Startup Showcase – MyMuneemji

Delighted to announce that The Hub of Startups by Prajakt Raut of India Angels Publishes the MyMuneemji story.

http://bit.ly/1kzHo6L

Here’s the story of MyMuneemji– We offer shared services accounting, compliance and reporting services to Start-ups.

Catch them on – www.MyMuneemji.com 

In conversation with Mitesh Katira, Founder of MyMuneemji – 

• Tell us about the story of your startup - Why did you start this, how did you start, when did you startup?

Run a mid-sized Chartered Accountancy firm for the last ten years, having start ups and small businesses as clients. While working with these companies, we felt the need to be able to provide a reliable, efficient and cost effective solution to these client segments which need quality accounting, compliance and reporting support. We felt the need to service existing and prospective customers using IT as an enabler. MyMuneemji was formally launched 6 months back.

• How did the co founders come together?

Harshal and I know each other for the last 30 years, we went to school together. I joined a mid-sized Chartered Accountancy firm as a partner and helped them grow the practice and more importantly bring in a process orientation in the way we managed our audits. We increasingly started using IT tools which helped us deliver more at one third the time to our customers. Deepak Pasad joined the CA firm and was the man behind the executing process improvements and the IT tools.

My interaction with Venkat and Deepak started in the early to mid 2000 when we knew each other as family friends and the bond just got stronger when WealthTree was set up in late 2006. My firm used to work very closely with WealthTree on matters that required support on Accounting, Compliance, Audits, Tax filing for WealthTree’s customers. We started discussing ideas and ways to improve customer experience. MyMuneemji is the outcome

• What challenges did you face and how did you deal with them?

We wanted to leverage technology to deliver MyMuneemji to the customers. Venkat put me in touch with one of his colleagues who was the CTO of the company where Venkat worked. Sabyasachi came with excellent credentials having been CTO with large corporations and he helped us get through the initial bit by building version 1 of MyMuneemji.

Unfortunately, Sabyasachi had to go back to Kolkata due to personal reasons and we started driving the process ourselves.

• What is your aspiration for the venture?

We want start ups, pre – revenue ventures, Non Profit Organizations (NGO), co – operative societies and small businesses to try the MyMuneemji model. We are currently in the process of migrating all our existing customers (around 350 in number) from a manual mode to a ‘shared services’ online mode. We want to sign up with 5,000 new companies in the next 12 months.

• What did you learn from the journey so far?

We believe there is a huge gap on the demand and supply side. While entrepreneurs require high quality accounting support, the quality of accountants/ accounting support available is below par. In a majority of cases, it is not reliable and stable. MyMuneemji exists to bridge this gap. One of the biggest gains to come out so far has been our own evolution in thinking on looking at things ‘from a customer standpoint’. What works and what may not work. As an established CA firm, we never felt the need to think through this aspect. Viewing this from a customer standpoint and bringing the customer at the center has been our biggest learning.

Boot strapping is another aspect of a start up. We have constantly tried to keep our costs to a minimum while at the same time doing what it requires to be done to be able to get the service off the ground. Partnerships and tie ups with key business stakeholders has been the key. Leveraging on the impact of social media and getting the team to being the brand ambassadors of MyMuneemji were also huge learnings.

• If you had to start all over again, what would you do differently?

I am currently reading a book called “The Lean startup”. I was able to establish the correlation between “Build - measure – Learn”. I realize that we could have saved at least 50% of time and effort had I read this a year ago.

Free Due-date Reminders - a Christmas Gift from MyMuneemji

Christmas is the festival of Cakes, Candles and Carrels. Cake says "be sweet", Carrels say "Love one and all" and Candles say "Light up your mind with knowledge". 

We at MyMuneemji extend warm greetings for Christmas and a Happy New Year 2014.

At this juncture, it is exciting to share that more functional version of MyMuneemji is launched. This welcomes the New Year with added visibility and pro-activeness.

As Just try our Free Signup to start getting free sms and email alerts on before relevant tax filing due-dates and avoid any interest or penalties. Do let us know if there are any suggestions and feedback in this regard to make us better in helping you.

Visibility gaining importance for the Social Ventures and NGOs

More and more businessman and professionals are taking an NGO to enjoys fulfillment of giving. Along with the Social Networks, Social funds, Social ventures and social entrepreneurs are also budding all around.


With this, the social work is becoming structured and attracting thoughtful talent. NGOs are craving to be more visible and articulate on what they are upto. Even they want to review their accounts on monthly basis and be updated on what's going on with the donations.

Mymuneemji was approached by one of such funds. Board of trustees have senior professionals who think that being tax compliant and having a timely MIS was very important.

We are glad for being able to give them the best price for this service with continuity and consistency on the service. They decided to move their accounts online from a offline unorganized accountant with lesser than what they spent before effortlessly.

The major benefits for adopting the online solution are as follows:

1. Monthly reports come handy for gauging the direction of the activities
2. Get their tax filings in time with timely SMS and Email reminders
3. Increasing credibility with the donors with transparency

One of the core members of the trust says "Apart from NGOs and businesses, Mymunmeeji can be useful idea to adopt for Housing Societies and Banks as well"

Register here for free tax reminders and updates.

What if accounting become live compass to the business?

It's like finding a gold bar from a junk box which we never thought was useful.

If entrepreneur perceived the accounting to be a live compass instead of a postmortem of the business, life would change drastically for businessmen and the way they perceive accounting to be.

They will start working hard to keep this live and track it daily. It will become like a dart game for them which one plays when frustrated from the regular work. One will like to check what's going on in my business? Is the hard-work right on target? Does my business have enough fuel (cash) to drive it to a distance where I want to reach before I get the next fuel station. Is the spread (growth rate) correct to control when need be and at the same time to reach in time. 

This can convert business into a game of numbers like any other game where we have a clear cut board showing where we are and what are we chasing to win. 

The enjoyment multiplies and so the business!!

Points to act on:

1. Make your accounts upto date on daily basis

2. Track all your accounts on weekly basis

3. Understand that cash is king and track it hard

4. Choose a right accountant

Believe me knowing something is almost like achieving. Just start knowing more to be winners. Accounting is way ahead!! 

Roha hardware is compliant now!!

Taheri bhai is a trader at small town of Roha. He runs a hardware shop having strong focus on paints. He has a got prestigious agency with Asian Paints.

With his honesty and hardwork, he could establish a great clientele with the MIDC around Roha. These relations are giving him good growth in business. 

To get organised and earn credibility with the Banks & Market, he wanted to get his accounts computerised. He also wanted to file his VAT returns and IT returns in time. 

MyMuneemji has helped Taheri bhai to computerise his books of account and be compliant with all the applicable tax laws since last two years. Over and above this, Taheri bhai now does his routine settlements with the clients and vendors based on the computerised ledgers which Mymuneemji providers on request. This has made Taheri bhai one of the smart and confident businessmen in this area. All this with zero travelling time and lower cost.

Taheri bhai says "MyMuneemji has simplified and brought on track my accounting work. I can now rest assure about my tax returns with this relation and focus on my business"

MyMunnemji going live Soon!!

Mymuneemji is close to completion with it's basic plate of services with a price point which is never tried for the quality which we aspire to offer.

Are you ready to make your accounts a child's play with enthusiastic team??

Contact us now to experience the Wow!!

Form 16 - TRACES (CIRCULAR NO. 04/2013)

CIRCULAR NO. 04/2013

F.No 275/34/2011-IT(B)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, the 17th April, 2013

Sub: Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules 1962 – regarding

1. Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the Rules”) stipulates furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars such as amount of TDS, valid permanent account number (PAN) of the deductee, tax deduction and collection account number (TAN) of the deductor, etc. The relevant form for such TDS certificate is Form No. 16 in case of deduction under section 192 and Form No. 16A for deduction under any other provision of Chapter XVII-B of the Act. TDS certificate in Form No. 16 is to be issued annually whereas TDS certificate in Form No. 16A is to be issued quarterly. TDS Certificate in Form No 16 as notified vide Notification No. 11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income.

2. With a view to streamline the TDS procedures, including proper administration of the Act, the Board had issued Circular No. 03/2011 dated 13.05.2011 and Circular No. 01/2012 dated 09.04.2012 making it mandatory for all deductors to issue TDS certificate in Form No. 16A after generating and downloading the same from “TDS Reconciliation Analysis and Correction Enabling System” or (https://www.tdscpc.gov.in) (hereinafter called TRACES Portal) previously called TIN website. In exercise of powers under section 119 of the Act, the Board has now decided as following:-

2.1 ISSUE OF PART A OF FORM NO. 16 FOR DEDUCTION OF TAX AT SOURCE MADE ON OR AFTER 01.04.2012:

All deductors (including Government deductors who deposit TDS in the Central Government Account through book entry) shall issue the Part A of Form No. 16, by generating and subsequently downloading through TRACES Portal, in respect of all sums deducted on or after the 1st day of April, 2012 under the provisions of section 192 of Chapter XVII-B. Part A of Form No 16 shall have a unique TDS certificate number.

2.2 AUTHENTICATION OF TDS CERTIFICATE IN FORM NO. 16 :

The deductor, issuing the Part A of Form No. 16 by downloading it from the TRACES Portal, shall, before issuing to the deductee authenticate the correctness of contents mentioned therein and verify the same either by using manual signature or by using digital signature in accordance with sub-rule (6) of Rule 31.

2.3 In other words, Part A of Form No. 16 shall be issued by all the deductors, only by generating it through TRACES Portal and after duly authenticating and verifying it.

 

2.4 ‘Part B (Annexure)’ of Form No. 16 shall be prepared by the deductor manually and issued to the deductee after due authentication and verification alongwith the Part A of the Form No. 16 stated above.

2.5 Sub rule (3) of rule 31of the Rules sets the time limit for issuance of Form 16 by the deductor to the employee. Currently, Form 16 should be issued by 31st May of the financial Year immediately following the financial year in which income was paid and tax deducted.

3.1 The Director General of Income-tax (Systems) shall specify the procedure, formats and standards for the purpose of download of Part A of Form No.16 from the TRACES Portal and shall be responsible for the day-to-day administration in relation to the procedure, formats and standards for download of Part A of Form No.16 in electronic form.

3.2 It is further clarified that Part A of Form No. 16 issued by the deductors in accordance with this circular and as per the procedure, formats and standards specified by the Director General of Income-tax (Systems) and containing Unique Identification Number shall only be treated as a valid compliance to the issue of Part A of Form No. 16 for the purpose of section 203 of the Act read with rule 31 of the Rules.

4. Hindi version shall follow.

-sd-

(Anshu Prakash)

Director (Budget)

Central Board of Direct Taxes