http://taxscoop.in/WELCOME TO FUNDSCOOP ADVISORSVivitiCMS2020-07-13T10:27:00+05:30WELCOME TO FUNDSCOOP ADVISORStag:taxscoop.in,2020-07-13:/entries/68329Legal Compliances to be followed by a NIDHI COMPANY2020-07-13T10:27:00+05:302020-07-13T10:42:23+05:30<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">PRE-INCORPORATION COMPLIANCE:</strong></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">1. MEMBERS: Minimum: 7 Members</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">2. Directors: Out of the above 7 at-least 3 should be Directors</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">3. Minimum Paid up equity Share Capital: Rs. 5 Lakhs</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">4. No Preference Shares are allowed to be issued. If an existing company has preference shares and wants to get Nidhi status, it needs to redeem Preference shares.</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">5. Nidhi company have the words "NIDHI LTD".</span></span></p>
<p dir="ltr" role="presentation" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">POST INCORPORATION COMPLIANCE:</strong></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">1. Increase number of members to Minimum of 200 within 1 Year from the date of incorporation</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">2. Net Owned Fund should be minimum of Rs 10 Lakhs. <span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where Net Owned Funds = Paid up equity share capital + Reserve and surplus – Intangible Assets- Accumulated Losses</span></span></span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">3. Unencumbered Deposit should be at-least 10% of Outstanding Deposit</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">4. Appointment of Chartered Accountant within 30 days of incorporation</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">5. Net owned Fund to Deposit Ratio of max 1:20</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Recurring Compliance:</strong></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">FORM NO</strong></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">COMPLIANCE</strong></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">DUE DATE</strong></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">NDH-1</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Return of Statutory Compliance.</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Deatails of</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">- Member</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">-Deposits</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">-Loans</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">-Reserves</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">For full F.Y</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">90 days of closing of F.Y.</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Need Professional Certification</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">NDH-2</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">-IF failed to add 200 members within 1 Year of incorporation.</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">- NOF to Deposit ratio of 1:20 not complied.</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">To be filed with Regional Director within 90 days from closure of F.Y with fees</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">NDH-3</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Half Yearly Return with ROC</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Within 30 days from conclusion of F.Y</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">NDH-4(Newly inserted by NIDHI RULES,2019)</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Main detail here is of Number of members.</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Members only those people will be considered who have </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">PAS-3 </strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">return filed.</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">New Company-60 DAYS of expiry of 1 Year from the date of incorporation</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Existing Company: </span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Later of:</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">1- year from the date of incorporation</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">6 Months from commencement of NIDHI RULES,2019</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">AOC-4</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Financial Documents and other supporting documents to the ROC</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Within 30 days of AGM</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">MGT-7</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Annual Return</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">60 days of AGM</span></span></p>
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<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">ITR-6</span></span></p>
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<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 466px;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Income tax Return</span></span></p>
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<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 384px;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">BY 30</span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"><span style="font-size:0.6em; vertical-align:super">th</span></span><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> September</span></span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Penalty:</strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> IF NIDHI Company fails to comply it need to pay a Fine upto Rs. 5,000/-</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-90e58be9-7fff-86e4-112b-1f920b93bb5f"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> IF Continued: Rs 500/- per day</span></span></p>
<div> </div>
tag:taxscoop.in,2020-06-14:/entries/68282Trade License in West Bengal2020-06-14T23:05:00+05:302020-06-14T23:10:47+05:30<h3 dir="ltr" style="line-height:1.2;margin-top:12pt;margin-bottom:6pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">A Trade License certificate is a document from the municipality that grants permission to a company to carry on trade or business. </span></span></h3>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">The license is given if the business complies with certain rules and regulations laid down by the corporation and safety authorities of the state.</span><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> </span></span><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">The application should be made 30 days prior to commencement of business to a Commissioner in the Corporation. When applying the business has to submit certain documents.</span><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap"> </strong></span></p>
<h3 dir="ltr" style="line-height:1.2;margin-top:12pt;margin-bottom:6pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; text-decoration-line:underline; text-decoration-skip-ink:none; vertical-align:baseline; white-space:pre-wrap">Procedure for Trade Registration</span></span></h3>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Once you know the type of trade license you need, you should fill up Application form with all required details and submit the required documents to the ward office of your local municipality. </span></span></p>
<p><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">After you apply, the officer may ask you for additional details, in case he needs more information about your business. If he is satisfied with all the details already sent, he will issue the trade license to you. </span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">A trade license is valid for a year and it takes about 2-3 weeks to get. You will receive your trade license via online or hardcopy. It is suggested that you make a couple of copies of the license. </span></span></p>
<h3 dir="ltr" style="line-height:1.2;margin-top:12pt;margin-bottom:6pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; text-decoration-line:underline; text-decoration-skip-ink:none; vertical-align:baseline; white-space:pre-wrap">Non Compliance</span></span></h3>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">It is mandatory for every business to have a trade license. If anyone fails to get one before starting a business, he or she is liable to pay a fine or be penalised. </span></span></p>
<h3 dir="ltr" style="line-height:1.2;margin-top:12pt;margin-bottom:6pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; text-decoration-line:underline; text-decoration-skip-ink:none; vertical-align:baseline; white-space:pre-wrap">Documents need to be submitted for Trade License</span></span></h3>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; text-decoration-line:underline; text-decoration-skip-ink:none; vertical-align:baseline; white-space:pre-wrap">In order to apply for a trade license, the applicant is required to make an application and submit the same to the concerned Municipal Corporation along with all the necessary documents.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">There are different documents that are required to be provided depending on the type of business intended to carry on.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">These are-</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">a. Application in the prescribed Form</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">b. If the applicant is any Firm, LLP or a Company, their PAN Card, along with the incorporation certificate</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">c. In the case of an individual applicant, his/her Aadhaar Card is mandatory</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">d. Latest Municipality Property Tax Payment Receipt</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">e. Lease documents or consent letters from the owner of the property</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">f. </span><a href="http://218.248.45.169/download/tradelic/Form-C.pdf" style="text-decoration-line: none;"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; text-decoration-line:underline; text-decoration-skip-ink:none; vertical-align:baseline; white-space:pre-wrap">NOC</span></a><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> from your immediate neighbor</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">g. A certified layout plan of your trade building showing the business, working or washing or resting areas</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">h. Katha extracts</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">i. Katha certificate</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">j.Sanction plan</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">k. Occupancy certificate (OC)</span></span></p>
<p><strong><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; text-decoration-line:underline; text-decoration-skip-ink:none; vertical-align:baseline; white-space:pre-wrap">Processing Time</span></span></strong></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">In general, it takes 7-10 days time to process the application of Trade license in metro cities. However, in other small cities and rural areas, it takes longer. </span></span></p>
<p> </p>
<h3 dir="ltr" style="line-height:1.2;margin-top:12pt;margin-bottom:6pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; text-decoration-line:underline; text-decoration-skip-ink:none; vertical-align:baseline; white-space:pre-wrap">Trade license Renewal</span></span></h3>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; text-decoration-line:underline; text-decoration-skip-ink:none; vertical-align:baseline; white-space:pre-wrap">The validity of a license issued by the municipal authority is for a period of one year and required to be renewed every year.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">The application for renewal of the license is to be made within thirty days from the date of its expiry. In case the renewal process is delayed, then it may attract fine depending upon the rules and regulation of the issuing authority.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Following are the documents that need to be submitted for renewal of the license–</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">a. Original copy of the trade License;</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">b. Previous year challans;</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">c. Up to date property tax paid receipt.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-39ec77bd-7fff-057a-9abb-968ede573d59"><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">d. Current Professional Tax Certificate</span></span></p>
tag:taxscoop.in,2020-04-22:/entries/68179DOT Registration, Annual Return and Event Based Compliance2020-04-22T18:28:00+05:302020-04-22T18:28:31+05:30<p><img alt="" src="http://taxscoop.in/files/resized/662820/653;384;7069999c3ef9c0386c63e1e1801394e5c3c9e97c.png" style="border:none; height:340px; width:578px"></p>
<p style="text-align: justify;"><strong>Definition of DOT OSP: </strong></p>
<p style="text-align: justify;">According to Department of Telecommunication (DOT), Other Service Providers (OSP) refers to the companies providing services in the tele-communication Industry with use of telecom resources. OSP includes call centres and Business Process Outsourcing (BPO). OSP providing the application services within national boundaries is known as Domestic OSP. Whereas, OSP providing application services beyond national boundaries is known as International OSP.</p>
<p style="text-align: justify;">Under the Telecom Policy, it is compulsory for the OSPs using telecom resources to obtain the DOT OSP License. Terms and conditions of OSPs are very strict. OSP’s are not allowed to use switched telephony and authorised Telecom Service Providers are only allowed to provide telecom resources to the OSP’s.</p>
<p style="text-align: justify;"> </p>
<p style="text-align: justify;"><strong>REGISTRATION OF OSP UNDER DOT</strong></p>
<p style="text-align: justify;">Only a Private Limited Company is eligible to apply for OSP license. With the application Form, the following documents are required:-</p>
<p style="text-align: justify;">a. Certificate of Incorporation, MOA & AOA of the company</p>
<p style="text-align: justify;">b. PAN card of the Company</p>
<p style="text-align: justify;">c. List of Directors on the letterhead of the company</p>
<p style="text-align: justify;">d. Shareholding pattern on the letterhead of the company</p>
<p style="text-align: justify;">e. Master Data of MCA on the letterhead of the company</p>
<p style="text-align: justify;">f. Description of the proposed activities</p>
<p style="text-align: justify;">g. Network Diagram showing the entire connectivity of the telecom resources</p>
<p style="text-align: justify;">h. Board Resolution authorizing the authorized signatory. PAN & DSC of the Authorised signatory will be required.</p>
<p style="text-align: justify;">i. Rs. 1,000/- Govt. Fees</p>
<p style="text-align: justify;"> </p>
<p style="text-align: justify;"><strong>FEW IMPORTANT POINTS REGARDING OSP</strong></p>
<ul>
<li style="text-align: justify;">OSP License is valid for 20 years from the date of issue of the license. It can be further extended up to 10 years each time it is renewed.</li>
<li style="text-align: justify;">Annual Return is to be submitted to the DOT office within 6 months from the completion of the financial year mentioning the activities undertaken in the previous year and present status of the OSP in continuing its operations.</li>
<li style="text-align: justify;">An OSP License is given premises wise to the company. If the OSP registration for one location is already there, then OSP can apply for another location providing the OSP license of the obtained location along with other required documents.</li>
<li style="text-align: justify;">Transferability of OSP registration from one Company to another is prohibited.</li>
<li style="text-align: justify;">Non submission of annual return by the OSPs for the consecutive 3 years will take the company to the dormant list maintained by DOT and if the name continues to be there in the dormant list for another 2 years then their registration will be cancelled. Dormant and cancelled list is available in the DOT website.</li>
</ul>
<p style="text-align: justify;"> </p>
<p style="text-align: justify;"><strong>COMPLIANCES TO BE DONE BY OSP</strong></p>
<p style="text-align: justify;">Receiving an OSP license is just the first step to start with the business. A lot of telecommunication resources gets consumed while running a running a BPO/call centre. There are lot of rules and regulations formulated by DOT to ensure that the resources are not mis-utilised and no fraudulent activities are carried on by the companies with the use of these resources. By submission of the required returns/information the companies inform the DOT that all the guidelines are well adhered with.</p>
<p style="text-align: justify;"><strong><em>Two types of DOT Compliances are:-</em></strong></p>
<p style="text-align: justify;">a. Event Based Compliance</p>
<p style="text-align: justify;">b. Annual Compliance</p>
<p style="text-align: justify;"><strong><em>Event-based Compliance</em></strong><em>:</em> These compliance needs to be done only on occurrence of certain major events in the company:-</p>
<ul>
<li style="text-align: justify;">Change of operating Location of the company</li>
<li style="text-align: justify;">Change of directorship in the company</li>
<li style="text-align: justify;">Change in coverage, infrastructure and connectivity of the company</li>
</ul>
<p style="text-align: justify;">The compliance needs to be filed within 15 days of occurrence of any of the above events.</p>
<p style="text-align: justify;"> </p>
<p style="text-align: justify;"><strong><em>Annual Compliance</em></strong>: Annual Return needs to be filed within 6 months from the end of the financial year. It contains the following information:-</p>
<p style="text-align: justify;">a.<strong> Name of the OSP:</strong> Name of the company/Brand name given to the centre</p>
<p style="text-align: justify;">b.<strong> OSP Centre:</strong> Type of OSP Centre - Domestic/International</p>
<p style="text-align: justify;">c. <strong>Financial Year:</strong> The year for which the return is being filed</p>
<p style="text-align: justify;">d. <strong>OSP Registration Number:</strong> The registration number received with the OSP license</p>
<p style="text-align: justify;">e. <strong>Registered Office address:</strong> Address of the registered office of the company</p>
<p style="text-align: justify;">f. <strong>CIN of the company: </strong>Company Identification Number provided by MCA</p>
<p style="text-align: justify;">g. <strong>CIN of the holding company:</strong> Applicable if the company is a subsidiary of another company</p>
<p style="text-align: justify;">h. <strong>Employee details</strong>: Categorization wise details is required:-</p>
<p style="text-align: justify;">i. Agents</p>
<p style="text-align: justify;">ii. Managerial</p>
<p style="text-align: justify;">iii. Others</p>
<p style="text-align: justify;">i. <strong>Name of the clients with their location:</strong> Clientele details are required here</p>
<p style="text-align: justify;">j.<strong> Annual Turnover:</strong> Annual turnover for the financial year w.r.t. OSP business</p>
<p style="text-align: justify;">k. <strong>Net profit/ Net loss:</strong> Gains/Loss of the financial year needs to be reported</p>
tag:taxscoop.in,2020-04-09:/entries/68153TDS on cash withdrawal of more than Rs. 1 cr2020-04-09T20:17:00+05:302020-04-09T20:23:03+05:30<p><img alt="" src="http://taxscoop.in/files/resized/662182/379;318;90c88ace7ec18a3ac304a87f3187c7f1aba6dca2.png" style="border:none; height:252px; width:300px"></p>
<h1><strong>TDS ON CASH WITHDRAWAL (SECTION 194N)</strong></h1>
<p><span style="font-size:18px"><strong><em>Applicability:</em></strong></span></p>
<p><span style="font-size:18px">The Finance (No. 2) Act, 2019 has inserted a new <strong>section 194N</strong>, with effect from <strong>01 September, 2019, </strong>provides that every person, being-</span></p>
<ul>
<li><span style="font-size:18px">a banking company to which the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act);</span></li>
<li><span style="font-size:18px">a co-operative society engaged in carrying on the business of banking; or</span></li>
<li><span style="font-size:18px">a post office,</span></li>
</ul>
<p><span style="font-size:18px">who is responsible for paying, in cash, any sum or aggregate of sums exceeding ₹ 1 crore during the previous year to any person from one or more accounts maintained by such recipient-person with it, shall deduct tax at source <strong>@ 2% of sum exceeding ₹ 1 crore.</strong> </span></p>
<p><span style="font-size:18px"><strong><em>Time of Deduction: </em></strong></span></p>
<p><span style="font-size:18px">The deduction is to be made at the <strong>time of payment</strong> of such sum.</span></p>
<p><span style="font-size:18px"><strong><em>Rate of TDS:</em></strong></span></p>
<p><span style="font-size:18px"> @<strong> 2%</strong> on payment of sum exceeding ₹ 1 crore.</span></p>
<p><span style="font-size:18px"><strong><em>Non- applicability of TDS:</em></strong></span></p>
<p><span style="font-size:18px">No tax is required to be deducted at source under section 194N on cash withdrawals by person or class of person as notified, in consultation with the RBI, by the Central Government.</span></p>
<p><span style="font-size:18px">Liability to deduct tax at source under this section shall not apply to any payment made to -</span></p>
<ul>
<li><span style="font-size:18px">the Government;</span></li>
<li><span style="font-size:18px">any banking company or co-operative society engaged in carrying on the business of banking or a post office;</span></li>
<li><span style="font-size:18px">any business correspondent of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the guidelines issued in this regard by the Reserve Bank of India under the Reserve Bank of India Act, 1934;</span></li>
<li><span style="font-size:18px">any white label automated teller machine operator of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the authorization issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007;</span></li>
<li><span style="font-size:18px">such other person or class of persons, which the Central Government may, by notification in the Official Gazette, specify in consultation with the Reserve Bank of India.</span></li>
</ul>
<p><span style="font-size:18px"><strong><em>Manner of computing the threshold limit of ₹ 1 crore:</em></strong></span></p>
<p><span style="font-size:18px">The CBDT has, vide press Release dated 30/08/2019, clarified that section 194N is to come into effect from 1st September 2019. Hence, any cash withdrawal prior to 1st September 2019 will not be subjected to the TDS under section 194N. However, since the threshold limit of ₹ 1 crore is with respect to the previous year 2019-20, calculation of amount of cash withdrawal for triggering deduction under section 194N shall be counted from 1st April 2019. Hence, if a person has already withdrawn ₹ 1 crore or more cash upto 31st August,2019 from one or more accounts maintained with a banking company or a cooperative bank or a post office, TDS@ 2% shall apply on all subsequent cash withdrawals.</span></p>
tag:taxscoop.in,2020-03-30:/entries/68126MANDATORY ANNUAL FILING FOR PRIVATE LIMITED COMPANIES2020-03-30T18:05:00+05:302020-03-31T10:37:36+05:30<p style="text-align: justify;"><img alt="" src="http://taxscoop.in/files/resized/661620/292;245;051256a579fdd2352d481ece140ac6f98677d825.png" style="border:none"></p>
<p style="text-align: justify;"><strong><u>MANDATORY ANNUAL FILING FOR PRIVATE LIMITED COMPANIES UNDER COMPANIES ACT 2013</u></strong></p>
<p style="text-align: justify;">Every Private Limited Company is required to file following two forms compulsorily:</p>
<ol>
<li style="text-align: justify;">AOC-4</li>
<li style="text-align: justify;">MGT-7</li>
</ol>
<p style="text-align: justify;">AOC-4 is required to be filed within 30 days from the end of Annual General Meeting (AGM). For the purpose of understanding here, the due date for conducting AGM is 30<sup>th</sup> September of every year (31<sup>st</sup> December for 1<sup>st</sup> AGM). AOC-4 contains brief summary of the financial statements of the company viz Balance Sheet and Statement of Profit & Loss. The mandatory attachment to the form is Audited financial statements of the company.</p>
<p style="text-align: justify;">MGT-7 is required to be filed within 60 days from the end of AGM. It contains the brief particulars of various meetings of Board and members held during the year along with details of shareholders. The mandatory attachment to the form is List of Shareholders of the company.</p>
<p style="text-align: justify;">The government fees for above forms are very nominal(Rs. 200/300/400/500 per form) which depends on the authorised capital of the company (in case of companies having share capital) or Rs. 200/- (in case of companies not having share capital).</p>
<p style="text-align: justify;">Failure to file the above forms within the stipulated time attracts late fee of Rs. 100/- per day for each form. Further failure to file the above forms for a consecutive period of 3 years makes the company inactive, eligible to get strike-off by MCA and the directors of the said company shall be disqualified for a period of 5 years.</p>
<p style="text-align: justify;">Recently, Ministry of Finance has given a moratorium period of 6 months starting from 01<sup>st</sup> April 2020 to 30<sup>th</sup> September 2020. As per the said notification, there will be no late filing fee for any filing done in this period irrespective of its due date. By filing within this period, corporates can save a huge amount of late fees. Hence this is a great opportunity for those who have not done their filing till now.</p>
tag:taxscoop.in,2020-03-29:/entries/68125Appointment of subsequent Auditor2020-03-29T19:52:00+05:302020-03-29T22:46:43+05:30<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"><img alt="" src="http://taxscoop.in/files/resized/661574/326;273;9694825fdb22c9d1530d8c4a623519f782948fc5.png" style="border:none"></div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"> </div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"><u><strong style="font-size:large">APPOINTMENT OF SUBSEQUENT AUDITOR OF A COMPANY UNDER COMPANIES ACT, 2013 </strong></u></div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"> </div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"><strong><u>Section 139(1): Appointment of Subsequent Auditor in case of Non-Government Company</u></strong></div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"> </div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);">As per Sub section 1 of section 139, every company shall at the first Annual General Meeting appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every next sixth meeting.</div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"> </div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"> </div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"><u><strong>Section 139(5): Appointment of Subsequent Auditor in case of Government Company</strong></u></div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"> </div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);">The Comptroller and Auditor-General of India shall, in respect of a financial year, appoint an auditor duly qualified to be appointed under this act, within a period of 180 days from the commencement of a financial year, who shall hold office till the conclusion of Annual General Meeting.</div>
tag:taxscoop.in,2020-03-27:/entries/68120INCOME TAX DEDUCTION FROM SALARIES2020-03-27T16:56:00+05:302020-03-27T17:24:01+05:30<p><img alt="" src="http://taxscoop.in/files/resized/661499/292;245;563cad201e0dfe2a8683ddd014962cfe3b4dcaf6.png" style="border:none; height:195px; width:232px"></p>
<p><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:14pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">INCOME TAX DEDUCTION FROM SALARIES U/S 192 OF INCOME TAX ACT, 1961 FOR FINANCIAL YEAR 2019-20</strong></span></p>
<p><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">First let us take a look at the rates of Income tax as per the Finance Act, 2019: </strong></span></p>
<p><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Tax to be deducted at normal rates:</strong></span><br>
</p>
<div align="left" dir="ltr" style="margin-left:-2.7pt;">
<table style="border-collapse:collapse; border:none">
<colgroup>
<col width="52">
<col width="376">
<col width="215">
</colgroup>
<tbody>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Serial no</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Total Income</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Rate of tax</span></span></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">1</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where the total income does not exceed Rs. 2,50,000/-</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Nil</span></span></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">2</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where the total income exceeds Rs. 2,50,000/- but does</span></span></p>
<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">not exceed Rs. 5,00,000/-</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">5 percent of the amount </span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">exceeding Rs. 2,50,000/-</span></span></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">3</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Rs. 12,500/- plus 20 per cent of the amount exceeding Rs. 5,00,000/-</span></span></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">4</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where the total income exceeds Rs. 10,00,000/-</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Rs. 1,12,500/- plus 30 percent of the amount exceeding Rs. 10,00,000/-</span></span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p style="text-align: justify;"><br>
<span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Rates of tax for every individual (being a resident in India) who is of the age of sixty years or more but less than eighty years at any time during the financial year:</strong></span></p>
<p> </p>
<div align="left" dir="ltr" style="margin-left:-2.7pt;">
<table style="border-collapse:collapse; border:none">
<colgroup>
<col width="50">
<col width="378">
<col width="214">
</colgroup>
<tbody>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Serial no</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Total Income</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Rate of tax</span></span></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">1</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where the total income does not exceed Rs. 3,00,000/-</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Nil</span></span></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">2</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000/-</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">5 per cent of the amount </span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">exceeding Rs. 3,00,000/-</span></span></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">3</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Rs. 10,000/- plus 20 per cent of the amount exceeding Rs. 5,00,000/-.</span></span></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">4</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where the total income exceeds Rs. 10,00,000/-</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Rs. 1,10,000/- plus 30 per cent of the amount exceeding Rs. 10,00,000/-</span></span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p><br>
<span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Rates of tax for every individual (being a resident in India) who is of the age of eighty years or more at any time during the financial year</strong><span style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> </span></span></p>
<table style="border-collapse:collapse; border-color:initial; border-style:none; border-width:initial; width:641px">
<colgroup>
<col width="49">
<col width="379">
<col width="214">
</colgroup>
<tbody>
<tr style="height:0pt">
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 67px;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><strong><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Serial no.</span></span></strong></p>
</td>
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 358px;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><strong><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Total Income</span></span></strong></p>
</td>
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 178px;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><strong><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Rate of tax</span></span></strong></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 67px;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">1</span></span></p>
</td>
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 358px;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where the total income does not </span></span><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">exceed Rs. 5,00,000/-</span></span></p>
</td>
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 178px;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Nil</span></span></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 67px;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">2</span></span></p>
</td>
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 358px;">
<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Where the total income exceeds </span></span><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Rs. 5,00,000 but does not exceed </span></span><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Rs. 10,00,000/-</span></span></p>
</td>
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 178px;">
<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">20 per cent of the amount </span></span></p>
<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">exceeding Rs. 5,00,000/-</span></span></p>
</td>
</tr>
<tr style="height:0pt">
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 67px;">
<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">3</span></span></p>
</td>
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 358px;">
<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">20 per cent of the amount by which the total </span></span><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">income exceeds Rs. 5,00,000/-</span></span></p>
</td>
<td style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 2.75pt 2.75pt 2.75pt 2.7pt; overflow: hidden; overflow-wrap: break-word; width: 178px;">
<p dir="ltr" style="line-height: 1.2; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Rs. 1,00,000/- plus 30 per cent of the amount </span></span><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">exceeding Rs. 10,00,000/-</span></span></p>
</td>
</tr>
</tbody>
</table>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Surcharge on Income tax:</strong></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">The amount of income-tax calculated shall be increased by a surcharge calculated, in the following cases:-</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">(1) Every individual or Hindu undivided family</strong></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">(2) Artificial juridical person</strong></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">(3) a body of individuals or an association of persons, whether incorporated or not</strong></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(a) who has a total income (inclusive of the income under the provisions of section 111A and section 112A) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of</span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap"> ten per cent.</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">However, the total amount payable as income tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(b) who has a total income (inclusive of the income under the provisions of section 111A and section 112A) exceeding one crore rupees but not exceeding two crore rupees, at the rate of </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">fifteen per cent.</strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> </span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">However,the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(c) who has a total income (exclusive of the income under the provisions of section 111A and 112A exceeding two crore rupees but not exceeding five crore rupees, at the rate of </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">twenty-five per cent. </strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">However, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(d) having a total income ( exclusive of the income under the provisions of section 111A and 112 A) exceeding five crore rupees, at the rate of </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">thirty-seven per cent.</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">However, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five crore rupees.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(e) who has a total income (inclusive of income under the provisions of section 111A and 112 A) exceeding two crores rupees,but is not covered under clauses (c) and (d), shall be applicable at the rate of fifteen percent.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Provided that in case where total income includes any income chargeable under section 111A and 112 A of the Income Tax Act, the rate of surcharge on the amount of income tax computed in respect of that part of income shall not exceed fifteen percent.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Health and Education Cess </strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">shall be levied at a rate of four percent of income tax including surcharge if applicable. No marginal relief shall be available in respect of such cess.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">PAYMENT OF TAX ON PERQUISITES BY EMPLOYER</strong><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">:</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">The employer has been given an option to pay the tax on non-monetary perquisites given to an employee. The employer may make payment of the tax on such perquisites without deducting any TDS from the salary of the employee. However, the employer will have to pay the tax at the time of payment of income chargeable under the head salaries to the employee.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">For making the payment of tax, tax is to be determined at the average of income tax computed on the basis of rate in force for the financial year, on the income chargeable under the head "salaries", which will be inclusive of the value of perquisites for which tax has been paid by the employer himself.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Illustration:</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Let the income chargeable under the head salaries of an employee below sixty years of age for the year inclusive of all perquisites is Rs. 7,00,000/-, out of which Rs. 40,000/- is on account of non-monetary perquisites and the employer opts to pay the tax on such perquisites.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">STEPS:</strong></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Income chargeable under the head Salaries inclusive of all perquisites- Rs. 7,00,000/-</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Tax on Total Salary (including Cess)- Rs. 54600/-</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Average Rate of Tax- [(54600/7,00,000) x 100]- 7.8 %</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Tax payable on Rs.40,000/= (7.8% of 40,000) - Rs. 3,120/-</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Amount required to be deposited each month- Rs. 260 = 3120/12</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">WHEN SALARY IS PAID IN ARREAR OR ADVANCE:</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Under section 192(2A) where the assessee is a Government servant or an employee in a company, co-operative society, local authority, association or body, he will be entitled to the relief under Section 89. He will be required to furnish to the person responsible for making the payment, such particulars in </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Form No.10E</strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> duly verified by him, and hence the person responsible, shall compute the relief and take the same into account in making the deduction.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">The assessee will be required to upload the aforesaid Form 10E electronically in the e-Filing portal along with the return of income.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">With effect from 1/04/2010, no relief shall be granted for any amount received or receivable by an assessee on termination of his service or his voluntary retirement , in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in section 10(10C)(i), a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under section 10(10C) in respect of such, or any other, assessment year.</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">WHEN SALARY IS RECEIVED FROM MORE THAN ONE EMPLOYER:</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">It provides for deduction of tax at source by an employer chosen by the taxpayer, from the aggregate salary of the employee, who has/ had received salary from more than one employer. The employee is required to provide details to the present/chosen employer of the income under the head "Salaries" due or received from the former/other employer and also tax deducted at source therefrom, in writing and duly verified by him and by the former/other employer. The present/chosen employer will be required to deduct tax at source on the aggregate amount of salary (including salary received from the former or other employer).</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">DEDUCTION OF TAX AT A LOWER RATE:</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">If the jurisdictional TDS officer of the employer issues a </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Certificate of No Deduction</strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> or </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Lower Deduction of Tax</strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> under section 197 of the Act, in response to the application filed before him in Form No 13 by the employee; then the DDO should take this certificate into consideration and deduct tax on the salary payable at the rates mentioned therein. The Unique Identification Number of the certificate is required to be reported in the Quarterly Statement of TDS (Form 24Q).</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">SALARY PAYABLE IN ANY FOREIGN CURRENCY:</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">The value in rupees of such salary shall be calculated at the </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">“Telegraphic transfer buying rate”</strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> of </span></span><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">such currency on the date on which tax is required to be deducted at source for the purposes of deduction of tax on salary payable in foreign currency.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">PERSONS RESPONSIBLE FOR DEDUCTING TAX:</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">The "person responsible for paying" for the purpose of Section 192 refers to the employer himself or if the employer is a Company, the Company itself including the Principal Officer thereof. Further, as per Section 204(iv), in case the credit, or as the case may be, the payment is made by or on behalf of Central Government or State Government, the DDO or any other person by whatever name called, responsible for crediting, or as the case may be, paying such sum is the "person responsible for paying" for the purpose of Section 192.</span></span></p>
<p><br>
<span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">DUE DATES FOR PAYMENT OF TDS:</strong></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">a) Other than an office of Government</strong></span></p>
<div align="left" dir="ltr" style="margin-left:-2.7pt;">
<table style="border-collapse:collapse; border:none">
<colgroup>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">1</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Tax deducted in March</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">30th APRIL OF THE NEXT FINANCIAL YEAR</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">2</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Tax deducted in any other month </span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">7th DAY OF THE NEXT MONTH</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">3</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Tax on perquisites opted to be deposited by the employer </span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">7th DAY OF THE NEXT MONTH </span></span></p>
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</tbody>
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<p><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">b) An Office of Government:</strong></span></p>
<div align="left" dir="ltr" style="margin-left:-2.7pt;">
<table style="border-collapse:collapse; border:none">
<colgroup>
<col width="48">
<col width="380">
<col width="214">
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<tbody>
<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">1</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Tax deposited without Challan via Book Entry</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">ON THE SAME DAY</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">2</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Tax deposited with Challan </span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">7 TH DAY OF THE NEXT MONTH</span></span></p>
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<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">3</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Tax on perquisites opted to be deposited by the employer </span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">7 TH DAY OF THE NEXT MONTH </span></span></p>
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<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">If a DDO applies before the jurisdictional Additional/Joint Commissioner of Income Tax to permit quarterly payments of TDS under section 192, the Rule 30(3) allows for payments on quarterly basis and as per time given in Table below:</span></span><br>
</p>
<div align="left" dir="ltr" style="margin-left:-2.7pt;">
<table style="border-collapse:collapse; border:none">
<colgroup>
<col width="48">
<col width="380">
<col width="214">
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<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;"> </td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">QUARTER ENDED ON</strong></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">DUE FOR QUARTERLY PAYMENT</strong></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">1</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">30th June</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">7th July</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">2</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">30th September</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">7th October</span></span></p>
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<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">3</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">31st December </span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">7th January</span></span></p>
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<tr style="height:0pt">
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">4</span></span></p>
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<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">31st March</span></span></p>
</td>
<td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:2.75pt 2.75pt 2.75pt 2.7pt;overflow:hidden;overflow-wrap:break-word;">
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">30th April</span></span></p>
</td>
</tr>
</tbody>
</table>
</div>
<p><br>
<span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">MODES OF PAYMENT OF TDS:</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">1) In the case of an office of the Government, where tax has been paid to the credit of the Central Government through book entry, the person who is responsible for crediting such sum to the credit of the Central Government, shall‐</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(a) submit a statement in </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Form No. 24G</strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> under section 200 (2A) on or before the 30th day of April where statement relates to the month of March and in any other case, on or before 15 days from the end of relevant month to the agency authorized by the Director General of Income‐tax (Systems) in respect of tax deducted by the deductors and reported to him for that month, and</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(b) intimate the Book Identification Number or BIN generated by the agency to each of the deductors in respect of whom the sum deducted has been credited. </span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">If the concerned person fails to deliver the statement as required u/s 200(2A), he will be </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">liable to pay, by way of penalty, under section 272A(2)(m), a sum</strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> </span><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">which shall be Rs.100/- for every day during which the failure continues. However, the amount of such penalty shall not exceed the amount of tax which is deductible at source.</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">2) In case the payment is made by an income-tax challan, the amount of tax so deducted shall be deposited to the credit of the Central Government by remitting it, within the time specified in Tables above, into any office of the Reserve Bank of India or State Bank of India or of any authorized bank;</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">In case of a company and a person (other than a company), to whom provisions of section 44AB are applicable, the amount deducted shall be electronically remitted into the Reserve Bank of India or the State Bank of India or any authorised bank accompanied by an electronic income-tax challan.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">PENALTY, INTEREST & PROSECUTION FOR FAILURE TO DEPOSIT TAX DEDUCTED:</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the prescribed time, he shall be liable to pay simple interest</span></span>:-</p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(i) at the rate of 1% for every month or part of the month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(ii) at the rate of 1.5% for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Such interest, if chargeable, is mandatory in nature and has to be paid before furnishing the quarterly statement of TDS for each quarter.</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> </span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Please Note:</strong><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> Section 271C lays down that if any person fails to deduct whole or any part of tax at source or fails to pay the whole or part of tax under the second proviso to section 194B, shall be liable to pay, a sum equal to the amount of tax not deducted or paid by him.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Also, section 276B lays down that if a person fails to pay to the credit of the Central Government within the prescribed time, the tax deducted at source by him or tax payable by him under the second proviso to Section 194B, he shall be punishable with imprisonment for a term between 3 months and 7 years along with a fine.</span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><strong style="font-size:13pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">CERTIFICATE FOR TAX DEDUCTED (SECTION 203):</strong></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">Section 203 requires the DDO to provide to the employee a certificate in Form 16 containing the details of the amount of TDS and other particulars. Form 16 should be furnished to the employee by 15th June after the end of the financial year in which the income was paid and tax was deducted. The banks deducting tax at the time of payment of pension are also required to issue such certificates. </span></span></p>
<p dir="ltr" style="line-height:1.2;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">The certificate in Form 16 shall specify:-</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(1) Valid permanent account number (PAN) or Aadhaar number, of the deductee</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(2) Valid tax deduction and collection account number (TAN) of the deductor</span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(3) (i) Book identification number or numbers (BIN) </span></span></p>
<p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span id="docs-internal-guid-c8854736-7fff-1966-6057-aac98cc3c6c4"><span style="font-size:12pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap">(ii) Challan identification number or numbers (CIN*) in case of payment through the bank.</span></span></p>
tag:taxscoop.in,2020-03-26:/entries/68115 APPOINTMENT OF FIRST AUDITOR IN A COMPANY2020-03-26T10:07:00+05:302020-03-26T10:20:21+05:30<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"><img alt="" src="http://taxscoop.in/files/resized/661421/1170;1170;9b76fffd07b275c71f4a02a6f4de1ebaf416407f.png" style="border:none; height:305px; width:326px"></div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">
<span style="font-size:14px">As per section 139(6) the first auditor of the company other than a government company shall be appointed by the Board within 30 days of Incorporation.In case of Board failure,an EGM shall be called within 90 days to appoint the first auditor.The law is silent regarding from when this time limit of 90 days be reckoned,it is better to take a stricter view and interpret that the 90 days limit starts from Incorporation rather than expiry of 30 days. The first auditor shall hold office till the conclusion of the 1st Annual </span><span style="font-size:14px"><span style="font-family:verdana,sans-serif">General </span>Meeting. </span>
</div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"> </div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"> </div>
<div style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"><span style="font-size:14px">In case of Government Companies the first auditor shall be appointed by the Comptroller and Auditor-General of India within sixty days from the date of registration of the company and in case the Comptroller and Auditor-General of India does not appoint such auditor within the said period,the Board of Directors of the company shall appoint such auditor within the next thirty days,it shall inform the members of the company who shall appoint such auditor within sixty days at an extraordinary general meeting.</span></div>
<div> </div>
tag:taxscoop.in,2020-02-29:/entries/68067Finance, Accounts, Audits, and Reports under West Bengal Housing Industry Regulation Act, 20172020-02-29T00:22:00+05:302020-02-29T00:24:04+05:30<p style="text-align: justify;"><strong>Grants and loans by State Government (Section-70):-</strong>The State Government may, after due appropriation made by State Legislature by law in this behalf, make to the Authority, grants, and loans of such sums of money as the State Government may think fit for being utilized for the purposes of this Act.</p>
<p style="text-align: justify;"><strong>Constitution of Fund (Section-71):-</strong></p>
<ol>
<li style="text-align: justify;">The State Government shall constitute a fund to be called the Housing Industry Regulatory Fund and there shall be credited thereto,-
<ol style="list-style-type:lower-alpha;">
<li>all Government grants received by the Authority;</li>
<li>the fees received under this Act;</li>
<li> the interest accrued on the amounts referred to in clauses (a) to (b).</li>
</ol>
</li>
<li style="text-align: justify;">The Fund shall be applied for meeting-
<ol style="list-style-type:lower-alpha;">
<li>the salaries and allowances payable to the Chairperson and other Members and the administrative expenses including the salaries and allowances payable to the officers and other employees of the Authority and the Appellate Tribunal;</li>
<li>the other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.</li>
</ol>
</li>
<li style="text-align: justify;">The Fund shall be administered by a committee of such Members of the Authority as may be determined by the Chairperson.</li>
<li style="text-align: justify;">The committee appointed under sub-section (3) shall spend money out of the Fund for carrying out the objects for which the Fund has been constituted.</li>
</ol>
<p style="text-align: justify;"><strong>Crediting sums realized by way of penalties to Consolidated Fund of State (Section-72):-</strong> All sums realized, by way of penalties, imposed by the Appellate Tribunal of the Authority shall be credited to the Consolidated Fund of the State.</p>
<p style="text-align: justify;"><strong>Budget accounts and audit (Section-73):- </strong></p>
<ol>
<li style="text-align: justify;">The Authority shall prepare a budget, maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by the State Government in consultation with the Comptroller and Auditor-General of India.</li>
<li style="text-align: justify;">The accounts of the Authority shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Authority Comptroller and Auditor-General of India.</li>
<li style="text-align: justify;">The Comptroller and Auditor-General and any person appointed by him in connection with the audit of the accounts of the Authority under this Act shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor-General generally has in connection with the audit of Government accounts and in particular, shall have the right to demand and production of books, accounts, connected vouchers, and other documents and papers, and to inspect any of the offices of the Authority.</li>
<li style="text-align: justify;">The accounts of the Authority, as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf, together with the audit report thereon shall be forwarded annually to the State Government by the Authority and the State Government shall cause the audit report to be laid, as soon as may be after it is received, before the State Legislature.</li>
</ol>
<p style="text-align: justify;"><strong>Annual report (Section-74):-</strong></p>
<ol>
<li style="text-align: justify;">The Authority shall prepare a report once in every year, in such form and at such time as may be prescribed by the State Government which shall contain:-
<ol style="list-style-type:lower-alpha;">
<li>a description of all the activities of the Authority for the previous year;</li>
<li>the annual accounts for the previous year; and</li>
<li> the programs of work for the coming year.</li>
</ol>
</li>
<li style="text-align: justify;"> A copy of the report received under sub-section (1) shall be laid, as soon as may be after it is received, before the State Legislature.</li>
</ol>
<p style="text-align: justify;"><strong>Important Note:-</strong> We are located at Same building & same floor where WBHIRA office is situated.</p>
<p style="text-align: justify;">For any queries please feel free to contact us at +91 7604033348 we'll be happy to <a name="kix.t8hxgfagqcoy"></a>assist you.</p>
<p style="text-align: justify;">Thank you!!</p>
tag:taxscoop.in,2020-02-13:/entries/68042Offence and penalties under WBHIRA Act, 20172020-02-13T02:44:00+05:302020-02-13T02:47:21+05:30<p style="text-align: justify;"><strong>TEH WEST BENGAL HOUSING INDUSTRY REGULATION ACT, 2017</strong></p>
<p style="text-align: justify;"><strong>Offences and Penalties:-</strong></p>
<ol>
<li style="text-align: justify;">
<strong>Punishment for non-registration under section 3:-</strong>
<ol style="list-style-type:lower-alpha;">
<li>If any promoter contravenes the provisions of section 3, he shall be liable to a penalty which may extend up to ten per cent, of the estimated cost of the real estate project as determined by the Authority.</li>
<li>If any promoter does not comply with the orders, decisions or directions issued under sub-section (1) or continues to violate the provisions of section 3, he shall be punishable with imprisonment for a term which may extend up to three years or with fine which may extend up to a further ten percent, of the estimated cost of the real estate project, or with both.</li>
</ol>
</li>
<li style="text-align: justify;"><strong>Penalty for contravention of section 4:-</strong></li>
</ol>
<p style="margin-left: 67.5pt; text-align: justify;">If any promoter provides false information or contravenes the provisions of section 4, he shall be liable to a penalty which may extend up to five per cent, of the estimated cost of the real estate project, as determined by the Authority.</p>
<ol>
<li style="text-align: justify;" value="3"><strong>Penalty for contravention of other provisions of this Act:-</strong></li>
</ol>
<p style="margin-left: 67.5pt; text-align: justify;">If any promoter contravenes any other provisions of this Act, other than that provided under section 3 or section 4 or the rules or regulations made thereunder, he shall be liable to a penalty which may extend up to five per cent, of the estimated cost of the real estate project as determined by the Authority.</p>
<ol>
<li style="text-align: justify;" value="4"><strong>Penalty for non-registration and contravention under sections 9 and 10:-</strong></li>
</ol>
<p style="margin-left: 67.5pt; text-align: justify;">If any real estate agent fails to comply with or contravenes the provisions of section 9 or section 10, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues,, which may cumulatively extend up to five per cent, of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated as determined by the Authority.</p>
<ol>
<li style="text-align: justify;" value="5"><strong>Penalty for failure to comply with orders of Authority by promoter:-</strong></li>
</ol>
<p style="margin-left: 67.5pt; text-align: justify;">If any promoter, who fails to comply with, or contravenes any of the orders or directions of the Authority, he shall be liable to a penalty for every day during which such default continues, which may cumulatively extend up to five percent, of the estimated cost of the real estate project as determined by the Authority.</p>
<ol>
<li style="text-align: justify;" value="6"><strong>Penalty for failure to comply with orders of Appellate Tribunal by promoter:-</strong></li>
</ol>
<p style="margin-left: 67.5pt; text-align: justify;">If any promoter, who fails to comply with, or contravenes any of the orders, decisions or directions of the Appellate Tribunal, he shall be punishable with imprisonment for a term which may extend up to three years or with fine for every day during which such default continues, which may cumulatively extend up to ten percent, of the estimated cost of the real estate project, or with both.</p>
<ol>
<li style="text-align: justify;" value="7"><strong>Penalty for failure to comply with orders of Authority by real estate agent:-</strong></li>
</ol>
<p style="margin-left: 67.5pt; text-align: justify;">If any real estate agent, who fails to comply with, or contravenes any of the orders, decisions or directions of the Authority, he shall be liable to a penalty for every day during which such default continues, which may cumulatively extend up to five percent, of the estimated cost of plot, apartment or building, as the case may be, of the real estate project, for which the sale or purchase has been facilitated and as determined by the Authority.</p>
<ol>
<li style="text-align: justify;" value="8"><strong>Penalty for failure to comply with orders of Appellate Tribunal by real estate agent:-</strong></li>
</ol>
<p style="margin-left: 67.5pt; text-align: justify;">If any real estate agent, who fails to comply with, or contravenes any of the orders, decisions or directions of the Appellate Tribunal, he shall be punishable with imprisonment for a term which may extend up to one year or with fine for every day during which such default continues, which may cumulatively extend up to ten percent, of the estimated cost of plot, apartment or building, as the case may be, of the real estate project, for which the sale or purchase has been facilitated, or with both.</p>
<ol>
<li style="text-align: justify;" value="9"><strong>Penalty for failure to comply with orders of Authority by allottee:-</strong></li>
</ol>
<p style="margin-left: 67.5pt; text-align: justify;"> If any allottee, who fails to comply with, or contravenes any of the orders, decisions or directions of the Authority, he shall be liable to a penalty for the period during which such default continues, which may cumulatively extend up to five per cent, of the plot, apartment or building cost, as the case may be, as determined by the Authority.</p>
<ol>
<li style="text-align: justify;" value="10"><strong>Penalty for failure to comply with orders of Appellate Tribunal by allottee: -</strong></li>
</ol>
<p style="margin-left: 67.5pt; text-align: justify;">If any allottee, who fails to comply with, or contravenes any of the orders or directions of the Appellate Tribunal, as the case may be, he shall be punishable with imprisonment for a term which may extend up to one year or with fine for every day during which such default continues, which may cumulatively extend up to ten percent, of the plot, apartment or building cost, as the case may be, or with both.</p>
<ol>
<li style="text-align: justify;" value="11">
<strong>Offences by companies: -</strong>
<ol style="list-style-type:lower-alpha;">
<li>Where an offence under this Act has been committed by a company, every person who, at the time the offence was committed was in charge of, or was responsible to the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: </li>
</ol>
</li>
</ol>
<p style="margin-left: 1in; text-align: justify;">Provided that nothing contained in this sub-section shall render any such person liable to any punishment under this Act if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.</p>
<ol style="list-style-type:lower-alpha;">
<li style="text-align: justify;" value="2">Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company, and it is proved that the offence has been committed with the consent or connivance of, or is attributable to, any neglect on the part of any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.</li>
</ol>
<p style="text-align: justify;"><em>Explanation.</em> - For the purpose of this section:-</p>
<p style="text-align: justify;">(I) “company” means anybody corporate and includes a firm, or other association of individuals; and</p>
<p style="text-align: justify;">(II) <em>"director"</em> in relation to a firm, means a partner in the firm.</p>
<p style="text-align: justify;"><strong>Important Note: -</strong> We are located at Same building & same floor where WBHIRA office is situated.</p>
<p style="text-align: justify;">For any queries please feel free to contact us at +91 7604033348 we'll be happy to assist you.</p>
<p style="text-align: justify;">Thank you!</p>
tag:taxscoop.in,2020-01-12:/entries/68012Rights & Duties of allottees - WBHIRA2020-01-12T19:41:00+05:302020-01-12T20:18:00+05:30<p dir="ltr" style="line-height:1.655;background-color:#ffffff;margin-top:0pt;margin-bottom:23pt;"><span id="docs-internal-guid-33a942b7-7fff-2c65-de9f-2cd64eaf3edb"><strong style="font-family:arial; font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Rights and Duties of Allottees for Real Estate Project (WBHIRA):- </strong></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">1. The allottee shall be entitled to obtain the information relating to sanctioned plans, layout plans along with the specifications, approved by the competent authority and such other information as provided in this Act or the rules and regulations made thereunder or the agreement for sale signed with the promoter.</span></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">2. The allottee shall be entitled to know the stage-wise time schedule of completion of the project, including the provisions for water, sanitation, electricity and other amenities and services as agreed to between the promoter and the allottee in accordance with the terms and conditions of the agreement for sale.</span></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">3. The allottee shall be entitled to claim the possession of apartment, plot or building, as the case may be, and the association of allottees shall be entitled to claim the possession of the common areas, as per the declaration given by the promoter under section 4.</span></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">4. The allottee shall be entitled to claim the refund of amount paid along with interest at such rate as may be prescribed and compensation in the manner as provided under this Act, from the promoter, if the promoter fails to comply or is unable to give possession of the apartment, plot or building, as the case may be, in accordance with the terms of agreement for sale or due to discontinuance of his business as a developer on account of suspension or revocation of his registration under the provisions of this Act or the rules or regulations made thereunder.</span></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">5. The allottee shall be entitled to have the necessary documents and plans, including that of common areas, after handing over the physical possession of the apartment or plot or building, as the case may be, by the promoter.</span></span></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">6. Every allottee, who has entered into an agreement for sale to take an apartment, plot or building, as the case may be, under section 13, shall be responsible to make necessary payments in the manner and within the time as specified in the said agreement for sale and shall pay at the proper time and place, the share of the registration charges, municipal taxes, water and electricity charges, maintenance charges, ground rent, and other lawful charges if any.</span></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">7. The allottee shall be liable to pay interest, at such rate as may be prescribed, for any delay in payment towards any amount or charges to be paid under sub-section (6).</span></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">8. The obligations of the allottee under sub-section (6) and the liability towards interest under sub-section (7) may be reduced when mutually agreed to between the promoter and such allottee.</span></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">9. Every allottee of the apartment, plot or building, as the case may be, shall participate towards the formation of an association or society or co-operative society of the allottees, or a federation of the same.</span></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">10. Every allottee shall take physical possession of the apartment, plot or building, as the case may be, within a period of two months of the occupancy certificate issued for the said apartment, plot or building, as the case may be.</span></span></span></p>
<p dir="ltr" style="line-height: 1.655; background-color: rgb(255, 255, 255); margin-top: 0pt; margin-bottom: 23pt; text-align: justify;"><span style="font-family:arial,helvetica,sans-serif"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap"><span style="background-color:rgb(255, 255, 255); font-size:13.5pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:400; vertical-align:baseline; white-space:pre-wrap">11. Every allottee shall participate towards registration of the conveyance deed of the apartment, plot or building, as the case may be, as provided under sub-section (1) of section 17 of this Act.</span></span></span></span></p>
<p dir="ltr" role="presentation" style="line-height:1.655;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.44;text-align: justify;margin-top:0pt;margin-bottom:5.4pt;"><span id="docs-internal-guid-33a942b7-7fff-2c65-de9f-2cd64eaf3edb"><strong style="font-family:bahnschrift semibold condensed; font-size:15pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Important Note:-</strong><span style="font-family:bahnschrift semibold condensed; font-size:15pt; font-variant-east-asian:normal; font-variant-numeric:normal; vertical-align:baseline; white-space:pre-wrap"> </span><strong style="font-family:bahnschrift semibold condensed; font-size:15pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">We are located at the Same building & same floor where the WBHIRA office is situated.</strong></span></p>
<p dir="ltr" style="line-height:1.44;text-align: justify;margin-top:0pt;margin-bottom:5.4pt;"><span id="docs-internal-guid-33a942b7-7fff-2c65-de9f-2cd64eaf3edb"><strong style="font-family:bahnschrift semibold condensed; font-size:15pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">For any queries please feel free to contact us at +91 7604033348. We'll be happy to assist you.</strong></span></p>
<p dir="ltr" style="line-height:1.44;text-align: justify;margin-top:0pt;margin-bottom:5.4pt;"><span id="docs-internal-guid-33a942b7-7fff-2c65-de9f-2cd64eaf3edb"><strong style="font-family:bahnschrift semibold condensed; font-size:15pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">Thank you!!</strong></span></p>
<p> </p>
<p dir="ltr" style="line-height:1.44;text-align: center;margin-top:0pt;margin-bottom:5.4pt;"><span id="docs-internal-guid-33a942b7-7fff-2c65-de9f-2cd64eaf3edb"><strong style="background-color:rgb(255, 255, 255); font-family:arial; font-size:18pt; font-variant-east-asian:normal; font-variant-numeric:normal; font-weight:700; vertical-align:baseline; white-space:pre-wrap">*******************</strong></span></p>
<div> </div>
tag:taxscoop.in,2020-01-01:/entries/67998Function of real estate agents under WBHIRA2020-01-01T22:19:00+05:302020-01-01T22:25:51+05:30<p>Every real estate agent registered under section 9 shall-</p>
<ol>
<li>not facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, which is not registered with the Authority;</li>
<li>maintain and preserve such books of accounts, records and documents as may be prescribed;</li>
<li>not involve himself in any unfair trade practices, namely:-</li>
</ol>
<ol style="list-style-type:lower-roman;">
<li>the practice of making any statement, whether orally or in writing or by visible representation which-</li>
</ol>
<ol style="list-style-type:lower-alpha;">
<li>falsely represents that the services are of a particular standard or grade;</li>
<li>represents that the promoter or himself has approval or affiliation which such promoter or himself does not have;</li>
<li>makes a false or misleading representation concerning the services;</li>
</ol>
<ol style="list-style-type:lower-roman;">
<li value="2">permitting the publication of any advertisement whether in any newspaper or otherwise of services that are not intended to be offered;</li>
</ol>
<ol>
<li value="4">facilitate the possession of all the information and documents, as the allottee is entitled to at the time of booking of any plot, apartment or building, as the case may be;</li>
<li value="5">Discharge such other functions as may be prescribed. </li>
</ol>
<p><strong>Important Note: -</strong> We are located at same building and same floor where WBHIRA office is situated.</p>
<p>For any queries please feel free to contact us at +91 7604033348. We will be happy to assist you.</p>
<p>Thank you!!</p>
tag:taxscoop.in,2020-01-01:/entries/67997Registration of real estate agents under WBHIRA2020-01-01T21:53:00+05:302020-01-01T22:03:53+05:30<ol>
<li>No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or a part of it, being the part of the real estate project registered under section 3, without obtaining registration under the section.</li>
<li value="2">Every real estate agent shall make an application to the authority for registration in such form, manner, within such time and accompanied by such fee and documents as may be prescribed.</li>
<li value="3">The authority shall, within such period, in such manner and upon satisfying itself of the fulfilment of such conditions, as may be prescribed-</li>
</ol>
<p> (a) Grant a single registration to the real estate agent for the entire State as the case may be; </p>
<p> (b) Reject the application for reasons to be recorded in writing, if such application does not conform to the provisions of this Act or the rules and regulations made there under; </p>
<p> Provided that no application shall be rejected unless the applicant has been given an opportunity of being heard in the matter.</p>
<ol>
<li value="4">Whereon the completion of the period specified under sub-section (3), if the applicant does not receive any communication about the deficiencies in his application or the rejection of his application, he shall be Deemed to have been registered.</li>
<li value="5">Every real estate agent who is registered as per the provisions of this Act or the rules and regulations made hereunder, shall be granted a registration number by the authority, which shall be quoted by the real estate agent in every sale facilitated by him under this Act.</li>
<li value="6">Every registration shall be valid for such period as may be prescribed, and shall be renewable for a period in such manner and on payment of such fee as may be prescribed.</li>
<li value="7">Where any real estate agent who has been granted registration under this Act commits breach of any of the conditions thereof or any other terms and conditions specified under this Act or any rules and regulations made hereunder, or where the authority is satisfied that such registration has been secured by the real estate agent through misrepresentation or fraud, the authority may, without prejudice to any other provisions under this Act, revoke the registration or suspend the same for such period as it thinks fit:</li>
</ol>
<p> Provided that no such revocation or suspension shall be made by the Authority unless an opportunity of being heard has been given to the real estate agent.</p>
<p> </p>
<p><strong>Important Note:-</strong> We are located at same building and same floor where WBHIRA office is situated.</p>
<p>For any queries please feel free to contact us at +91 7604033348. We’ll be happy to assist you.</p>
<p>Thank you!!</p>
tag:taxscoop.in,2019-10-02:/entries/67851Guide to the Mandatory compliance of a Private Limited Company2019-10-02T21:28:00+05:302019-10-02T21:51:05+05:30<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">1. <strong>Company Name Board</strong>- Every Company shall paint or affix the name and address of registered office and keep the same painted/affixed outside every office or place in which its business is carried on, in legible letters.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">2. <strong>Letter Head of Company</strong>- Every Company shall get its name, address of registered office, CIN, telephone and email printed on all business letters, bill-heads, letter papers, notices and other official publications.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">3. <strong>First Board Meeting-</strong> First Meeting of Board of Directors is required to be held within 30 days of Incorporation of the Company. Notice of BM must be sent to every director at least 7 days before the meeting.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">4. <strong>Subsequent Board Meetings</strong>- Minimum 4 Board Meetings to be held every year with not more than 120 days gap between two meetings. </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">5. <strong>Issuing of Share Certificate </strong>- Company is required to issue Share Certificates to the subscribers of memorandum of the Company.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">6. <strong>Filing of Disclosure of interest by Directors</strong>- Every director at:</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">‐ First meeting in which he participates as director; or</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">‐ First meeting of Board in every FY; or</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">‐ Whenever there is change in disclosures</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">shall disclose in *Form MBP‐1* (along with list of relatives and concern of relatives in the Company as per RPT definition), his concern or interest in any company, body corporate, firm or other association of individuals (including shareholding interest). Form *MBP‐1* shall be kept in the records of the company.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">7. <strong>Resident Director-</strong> Every Company is required to appoint at least one Director who has stayed in India for a total period of not less than 182 days in the previous calendar year.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">8. <strong>Alteration in MOA and AOA</strong>- Every alteration of Articles and Memorandum shall be filed with Registrar together with copy of altered Articles, notice of meeting and SR within 30 days of passing Special Resolution. Every alteration made in MOA and AOA shall be noted in every copy thereof.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">9. <strong>Registers-</strong> Every Company shall keep and maintain following Registers in the specified format:</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">‐ Register of Members MGT-1</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">‐ Register of other Security Holders residing outside India MGT-3</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">– Register of Transfer and Transmission of Shares SH-6</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">– Register of Charge CHG-7</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">‐ Index of the Registers</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">10. <strong>Other Registers-</strong> Every Company shall keep at its Registered Office, a Register of Directors and KMP in the prescribed format containing prescribed particulars.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">11. <strong>Resolution</strong>- Copy of every resolution (with explanatory statement, if any) or Agreement for the specified matters to be filed with ROC in Form MGT‐14 within 30 days. Articles of Company shall have a copy of resolution effecting amendment in AOA and Agreements referred in Section 117(3) of the Act.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">12. <strong>Minutes of Meeting- </strong>Minutes of every general meeting, Creditors, Board and Committee shall be prepared and kept within 30 days of conclusion of every meeting concerned. All appointments in the meeting shall be included in the minutes. Minutes of each meeting shall be entered into Minutes Book along with date of such entry.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">13. <strong>Appointment of Director</strong>- Every person to be appointed as Director shall provide his consent in Form DIR‐2 and such consent shall be filed by the Company with ROC in Form DIR‐12, within 30 Days of appointment.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">14. <strong>Provisions related to DIN- </strong>Every individual intending to be appointed as director shall make an electronic application in Form DIR-3 to Central Government for allotment of DIN.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">15. <strong>Qualification of Director-</strong> Declaration from Director at the time of appointment or reappointment in Form DIR‐8. Annual disclosure from Director to be taken.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">16. <strong>Number of Directorship-</strong> No person shall be a director in more than 20 companies. Maximum number of public companies can be 10 (Director in Section-8 Co. and Dormant Director not to be included)</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">17. <strong>Resignation by Director-</strong> Director shall intimate his resignation to the company and to ROC in Form DIR-11, which the Company shall file with ROC in Form DIR‐12 in 30 days. Company shall put resignation details on its website and in its Directors’ Report.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">18. <strong>Return of Director and KMP-</strong> Return of Directors and KMP to be filed with ROC in Form DIR 12, within 30 days of appointment or change.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">19. <strong>Meeting at shorter notice-</strong> Meeting can be convened on a shorter notice for urgent matters. Consent from not less than 95% of members entitled to vote there-at.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">20. <strong>Quorum</strong>‐ Quorum shall be one‐third or two directors, whichever is higher. Directors participating through Video Conferencing shall be counted for the purpose of quorum.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">21. <strong>First Auditor-</strong> First Auditor of the company shall be appointed by the BOD within 30 days of Incorporation who shall hold the office till the conclusion of 1st AGM. In case of First Auditor, filing of ADT-1 is not mandatory.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">22. <strong>Subsequent Auditor- </strong>The sshareholders shall appoint the auditor in the first AGM of the company who shall hold the office till the conclusion of the 6th AGM and shall inform the same to ROC by filing ADT-1. The responsibility to file Form ADT-1 is that of the company and not of the auditor within 15 days from the date of appointment.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">23. <strong>Ratification of Auditor-</strong> Shareholders will ratify the appointment of Auditor in every AGM but there is no need to file ADT-1 for ratification.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">24. <strong>Casual Vacancy of Auditor-</strong> If Casual Vacancy is arising due to the resignation of auditor, it shall be filled within 30 days of BOD meeting, subject to approval in General Meeting (AGM or EGM). Any auditor appointed in a Casual Vacancy shall hold office until the conclusion of the next Annual General Meeting.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">25. <strong>ADT-3-</strong> The auditor shall file with the company a resignation letter stating the reason for resigning and file Form ADT-3 with the registrar within 30 days from the date of resignation. Filing form ADT-3 is the responsibility of the auditor and can only be filed if ADT-1 of the relevant auditor was filed.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">26. <strong>Annual General Meeting- </strong>Every Company is required to hold an Annual General Meeting on or before 30th September every year during business hours (9 am to 6pm), on a day that is not a public holiday and either at the registered office of the Company or within the city, town or village where the registered office is situated. 21 days clear notice is required to be given for the same.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">27. <strong>Filing of Financial Statements-</strong> Every Company is required to file its Financial Statements within 30 days of its Annual General Meeting with Registrar of Company in E-Form AOC-4. The same shall be digitally signed by one director and certified by CA/CS/Cost Accountant in Practice.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">28. <strong>Filing of Annual Return-</strong> Every company is required to file its Annual Return with Registrar of Companies within 60 days of Annual General Meeting in E-Form MGT-7. A company having turnover of INR 50 Crore or more shall be certified by a Practicing CS in Form MGT-8.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">29. <strong>Regularization of Additional Director-</strong> If company wants to appoint additional director as director, then it shall regularize the person as director in General Meeting by passing Shareholder Resolution. File form DIR-12 for Change in Designation of Director along with ordinary resolution within 30 days of AGM.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">30. <strong>Directors’ Report-</strong> Directors’ Report is to be filed within 30 days of AGM along with Form AOC-4. It should be signed by the “Chairperson” authorized by the Board, where he is not so authorized by at least 2 Directors.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">31. <strong>Filing of Financial Statements of a Foreign Co.</strong> -Every Foreign Company is required to file Annual accounts (consolidated financial statements/ global accounts) along with the list of all principal places of business in India within 6 months of close of the Financial Year.</div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;"> </div>
<div dir="auto" style="font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255); text-align: justify;">32. <strong>Filing of Annual Return of a Foreign Co.-</strong> Every foreign company shall prepare and file annual return of the company in e-Form FC-4 within 60 days from the close of financial year.</div>
tag:taxscoop.in,2019-06-29:/entries/67747TAXABILITY IN CASE OF JOINT DEVELOPMENT AGREEMENTS2019-06-29T14:43:00+05:302019-06-29T14:45:40+05:30<p align="JUSTIFY" style="font-style: normal; font-weight: normal; widows: 2; orphans: 2">The taxability of capital gains arising on transfer of title to land from the landowner to the developer in a Joint Development Agreement (JDA) can be summarised as under-</p>
<p align="JUSTIFY" style="widows: 2; orphans: 2"><em><em><u><span style="font-weight:normal">Determination of date of Transfer:</span></u></em></em></p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; widows: 2; orphans: 2">Sub-section (5A) in section 45 of the Income Tax Act, 1961 provides that the capital gain will arise on JDA in the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority in case of an assessee being individual or Hindu undivided family provided the assessee does not transfer his share in the project to any other person on or before the date of issue of said certificate of completion.</p>
<p align="JUSTIFY" style="widows: 2; orphans: 2"><em><em><u><span style="font-weight:normal">Determination of Consideration:</span></u></em></em></p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; widows: 2; orphans: 2">The stamp duty value of land or building or both, in the project on the date of issuing of said certificate of completion given to the land owner, as increased by any monetary consideration received, if any, shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset.</p>
<p align="JUSTIFY" style="widows: 2; orphans: 2"><em><em><u><span style="font-weight:normal">Tax Deduction at Source:</span></u></em></em></p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; widows: 2; orphans: 2">Section 194 – IC provides that in case any monetary consideration is payable under the specified agreement, tax at the rate of ten per cent shall be deductible from such payment.</p>
<p align="JUSTIFY" style="font-style: normal; widows: 2; orphans: 2"><strong>BARE ACT</strong></p>
<p align="JUSTIFY" style="widows: 2; orphans: 2"><em><u><strong>Section 45(5)</strong></u></em></p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; widows: 2; orphans: 2">Notwithstanding anything contained in sub-section (1), where the capital gain arises to an assessee, being an individual or a Hindu undivided family, from the transfer of a capital asset, being land or building or both, under a specified agreement, the capital gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority; and for the purposes of section 48, the stamp duty value, on the date of issue of the said certificate, of his share, being land or building or both in the project, as increased by the consideration received in cash, if any, shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset :</p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; widows: 2; orphans: 2"><strong>Provided </strong>that the provisions of this sub-section shall not apply where the assessee transfers his share in the project on or before the date of issue of the said certificate of completion, and the capital gains shall be deemed to be the income of the previous year in which such transfer takes place and the provisions of this Act, other than the provisions of this sub-section, shall apply for the purpose of determination of full value of consideration received or accruing as a result of such transfer.</p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; widows: 2; orphans: 2">Explanation.—For the purposes of this sub-section, the expression—</p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; widows: 2; orphans: 2">(i) "competent authority" means the authority empowered to approve the building plan by or under any law for the time being in force;</p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; widows: 2; orphans: 2">(ii) "specified agreement" means a registered agreement in which a person owning land or building or both, agrees to allow another person to develop a real estate project on such land or building or both, in consideration of a share, being land or building or both in such project, whether with or without payment of part of the consideration in cash;</p>
<p align="JUSTIFY" style="font-style: normal; font-weight: normal; widows: 2; orphans: 2">(iii) "stamp duty value" means the value adopted or assessed or assessable by any authority of the Government for the purpose of payment of stamp duty in respect of an immovable property being land or building or both.<br>
</p>
<p align="JUSTIFY" style="widows: 2; orphans: 2"><em><strong><u>Section </u><u>194-IC</u></strong></em></p>
<p align="JUSTIFY" style="widows: 2; orphans: 2"><span style="font-style:normal"><span style="font-weight:normal">Notwithstanding anything contained in </span></span><a href="https://www.incometaxindia.gov.in/_layouts/15/dit/Pages/section194ia.htm"><span style="font-style:normal"><span style="font-weight:normal">section 194-IA</span></span></a><span style="font-style:normal"><span style="font-weight:normal">, any person responsible for paying to a resident any sum by way of consideration, not being consideration in kind, under the agreement referred to in sub-section (5A) of </span></span><span style="font-style:normal"><span style="font-weight:normal">section 45</span></span><span style="font-style:normal"><span style="font-weight:normal">, shall at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent of such sum as income-tax thereon.</span></span></p>
tag:taxscoop.in,2019-04-19:/entries/67582India- Hong Kong Income Tax Agreement2019-04-19T13:56:00+05:302019-04-19T14:15:33+05:30<p><img alt="" src="http://taxscoop.in/files/resized/634999/267;267;f8cc0ef06382d0523f780e49adbc39108d56223d.png" style="height:246px; width:246px"></p>
<p><strong><u>Taxation In Hong Kong for Individuals</u></strong></p>
<ul>
<li>Hong Kong follows a territorial principle of taxation. Individuals are taxed only on income that has been earned in Hong Kong.</li>
<li>There is no Double taxation avoidance agreement between India and Hong Kong for the year 2018.</li>
<li>
<strong><u>Assessment year</u></strong> : A year of assessment runs from April 1st to March 31st of the following year.</li>
</ul>
<p><strong><u>Authority</u></strong> : The Governing Authority is the Inland Revenue Department(IRD).</p>
<p><strong><u>Assessment:</u></strong></p>
<p style="text-align: justify;">The assessee will receive a provisional tax assessment initially and then a final tax assessment. The IRD issues tax returns to individual tax payers on the the first working day in May every year. A person may opt to file a single return or a cumulative one along with his/ her spouse. The net chargeable income, i.e. assessable income after deductions and allowances, is charged at progressive rates. If duties are rendered by an individual in Hong Kong during visits of 60 days or less in a fiscal year, no liability will arise.</p>
<p style="text-align: justify;">Every taxpayer is required to notify the Commissioner of Inland Revenue that he/she is chargeable to tax no later than four months after the end of the year of assessment in which he/she is chargeable.</p>
<p>The <strong>rates for the financial year 2018-19</strong> for an individual are-</p>
<p>First 50,000 $ @ 2% </p>
<p>Next 50,000 $ @ 6% </p>
<p>Next 50,000 $ @ 10% </p>
<p>Next 50,000 $ @ 14% </p>
<p>Remainder @ 17%</p>
<p><strong> OR</strong></p>
<p>Standard rate of 15% on Total Income<strong>;</strong></p>
<p><strong>Whichever is lower</strong></p>
<p><u>What is the definition of Income?</u></p>
<p><u>Assessable Income</u>-<u>Allowable Deductions</u>= Net Assessable Income</p>
<p><u>Net Assessable Income</u>-<u>Personal Allowances</u>=Net Chargeable Income</p>
<p> </p>
<p><strong>Allowable deductions would Include:</strong></p>
<ul>
<li style="text-align: justify;">Qualified employment related expenses such as client entertainment expenses, certain business travel expenses, subscriptions to certain professional societies etc.</li>
<li style="text-align: justify;">Approved charitable donations</li>
<li style="text-align: justify;">Self-education expenses</li>
<li style="text-align: justify;">Home loan interest, subject to certain qualifying conditions</li>
<li style="text-align: justify;">Elderly residential care expenses</li>
<li style="text-align: justify;">Depreciation and capital allowances for plant and machinery that have been used to generate assessable income.</li>
<li style="text-align: justify;">Contributions to a Mandatory Provident Fund Scheme or Recognized Occupational Retirement Scheme</li>
</ul>
<p><strong>Personal allowances include</strong>:</p>
<div class="table-responsive">
<table cellpadding="1" cellspacing="3" class="table" style="width:623px">
<tbody>
<tr>
<td style="width: 364px;"><strong><u style="text-align:justify">Allowances</u></strong></td>
<td style="width: 240px;"><strong><u style="text-align:justify">Deductions for the year 2018</u></strong></td>
</tr>
<tr>
<td style="width: 364px;"><span style="text-align:justify">Basic allowance</span></td>
<td style="width: 240px;"><span style="text-align:justify">$ 132,000</span></td>
</tr>
<tr>
<td style="width: 364px;"><span style="text-align:justify">Married person's allowance</span></td>
<td style="width: 240px;"><span style="text-align:justify">$ 264,000</span></td>
</tr>
<tr>
<td style="width: 364px;"><span style="text-align:justify">Child allowance </span></td>
<td style="width: 240px;">
<p><span style="text-align:justify">1st to 9th year (each) - $ 240,000</span></p>
<p><span style="text-align:justify">Other years - $ 120,000</span></p>
</td>
</tr>
<tr>
<td style="width: 364px;"><span style="text-align:justify">Dependent brother or dependent sister allowance (For whom no child allowance claimed)</span></td>
<td style="width: 240px;"><span style="text-align:justify">$ 37,500</span></td>
</tr>
<tr>
<td style="width: 364px;"><span style="text-align:justify">Single parent allowance</span></td>
<td style="width: 240px;"><span style="text-align:justify">$ 132,000</span></td>
</tr>
<tr>
<td style="width: 364px;"><span style="text-align:justify">Disabled dependent allowance</span></td>
<td style="width: 240px;"><span style="text-align:justify">$75,000</span></td>
</tr>
</tbody>
</table>
</div>
<p style="text-align: justify;"><strong><u>Capital Gains</u></strong></p>
<p style="text-align: justify;">Capital Gains are not taxed in Hong Kong.</p>
<p> </p>
<p><strong><u>Taxation on Rental Income from Property in Hong Kong</u></strong></p>
<p style="text-align: justify;">There is tax levied on the rent derived from a property in Hong Kong. The tax amount for the year 2018 is a flat rate of 15% of Net assessable value of the property less allowance of 20 % for repairs and maintenance.</p>
<p><strong><u>Filing</u></strong></p>
<p style="text-align: justify;">If one disagrees with the tax bill, they need to inform the tax department within 30 days from the issue date of the tax bill and state the reasons for objection. Notwithstanding any notice of objection lodged , tax must be paid on or before the due date specified in the notice of assessment.</p>
<p style="text-align: justify;">The Commissioner of Inland Revenue may impose penalties or issue an estimated assessment if there is a delay in filing the return.</p>
<p> </p>
<p><strong><u>Relief U/s 91</u></strong></p>
<p style="text-align: justify;">As there is no DTAA provisions applicable between India and Hong Kong, for the year 2018, relief is granted under section 91. Relief is provided as a deduction from the Indian Tax payable by the assessee at the lower of Indian rate of tax or the rate of tax of the said country.</p>
<p> </p>
<p><strong><u>Double taxation Avoidance Agreement with India</u></strong></p>
<p style="text-align: justify;">Hong Kong and India have entered into a double taxation avoidance agreement which has come into force on the 30<sup>th</sup> day of November, 2018. This agreement will be applicable from 1<sup>st</sup> April, 2019.</p>
<p><em><u>Some of the key concepts from the agreement are as below-</u></em></p>
<p style="text-align: justify;">As per article 16 Income in respect of salary, wages and other similar remuneration may be taxed in the source country where employment is exercised unless his/her presence in the source country doesn't exceed 183 days in any 12 months period, commencing or ending in the year of assessment and the remuneration is paid by or on the behalf of, an employer who is not a resident of the source country, and the remuneration is not borne by a permanent establishment which the employer has in the other country.</p>
<ul>
<li>Capital gain arising on sale of shares of an Indian company to be chargeable to tax in India.</li>
<li>Capital gain arising on sale of Indian securities (other than shares eg. derivatives, debt securities, etc.) to be chargeable to tax in India.</li>
<li>Interest income in Hong Kong to be taxed at the rate of 10 per cent subject to satisfying beneficial ownership test.</li>
<li>Fees for technical services payable to a resident of Hong Kong to be taxed at the rate of 10 per cent subject to satisfying beneficial ownership test**</li>
<li>Other income arising in India will be chargeable to tax in India</li>
</ul>
<p style="text-align: justify;"> **Beneficial owner is one who ultimately owns or controls the legal person.This may be determined on the basis of a threshold, such as where an individual owns or controls more than 25% of the legal person through direct or indirect shareholding.</p>
<p style="text-align: justify;"> </p>
tag:taxscoop.in,2019-04-11:/entries/67562More disclosures in the Income Tax return2019-04-11T22:49:00+05:302019-04-11T23:25:06+05:30<p><img alt="" class="" src="http://taxscoop.in/files/resized/634476/800;800;d83b5aba5b457f96367d638931266e0b242a38dc.png" style="height:149px; width:180px"></p>
<p style="text-align: justify;"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">More disclosures are required in the Income tax returns which are recently notified in the new ITR Forms. This underlines the Government's stated objective of increasing the tax net and reducing the possibility of tax evasion.</span></span></p>
<p><span style="font-size:18px"><span style="font-family:times new roman,times,serif">The highlights are as follows:-</span></span></p>
<ol>
<li><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><strong>More disclosures for shareholders and directors of unlisted companies:-</strong></span></span></li>
</ol>
<ul>
<li><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Details regarding unlisted company’s equity share holding.</span></span></li>
<li><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Directorship details along with PAN number of such Company.</span></span></li>
</ul>
<p style="text-align: justify;"><span style="font-size:18px"> <span style="font-family:times new roman,times,serif">2.</span> <strong><span style="font-family:times new roman,times,serif">More transparency through disclosures for globally mobile assessee’s:- </span></strong></span></p>
<ul>
<li style="text-align: justify;"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Forms seek elaborate details with regard to the assessee’s residential status. Only self declaration on the residential status of an individual is not any more sufficient. Individuals need to report their number of days spent in India and outside India. Details of residence in foreign countries along with Tax Identification Number and availability of tax residency certificate from foreign countries also needs to be reported in specific cases.</span></span></li>
<li style="text-align: justify;"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Expanded the scope of details of foreign assets and income from any source outside India to include details of foreign depository accounts, Foreign Custodial Accounts etc.</span></span></li>
</ul>
<p><span style="font-size:18px"><span style="font-family:times new roman,times,serif"> 3. <strong>Donation Details: -</strong> Bifurcation between donation in cash and other payment mode u/s 80G deduction purpose will be required from now.</span></span></p>
<p style="text-align: justify;"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"> 4. <strong>An additional disclosure for assessee’s showing Agricultural Income and claiming exemption from Tax: -</strong> For agricultural income, additional reporting details like location of the land, area and quality of such land will be required.</span></span></p>
<p style="text-align: justify;"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"> 5. <strong>Disclosures for company investments: -</strong> In ITR-6 new schedules for shareholding of the startups are inserted. Shareholding of unlisted company requires extensive detailing in the new assets-liabilities schedule.</span></span></p>
tag:taxscoop.in,2019-04-10:/entries/67559Income Tax Forms - Which Form applicable for whom?2019-04-10T16:41:00+05:302019-04-10T20:49:03+05:30<p><img alt="" src="http://taxscoop.in/files/resized/634417/1170;293;67ac9e18ceb08961fbdf4fc1a71449aaa0a5ce20.png"></p>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Form No.:ITR-1 SAHAJ - For individuals being a resident (other than not ordinarily<span style="background:transparent"> </span>resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs. 5,000/-.</span></span></p>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"> </p>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">This Form is not applicable –</span></span></p>
<ul>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">For an individual who is either Director in a company or has invested in unlisted equity shares.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Individuals having brought forward loss or losses to be carried forward under the head House Property.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Income or loss from more than one house property.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Income from business or profession.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Family Pension for residents but not ordinarily residents and non-resident persons.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Income chargeable to tax at special rates example winnings from lottery and race horses or losses under this head.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Dividend income exceeding Rs. 10 lakhs taxable under Section 115BBDA.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Unexplained income (i.e., cash credit, unexplained investment, etc.) taxable at 60% under Section 115BBE.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Person claiming deduction under Section 57 from income taxable under the head 'Other Sources' (other than deduction allowed from family pension).</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Person claiming deduction under Section 80QQB or 80RRB in respect of royalty from patent or books.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Person claiming deduction under section 10AA or Part-C of Chapter VI-A.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Assessee has any brought forward losses or losses to be carried forward under any head of income.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">If an individual is taxable in respect of an income but TDS in respect of such income has been deducted in hands of any other person (i.e., clubbing of income).</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Claiming relief of tax under sections 90, 90A or 91.</span></span></p>
</li>
<li>
<p align="JUSTIFY" style="margin-bottom: 0.14cm; background: #ffffff; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Person has:</span></span></p>
</li>
</ul>
<p align="JUSTIFY" style="margin-left: 0.74cm; margin-bottom: 0.14cm; background: #ffffff; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"> ■ Income from foreign sources</span></span></p>
<p align="JUSTIFY" style="margin-left: 0.74cm; margin-bottom: 0.14cm; background: #ffffff; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"> ■ Foreign Assets including financial interest in any foreign entity</span></span></p>
<p align="JUSTIFY" style="margin-left: 0.74cm; margin-bottom: 0.14cm; background: #ffffff; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"> ■ Signing authority in any account outside India</span></span></p>
<p align="JUSTIFY" style="margin-left: 0.74cm; margin-bottom: 0.14cm; background: #ffffff; line-height: 100%"><br>
</p>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Form No.:ITR-2 -<span style="font-weight:normal"> For Individuals and HUFs not having income from profits and gains of business or profession and not claiming deduction under section 10AA or Part-C of Chapter VI-A.</span></span></span></h3>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm; font-weight: normal"> </h3>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Form No.:ITR-3 -<span style="font-weight:normal"> For individuals and HUFs having income from profits and gains of business or profession. </span></span></span></h3>
<p align="JUSTIFY" style="margin-top: 0.13cm; margin-bottom: 0cm; line-height: 100%"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">This Form is not applicable for –</span></span></p>
<ul>
<li>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">persons resident in India having income from presumptive business or profession covered under section 44AD, 44ADA and 44AE.</span></span></span></h3>
</li>
</ul>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm; font-weight: normal"> </h3>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Form No.:ITR-4 Sugam<span style="font-weight:normal"> - For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE</span></span></span></h3>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">This Form is not applicable for –</span></span></span></h3>
<ul>
<li>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">an individual who is either Director in a company or has invested in unlisted equity shares.</span></span></span></h3>
</li>
</ul>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm; font-weight: normal"> </h3>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Form No.:ITR-5<span style="font-weight:normal"> - For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7. </span></span></span></h3>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">Hence, this Form can be filed by – </span></span></span></h3>
<ul>
<li>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">Firm (including LLPs)</span></span></span></h3>
</li>
<li>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">AOP</span></span></span></h3>
</li>
<li>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">BOI</span></span></span></h3>
</li>
<li>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">Local Authority</span></span></span></h3>
</li>
<li>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">Artificial Juridical Person</span></span></span></h3>
</li>
<li>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">Business Trust</span></span></span></h3>
</li>
<li>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif"><span style="font-weight:normal">Investment Fund as referred to in Section 115UB</span></span></span></h3>
</li>
</ul>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm; font-weight: normal"> </h3>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Form No.:ITR-6<span style="font-weight:normal"> - For Companies other than those companies claiming exemption under section 11.</span></span></span></h3>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm; font-weight: normal"> </h3>
<h3 align="JUSTIFY" class="western" style="margin-top: 0.13cm; margin-bottom: 0cm"><span style="font-size:18px"><span style="font-family:times new roman,times,serif">Form No.:ITR-7<span style="font-weight:normal"> - For persons, including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.</span></span></span></h3>
tag:taxscoop.in,2019-04-06:/entries/67552Tax on sitting fees and commission received by directors2019-04-06T18:52:00+05:302019-04-06T19:09:39+05:30<p><img alt="" src="http://taxscoop.in/files/resized/634278/324;204;746972313f4cc141e9e15ea9a684013b894a9479.png"></p>
<p><strong>Section 194J is for Fees for professional or technical services.</strong></p>
<p style="text-align: justify;">(ba) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under <a>section 192</a>, to a director of a company.</p>
<p style="text-align: justify;"><strong>Section-192 is for Salary</strong></p>
<p style="text-align: justify;"> Any person responsible for paying any income chargeable under the head "Salaries" shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for the financial year in which the payment is made, on the estimated income of the assessee under this head for that financial year.</p>
<p style="text-align: justify;">If we read both these sections together then it can be concluded that if the director of any company receives any consideration due to the employer-employee relationship with the company then the TDS needs to be deducted u/s 192. If he receives any sum in some other capacity, then TDS will be deducted @10% u/s 194(ba). This may include sitting fees, fees for attending meetings, professional remuneration, commission and brokerage.</p>
tag:taxscoop.in,2019-04-05:/entries/67548Certain LTCG & STCG cannot be set off against basic exemption limit for NRI’s2019-04-05T19:55:00+05:302019-04-05T19:55:17+05:30<p style="text-align: justify;">For NRIs, certain special tax rate short term or long term capital gains from sale of investments or assets are taxed even if the total income is below the basic exemption limit. These include short term capital gains on equity shares and equity mutual funds where tax rate is 15% and long term capital gains on securities and assets where tax rate is either 20% or 10% without indexation. </p>
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