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CBDT extends return of Income / ITR Due date to 30.11.2014

Due date of filling of return of Income for Assessment Year 2014-15 Extended from 30th September, 2014 to 30th November, 2014 in Specified Cases

As per the provisions of the Income-tax Act, 1961 (‘the Act’),for an assessee, who is required to obtain tax audit report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the Assessment Year.

The Central Board of Direct Taxes (‘the Board’) vide order dated 20th August, 2014 extended the due date for obtaining and furnishing of Tax Audit Report under section 44AB of the Act for Assessment Year 2014-15 from 30th September, 2014 to 30th November, 2014. Subsequently, a number of representations were received in the Board requesting for extension of the due date for furnishing of return of income also. Writ petitions were also filed in various High Courts for directing the Board to extend the due date for furnishing of return of income from 30th September, 2014 to 30th November, 2014 in conformity with the extension of the due date for filing of Tax Audit Report.

The Gujarat High Court vide judgement dated 22.09.2014 directed the Board to extend the due date for furnishing the return of income to 30th November, 2014, except for the purposes of charging of interest under section 234A of the Act for late filling of return of income. Other High Courts also directed the Board to look into the practical difficulties of the petitioners and take a just and proper decision in this matter.

In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the `due-date’ for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the Assessment Year 2014-15 for all purposes of the Act in the case of an assessee, who is required to file his return of income by 30th September, 2014, and is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act.

There shall be no extension of the “due date” for the purposes of charging of interest under section 234A of the Act for late filing of return of income and the assessees shall remain liable for payment of interest as per the provisions of section 234A of the Act.

For removal of doubt, it is clarified that for an assessee (other than working partner of a firm which is required to obtain and Furnish Tax Audit Report), who is required to file its return of income by 30th September, 2014 but not required to obtain and furnish Tax Audit Report under section 44AB, the due date for furnishing of return of income for assessment year 2014-15 remains as 30th September, 2014.

- See more at: http://taxguru.in/income-tax/cbdt-extends-return-income-itr-due-date-30112014.html#sthash.2RHrszWo.dpuf

18 Key Changes in New / Revised Tax Audit Report Form 3CD

CBDT has vide notification no. 33/2014 dated 25.07.2014 revised the format of  Tax Audit Report to be furnished under section 44AB of the Income Tax Act with effect from 25.07.2014. We have compiled below the key amendments made to  the old Form No. 3CD

1. Particulars of registration under Excise Duty, Service Tax, sales tax, and Custom Duty etc – Revised Form 3CD requires Auditors to report registration number or any other identification in respect of all other types of tax liabilities which Assessee is liable to pay. Although Tax Auditor have to report only the Registration details of taxes payable under other statues but he has to check under what other statues Assessee is liable to pay taxes and has to report accordingly. Auditor may also obtain such list from his client. (Clause 4)

2. Relevant clause of section 44AB under which the tax audit has been conducted – Now Auditor has to report under which clause of Tax Audit the Audit is been conducted. Now Auditor has to report if the Audit is of Business or Profession or under Presumptive taxation scheme. (Clause 8)

3. Location(s) (address(s)) of keeping Books accounts to be given - Revised Audit Report prescribes the requirement to report address of place where books of accounts Audited by the Tax Auditor are kept by the Assessee. If the books of accounts are not kept at one location, Auditor has to furnish the addresses of all such locations along with details of books of accounts maintained at each location. (Clause 11(b))

4. Particulars of sale of Land/Building less than Stamp value to be given – Now Auditor has to report where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in section 43CA or 50C. (Clause 17)

5. Detailed information to be given on amount debited to P & L a/c of Capital Expenses, Personal Expenses, and Advertisement. (Clause 21(a))

6. Amounts inadmissible under section 40(a) – Revised report restricted the reporting only to sub-clause (i) and (ia). Sub-Clause (i) deals with allowability of payment made to non-resident of such sums on which TDS is deductible, while sub-clause (ia) deals with Payment to resident dedcutees. It further requires Auditor to report the name and address of the payee in respect of whom default has been committed. (Clause 21(b))

7. Additional Reporting of disallowance U/s. 40A(3A) - Earlier Auditor had to report only the cash payment for expenses incurred during the year in excess of prescribed limit but now the CBDT has casted additional responsibility on auditor to report the cash payment made during the year in respect of expenses incurred in earlier years exceeding the prescribed limit U/s. 40A(3A). Now auditor has to verify all the cash payments in excess of prescribed limits to report under section 40A(3) and 40A(3A). In addition to this auditor also needs to report Cash payment under section 269T if the same relates to any loan or deposit exceeding the limit prescribed under section 269T. (Clause 21(d)).

Clause has further removed the reporting requirement of certificate if any been obtained by the Auditor from the Assessee U/s. 40A(3).

8. Word Modvat been replaced by the word Cenvat. (Clause 27(a)).

9. Reporting of shares acquired without consideration or inadequate consideration- Now Tax Auditor has to report Whether during the previous year the assessee has received any property, being share of a company not being a company in which the public are substantially interested, without consideration or for inadequate consideration as referred to in section 56(2)(viia). It is not clear how a Tax Auditor can determine the Value of shares of a company of which he is not the auditor. This clause applies only to Firms and Companies in which Public are not substantially interested. (Clause 28)

10.Reporting of Issue of share at Premium- Whether during the previous year the assessee received any consideration for issue of shares which exceeds the fair market value of the shares as referred to in section 56(2)(viib), if yes, please furnish the details of the same. Clause applies to Companies in which Public are not substantially interested. (Clause 29).

11. Non reporting of Certificate Under section 269SS and 269T – Now Auditor not required to report whether or not he has obtained any certificate from Assessee Under section 269SS and 269T of the Income Tax Act,1961.

12. Additional Reporting of Losses in speculation business (Section 73) and of carry forward and set-off of losses by specified business (Section 73(A) – Auditor has to furnish the following details.

(1) details of speculation loss referred to in section 73 during the previous year

(2) details of loss referred to in section 73A in respect of any specified business

(3) Auditor has to state whether the company is deemed to be carrying on a speculation business as referred in explanation to section 73 and details of speculation loss from such business.

(Clause 36(c'), 32(d) and 32(e)

13. Section wise details of TDS/TCS deducted/collected and paid- In addition to details of TDS/TCS auditor has to disclose amount short deducted, TAN of the Assessee, Amount on which TDS /TCS deducted or collected , amount paid and also details of amount of TDS/TCS not paid by the Assessee . (Clause 34(a)).

14. Auditor has to give details of Late filing of TDS/TCS return. (Clause 34(b))

15. Auditor has to give details of Interest Payable u/s 201(1A) and 206C(7). (Clause 34(c))

16. Separate reporting of tax on distributed profits under section 115-O(1A)(i) and 115-O(1A)(ii). (Clause 36)

17. Audit under Service tax to be reported – Report on Audit conducted under section 72A – Auditor has to report Whether any audit was conducted under section 72A of the Finance Act andf has to give details, if any, of disqualification or disagreement on any matter/item/value/quantity as may be reported/identified by the auditor. (Clause 39)

18. Details of Demand and Refund- Auditor has to furnish the details of demand raised or refund issued during the previous year under any tax laws other than Income Tax Act, 1961 and Wealth tax Act, 1957 alongwith details of relevant proceedings. (Clause 41)

CA Final Financial Reporting May-2014 Exam Paper

Click here to See the paper of Financial Reporting May-2014 Exam Paper

https://drive.google.com/file/d/0B-ajKEQFjFscbV9HWXV2cG1BUGc/edit?usp=sharing

​Applicability of Companies Act, 2013 for November, 2014 and May, 2015 examinations

Applicability of Companies Act, 2013 for November, 2014 and May, 2015 examinations

The Council at its 333rd Meeting held on 14th & 15th May, 2014.

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considered the applicability of further notified 184 sections of the Companies Act, 2013 along with Final Rules for the forthcoming examinations and consequential modification in the syllabus of Intermediate (IPC) and Final Courses.

Pursuant to the Council's decision, the Board of Studies has already hosted the following announcements at the Institute's website for the information of the students:-

Applicability of notified sections of Chapter IX, "Accounts of Companies" and Chapter X, "Audit and Auditors" of the Companies Act, 2013 along with its Rules for November 2014, Examinations for Final Course.  (http://220.227.161.86/33530bos23144nov14.pdf)

Applicability of notified sections of the Companies Act, 2013 for May 2015, Examinations. (http://220.227.161.86/33529bos23144may15.pdf)

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Revision of the syllabus for May 2015 examinations and onwards pursuant to enactment of the Companies Act, 2013. (http://220.227.161.86/33531bos23144syllabus.pdf)

Students may note that as per announcement dated 15th March, 2014

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hosted on the students' portal at http://220.227.161.86/32800bos-announ15mar14.pdf regarding applicability of 53 sections and 45 sections of the Companies Act, 2013 for November 2014 examinations for Intermediate (IPC) and Final Course respectively for which supplementary Study material is already hosted on the website.

Further, the material related to Chapter IX, "Accounts of Companies" and Chapter X, "Audit and Auditors" of the Companies Act, 2013 along with its Rules for November 2014, Examinations for Final Course will also be hosted at an early date.

In case of any clarification, students may send their query at nisha.gupta@icai.in; or  megha.goel@icai.in

New Form 49A & 49AA WEF 16.05.2014

CBDT has revised PAN Application form 49A and 49AA wef from 16.05.2014 vide its notification no.26/2014 , Dated- 16-5-2014. Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their PAN card printed the name of his/her mother.But applicant can select only one option, he /she cannot have the name of both mother and father printed on PAN card. In case Applicant do not exercise his/her option than by default Father's name will get printed on PAN card.

For more details Please Visit below Notification and Revised Form 49A and 49AA :-

Notification No. 26/2014 , Dated- 16-5-2014

S.O. 2045(E) - In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income–tax (5th Amendment) Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, in Appendix II, for Forms 49A and  49AA, the following Forms shall be substituted, namely:—

download it from here..

click here for 49A

[IN THE CASE OF INDIAN CITIZENS/INDIAN COMPANIES/ENTITIES INCORPORATED IN INDIA/UNINCORPORATED ENTITIES FORMED IN INDIA]

Click here for 49AA

[INDIVIDUALS NOT BEING A CITIZEN OF INDIA/ENTITIES INCORPORATED OUTSIDE INDIA/UNINCORPORATED ENTITIES FORMED OUTSIDE INDIA]

India Started its own Payment Gateway "RuPay"

RuPay

New Delhi, May 8 (IANS) President Pranab Mukherjee Thursday dedicated to the nation indigenous card payment network called RuPay taking on the global players like Visa and MasterCard.

The new payment network developed by the National Payments Corporation of India (NPCI), a not-for-profit company envisioned by the Reserve Bank of India (RBI) and created by the banking industry, covers all the automated teller machines (ATMs) and most of the retail and e-commerce platforms.

"RuPay" is the coinage of two terms Rupee and Payment.

"Dedication of RuPay to the nation is symbolic of the maturity of the payment system development in India," Mukherjee said after formally launching the card at a function at Rashtrapati Bhavan.

All About One Person Company

The Concept and Salient features of One person Company

One Person Company (OPC) is defined in sub section 62 of section 2 of the Companies Act, 2013 which reads as follows:

“One person company means a company which has only one member”

The important features of the One Person Company (OPC) –

1. OPC has only one person as a member/shareholder.

2. OPC can be registered only as a Private Company.

3. OPC may be either a company limited by share or a company limited by guarantee or an       unlimited company.  

4. An OPC limited by shares shall comply with following requirements:  

a. Shall have minimum paid up capital of INR 1 lac.

b. Restricts the right to transfer its shares

c. Prohibits any invitations to public to subscribe for the securities of the company.

5. An OPC is required to give a legal identity by specifying a name under which the activities of the business could be carried on.

How to Incorporate / RegisterLimited Liability Partnership (LLP) in India

Step wise Registration Process for Limited Liability Partnership (LLP)

Recently most entrepreneurs have started opting for Limited Liability Partnership, considering it has most positive features of Partnership and Companies. It is hybrid form which incorporates benefits of both partnership and companies. It has the following features:

>The liability of each partner is limited to the contribution mention in agreement.

>The cost of formation is limited.

>Less restriction and compliance.

>Separate Legal Entity

Following is Step wise Registration process for incorporation of Limited Liability Partnership (LLP)

Step 1) Obtain Designated Identification Number (DIN) Every individual intending to be appointed as designated partner of a limited liability partnership has to make an application for allotment of Director Identification Number. MCA has vide its notification amended the limited liability partnership rules, 2009. Now instead of DPIN, everypartner who will be appointed as designated partner , will need to apply for DIN and not DPIN. There is a fixed fee of Rs 100 for this eForm and it can only be paid through online mode (credit card/ internet banking). There shall be no requirement for physical submission of the documents at the DIN cell. All the necessary documents shall need to be scanned and attached in the eForm and submitted online. While filing DIN form ensure following:

New bank licence: RBI grants 'in-principle' approval to IDFC, Bandhan

The Reserve Bank of India( RBI) on Wednesday granted "in-principle" approvals to Mumbai-based infrastructure lender IDFC and Kolkata- based micro-finance Bandhan Financial Services for new bank licences.

The RBI will also consider the application of India Post, but the central bank said it would done separately in consultation with the government.

This would be the first time in a decade that new banking licences are handed out, since the formation of Yes Bank in 2004.

There were 25 companies in the running.  Public sector unit IFCI and private players such as Anil Ambani group and Aditya Birla group were among the applicants. Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital had also applied.

The approval comes a day after the Election Commission (EC) cleared the decks for RBI to announce approvals for new banking licences.

The RBI had sought permission of the EC before announcing the awardees, as the model code of conduct is in place in the run up to the elections.

The "in-principle" approval granted will be valid for a period of 18 months during which the applicants have to comply with the requirements under the banking licence guidelines and fulfil the other conditions as may be stipulated by the RBI.

On being satisfied that the applicants have complied with the requisite conditions, the RBI would consider granting of a licence for commencement of banking business. Until a regular licence is issued, the applicants would be barred from doing banking business.

In February, the Bimal Jalan panel, which scrutinized applications for new bank licences, submitted its report to RBI.

Source: 

http://profit.ndtv.com/news/industries/article-new-bank-licence-rbi-grants-in-principle-approval-to-idfc-bandhan-384539

39 new forms notified effective from 14/04/2014

39 new forms notified effective from 14/04/2014.
1.       INC-1 Application for reservation of name – old form  1A
2.       INC-2 OPC- Application for Incorporation - New form
3.       INC-3 OPC- Nominee consent form - New form
4.       INC-4 OPC- Change in Member/Nominee - New form
5.       INC-5 OPC- Intimation of cessation - New form
6.       INC-6 OPC- Application for Conversion - New form
7.       INC-7 Incorporation of Co. (Other than OPC) 1
8.       INC-18 Application to Regional director for conversion of section 8 co.
into any other kind of co. - New form
9.       INC-20 Intimation to Registrar of revocation/surrender of license issued u/s 8  - New form
10.   INC.21 Application for commencement of business old form  19, 20
11.   INC-22 Notice for situation or change of situation of registered office old form 18
12.   INC-23 Application to Regional director for approval to shift the registered office from one state to another state or from jurisdiction of one registrar to another within the state - old form 1AD,24AAA
13.   INC-24 Application for change of name old form -  1B

Features of One Person Company (OPC)

The following are the important features of the One Person Company (OPC)

• One Person Company is a Private Company
• One Person Company has only one person as a member/shareholder.
• Minimum paid up share capital of One Person Company is one lakh rupees (Rs. 1,00,000)
• One Person Company may be either a Company limited by share / a Company limited by guarantee / an unlimited Company
• The words "One Person Company" should be mentioned in brackets below the name of the One Person Company
• One Person Company shall indicate the name of the nominee/other person in the memorandum, with his prior written consent
• The written consent above, shall be filed with the Registrar at the time of incorporation of the One Person Company along with its M&A (Memorandum and Articles)
• The nominee/ other person can withdraw his consent at any time
• The member/Shareholder of One Person Company may change the nominee/other person at any time, by giving notice to the other person and intimate the same to Company. Then the Company should intimate the same to the Registrar
• One Person Company is one of the type of Company on the basis of number of members
• In case of the death of member/shareholder or his incapacity to contract, then nominee/other person become the member of the Company
• Member/Shareholder of the One Person Company acts as first director, until the Company appoints director(s)
• One Person Company can appoint maximum 15 directors, but minimum should be one director
• One Person Company need not to hold any AGM (Annual General Meeting) in each year
• One Person Company should inform to the Registrar about every contract entered and also should record in the minutes of the meeting with in 15days from the date of approval by the BOD (Board of Directors)
• Cash Flow Statement may not include in the financial statements of One Person Company
• One Director is sufficient to sign the Financial Statements/Director's Report
• Within 180 days from the closure of the Financial Year, One Person Company should file the copy of the Financial Statements with Registrar

Companies Act 2013- Clarification on definition of term 'related party'

Order proposed to be issued under section 470 of the Companies Act, 2013

MINISTRY OF CORPORATE AFFAIRS

ORDER

New Delhi, the , 2014

S.O. _____ (E) Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on 29th August, 2013 and section 1 thereof came into force on the same date;

And whereas clause (76) of section 2 of the Act define the term `related party’ has commenced on 12th September, 2013.

And whereas in sub-clause (v) of clause (76) provides for that a public company in which a director or manager is a director or holds along with his relatives, more than two per cent. of its paid up share capital shall be related party.

And whereas difficulties have arisen regarding compliance with the provision.

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 470 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following Order to remove the above said difficulties, namely :-

1. Short title and commencement .-

(1) This Order may be called the Companies 1st (Removal of Difficulties) Order, 2014.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. It is hereby clarified that a public company in which a director or manager is a director and holds along with his relatives, more than two per cent. of its paid up share capital shall be related party.

Companies Act 2013 - Notificationof significant sections wef 01.04.2014

Today, The Ministry of Corporate Affairs (MCA) has notified 183 new sections of the Companies Act 2013 and some sub- sections of 13 sections which were already notified by notification dated 12th September 2013 and remaining schedule, in the fourth phase today, by way of notification dated 26th March 2014. These sections have been notified to come into effect from 1st April 2014. With the notification of these sections, now a total of 283 sections of the new Act stand notified.

With the notification of aforesaid sections, it can be assumed that relevant rules will also be notified shortly as most of them are dependent on rules.

The sections remaining to be notified are related to National Financial Reporting Authority, Investor and Education Protection Fund, Compromise and arrangement, oppression and mismanagement, winding up, sick companies ,special courts, national company law tribunal. Majority of these sections are not notified due to pending case in Supreme court with respect to the National Company Law Tribunal.

Useful for May and November- 2014 CA Final Exams

Summary of case law of DT

DT and IDT Amendments

Click to Download IDT
Click to Download DT
Click to Download DT Case Law

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7 simple hacks to save on taxes

It's that time of the year again when the HR department sends you an email reminding you to 'declare your investments' for the financial year, pronto.

Most of us just do the minimum to get over with it and hope that we aren't squeezed again by the taxman this year.

Time to change tracks. Why? Two reasons:

a.    You're don't want to pay more of your hard-earned money as taxes than absolutely necessary.

b.    It really IS simple to save some extra bucks on taxes

CBDT CIRCULAR ON TDS RETURNS OF GOVT DEDUCTORS

Circular No. 07/2014

F. No. 275/27/2013-IT(B)

Government of India

Ministry of Finance Department of Revenue

Central Board of Direct Taxes

New Delhi, the 4 th March, 2014

All Chief Commissioners of Income-tax 

All Directors General of Income-tax

Sub: Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 – regarding

The Central Board of Direct Taxes (‘the Board’) has received several petitions from deductors/collectors, being an office of the Government (‘Government deductors’), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961( ‘the Act’).

2. The matter has been examined. In case of Government deductors, if TDS/TCS is paid without production of challan, TDS/TCS quarterly statement is to be filed after obtaining the BIN from the PAOs / DTOs / CDDOs who are required to file Form 24G (TDS/TCS Book Adjustment Statement) and intimate the BIN generated to each of the Government deductors in respect of whom the sum deducted has been credited. The mandatory quoting of BIN in the TDS/TCS statements, in the case of Government deductors was applicable from 01-04-2010. However, the allotment of Accounts Officers Identification Numbers (AIN) to the PAOs/ DTOs/CDDOs (a pre-requisite for filing Form 24G and generation of BIN) was completed in F.Y. 2012-13.  This has resulted in delay in filing of TDS/TCS statements by a large number of Government deductors.

Indian Railway Interim Budget- 2014

- No Increase in Passenger Fares and Freight

- Outlay of Rs 64,305 Crore Proposed for Rail Budget with A Budgetary Support of Rs 30,223 Crore

- 17 New Premium Trains, 38 Express Trains and 10 Passenger Trains Proposed

- Surveys For 19 New Lines and  Doubling of 5  Tracks to be Taken Up- Feasibility Study for High Speed Trains in Mumbai-Ahmedabad Corridor and Semi High Speed Projects to Taken Up on Select Routes

- To Prevent Fire Incidents Portable Fire-Extinguishers in Coaches and Induction Based Cooking Introduced in Pantry Cars

- Meghalaya and Arunachal Pradesh to be on Railway Map

Satya Nadella's letter to Microsoft employees

Speech by  new CEO of Microsoft

Microsoft Corp named India-born Satya Nadella as its next chief executive officer.Following is the text of Microsoft's new CEO Satya Nadella's letter toemployees. Today is a very humbling day for me. It reminds me of my very first day at Microsoft, 22 years ago. Like you, I had a choice about where to come to work. I came here because I believed Microsoft was the best company in the world. I saw then how clearly we empower people to do magical things with our creations and ultimately make the world a better place. I knew there was no better company to join if I wanted to make a difference. This is the very same inspiration that continues to drive me today. It is an incredible honor for me to lead and serve this great company of ours. Steve and Bill have taken it from an idea to one of the greatest and most universally admired companies in the world. I've been fortunate to work closely with both Bill and Steve in my different roles at Microsoft, and as I step in as CEO, I've asked Bill to devote additional time to the company, focused on technology and products. I'm also looking forward to working with John Thompson as our new Chairman of the Board.

"THE HARSHAD MEHTA SCAM" a perspective by Sameer Thakur

Harshad Shantila Mehta was born on July 29, 1953, at Paneli Moti, Rajkot District. His Early Childhood was spent in Kandivali, Mumbai, where his father was a small time businessman. Later, the family moved to Raipur, Chhattisgarh.

Mehta had started his working life as an employee of the New India Assurance Company. In the late Seventies every evening Harshad and his brother Ashwin started to analyze tips generated from respective offices and from cyclostyled investment letters, which had made their appearance during that time. In the early Eighties He quit his job and sought a job with stock broker P. Ambalal affiliated to BSE. Than He became a sub-broker for stock-brokers J.L. Shah and Nandalal Sheth. After a while he was unable to sustain his overbought positions and decided to pay his dues by selling his house with consent of his mother Rasilaben and brother. The next day Harshad went to his brokers and offered the papers of the house as guarantee. The brokers Shah and Sheth were moved by his gesture and gave him sufficient time to overcome his position. He became stronger after this incident and his brother quit his job to team with Harshad to start their venture GrowMore Research and Asset management Company Limited.