Pradhan Mantri Mudra Yojana (PMMY) or Mudra Loan is a funding scheme initiated by Government of India. Mudra loan under PMMY provides funding support of maximum up to Rs. 10 lakh to individuals, SMEs, MSMEs, and non-corporate and non-farm small/micro enterprises. There is no collateral or security required by the banks. The repayment tenure is…
What is CIN Number? Corporate Identification Number or Corporate Identity Number (CIN) is a 21 digit alpha-numeric number provided to all Private Limited Companies, One Person Companies, Companies owned by Government of India, State Government Companies, Not-for-Profit, Nidhi Companies, etc. registered in India. CIN number is a unique identification number that is given by RoC…
COVID 19, one of the deadliest viruses has incurred unforgettable losses to families, as well as immense slowdown and stagnation to economies worldwide. Unfortunately, Coronavirus is here to stay for a while, so do not let this virus stop you from doing what best can be done during these testing times. Do not lose hope…
What is MSME? Micro, Small and Medium Enterprise (MSME), introduced by Government of India in agreement with Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 are entities engaged in the production, manufacturing, processing or preservation of goods and commodities. MSME sector is considered as the backbone of Indian economy that has contributed substantially in…
Business, be it big or small, is always in need of funds. Whether the promoters pool in money or raise money from the market depends on the size and business viability. It also depends upon the nature of the business – is it capital-intensive and what is its stage of development, in terms of inception, […]
Want to take business loan without having ITR? Do not worry. Budding entrepreneurs and first-time business owners may not possess sufficient business experience to file ITR. It does not depict that they are not eligible to get business loans to start their own enterprises. In today’s banking and financial markets there are numerous private and…
हिंदी में पढ़े Moratorium period increased for another 90 days As on 22 May 2020, RBI’ Governor announced that the term loan moratorium period for the financial institutions have been extended to 31 August 2020. This makes the total moratorium period for 6 months by adding another 90 days to the existing tenure. The RBI’s…
हिंदी में पढ़े Cash Credit (CC) is a short-term loan offered to businesses to meet their working capital requirements, whereas Overdraft facility is funding offered by banks to individuals or companies to withdraw money from the banks even if their account balance is low, zero or below. Cash Credit and Overdraft are referred as credit…
Are business loans tax deductible? The answer is Yes; the interest you pay on your business is tax deductible that is generally subtracted from your gross income. As per the Income Tax Act, 1961, you can avail deduction on business loan interest that is paid from business profits. It is predefined in the Income Tax…
Thriving small businesses and start-ups can be initiated at times of economic uncertainty, as well. To start your business under your own name requires lot of research, skills, passion, confidence, fearlessness, as well as money of course. As small businesses or micro units do not require much capital to be invested at the initial stages….
