If you are thinking of starting a new business then all our best wishes are with you and if you havealready decided then Congratulations on making the big decision. Bringing your business idea to a concrete ground needs a lot of efforts and patience, and thus you might feel snowed under the items on your to-do list. But you do not need to worry at all. The eFilingPortal.in is here to make sure you’ve checked all the boxes in your list to the top.

 1. Testing the Waters

You will have to be totally honest and sincere to yourselves when making the initial decisions of the kind and mode of business you are going to opt for. Keep in mind the contemporary market trends, economic situation and social environment.

2.  Form a business plan

A good business idea is one that brings maximum profit and is a good fit for you personally. It should complement the social scenario and also utilize the best of your talents and abilities.

3.  Locate finance
Accumulation of finances should be clearly planned significantly before commencement of the business. Estimate the cost of start-up and decide upon the mode of acquiring your finances. It may be personal finances, loans, money from investors, money from friends and family, crowd-sourced finances, or some other source.

4. Choose a business name

You will need to have a name which is unique and fitting to the type of your business. Brainstorm until you have enough names to choose from. Make sure that the name you want is not a trademark already.

5. Go legal! 

 Before you start doing business, you have to make sure all the legal formalities have been taken care of. Decide on a legal business structure and register your business name along with a domain name that matches your business name. Obtain the required Tax Registration or Incorporation Certificates with CIN (Company Indentification Number).

6. Have on-line presence

In today’s digital world you may get a website and set up on the major social media channels mainlyFacebook, LinkedIn, and Twitter. Being online will make marketing a lot easier and wide approaching.

7. Arrangement of premises 

Find the perfect business location in your area. You may choose from renting land or buying your own premises. Also make sure the size, location and other parameters of the land or building suit perfectly to your business.

8. Open a business bank account and set up your accounting system

Once you have your bank account set up, choose the latest accounting program for your business. It will make the work a whole lot easy and effective. 

 9. Insurance

The type of insurance you will need depends upon the type of business you are starting. Consult your insurance agent to have an easy and smooth walk through the process.

 10. Marketing and launching 

After all the preparations have been made it’s time to start getting people hyped up about your opening day. You’ll also need to create a marketing plan. You may create your marketing materials like Shop signs Stationery, invoices, Brochures and flyers along with a website.

 The work to be done may overflow this business bucket list but prioritizing all that you can take care of down the road will make the work easier without getting on your nerves.

 Did you like our article? Please feel free to drop your comments below.

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Income Tax Refund Status

Any people can check their income tax refund status online with some simple and very easy steps. income tax refunds status is a very easy service by income tax department of India for knowing the refund status online. A online refund status portal give the information of income tax refund status with few clicks.

Check / verify the income tax refund status by pan number and assessment Year

PAN Number (permanent account number) :  PAN Number is a 10 alphanumeric unique identification number issue by Income tax department to tax payers and other.

Assessment Year : assessment year is the time of the tax pay by the tax payer. Assessment year is the year immediately following the financial year wherein the income of the F.Y. is assessed. assessment year on this site to access the current position of the tax refund.

Taxpayer can track status of income tax website by checking on “status of tax refund” refund status can be tracked by entering the PAN and ASSESSMENT year for which refund is to be tracked.

MODE OF REFUND: There are two  modes of refund i.e ECS and paper.If the taxpayer has selected mode of refund as ECS(direct credit in bank account of tax payer)at the time of submission of income return and provided the correct account number along with MICR code,the refund will be effected through ECS by CMP SBI. A physical advice of refund credit will also be sent to the taxpayer by post.

FEW FACTS TO KNOW CHECKING TAX REFUND STATUS ONLINE

1. The income tax department has nominated the State Bank of India as the refund manger agency for all such transactions.SBI forward all refund cheques or online transfer.

2.  RTGS\ECS transfers are possible only if the 10 digit account number hs been correctly provided by assessee along with IFSC code of bank

3. The online status is updated for viewingonly after aperiod of 10 days after assessing        officer having made the refund either online or by dispatching the cheque.

4. The refund status  will be available only if the tax return has been filed correctly by income tax free filing  and on time and has been received by department.This is possible only if the assessee has received an acknowledgement form from the department of having received the ITR .

5. filing income tax refund  online helps in getting faster income tax refund.The processing time is considerably less in case of online system as you can now check staus of income tax refund online. The income tax department offers an online fcility for tracking your income tax refund and its status.Taxpayers can view status of refund 10 days after their refund has been sent.Enter your PAN number and ASSESSMENT year for which you want to check income tax refund.