Business , Financial & Legal Consultant In India

July 20, 2018

What Is The Common Law In Trademark ?

You know even if your Trademark has not gone through the usual trademark registration, you are still the owner of trademark from the point when you start to use it. The law is there to give protection to unregistered Trademark, which is also known as passing off .

What can be a common law In Trademark:

Much like the Registered Trademark, common law trademark can also be anything from symbols, words, graphics, or any such combination. As long as it can distinctly identify your product from another, it can be a common law. A common law Trademark can use “TM” symbol along with their marks when they are trading.

The Difference between a Registered Trademark and Common law Trademark:

1. A Registered Trademark can make a use of ‘R’ symbol while trading whereas in a common law mark, owner can use the ‘TM’ symbol while trading.
2. When it comes to Registered Trademark, Trademark owner can enjoy his right to the fullest and can sue Trademark infringers whereas protection in common law is limited and restricted.
3. Registered trademark can cover a lot more grounds as compare to common law mark. It means that common law trademark is restricted to a very specific geographical region.There are certain rights which are given in common law trademark
1. If you and another person have been using the same trademark while other person has pursued with trademark registration, then two individuals can oppose his mark once it is published in the journal, in such cases the registration is being awarded on the basis of prior usage, i.e. who has been using the trademark earlier.
2. Passing off remedy: this remedy is provided when an individual is using a product from many years and has earned goodwill and become known to the public then you have right to assert your claim towards trademark that are confusing and doing the same business as you. This form of protection is called as ‘passing off’ of Trademark.

Common Law V/s Registered Trademark Registration

This is very common question which comes in mind of every individual when we talk about registered trademark and common law mark. So one should always go for trademark registration as it gives you exclusive right to use the Trademark, and it also gives you right to sue the Trademark Infringer who is illegally or wrongfully using your trademark without your consent.

However Common law is a good protection but it is only for a short term. To that end, if you want a more robust protection when it comes to the matter of protecting the mark that signifies your trade, you should go with Registration.

BIATConsultant is leading consultancy firm in India . In case you are looking for trademark registration online , or is facing any conflict regarding the same feel free to contact us at +919650476099 .

July 19, 2018

What is trademark infringement in India

If you have registered your trademark, then you have exclusive right to use that trademark, but if your trademark is being falsely used by other individual or person then it means that your trademark is being infringed. Trademark infringement is a punishable offence in India so it is very important for every people to understand what trademark infringement actually means.

Trademark infringement is defined under section 29 of Trademarks Act according to which it means that violating and exploiting the rights of the Trademark owner.

There are four kinds of Trademark Infringement and they are discussed below:-
1. There is likelihood of confusion:-
 A mark which is identical to the Registered Trademark and there is a similarity of goods or services covered by the Trademark in a manner causing confusion to the general public.
 The infringer might be a infringer by mistake and confusion was there by accident and with not fraudulent intention. So before using the mark it is advised to do a trademark search.
 The infringer intentionally desires to confuse the customer in order to compete with other brands.

2. False claim of registration:
There have been many instances where there have been claims of registration and all of them turned out to be false:
 Claiming that you have registered trademark even if there is no proof to support that.
 After Trademark has expired, and still claiming that the trademark is still relevant.

Trademark Registration in India is not permanent, therefore renewing of
trademark is necessary.

3. Unauthorized access to Trademarks:
When the Trademark is used illegally or without the consent of the Trademark Owner, then it is said that Trademark is being used wrongfully or the is an unauthorized access to the Trademark:
 Wrongfully using ‘R’ sign on unregistered Trademark.
 Intentionally claiming a false and unregistered Trademark.

4. False Trademark Imposition:
This sort of infringement is done in a following manner:
 Application of a false Trademark when processing, manufacturing, and packaging
the product.
 Making changes to the originally registered trademark before using it.
These are the types of infringement that you as a businessman might commit and you a trademark owner might be afflicted by. And to protect from trademark infringement there are provisions under Trademarks act which protects trademarks.

Trademark infringement is something that can both be deliberate and mistake, so it is necessary for both parties to know about its punishment and implications. This would prevent an aspirant make a mistake and protect the owner from being infringed.

BIATConsultant is leading legal advisory firm which can provide you expert consultant for

July 18, 2018

THINGS TO KNOW ABOUT PERSONAL LOAN

What are personal loans?
Loans which are used for personal use like for medical, education, vacations or
for the purchase of household items are known as personal loans. These are
different from the business or commercial loans. These can be unsecured or
secured by putting up the assets by co-signing the loan. The unsecured loans
are also called signature loans. When you apply for the loan, all your
information like the past credit history and credit score is checked. Personal
loans are brilliant when you need quick cash. Here are the things that you need
to know about the personal loan.

Purpose and eligibility of the personal loan
The main purpose of the personal loans is the expenses like loans for wedding,
home renovation, children higher education, other personal financial needs
etc. There are lots of eligibility criterions for the personal loan and each bank
has its own set of rules like minimum age, credit score, income, occupation,
assets, place where are you resigning etc.
Maximum possible loan tenure and disbursal of loan amount
A loan can be given maximum for five years. It is not possible to have a loan for
more than 5 years. When the loan is approved, it gets disbursed in 7 days of
work. As soon as the loan is approved, either you will get a cheque or
equivalent amount of money will be transferred into your bank account.
Maximum amount you can borrow from bank regarding personal
loan
The maximum amount which one can borrow depends upon on the past loan
which one has taken. If the person is already having a huge loan then it is very
difficult to get your loan approved. Make sure that the loan which you are
applying for has an EMI 50% less than after paying the current EMI. Then only
you can have your loan approved.
What is the minimum loan amount?

It all depends upon the institutions and banks. Some banks have the minimum
amount of 30000 while some has no minimum amount.
It is always great to compare different loan schemes. These can be compared
using loan tenure, processing fees and other factors. Choosing the right bank is essential and it must be selected according to your requirements.

Maximum loan amount which you can get
There are many factors affecting the maximum loan amount you can get from
the bank. These factors include credit score and salary. If you have good credit
score, close to 900, then you are more likely to get your loan approved.
If you do not have a good salary, it may happen that your loan will not get
approved. So it is crucial to have a decent salary before applying for a loan.
There is no maximum limit as such.
The necessary documents
Some of the common documents that are required for applying for the loan
are as follows:
 Income confirmation documents
 Address proof documents
 ID proof
 Copies of degree

Loan repaying process
There are various options that are involved in the loan repaying process. It
depends on bank to bank. It can either be completed through post-dated
cheques or through the Electronic clearance system (ECS). You have the
provision to pay the loan before the end date of loan tenure.
The loan is generally approved by the loan sanctioning officer. First of all, you
will have to submit all the documents, and then the verification of the details is
done. If the officer finds all the information appropriate, then only he/she
sanctions the loan. Once your loan is approved, you will get your loan within
the seven days.

Loan interests
As the personal loans are unsecured, banks generally charge you a higher rate
of interest. These interests rate varies from bank to bank.
You can even get you loan with a co-applicant. As the salary bracket rises, the
chance of the larger loan also increases. Make sure that none of you have a
poor credit score or you will have difficulty is getting large loans. Good credit
score is also essential because if you have a good credit score around 900, then you have more chances of reducing the interest rate of the loan.

BIATConsultant is leading business loan provider . Contact us now to avail our service of Financial Advisory .

July 17, 2018July 17, 2018

IMPACT OF GST ON CA PROFESSIONALS

New tax system has brought new opportunities in India whether it is chartered
accountant or computer science professional. GST took more than a decade to get passed in both houses of the parliaments. Due to this, there is a very
convenient way to bring a tax reform in India. Everywhere there is a buzz
about the economic improvement due to this taxation system. GST has had a
very positive effect on the businesses and everyone is thankful for this system.

This system has brought one tax policy in one nation and reduced the
complexity of doing business which has resulted in more revenue generation
and more profits. All the rules are similar to whole country. Let us try to figure
out how GST has impacted chartered accountants in India.

What chartered accountants are charging under GST?

After the implementation of GST, there is been a very sharp hike in the salaries
of the chartered accountants and chartered secretaries. Previously, the
chartered accountants used to charge around INR 2500. Now, after the GST
the fees of chartered accountants have been shot up to INR 25000. The chief
reason behind this hike is the load over the CA community. There are lot of
procedures involved in the GST process which has led to this rise.

How GST changed the chartered accountant work scenarios?

When the VAT system was in place, most of the work was done manually
which resulted in the waste of time and money but with the effect of GST,
everything has come online and it has improved work efficiency. With the VAT
system in place, professional are found working in one or two place because
each state has different rules which used to create problems but with GST
rules are same for every state due to which ease of business has increased and work area has expanded.

During the VAT times, the returns were uploaded on a monthly basis and you
have to fill the sales and purchase register and main returns too. If there is any
error, you have to repeat the whole process again and again until the problem
is rectified. This was a very hectic process which wasted lot of time. But with
the coming of GST, we just have to fill the details in the client’s sales register and all the information gets displayed in the purchaser’s purchase register. So due to this process, the time and effort taken to fill data in the purchase and
main form register has greatly reduced. This issue of mismatch data has been
greatly resolved.

Next step for chartered accountants?

India is a developing country with a huge number of start-ups and small
companies. GST has brought new taxation system into place. So the demands
of individuals who have knowledge of this new system have increased sharply.
GST is a privilege for the chartered accountants. It has increased the fees of the chartered accountants. It has helped not only old chartered accountants but also the new chartered accountants. If you are new CA and you have the
knowledge of GST, then you will be very high demand.

Newly certified chartered accountants have a big advantage of grabbing this
big opportunities. They can offer online services and join forums to answer
queries asked by taxpayers. The chartered accountants are very essential
person of a country. They have to keep themselves updated about the latest
laws and rules of the GST. As far as the future of chartered accountants is
considered, they have a very bright future. GST has helped in building a better
taxation system in India.

So in case you are looking for CA in India or for GST registration online , you can consult BIATConsultant to get it all done under one roof .

July 17, 2018

HOW GOODS AND SERVICES TAX (GST) HAS IMPACTED BUSINESSES IN INDIA

It has been quite some time since GST has been implemented in India. The
main objective of the new tax regime was to make one tax system in one
nation. Let us look at the way goods and services tax has impacted business in
India.

Small and medium businesses
The central goods & service tax (CGST) and state goods & service tax (SGST) has been combined in the new tax system. According to the new system, all the companies that have a turnover more than 20 lakh (10 lakh in some states) have come under the GST scanner. Previously the tax exemption for the SMEs was 5 lakh while the new tax exemption is increased to 20 lakh. This has created a positive impact and generated lot of revenue for the government.
Ease of doing business has been increased as double taxation policies have
been removed. Tax burden on new business has been reduced and faster
delivery of the services has been the positive effects in the implementation of
GST.

How GST impacted real estate industry?
Real Sector is one of the most important sectors in India. GST has brought lot
of transparency and relief in real estate sector of India.
Under GST 12% tax has been levied which was 6.5% before GST tax. Due to
GST, the developer either has to bear high tax burden or will have to increase
the net price of the infrastructure to meet the new tax requirements. As the
ready-to-move-in projects are kept out of GST, developers can get some
benefit for the construction that are in initial stages. Cost of cement and other
building material has increased with the new tax system. So the impact has
been neutral in real estate industry because although some building material
prices have been increased but it has cut down additional costs and provided a
transparent medium.

Impact on automobile sector

Automobile sector is one of the most important sectors. This sector produces a very large number of cars and bikes annually. The central and state
government imposed several taxes like excise tax, road tax, VAT etc. under the
GST tax. GST has hugely impacted the automobile industry. The government
increased the tax from 15% to 25% on mid-sized vehicles. There is some good
news for the importers as they would be able to claim excise duty and VAT.
GST on the cars and bikes was set under the 28% mark. The overall result is
that the implementation of GST has reduced the cost of buying bikes and cars.
GST has resulted in a good growth in this sector.

How GST has impacted FMCG companies?
The GST has impacted FMCG companies very strongly. GST has made possible more purchase of FMCG products in the festive season. The FMCG companies like Pepsico, Dabur has generated lots of profit in the festive season. Companies have been dependent on the advertisement to boost their revenue during the non-festive season.

So in case you are looking for GST registration for selling of goods or services , consult BIATConsultant experts to guide you throughout the process and will get your GST number registered

July 17, 2018

WHY IS YOUR CREDIT REPORT IMPORTANT?

When we go for financial advice, first thing we get is advice about checking the credit report. But what is credit report? And why is it so important? Let’s find
out!
What is credit report?
Credit report is the report of all your borrowings. It contains details about all
your current and past loans, credit cards. It sums up the entire details of your
life regarding loans and credit cards. It contains a 3 digit number ranging from
300 to 900 which is assigned by the credit bureaus. It is similar to grading of
your credit history as good, average and bad.
What is considered a good and bad credit report?
A good credit report shows all the positive feedback of your credit history. If
you have a score more than 700, then you are considered to have a good credit report. A good credit score mean that you have paid all you instalments timely.

However, less credit score ranges from 300 to 500. If you have a bad score
then it means that you have not paid instalments at proper times. If a person
has a credit score ranging from 500 to 700, then he has moderate credit score.

Why is credit report essential?
Credit report is essential if you want to take a loan or want to take
responsibility to pay someone else’s loan. The banks check that you have a
good credit score or not and accordingly they allow you to take loan. Let us
look at some points and understand why credit report is important.
 Approval for your loan is much simpler with good credit report as the
banks trust the person who has good credit score
 Lower Interest rates are available for loans
 You are able to negotiate better loan terms
 You can easily get best credit cards.
When you are co-signing a loan for you relative or friend, it is essential to have
a good credit score because the co-signer is responsible for paying the loan or credit if the loan borrower fails to pay. So this is very essential when someone
is co-signing.

Why it is important to check your credit report regularly?
It is important to check the report regularly because it is updated periodically
by financial institutions. There are various benefits of checking your credit
report regularly. Some of them are:
 You will always know the credit score so there is no need to worry
about.
 If the credit score is decreasing, you can always increase it by paying the
credits timely.
 You can correct the errors if there are any in your reports. This may
improve the score if your error is corrected.
Inference
As we can see how much the credit report is valuable in taking financial
decisions. You must consult a chartered accountant before taking any financial decision. These are designated people that will guide you to take better decisions. Maintain a good credit score and it will assist you in taking financial decisions like taking a loan etc.

BIATconsultant is providing financial consultant to small , medium as well as large enterprises since 2004 .

July 15, 2018

THINGS TO CONSIDER BEFORE COSIGNING A LOAN

What is meant by co-signing?
A co-signer is a person who agrees to pay the debt of a borrower if he/she fails
to pay the loan and this process is known as co-signing. A co-signer generally
have huge amount of credits which increase the loan approval chances of a
borrower. Co-signers play a huge role in this world as many people will find it
difficult to get their loan approved without the help of co-signers.
People generally co-sign a loan to assist the family members, siblings, friends
and others. However, helping the family member by co-signing for a loan can
feel rewarding but it come with its own drawbacks. Let us look at some of the
things to consider before co-signing a loan.

”Why would someone ask me to co-sign a loan?”
It is very important to think about the question- why would someone ask me
to co-sign a loan? There might be possibility that the person has a very bad
record of past loan credit, missed EMI etc. However, there can also be a case
where a person like you own children, who are new to credit or who haven’t
taken a loan before may need you to co-sign a loan.

“How does co-signing a loan affect your credit score?”
Co-signing a loan is a very important step and it must be done cautiously. You
have co-signed for the loan means that you have good credit score. When the
borrower fails to pay the loan, you will have to pay the loan. If you also fail to
pay the loan or miss the EMI, then it will impact negatively on your credit
score. On the credit score, it will add to your debt. More debt means that it will
reduce your credit score and you may face a problem while taking another
loan.
However if you pay the loan and pay the instalments timely, it will improve
your credit score. It will help you in taking loans in future. You can always
check the credit score online.

“What are the disadvantages of co-signing a loan?”

Here are the following disadvantages of co-signing a loan
 If the borrower fails to pay the loan, you will have to pay the remaining
loan
 If the borrower defaults the loan, your credit score will decrease
 In case of default, if a loan donor like bank file a suit for the loan, they
are likely to sue the co-signer due to their high credit score
 Co-signer cannot take the name off the loan agreement once the loan is
approved
 If the borrower delays the instalments, it will decrease your credits
“How to be safe while co-signing a loan?”
You can never feel safe while co-signing a loan, there is always a danger lying
around. However, you can take following precautions to reduce risks
 Always co-sign for a person who you know better. Ensure that they are
capable of paying the loan by themselves.
 Be prepared for paying the loan if the borrower defaults the loan
 Ensure that you have all the copies of everything related to the loan
agreement.

Contact BIATConsultant.com to have a consigning loan services in India.

July 15, 2018

BRUTAL MISTAKES WHICH INVESTORS MAKE THAT CAN DESTROY THEIR LIFE

Investing is a tricky concept. It can lead you to huge business revenues.
However, if proper steps are not followed while investing, it can lead to huge
losses. It has the ability to completely destroy someone’s life if investing is not
done cautiously. Let us look at some of the mistakes which investors make that destroy their lives:
 Depending too much on the company’s health cover
There are some people who depend too much on the company’s health
cover. If a person is caught up with a very serious disease, it may
happen that the cost of the medication is too much. The bank will be
pay only a part of the patient’s expenses which can lead to huge
financial trouble. This results in huge financial loss and will eat away all
your savings. So it is better to have ‘personal’ health cover rather than
depending on company’s health cover.
 Excessive use of credit card and loans
Sometimes people are so involved in taking loans that they end up in
deep trouble. Their saving becomes nil and they become bankrupt.
People are attracted towards various schemes to buy things in low cost
EMIs and using credit card to pay for things. Excessive use and addiction
of these things may lead you into big debts which are difficult to pay
later on. So it is very essential to makes proper and judicial use of the
credit card and loans.
 Overspending due to social pressure
People have the trait to show off. This can be very dangerous
sometimes. People spend so much in buying big houses, big cars and in
weddings just to show off. They do it to feel superior over the others.
This can lead to the downfall of a person and make his finances go down
sharply. So we must invest in only those things which are productive in
future or in those things which we need. Spending just to show off is
stupidity.

 Heavy spending problems
Some people are so much addicted towards spending that they do not
even calculate the future savings. If you spend on unrequired things,
then one day you may have to sell things you need. This is very essential
to see whether buying something is valuable to you or not. If it is
essential, then only we must buy it, otherwise not as it may drain all
your savings.
 Attracted toward free advice
People have the tendency to get easily attracted towards the free
advice. In India, everyone has an advice for you. Even the person who
doesn’t have any knowledge about a certain profession will have advice
for you. These advices may cost you deeply. So, it is always better to
take advice from the professionals.
As we have observed that there are certain mistakes which investors make
that destroys their lives. So it is better to have some precautions while taking
an investing decisions or you will fall into dept. Advice must be taken from
professionals like chartered accountant who will give you the best advice
although every advice is subject to market risk. But mostly they will show you
the right way and process to invest.

Consult BIATconsultant to get best investing guide for your business .

July 15, 2018

FINANCIAL ADVISORY SERVICES TO MAXIMISE PROFITS

Handling big firms and organizations is a very challenging task especially the
financial aspects of the company. Every organization requires financial advices
for the growth and expansion of the company. These are valuable advices that
contribute in the betterment of the firm. Chartered Accountants are normally
hired to give their valuable advices.

Confidentiality of advices is essential
It is very vital that the advisory services which an organization is getting must
have high confidentiality. This is because the information shared is very
precious and the information should not be leaked to the third party.
Organizations must make sure that the chartered accountants who they hire
are trustworthy because leaking of information means that company’s stakes
are at risk. Another company may exploit that information to its own benefit
leading to the downfall of the company whose private information has been
compromised.

Financial Advisory is subject to market risks…
Advisory Services are subject to the current market trends and the stock
market. The growth or downfall of stocks is unpredictable. It is very difficult to
guess whether there will be growth or downfall of a certain stock. These are
subject to market risk. That is exactly why the best brains in the business are
hired to give advisory services.
According to the past history and the probability of success of the product in
the market, they give their valuable advice to the customer. They need to
ensure that the greater part of the information is given to the person giving
the guidance to get valuable advice. They have to see the financial history and
where the organization is going.

Benefits of Advisory Services:

Helps in the growth of a company
There are numerous benefits of hiring a Chartered Accountant for advisory
services. Not only they help in providing a best solution to a certain situation but they also help in the growth of the company. They help the company to expand itself by giving an edge over other companies.
Advisory services are life saviours of a company!!
Sometimes, in critical times, during a downfall of a company, these advisory
services can act as saviours. These services help these drowning organization to take positive steps and survive. The world follows the policy “Survival of the fittest”. So only fittest of the fit companies excel in today’s times. That is why these services play a vital role in the development of a company.

Helps in investing money
Investment is another prospect that a company is very cautious about. We
know that money is an integral part of company. Their aim is to generate huge
amount of revenues. To generate these revenues, huge amount of investments are required like purchasing an office for a company etc. So, these are the areas, where good advisory services are needed. Expenses are regularly monitored by chartered accountants who help in keeping an eye on the financial situation of the company.

Tax, Loan issues
There are many consultancy firms that provide advisory services on whether to take a loan or not? From which bank, loan should be taken so that the interest rate is less when compared to others which will ultimately benefit the
company. Tax related issues are important. Even for these issues, advisory
services are needed.

These services come at a cost…
As explained above, you can see how valuable these advices are to a company.
Obviously, these services are not offered for free of cost. A big amount of fees
is charged by chartered accountants for providing these services. Despite
having high fees, these services are advisable to have if you are running a
company. Not having these services may result in the downfall of the
organisation.

BIATconsultant.com is leading financial advisory consultant with presence in India , prividing expert guidance since 2004 .

July 15, 2018

WHAT IS THE MEANING OF TRADEMARK STATUS?

Getting a trademark is not an easy task. It has to go to through several stages
in order to get registered. Trademark can be done of various things like
company’s logo, company’s symbol or name etc. In order to get it trademark it
has to go through a serious inspection before it is approved. There are various
status that can be granted to trademark application. Some of them are as
follows:

Online new application
This status appears when you are filling up the application. Online new
application is available when you are filling it online.

Send To Vienna Codification
There are different categories in which the trademark is applied. If the
trademark consists of symbol, logo or any other design, it is assigned a code
called “Vienna Codification” and this stage is termed as “Send to Vienna
Codification”.

Formalities Chk Pass
This is a very important stage in which all the important formalities are
checked such that it meets all the basic requirements. This stage is termed as
“Formalities chk pass”.

Formalities Chk Fail
As we have already discussed what is formality chk pass status. Now if in that
stage if all the formalities fail to pass, then this stage is termed as “formalities
chk fail”.

Marked For Exam
After all the formality checks, the trademark is passed to the examiner. The
examiner approves in according to various sections of the Trade Marks Act and the status at this stage is termed as “Marked For Exam”.

Exam report issued/accepted
After checking and validation of the trademark, the examiner issues a report as accepted and the status of this stage is known as “Exam report
issued/accepted”. This is a very crucial stage because the examiner gives his
final report on its publication in Trademark Journal.

Objected
If your trademark has some problems, the examiner does not accept the
trademark. The examiner gives objection in a very detailed report to the user
informing about each and every objection in the trademark. An on paper reply
is offered to trade mark registry and the status of this stage is known as
objected.

Advertised or Accepted and advertised
When a trademark application is presented in the Journal, it is given the status
of “advertised or Accepted and Advertised”. This is a very vital status as the
third party has the right to compete with it within 4 months. The trademark
registration certificate is granted if there is no opposition.

Opposed
This is a very important stage as if the opposition stage opposes the
trademark, then the status of the application is termed as “Opposed”.

Send back to EDP
If there are any data entry errors in the application, the application have to be
corrected and is send back to EDP for correction. Once all the errors are
corrected, the entire process starts again for getting the trademark done.

Send to PRAS
PRAS stands for “Pre-Registration Amendment Section”. This status is given
when there are any changes in registration that require attention of the
customer. If that is the case, application is passed to the PRAS department.