a patent with the concerned authority. The applicant should have paid the mandatory government fees/attorney fees in this regard.
Application Procedure The Eligible Startups shall submit the application in the prescribed format along with the documents mentioned in the format to the Karnataka Startup Cell as follows:

Application for reimbursement Post Filing of Patent:
The applicant must fill Form A and B along with Annexure I in the prescribed format, along with submitting the relevant mandatory documentation specified therein.

Application for reimbursement Post Grant of Patent:
The applicant must fill Form A and C along with Annexure I in the prescribed format, along with submitting the relevant mandatory documentation specified therein.

Application for reimbursement Post Filing and Post Grant of Patent Simultaneously:
The applicant must fill Form A, B & C along with Annexure I in the prescribed format, along with submitting the relevant mandatory documentation specified therein.
Mandatory Documents
  • KBITS registration No.
  • Duly filled forms as applicable and Annexure I &II
  • Duly filled forms and Annexure –I, II and III if applying through an Empanelled Incubator.
  • A copy of the patent filed at the appropriate authority
  • Certificate of Patent Grant from Patent Office as applicable
  • Detailed statement of expenses incurred towards the Patent
  • Registration along with the copies of invoices & receipts from the patent authority and legal counsel as applicable
  • All Invoices submitted by the appropriate Patent Authority towards Govt. fees and towards legal agents
  • The certificate of Patent with valid serial number must be furnished and valid form 27 to be enclosed.
  • Reimbursement amount will be released / disbursed on the seniority basis depending upon the Budget allotment of the State Government
Screening Procedure Nodal Officer Karnataka Startup Cell, on receipt of the required documents, will scrutinize and perform necessary due diligence on the expenses incurred by the applicant

The Startup cell shall recommend the application to the MD, KBITS through the Nodal Officer for sanction the reimbursement of costs incurred towards filing or grant of Patent
Market Assistance :

Type of Benefit Fiscal
Benefit Details 30% of the actual marketing costs including travel incurred in international marketing through trade show participation will be reimbursed on submission of valid claims. This incentive will be subject to a maximum of Rs. 5 Lakhs per year per company
Eligibility Criteria The applicant should be a Startup registered with the Karnataka Startup Cell with a valid Karnataka Startup Cell registration number. The International Marketing activities that are eligible under the ambit of this incentive are as follows:

Activities undertaken by the applicant in trade show participation (travel expenses)
Activities undertaken by the applicant in international marketing and sales promotion
Publication (whether by image video, audio or textual)
Subscription to Market Research Material
Marketing incentives can be claimed on a half-yearly basis in every financial year (within 6 months of the expense incurred)
Application Procedure Apply using form as in Annexure I of the policy
Apply using duly filled Annexure II form if applying through an Empanelled Incubator
Mandatory Documents If reimbursement is claimed against an International Event/Trade Show participation, the following need to be furnished:

  • Invitation Letter
  • Welcome Letter from Organizers
  • Event Web Page showing Company Name, Shipping documents, Printed
  • Event Brochures / Proceedings
  • Market Research Subscription/ Reports (Web link/Letter/E-mail communications) if applicable
  • If reimbursement is claimed against Advertisements / PR in International Print / Broadcast / Online Publications / Google Adwords / social media marketing content, the following need to be furnished:
  • Photocopies/Scanned documents of publicity material
  • Web links
  • Copy of Invoices and Purchase Orders for all Marketing Expenses claimed along with at least one supporting document for each expense
  • A report of all business development activities undertaken by the company during the visit to the trade fair by the unit shall also be submitted
Screening Procedure Nodal Officer Karnataka Startup Cell, on receipt of the required documents, will scrutinize and perform necessary due diligence on the expenses incurred by the applicant

The Startup cell shall recommend the application to the MD, KBITS through the Nodal Officer for sanction the reimbursement of costs incurred towards filing or grant of P
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