An evening conversation of GST applicability on sale of repossessed assets by banks

“What is the issue of sale of repossessed asset is not clear under GST too?” Jyoti said just before we reached to the home.

Hi, I am Akhil Chawala, Chartered Accountant by profession. I am working as an Advisory officer on Indirect Taxation matters at LMC & Associates. Thank you for reading this short story of mine.

Its late 9:30 P.M. I just had dinner and was ready for a walk in our colony garden. I found Jyoti was also walking in the garden.

(Jyoti is also a Chartered Accountant by profession and working as compliance officer in SIB Bank. She is very intelligent and brainy as she is working with one of the leading bank of our Nation. We had a talk earlier and she said she needed some suggestions from me.)

Me: Hey Jyoti, Have you had a dinner?

Jyoti: Hi Akhil!! Yeah. What about You?

Me: Same here. So’ how was your day? Must be busy in converting notes of Rs. 500 and Rs. 1000 in your bank branch.

Jyoti: With an annoying face. No, this is not my job. I am compliance officer and not a cashier. But yeah, the day was not that much good.

Me: What happened, Is everything fine?

Jyoti: There is a problem and it creating a lot of confusion in my mind. Our client Mr. Vijay M to whom we landed a sum of Rs 100 Crore.

Me: 100 Cores!!! A big amount!!!

Jyoti: You and your interruption skills, Hats Off!! Can you please allow me to complete.

Me: My bad. Please carry on.

Jyoti: He defaulted and now we are stuck in this deal. A bit silence. It’s your turn Akhil!!!

Me: With awkward reaction. So’ what SIB going to do now?

Jyoti: Yeah. SIB decided to get maximum recovery and they probably sell all the secured assets of Vijay M. The compliance head of the company gave me the responsibility to check the applicability of any tax on sale of assets which bank will repossess.

“I already said that she is clever. The way she picked the topic was awesome. Though, I realize later. Nevertheless, let us carry on.”

Me: So you are not aware with taxation provisions of sale of repossess assets by banks.

Jyoti: Are you kidding with me. I am working with SIB (the bank where she works) and not with LMC (the consulting firm where I work)

Me: Yes, I forget for a while.

Jyoti: So’ Can you please help me on this issue.

Me: Now!!! It’s already 10:00 P.M. We both have office tomorrow. Can we discuss this tomorrow?

Jyoti: No, I need to let my senior know by tomorrow.

Me: Ohh!! That’s Great …So you want………….Phone ringing…. Hello Yeah Maa.

Mamma: Where are you?

Me: In the garden, with Jyoti.

Mamma: It’s already more than 10.

Me: Maa, it will take a bit more time.

Mamma: Okay, but be on time. Cut the phone.

Me: So, you want me to resolve this issue right now

Jyoti: Yeah.

(The technical conversation)

Me: After a long breath. Okay, are you precisely aware of the term sale?

Jyoti: Transfer of title in the goods.

Me: Exactly. Please interrupt me, if I’m wrong here, when you guys give a loan, you insert certain conditions in the agreement. The main clauses generally are hypothecation clause, irrevocable power of attorney in the name of bank, Letter of authorization to sell the impugned asset, etc.

Jyoti: Wow. Great Akhil. You are aware how we use to work.

Me: I know everything 😀 :-D. We both laughed. After a few seconds…Okay, Jokes apart. Now there are several judgments on this issue, let me make you very clear that the final ruling on this issue is pending before the Hon’ble Supreme Court.

Jyoti: What is that judgment’s says?

Me: Several High courts interpreted this transaction in different ways. But many of them come to common conclusion that “Bankers are dealers and transaction of sale of repossessed asset is sale by bank and not by the person who actually owned that asset”.

Jyoti: But how can it be my sale. As a banker, I am not the actual owner of that asset. And unless I’m not the owner of the asset how can I transfer it to someone else?

Me: Hold on! Let me clear. Similar arguments has been put-forth before the various High Courts and let me tell you how the courts analyzed this transaction

Let me start with Delhi High Court judgment in case Citi Bank (Citi Bank V. Commissioner of Sales Tax, 2015-TIOL-2842-HC-DEL-CT) where court said that “Even if borrower is the owner in possession of car, the sale is made by the bank on the strength of the letter of authorization executed in its favour by the borrower. The Court further said that such sale of reposed cars by bank through auction in order to realize its dues was incidental or ancillary to its main banking business. Therefore the bank is dealer under Sales Tax.”

Jyoti: Ohh!!! So it means the bankers are liable to pay VAT on such sale. I have also read the Federal bank judgment (Federal Bank Limited vs. State of Kerala, 2007 (6) VST 736 (SC)) in which the Apex Court stated that the pledge gold sold by the bank would amount to sale and bank is called as dealer.

Me: No, Jyoti. The Apex Court in federal bank judgment analyzed the pledge transactions where in the pledge has a statutory right to sell the pledged asset in terms of Contract Act. The pledge transactions are clear to understand. The transaction which we are discussing is in the nature of hypothecation.

Jyoti: Really, it is difficult. You said there are other rulings too. How the other court analysed this transaction.

Me: Yes, Madras High Court in case of HDFC Bank (HDFC Bank Limited Vs The State of Tamil Nadu, 2015-TIOL-2160-HC-Mad-Vat) interpreted this transaction in different way, but come to the same conclusion. It said hypothecation agreement entered between bank and borrower empowers bank to repossess the vehicle in the event of default and also bring the vehicle to sale without even involving the owner of vehicle. Further, sale of the hypothecated vehicles is not arranged by banks for and on behalf of a willing vendor and such sales are in the nature of compulsory sales for the realization of debts due to the banks. Therefore, it is in the nature of sale.

Jyoti: Okay!!! I think this judgment sounds better than the Delhi High Court judgment. But you were saying the matter is pending before the Apex Court.

Me: Yes, the Calcutta High Court in case of Tata Motors (Tata Motors Finance Limited) held that the banks and NBFC’s are agent and thus called as dealer under the State VAT. The Special Leave Petition (SLP) has been filed before the Apex Court and was accepted.

Jyoti: So, finality over the issue is pending.

Me: Yes.

Jyoti: Akhil, What would be the scenario under proposed GST?

Me: Still Controversial!!!

Jyoti: “What the issue of sale of repossessed asset is not clear under GST too?”

Me: The draft model which was issued in July, 2016 made clear that it would be sale of the borrower and not banker. It was really a big relief for the banking Industry. However, the revised version which was issued in the November, 2016, has omitted this clause.

The clause which was in earlier law says “Where any goods, forming part of the Business assets of a taxable person, are sold by any other person who has the power to do so to recover any debt owed by the taxable person, the goods shall be deemed to supplied by the taxable person in the course or furtherance of his business.”

Jyoti: Oh No!!!

Me: I believe the government is waiting for the final ruling too. We reached at my house. Okay, now it’s very late. I will catch you later.

Jyoti: Yeah. It was a great discussion. Good Night and Thanks. With a smiling face

Me: You should say Good Night with a smiling face

Conclusion: The matter is subject to finality before the Apex Court. But many banking companies are not paying tax and making appropriate provision for this probable liability. It was expected that the Government might bring clarity on this transaction under GST. However, omission of the clause clearly indicates that the Government is also waiting for the Apex Court judgment.

House Rent Allowance/HRA exemption under the Income Tax Rules -Khanna & Associates

We would all agree that avenues of tax optimisation for salaried individuals are limited. Most of the companies widely offer accommodation benefit to its employees in the form of allowance or in kind. The existing tax provisions provide beneficial tax treatment both in case of house rent allowance (HRA) and rent-free accommodation (RFA)./Khanna and Associates

 

The quantum of HRA exemption under the Income Tax Rules shall be least of the following:

* HRA received

* 50% of the salary if the rented property is located in Mumbai, Delhi, Chennai or Kolkata or 40% of salary in case of other cities

* Actual rent paid less 10% of salary

Salary for the purpose of calculating HRA exemption includes basic salary, dearness allowance and commission based on fixed percentage of turnover, but excludes all other allowances and perquisites.

In order to claim HRA exemption, where rent paid during the year exceeds Rs 100,000 a year, employees are required to submit Form No. 12BB to the employer, incorporating the name, address and Permanent Account Number (PAN) of the landlord. In case the landlord does not have a PAN, a declaration to this effect from the landlord, along with the name and address of the landlord should be given to the employer. Employees are exempted from production of rent receipt to employer, if the house rent allowance is up to Rs 3,000 per month or Rs 36,000 a year./Khanna and Associates

Rent-free accommodation

Many companies also provide rent free accommodation (RFA) to some of its senior level employees. It is particularly prevalent in case of expatriates, where landlords generally prefer entering into lease agreements directly with the employer. The benefit so provided by the company is a taxable perquisite which is calculated as follows:

1. a)If accommodation is owned by employer:

* 15% of salary in cities having population more than 25 lakhs;

* 10% of salary in cities having population between 10 lakhs to 25 lakhs;

* 7.5% of salary in other areas

1. b)If accommodation is leased by employer, taxable value will be lower of the following:

* 15% of salary in case of residential house and 24% for hotel accommodation; and

* Actual rent payable by the employer as reduced by rent paid by the employee (if any)

Salary for the purpose of calculating RFA includes basic salary, dearness allowance, bonus, commission, all taxable allowances and any monetary payment chargeable to tax.

The above valuation rules can serve as a guide to determine the take home salary in the hands of an employee to whom either of the two benefits are extended by the company.

Salaried employees have limited avenues for tax planning; hence corporates could make use of HRA and RFA as effective tools for reducing their employees’ tax burden./Khanna and Associates.
KHANNA & ASSOCIATES is a full service Law Firm handling all legal matters on Civil, Criminal, Business, Commercial, Corporate, Arbitration , Labor & Service subjects in law, in all courts  as well  as Tribunals. An individualized service by members with decades of experience    ensures  total satisfaction to the clients.
We Provide services are:/KHANNA & ASSOCIATES
•    Accounting Services
•    Auditing & Assurance Services
•    Advisory Services
•    Business Services/KHANNA & ASSOCIATES
•    Corporate Services
•    International Services
•    Financial & Corporate Services
•    Foriegn Exchange Services
•    STPI Services
•    Taxation Services
•    Trademark & Copyright Related Services
•    NRI Related Services
•    Corporate Governance Services
•    Service Tax

Contact Us:/KHANNA & ASSOCIATES
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Export Promotion Capital Goods (EPCG)-Khanna & Associates

Export Promotion Capital Goods (EPCG) scheme enables a Indian manufacturer all service provided to obtain capital goods at nil rate of customs duty against commitment of export obligation. The objective is to facilitate import of capital goods producing quality goods and services to enhance India’s export competitiveness. Importer will be issued EPCG authorization for the this purpose. The import under the EPCG is subject to an export obligation equivalent to 6 times of duty saved on capital goods imported under EPCG scheme, to be fulfilled six years reckoned from authorization issue date. Export obligation will be reduced to 75% of capital goods are to procured from indigenous manufacturers. Capital goods shall include spares, tools, jigs, fixtures, dies and moulds./Startupsolicitors

 

Technological Upgradation (TU) of existing EPCG machinery:-

EPCG authorization holders can opt for ‘Technological Up gradation’ of existing capital goods imported under EPCG Authorization. Condition governing are as under:

 

(1) minimum period for applying for TU is 4 years from earlier EPCG Authorization,

 

(2) minimum exports made must be 50%of total export obligation imposed on earlier EPCG Authorization.

 

(3) facility for technology up-gradation shall be available only once and the minimum imports to be made shall be at least 10% of existing investment in plant and machinery by applicant.

 

(4) capital goods to be imported must be new and technologically superior to earlier Capital Goods. Which capital goods are not eligible:-

 

(1) Second hand capital goods ,

 

(2) Import of restricted item of imports mentioned under ITC(HS) shall only be allowed under EXIM Facilitation Center at DGFT Headquarter./Startupsolicitors

Who are eligible to obtain EPCG Authorization:- 

1) Manufacturer exporters with or without supporting manufacturer / vendor,

2) Merchant exporter supporting manufacturer and,

3) Service provider.

Export Obligation under EPCG:-

Export obligation means obligation to export product or products covered by Authorization or permission, in terms quantity, value as may be specified by Regional or Competent Authority. Third party exports permissible:- Export can be direct or through third party. Export documents should specify his name. Block-wise fulfillment of export obligation:- Minimum 50% of export obligation shall be fulfilled in the first four years and balnce 50% in remaining in two years. The report should be submitted within next 3 months from the end of block./Startupsolicitors

 

Relief in export obligation:-

 

Relief in average export obligation can be granted where total exports in that sector / product group have declined by more than 5%. Sector will be notified by DGFT. Shortfall in export obligation condonable upto 5% by regional authority. Consequences of non-fulfilment of export obligation:- If export obligation is not fulfilled or partially fulfilled, customs duty with interest is payable proportionate to export obligation not fulfilled. Customs duty can be paid through duty credit scrips. If the goods are not exported as per the obligation differential customs duty plus 15% interest is payable./Startupsolicitors

 

Extension of Export obligation:-

 

Extension for fulfillment of export obligation upto 2 years can obtain from Regional Authority on payment of composition fee of 2% of proportionate duty saved amount. Procedures under EPCG:- Application for EPCG authorization should be in form ANF5A. Application shall be accompanied by certificate of CA/CMA/CS in form 5B. Application can also be made for import of spares, tools etc. Authority to issue EPCG:- When duty saved is upto Rs.50 Crores can be sanctioned by Regional Authority of DGFT, if duty saved is more than Rs. 50 Crores, application will be forwarded by RA to DGFT /Startupsolicitors.

 
KHANNA & ASSOCIATES is a full service Law Firm handling all legal matters on Civil, Criminal, Business, Commercial, Corporate, Arbitration , Labor & Service subjects in law, in all courts  as well  as Tribunals. An individualized service by members with decades of experience    ensures  total satisfaction to the clients.
We Provide services are:
•    Accounting Services
•    Auditing & Assurance Services
•    Advisory Services
•    Business Services/Startupsolicitors
•    Corporate Services
•    International Services
•    Financial & Corporate Services
•    Foriegn Exchange Services
•    STPI Services
•    Taxation Services
•    Trademark & Copyright Related Services
•    NRI Related Services
•    Corporate Governance Services
•    Service Tax
Contact Us:
•    www.khannaandassociates.com
•    www.cafirm.khannaandassociates.com
•    www.bestdivorcelawyer.in
•    www.domesticviolence.co.in
IN-+91-946160007
US-+1-80151-20200
•    info@khannaandassociates.com
•    cafirm.khannaandassociates@gmail.com

GST / Goods And Services Tax- One Country One TAX – Khanna & Associates LLP

The word GST has become a talk of the town these days. Here are ten key points about the bill that you need to understand.

1. GST is a uniform indirect tax levied on goods and services across a country. Many developed nations tax manufacture, sale and consumption using a single, comprehensive tax.

2. Central Taxes GST would replace Central Excise Duty, Service Tax, Additional Duties of Excise & Customs, Special Additional Duty of Customs, and cesses and surcharges on supply of goods and services.

3. State Taxes GST would replace VAT, Central Sales Tax, Purchase Tax, Entry Tax, Entertainment Tax, taxes on advertisements, lotteries, betting and gambling, and state cesses and surcharges.

4. The main objectives of GST would be to eliminate excessive taxation. Central and state agencies often calculate taxes based not on the original cost of the product, but over and above the several layers of tax already levied on the product. This negatively affects the Gross Domestic Product of a nation.

GST is also expected to disincentivize tax evasion, lower tax rates, and make business operations easier.

5. The current NDA government and the Opposition disagree over the contents of the GST Bill

6. According to PRS Legislature Research, the 2011 Bill defined GST as any tax on the supply of goods or services, except taxes on the supply of petroleum crude, high speed diesel, motor spirit (petrol), natural gas, aviation turbine fuel and alcoholic liquor for human consumption.

7. The 2011 Bill provided for the creation of the Goods and Services Tax Dispute Settlement Authority to adjudicate disputes between the central government and state governments on the issues of GST resulting in any loss in revenue, and affecting the harmonized structure of the tax. The 2014 Bill deleted the provision of such an authority.

8. The 2014 Bill defined GST as any tax levied on the supply of goods, or services, except taxes on the supply of alcoholic liquor for human consumption.

9. In addition, the 2014 bill also deleted a provision of the 2011 bill that imposed restrictions on states on taxation of products deemed of special importance in inter-state trade or commerce.

10. It also removes a 2011 provision allowing states to tax the entry of goods into a local area that are for use or sale only to the extent levied by a Panchayat or a Municipality.

Which taxes at the Centre and State level are being subsumed into GST?

At the Central level, the following taxes are being subsumed:
a. Central Excise Duty,
b. Additional Excise Duty,
c. Service Tax,
d. Additional Customs Duty commonly known as Countervailing
Duty, and
e. Special Additional Duty of Customs.
At the State level, the following taxes are being subsumed:
a. Subsuming of State Value Added Tax/Sales Tax,
b. Entertainment Tax (other than the tax levied by the local bodies),
Central Sales Tax (levied by the Centre and collected by the
States),
c. Octroi and Entry tax,
d. Purchase Tax,
e. Luxury tax, and
f. Taxes on lottery, betting and gambling.

What are the major features of the proposed payment procedures under GST?
The major features of the proposed payments
procedures under GST are as follows:
i. Electronic payment process- no generation of paper at any
stage
ii. Single point interface for challan generation- GSTN
12
iii. Ease of payment – payment can be made through online
banking, Credit Card/Debit Card, NEFT/RTGS and through
cheque/cash at the bank
iv. Common challan form with auto-population features
v. Use of single challan and single payment instrument
vi. Common set of authorized banks
vii. Common Accounting Codes.

 

KHANNA & ASSOCIATES is a 70 year old  taxation lawyer and chartered accountant firm .It includes Company Secretary , MBA s, Taxation Lawyers and Chartered Accountant. We are an international law firm . We provide various services legal to finance .

KHANNA & ASSOCIATES is a full service Law Firm handling all legal matters on Civil, Criminal, Business, Commercial, Corporate, Arbitration , Labor & Service subjects in law, in all courts  as well  as Tribunals. An individualized service by members with decades of experience    ensures  total satisfaction to the clients.
We Provide services are:
•    Accounting Services
•    Auditing & Assurance Services
•    Advisory Services
•    Business Services
•    Corporate Services
•    International Services
•    Financial & Corporate Services
•    Foriegn Exchange Services
•    STPI Services
•    Taxation Services
•    Trademark & Copyright Related Services
•    NRI Related Services
•    Corporate Governance Services
•    Service Tax
Strat up/stand up india service

Contact Us:
•    www.khannaandassociates.com
•    www.cafirm.khannaandassociates.com
•    www.bestdivorcelawyer.in
•    www.domesticviolence.co.in
IN-+91-946160007
US-+1-80151-20200

•    info@khannaandassociates.com
•    cafirm.khannaandassociates@gmail.com

 

 

 

File your income Tax Return on/Before 31st July-Khanna & Associates

 

Khanna and Associates is offering services to our vast experience in this domain, we are engaged in offering Income Tax Return Preparation and Filling Services. . We provide service tax filing and service tax return preparation services. We render flawless and highly beneficial financial consultancy. The professionals employed by our firm hold expertise in rendering these effectual finance & Corporate services.

We are income tax consultants – offering Various tax consulting services including:

• Filing income tax return
• Tax return preparation
• Income tax advisory services
• Income tax salary returns
• Business returns and other tax filing consultant services at Jaipur in India TDS
• Compliance
• ROC Compliance /Advisory Service
• Service Tax Return /Filling
• Government Authority compliance /Filling
• Secretarial compliance/Filling
• Individual Return
• LLP Return/Filling
• Company Filling
• Sales Tax Registration And Returns/Filling

 

KHANNA & ASSOCIATES is a full service Law Firm handling all legal matters on Civil, Criminal, Business, Commercial, Corporate, Arbitration , Labor & Service subjects in law, in all courts  as well  as Tribunals. An individualized service by members with decades of experience  to ensures  total satisfaction to the clients.

We Provide services are:

 

• Accounting Services
• Auditing & Assurance Services
• Advisory Services
• Business Services
• Corporate Services
• International Services
• Financial & Corporate Services
• Foriegn Exchange Services
• STPI Services
• Taxation Services
• Trademark & Copyright Related Services
• NRI Related Services
• Corporate Governance Services
• Service Tax

 

 

Contact Us:

• http://www.khannaandassociates.com
• http://www.cafirm.khannaandassociates.com
• http://www.bestdivorcelawyer.in
• http://www.domesticviolence.co.in

IN-+91-946160007

US-+1-80151-20200

• info@khannaandassociates.com
• cafirm.khannaandassociates@gmail.com

Lets Start StartUp with Private Limited Company Registration @Rs 12,999/-in India

Private Limited Company Registration

Rs. 12,999 all-inclusive

Let’s Get Started

 

Lets Start StartUp with Private Limited  Company in India

 

Prime Minister Narendra Modi has kicked off the ambitious Startup India Movement. The government programme aims to fill gaps in the economy for the growth and development of startups and will aim to boost digital entrepreneurship at the grassroots

 This proposed definition of Startups has several advantages for Government of India. These advantages are:

 A startup status can be given to any kind of entity- it can be a company:-

• LLP Partnership
• Private Limited
• Section-8 not-for-profit
• Society
• Trust or even proprietorships.

 

The Sops

A very supportive Government came out with number of sops for Indian startups.

 Important sops includes:-

1. Tax exemptions for three years
2. Concessions on capital gains tax
3. Compliance simplification
4. Self-certification
5. No regulatory inspection for three years,
6. A Rs. 10,000 crore fund to back startups, 90 days to close down a startup, 80 % reduction in patent filing fee,
7. And also a mobile app to be launched on April 1 making it possible to register startups in one day.

 

In addition, for a startup to be recognized as one,

Ø  It must be an entity registered/incorporated as a:

Ø  Private Limited Company under the Companies Act, 2013; or

Ø  Registered Partnership firm under the Indian Partnership Act, 1932; or

Ø  Limited Liability Partnership under the Limited Liability Partnership Act, 2008.

Ø  Five years must not have elapsed from the date of incorporation/registration.

 

 

Minimum requirements for the Private Limited Company:-

Features of Private Limited Company :-

• Require 2 Person as Entrepreneur i.e Directors :- shall have at least one director on its board of directors, who has stayed in India for a total period of not less than one hundred and eighty two (182) days in the previous calendar year
• Easily Setup and recommend to Growing Startups.
• Limited Liability for Members.
• More Credibility as Compare to others.
• Easily raise funds from Investors.
• Minimum 2 Shareholders
• The directors and shareholders can be the same person
• Minimum Share Capital shall be Rs. 100,000 (INR One Lac)
• Application of allotment Director Identification Number (DIN) for all the Directors
• DSC (Digital Signature Certificate) for two Directors

 

Steps Taken for Register a Private Limited Company :-

• Step 1. Application for Director Identification Number (DIN) in form DIR-3 & DSC (Digital Signature Certificate).
• Step 2. Search for the Company Name availability.
• Step 3. Application for the Name availability.
• Step 4. Drafting of Memorandum of Association (MOA) & Articles of Association (AOA).
• Step 5. Filing of e-forms with RoC (Registrar of Companies).
• Step 6. Payment of RoC Fees & Stamp Duty.
• Step 7. Verification of documents / forms by RoC
• Step 8. Issue of Certificate of Incorporation by RoC

 

Documents Requirements-

• ID Proof and Address Proof for all Directors. as id proof PAN Card is Mandatory.

 

• latest utility bill (electric bill/telephone bill) or latest tax receipt/ownership deep of the property for the property to be used for registered office.

 

 

Inclusions:

     One DSC & up to two DINs

     Company Name Reservation

     One DSC & up to two DINs

     Company Name Reservation

     MoA & AoA

     INC-29 /INC-7/INC-22 Filing

     Company PAN & TAN

 

 

 

Private Limited Company Registration

Rs. 12,999 all-inclusive

Let’s Get Started

KHANNA & ASSOCIATES is a 70 year old  taxation lawyer and chartered accountant firm .It includes Company Secretary , MBA s, Taxation Lawyers and Chartered Accountant. We are an international law firm . We provide various services legal to finance .

 

KHANNA & ASSOCIATES is a full service Law Firm handling all legal matters on Civil, Criminal, Business, Commercial, Corporate, Arbitration , Labor & Service subjects in law, in all courts  as well  as Tribunals. An individualized service by members with decades of experience  ensures  total satisfaction to the clients.

 

We Provide services are:

 

• Accounting Services
• Auditing & Assurance Services
• Advisory Services
• Business Services
• Corporate Services
• International Services
• Financial & Corporate Services
• Foriegn Exchange Services
• STPI Services
• Taxation Services
• Trademark & Copyright Related Services
• NRI Related Services
• Corporate Governance Services
• Service Tax

Strat up/stand up india service

 

Contact Us:

• http://www.khannaandassociates.com
• http://www.cafirm.khannaandassociates.com/
• http://www.bestdivorcelawyer.in
• www.domesticviolence.co.in

 

 IN-+91-946160007

US-+1-80151-20200

cafirm.khannaandassociates@gmail.com

 

Lets Start StartUp with Private Limited Company in India-Khanna & Associates LLP

Lets Start StartUp with Private Limited  Company in India

Step by step guide to Formation / Registration / Incorporation ofa Private Limited Company, in India

 

Defitions:-

“company” means a company incorporated under Companies Act 2013 or under any previous company law.

 

Company limited by guarantee

“Company limited by guarantee” means a company having the liability of its members limited by the memorandum to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up.

 

Company limited by shares

“Company limited by shares” means a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them.

 

Minimum requirements for the Private Limited Company:-

Features of Private Limited Company :-

• Require 2 Person as Entrepreneur i.e Directors :- shall have at least one director on its board of directors, who has stayed in India for a total period of not less than one hundred and eighty two (182) days in the previous calendar year
• Easily Setup and recommend to Growing Startups.
• Limited Liability for Members.
• More Credibility as Compare to others.
• Easily raise funds from Investors.
• Minimum 2 Shareholders
• The directors and shareholders can be the same person
• Minimum Share Capital shall be Rs. 100,000 (INR One Lac)
• Application of allotment Director Identification Number (DIN) for all the Directors
• DSC (Digital Signature Certificate) for two Directors

Steps Taken for Register a Private Limited Company :-

• Step 1. Application for Director Identification Number (DIN) in form DIR-3 & DSC (Digital Signature Certificate).
• Step 2. Search for the Company Name availability.
• Step 3. Application for the Name availability.
• Step 4. Drafting of Memorandum of Association (MOA) & Articles of Association (AOA).
• Step 5. Filing of e-forms with RoC (Registrar of Companies).
• Step 6. Payment of RoC Fees & Stamp Duty.
• Step 7. Verification of documents / forms by RoC
• Step 8. Issue of Certificate of Incorporation by RoC

Documents Requirements-

• ID Proof and Address Proof for all Directors. as id proof PAN Card is Mandatory.

 

• latest utility bill (electric bill/telephone bill) or latest tax receipt/ownership deep of the property for the property to be used for registered office.

 

Company Formation FAQ’s

 

The complete procedure is primarily divided into following 8 Steps.

Step 1. Application for Director Identification Number (DIN) in form DIR-3 & DSC (Digital Signature Certificate)

What is a Director Identification Number (DIN)?

Director Identification Number (DIN) is a unique identification number issued by the Ministry of Corporate Affairs (MCA), for an existing director or a person intending to become a director of a company.

Documents required for DIR-3 Application

In case of Indian National

• Identity Proof: Copy of PAN Card (Income Tax Permanent Account Number (PAN) is mandatory in case of Indian National and in such cases applicant details should be as per Income tax PAN)
• Address Proof: Copy of Passport or Election/Voter ID or Ration Card or Driving license (address having pin code) or Electricity/telephone (Utilities) bill or AADHAR Card. All this should be in the “Name of Applicant” only and it should not be older than 2 months from the date of filing of the e-form.
• Passport Size Photograph (latest) : 1 photocopy or a soft-copy in (.JPEG format)
• *Current Occupation
• *Email Address of the Applicant
• *Mobile/Cell Number
• *Educational qualification
• *Verification to be signed by the Applicant. See the attached DIR4 format

 

In case of Foreign National

Identity Proof: Copy of Passport (mandatory)

Address Proof: Address proof should not be older than 1 year from the date of filing of the eForm.

Passport Size Photograph (latest): 1 photocopy or a soft-copy (in .JPEG format)

*Current Occupation

*Email Address of the Applicant

*Mobile/Cell Number

*Educational qualification

*Verification to be signed by the Applicant. See the attached DIR4 format

 

 All the documents require “Self attestation”.

• . In case, the director is residing outside India, the attached supporting documents should be attested by the Consulate of the Indian Embassy, Foreign Public Notary. In case of director, supporting documents can also be attested by Company secretary in full time employment / CEO / Managing director of the Indian company in which he / she proposed to be a director.

 

• DIR-3 shall be digitally signed by the same person i.e. applicant who is filing the application and by either of the following:
  

• Company Secretary (in whole-time practice) or a Chartered accountant (in whole-time practice) or Cost accountant (in whole-time practice)
• Company secretary in full time employment or Director of the company in which the applicant is to be appointed as a director
  

• . While making DIR-3 Application following details are mandatory :
  

• First Name, Middle Name, Last Name, Details of father of an applicant (even in case of a married woman)
  

• In case of a Married woman, a photocopy of the Marriage Certificate is required (If DIN needs to be in the “Changed Name”)
  

• . There could be instances of DIR3/DIN Rejection. Refer “Common Causes of DIN Rejection” for the resolution.
  

• *Starred items are mandatory fields of DIR-3 application

 What is a Digital Signature Certificate (DSC)?

 Digital Signature Certificate (DSC) is the digital equivalent (i.e. electronic format) of physical or paper certificates. Examples of physical certificates are driver’s license, passport. Certificates serve as proof of identity of an individual for a certain purpose; for example, a driver’s license identifies someone who can legally drive in a particular country. Likewise, a digital certificate can be presented electronically to prove your identity, to access information or services on the Internet or to sign certain documents digitally. Since MCA accepts electronic submission of Forms on its website the DSC is mandatory for all the users.

Documents required for obtaining DSC

• Digital Signature Certificate application Form (duly signed by an applicant). An applicant is required to sign across the photo.
  

• Download the DSC Application Form (Class II Individual Certificate)
  

• All other documents are same as required for the DIR-3 Application
  

• Note: All the documents require “Self attestation” and identity proof and address proof should be attested by either a Gazetted officer (Class I) or Bank manager or Post Master.

Step 2. Search for the Company Name availability

The Promoters have to provide at least 6 names in the order of their preference/priority. The Promoters can themselves search for the available names by visiting the MCA Website: Check Name Availability

Step 3. Application for the Name availability

 After drafting of Main Object of the proposed company, need to file e-Form INC-1 (Application for reservation of name) with Registrar of Companies for name availability. The Applicant needs to give 6 proposed names in preference/priority along with their meaning and significance of each word.

Note: Refer the “undesirable names” rules extracts from the Companies (Incorporation) Rules, 2014.

Also refer MCA General Circular on Use of word ‘National’, ‘Bank’, ‘Exchange’, ‘Stock Exchange’ in the names of Companies or Limited Liability Partnerships (LLPs). Refer General Circular No. 2/2014

Step 4. Drafting of Memorandum of Association (MOA) & Articles of Association (AOA)

 

What is a Memorandum of Association?

Memorandum of Association covers fundamental provisions of the company’s constitution. It covers main object and other objects of the company.

What is Articles of Association?

Articles of Association contain rules and regulations governing the internal management of the company. It is a binding contract between company and its members and members among themselves defining their rights and duties.

As per Section 4(5)(i) of the Companies Act 2013 upon receipt of an application under sub-section (4), the Registrar may, on the basis of information and documents furnished along with the application, reserve the name for a period of sixty days from the date of the application.

After name approval from ROC, the next step is to draft MOA & AOA. The subscribers need to specify Name, Address, and Occupation in their own handwriting & sign the subscription pages of MOA & AOA.

Where subscriber to the memorandum is a Foreign National (residing outside India), please refer Chapter 2 of Companies (Incorporation) Rules, 2014 notified by Ministry of Corporate Affairs for knowing the procedure of obtaining attestation and notary while signing subscription pages of Memorandum and Articles of Association and other relevant document.

 Step 5. Filing of e-forms with RoC (Registrar of Companies)

 Following Forms to be filed/uploaded on the MCA Website.

1. a) Form INC-7 : For application of Incorporation of the Company

 Mandatory attachments to e-form INC-7

1. Memorandum of Association
   

2. Articles of Association
   

3. Declaration by Professional in INC-8
   

4. Affidavit from the subscriber to the Memorandum in Form No.INC-9
   

5. Proof of residential address which should not be older than two months
   

6. Proof of identity
   

7. Verification of signature of subscribers i.e. Form No. INC-10, in case the company is not having share capital.
   

8. It is mandatory to attach entrenched Articles of association if any of the articles are entrenched.
   

1. ii) Optional attachments depending upon case
   

1. Copy of in principle approval granted by the Reserve Bank of India or any concerned authority in case proposed company shall be conducting NBFI (Non-Banking Financial Institution) activities
   

2. NOC in case there is change in the promoters (first subscribers to Memorandum of Association)
   

3. Proof of nationality in case the subscriber is a foreign national
   

4. PAN card (in case of Indian national)
   

5. Copy of certificate of incorporation of the foreign body corporate and proof of registered office address
   

6. Certified true copy of board resolution/consent by all the partners authorising to subscribe to MOA
   

  Form INC-22 : For Notice of situation of registered office

 Attachments to e-form INC-22

1. Proof of Registered Office address (Conveyance/Lease deed/Rent Agreement along with the rent receipts) etc.

 Copies of the utility bills (proof of evidence of any utility service like telephone, gas ,electricity etc. depicting the address of the premises not older than two months is required to be attached).

 No Objection Certificate or permission to use

 Certification of e-form INC-22 by CS/CA/CWA (in Whole Time Practice)

Form DIR-12 : For providing information about particulars of appointment of Directors of the company and Key Managerial Personnel

  Attachments to e-form DIR-12

Following are the Mandatory attachments in case of an appointment of a Director / Manager / Company Secretary / CEO / CFO.

• Letter of appointment
• Declaration by first director in Form INC-9
• Declaration of the appointee director, managing director, in Form No. DIR-2

 

Step 6. Payment of RoC Fees & Stamp Duty

 

After filing of documents online, we need to make payment of RoC fees and Stamp Duty electronically which is based upon the Authorised Capital of the Company.

The MCA Fee Calculator  currently being unavailable, please refer the attached “Fee Schedule”

 

Step 7. Verification of documents / forms by RoC

 

After payment of all RoC Fees & Stamp duties, RoC verifies/scrutinises all the documents and forms  and may suggest few changes to be made in the attachments or form itself. We need to make necessary changes accordingly.

 

Step 8. Issue of Certificate of Incorporation by RoC

 

Once all the Forms are duly approved by RoC, the digitally signed “Certificate of Incorporation” is emailed to the Directors.

As part of the Green Initiative by the MCA (Ministry of Corporate Affairs), few Certificates including “Certificate of Incorporation” are now issued only in the electronic format i.e. soft-copy (having digital signature of RoC Registrar).  Once the Incorporation Certificate is received, Company can start it’s operations.

 

 

 

KHANNA & ASSOCIATES is a 70 year old  taxation lawyer and chartered accountant firm .It includes Company Secretary , MBA s, Taxation Lawyers and Chartered Accountant. We are an international law firm . We provide various services legal to finance .

 

KHANNA & ASSOCIATES is a full service Law Firm handling all legal matters on Civil, Criminal, Business, Commercial, Corporate, Arbitration , Labor & Service subjects in law, in all courts  as well  as Tribunals. An individualized service by members with decades of experience              ensures  total satisfaction to the clients.

 

We Provide services are:

 

• Accounting Services
• Auditing & Assurance Services
• Advisory Services
• Business Services
• Corporate Services
• International Services
• Financial & Corporate Services
• Foriegn Exchange Services
• STPI Services
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• Trademark & Copyright Related Services
• NRI Related Services
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• Service Tax

Strat up/stand up india service

 

Contact Us:

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Definition of Startup/Funding /Tax Exemptions Under The Scheme of “StartupIndia” -Khanna & Associates LLP

Definition of Startup

(only for the purpose of Government schemes)

The government is moving on fast to implement the Start-up India programme, with ministries like environment and labour putting in place mechanisms to ensure speedy clearances, senior officials said on Thursday.

 

Startup means

• an entity, incorporated or registered in India not prior to five years, with annual
• turnover not exceeding INR 25 crore in any preceding financial year, working towards innovation,development, deployment or commercialization of new products, processes or services driven bytechnology or intellectual property.
• Provided that such entity is not formed by splitting up, or reconstruction, of a business already inexistence.
• Provided also that an entity shall cease to be a Startup if its turnover for the previous financial yearshas exceeded INR 25 crore or it has completed 5 years from the date of incorporation/ registration.
• Provided further that a Startup shall be eligible for tax benefits only after it has obtained certification from the Inter-Ministerial Board, setup for such purpose.

 

Department of Industrial Policy and Promotion

Department of Industrial Policy and Promotion (DIPP) secretary Ramesh Abhishek launched a portal and a  Mobile App on the start-up India programme, which will provide up-to- date information on various notifications/ circulars issued by various ministries and departments “towards creation of a conducive ecosystem for start-ups”.

The portal and mobile app provide information regarding incubators and funding agencies recognized for the purpose of recommending start-ups (as part of start-up recognition application).

 

1.Providing Funding Support :- through a Fund of Funds with a Corpus of INR 10,000 crore To provide funding support for development and growth of innovation driven enterprises

• One of key challenges faced by Startups in India has been access to finance. Often Startups, due to lack of collaterals or existing cash flows, fail to justify the loans. Besides, the high risk nature of Startups wherein a significant percentage fail to take-off, hampers their investment attractiveness.
• In order to provide funding support to Startups, Government will set up a fund with an initial corpus of
• INR 2,500 crore and a total corpus of INR 10,000 crore over a period 4 years (i.e. INR 2,500 crore peryear) .
• The Fund will be in the nature of Fund of Funds, which means that it will not invest directly into Startups, but shall participate in the capital of SEBI registered Venture Funds.

Key features of the Fund of Funds are highlighted below:

The Fund of Funds shall be managed by a Board with private professionals drawn from industry bodies, academia, and successful Startups

• Life Insurance Corporation (LIC) shall be a co-investor in the Fund of Funds
• The Fund of Funds shall contribute to a maximum of 50% of the stated daughter fund size. In order to be able to receive the contribution, the daughter fund should have already raised the balance
• 50% or more of the stated fund size as the case maybe. The Fund of Funds shall have
• representation on the governance structure/ board of the venture fund based on the contribution made.
• The Fund shall ensure support to a broad mix of sectors such as manufacturing, agriculture, health,education, etc.

2.Tax Exemption on Capital Gains

 

To promote investments into Startups by mobilizing the capital gains arising from sale of capital assets Details Due to their high risk nature, Startups are not able to attract investment in their initial stage. It is therefore important that suitable incentives are provided to investors for investing in the Startup ecosystem. With this objective, exemption shall be given to persons who have capital gains during theyear,

• if they have invested such capital gains in the Fund of Funds recognized by the Government.
• This will augment the funds available to various VCs/AIFs for investment in Startups.
• In addition, existing capital gain tax exemption for investment in newly formed manufacturing MSMEs by individuals shall be extended to all Startups.
• Currently, such an entity needs to purchase “new assests” with the capital gain received to avail such an exemption. Investment in ‘computer or computer software’ (as used in core business activity) shall also be considered as purchase of ‘new assets’ in order to promote technology driven Startups.

3.Tax Exemption to Startups for 3 years

 

To promote the growth of Startups and address working capital requirements Innovation is the essence of every Startup. Young minds kindle new ideas every day to think beyond conventional strategies of the existing corporate world.

During the initial years, budding entrepreneurs struggle to evaluate the feasibility of their business idea.

With a view to stimulate the development of Startups in India and provide them a competitive platform, it is imperative that the profits of Startup initiatives are exempted from income-tax for a period of 3 years. This fiscal exemption shall facilitate growth of business and meet the working capital requirements during the initial years of operations. The exemption shall be available subject to non-distribution of dividend by the Startup.

 

4.Innovation Focused Programs for Students

In order to promote research and innovation among young students, the Government shall implement the following measures:

• Innovation Core. Innovation Core program shall be initiated to target school kids with an outreach to 10 lakh innovations from 5 lakh schools. One lakh innovations would be targeted and the top 10,000 innovations would be provided prototyping support. Of these 10,000 innovations, the best 100 would be shortlisted and showcased at the Annual Festival of Innovations in the Rashtrapati Bhavan.

 

5.Credit Guarantee Fund for Startups

In order to overcome traditional Indian stigma associated with failure of Startup enterprises in general and to encourage experimentation among Startup entrepreneurs through disruptive business models,

• credit guarantee comfort would help flow of Venture Debt from the formal Banking System.
• Debt funding to Startups is also perceived as high risk area and to encourage Banks and other Lenders
• to provide Venture Debts to Startups, Credit guarantee mechanism through National Credit
• Guarantee Trust Company (NCGTC)/ SIDBI is being envisaged with a budgetary Corpus of INR 500 crore per year for the next four years.

 

6.Tax Exemption on Investments above Fair Market Value

Under The Income Tax Act, 1961, where a Startup (company) receives any consideration for issue of shares which exceeds the Fair Market Value (FMV) of such shares, such excess consideration is taxable in the hands of recipient as Income from Other Sources.

In the context of Startups, where the idea is at a conceptualization or development stage, it is often difficult to determine the FMV of such shares. In majority of the cases, FMV is also significantly lower than the value at which the capital investment is made. This results into the tax being levied under section 56(2) (viib). Currently, investment by venture capital funds in Startups is exempted from operations of this provision. The same shall be extended to investment made by incubators in the Startups.

Incubators available

To bolster the Startup ecosystem in India, the Government is proposing to introduce Startup fests at national and international stages.

These fests would provide a platform to Startups in India to showcase their ideas and work with a larger audience comprising of potential investors, mentors and fellow Startups.

1.As part of “Make in India” initiative, Government proposes to:

• Hold one fest at the national level annually to enable all the stakeholders of Startup ecosystem to come together on one platform.
• Hold one fest at the international level annually in an international city known for its Startup ecosystem

2.The Atal Innovation Mission (AIM)

The Atal Innovation Mission (AIM) shall have two core functions:

• Entrepreneurship promotion through Self-Employment and Talent Utilization (SETU), wherein
• innovators would be supported and mentored to become successful entrepreneurs
• Innovation promotion: to provide a platform where innovative ideas are generated
• The main components proposed to be undertaken as part of the mission include:
• Entrepreneurship promotion:
• Establishment of sector specific Incubators including in PPP mode (refer #14 of this Action Plan)
• Establishment of 500 Tinkering Labs
• Pre-incubation training to potential entrepreneurs in various technology areas in collaboration with
• various academic institutions having expertise in the field
• Strengthening of incubation facilities in existing incubators and mentoring of Startups
• Seed funding to potentially successful and high growth Startups
• Innovation promotion:
• Institution of Innovation Awards (3 per state/UT) and 3 National level awards
• Providing support to State Innovation Councils for awareness creation and organizing state level
• workshops/conferences
• Launch of Grand Innovation Challenge Awards for finding ultra-low cost solutions to India’s pressing
• and intractable problems

3.Harnessing Private Sector Expertise for Incubator Setup.

 

KHANNA & ASSOCIATES is a 70 year old  taxation lawyer and chartered accountant firm .It includes Company Secretary , MBA s, Taxation Lawyers and Chartered Accountant. We are an international law firm . We provide various services legal to finance .

 

KHANNA & ASSOCIATES is a full service Law Firm handling all legal matters on Civil, Criminal, Business, Commercial, Corporate, Arbitration , Labor & Service subjects in law, in all courts  as well  as Tribunals. An individualized service by members with decades of experience      ensures  total satisfaction to the clients.

 

We Provide services are:  –

Strat up/stand up india service

 

• Accounting Services
• Auditing & Assurance Services
• Advisory Services
• Business Services
• Corporate Services
• International Services
• Financial & Corporate Services
• Foriegn Exchange Services
• STPI Services
• Taxation Services
• Trademark & Copyright Related Services
• NRI Related Services
• Corporate Governance Services
• Service Tax

 

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Pre-Incorporation Contracts And The Promoter As Per Companies Act-2013-Khanna & Associates

Pre-Incorporation Contracts And The Promoter As Per Companies Act-2013-Khanna & Associates

Khanna & Associates LLP founded in 1948 by Late Amarnath Singh Khanna is a giant of its kind.It is a conglomerate of Diversified Acumen with its verticals ranging from Legal to Finance .Khanna & Associates have associates accross the globe and human resource which are one of its kind .

A Complete Guide On Pre-Incorporation Contracts As Per Companies act 2013

PROMOTER

The word ‘Promoter’ has not been defined by the Companies Act, 1956 but a definition of the word promoter has been added in the Companies Act, 2013. As per Section 2(69) of the Companies Act, 2013, Promoter” means a person –

(a) Who has been named as such in a prospectus or is identified by the company in the annual return

referred to in section 92; or

(b) Who has control over the affairs of the company, directly or indirectly whether as a shareholder, director

or otherwise; or

(c) in accordance with whose advice, directions or instructions the Board of Directors of the company is

accustomed to act:

Provided that nothing in sub-clause (c) shall apply to a person who is acting merely in a professional capacity;

Generally Promoter of a company is a person who does the necessary preliminary work in connection with the formation and the establishing of the company. It is Promoters only who conceives an idea, develops it, formulates a scheme or project and takes all the necessary steps for the formation of a company to implement the project or the scheme.

Before the company is registered by the Registrar promoters continue to be known as promoters. They gather funds for meeting the expenses in connection with the formation of the company and spend them, which are known and designated as “preliminary expenses” and a provision is made in the articles of association of the company authorising the company and its directors to reimburse promoters the preliminary expenses incurred by them, and also a provision for the formalisation of the contracts which the promoters of the company had entered into with third parties prior to the company coming into existence. Promoters usually enter into contracts with the prospective directors, solicitors, bankers, brokers, underwriters, auditors, secretary, manager and with those who offer to sell land, plant, machinery equipment etc. for implementing the proposed project. Such contracts are known as “promoters’ contracts” which are not binding on the company because the company had not come into existence when they were entered into with third parties by the company’s promoters. However, as a matter of practice, the company, on its incorporation enters into fresh contracts with the third parties on the lines of the promoters’ contracts, which then become binding on the company

Introducation

Pre-Incorporation Contracts

Companies Act, 2013 does not contain any provisions about Promoter’s Contract. The promoters of a company usually enter into contracts to acquire some property or right for the company which is yet to be incorporated, such contracts are called preliminary or pre-incorporation contracts. The promoters .generally enter into such contracts as agents for the company about to be formed. The legal position is that since presence of two consenting parties is necessary for a contract, and the company before incorporation is a non-entity, the promoters cannot act as agents for the company, which has yet to come into existence. As such, the company is not liable for the acts of the promoters done before its incorporation.

When the company comes into existence, it is not bound by the pre-incorporation contracts even when it takes the benefit of the work done on its behalf. However, specific performance of a contract between a third party and the promoters may be successfully claimed by the third party against the company, when the company enters into possession of the property on the faith of the promoters’ contract.

Similarly, the company, after incorporation, cannot enforce any contract made before its incorporation, which means the company cannot sue the other party to the contract if the other party fails to carry out the contract.

Promoters remain personally liable on the contract.

A company also cannot ratify a contract entered into by the promoters on its behalf before its incorporation.Therefore, it cannot by adoption or ratification obtain the benefit of the contract purporting to have been made on its behalf before it came into exis­tence, as ratification by the company when formed is legally impossible.

The doctrine of ratification applies only if an agent contracts for a principal who is in existence and who is competent to contract at the time of the contract by the agent. Where a contract is made on behalf of principal known to both parties to be non-existent, the contract is deemed to have been entered into personally by the actual maker, i.e. the agent. A company may, if it desires, enter into a new contract, after its incorporation, with the other party which is known as novation of promoter’s contracts; and if it makes a fresh contract in terms of the preliminary contract, the liability of the promoters comes to an end and if it does not make a fresh contract within a limited,period of time, either of the parties may rescind the contract.

The essential feature of novation is that the right under the original contract is relinquished and a new right referable to a new contract is created. The substituted contract must, in order to effect a novation, be enforceable one.

The pre-incorporation agreements entered into by the promoters acting on behalf of the intended company with third party cannot always be avoided for various reasons. These agreements affect the operations of the incorporated company.

However, u/s 15 (h) and u/s 19 (e) of the Specific Relief Act of 1963, lies the solution to our problem. These provisions, while deviating from the common law principles to some extent, make the pre-incorporation contracts valid. U/s 15 (h), Except as otherwise provided by this Chapter, the specific performance of a contract may be obtained by–

Ø  any party thereto;

Ø  the representative in interest or the principal, of any party thereto

Conclusion

Pre-incorporation contracts, though at first, might appear to be with no legal status and value, but they are very much important and legally valid as well as enforceable. Pre-incorporation contracts may be undertaken by the company after its incorporation either by

Ø  incorporating the contract in the terms of incorporation, or

Ø  by entering into a fresh contract with the other party or with the promoters, or

Ø  By accepting the benefits from the contract, either expressly or impliedly.

And hence, the pre-incorporation contract becomes legally enforceable against the company.

KHANNA & ASSOCIATES is a full service Law Firm handling all legal matters on Civil, Criminal, Business, Commercial, Corporate, Arbitration , Labor & Service subjects in law, in all courts  as well  as Tribunals. An individualized service by members with decades of experience   ensures  total satisfaction to the clients.

We Provide services are:

• Accounting Services
• Auditing & Assurance Services
• Advisory Services
• Business Services
• Corporate Services
• International Services
• Financial & Corporate Services
• Foriegn Exchange Services
• STPI Services
• Taxation Services
• Trademark & Copyright Related Services
• NRI Related Services
• Corporate Governance Services
• Service Tax

Contact Us:

• http://www.khannaandassociates.com
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• http://www.bestdivorcelawyer.in
• http://www.domesticviolence.co.in

IN-+91-946160007

US-+1-80151-20200

• info@khannaandassociates.com
• cafirm.khannaandassociates@gmail.com

Chartered Accountant, cpa us, cpa india,ca injaipur,cafirm jaipur,cafirm in india,best cafirm in jaipur/rajasthan/india ,best chartered accountant, Income tax lawyer,Incometax advocate,tax advocate ,rectification under 154,intimation under section 143(1), Tax raid,External Commercial Borrowing,International Arbitration,Mystery Audit,Audit and Assurance ,44AD,Income tax return filing,Service tax return Filing ,VAT registration,Company registration,Partnership deed,Settlement Of accounts,Loan papers,Loan Facilitation ,Charitable Trust,Assessment procedure,TDS,Income from Other Sorces,Salary return,Investment ,Insurance,Foriegn Direct Investment,High Court Appeal Khanna & Associates LLP – Legal & Financial Consultants

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TAN Cancellation/Surrendering Procedure -Khanna & Associates LLP

Khanna and Associates is offering services to our vast experience in this domain, we are engaged in offering Income Tax Return Preparation and Filling Services. . We provide service tax filing and service tax return preparation services. We render flawless and highly beneficial financial consultancy. The professionals employed by our firm hold expertise in rendering these effectual finance & Corporate services.

 A Complete Guide/Procedure to Cancellation/Surrendering of TAN

It can be done in two situations:-

• CASE 1- Where duplicate TAN has been allotted;
• CASE 2 – Where TAN allotted, is not required anymore by the assessee/deductor.

In CASE – 1:- the deductor has to approach the NSDL for cancellation of the ‘Duplicate –Unused TAN. For this, an application Form, which is applicable for ‘Changes & Correction of TAN’ needs to be used. The same can be downloaded from the NSDL website and is also available with TIN-FCs/other vendors. The application can be made online as well as in physical form. In this way, the ‘Duplicate TAN can be cancelled.

In Case 2:- the deductor has to make an application with the jurisdictional A.O. (TDS), on a plain paper, requesting for cancellation of TAN and state reasons for such a request.

Cancellation Procedure Prescribed by NSDL

In case duplicate TAN has been allotted, which TAN should be used?

In case duplicate TANs have been allotted, the TAN which has been used regularly should be used. The rest of the TANs should be surrendered for cancellation using “Form for Changes or Correction in TAN” which can be downloaded from the website of NSDL (http://tin.nsdl.com).

The TAN can be cancelled by following procedure:

• Go to http://tin.nsdl.com.
• Download the form “Form for Changes or Correction in TAN”
• Fill up properly and indicate TAN numbers you want to cancel in point 6 of the Form.

What do we have to do if we have been allotted a duplicate TAN by oversight?

In case duplicate TAN has been allotted, an application may be made for cancellation of the TAN which has not been used in the “Form for Changes or Correction in TAN” which can be downloaded from the website of NSDL (http://tin.nsdl.com) or printed by local printers or obtained from any other source. The application is also available at TIN Facilitation Centres.

 

 

 

   STEPS FOR ONLINE APPLICATION

1. Applicant will fill TAN Change Request form online and submit the form.
2. If the data submitted fails in any format level validation, a response indicating the error(s) will be displayed on the screen.
3. The applicant shall rectify the error(s) and re-submit the form.
4. If there are no format level error(s) a confirmation screen with data filled by the applicant will be displayed.
5. If the applicant requires any amendment to this data, it can choose the edit option, else it shall choose the confirm option.
6. For Changes or Correction in TAN data, fill all mandatory fields (marked with *) of the Form and select the corresponding box on left margin of appropriate field where correction is required.
7. TAN change request can be made for ‘change of category of the applicant’ only if category is erroneously mentioned in the Income Tax Department (ITD) TAN database. For example if ABC Ltd. is categorised as ‘Firm’ in ITD TAN database the category can be changed to ‘Company’ which is the correct category.
8. For Cancellation of TAN, fill all mandatory fields in the Form, enter TAN to be cancelled in Item No.6 of the Form and select the check box on left margin. TAN to be cancelled should not be same as TAN (the one currently used) mentioned at the top of the Form.

 

                    PAYMENT

1. Fee can be paid either by
   • demand draft or
   • cheque or
   • credit card / debit card or
   • net banking.
2. Demand draft / cheque shall be in favor of ‘NSDL – TIN’.

• Name of the applicant and the acknowledgment number should be mentioned on the reverse of the demand draft / cheque.

1. Demand draft shall be payable at Mumbai (to be sent to NSDL).
2. Applicants making payment by cheque shall deposit a local cheque (drawn on any bank) with any HDFC Bank branch across the country (except Dahej). The applicant shall mention TANNSDL on the deposit slip. List of HDFC Bank branches.
3. Credit Card / Debit Card / Net Banking payment

 Facility of making payment by credit card / debit card / net banking is not available for below mentioned categories:-

Central Government / State Government and                 –   Statutory / Autonomous Bodies

 

Persons authorised to make credit card / debit card / net banking payment for other categories are as below:

 

Category of applicant     Authorised person whose credit card / debit card / net banking can be used for making the payment

 

• Company/Branch/Division of a company =Any Director of the Company
• Individual (Sole Proprietorship) / Branch of Individual Business= Self Hindu Undivided Family (HUF)Karta
• Firm / Branch of Firm = Any partner of the firm

Association of Persons/Body of Individuals/ Association of Persons (Trusts)/Artificial Juridical Person      Authorised signatory covered under section 140 of Income Tax Act, 1961

 

• Applicants making payment of application fee using credit card / debit card will be charged an additional charge of up to 2% (plus applicable taxes) of application fee by the bank providing payment gateway facility.
• Applicants making payment through Net Banking facility will be charged an additional surcharge + service tax for payment gateway facility.
• On successful credit card / debit card / net banking payment, acknowledgment will be displayed. Applicant shall save and print the acknowledgment and send to NSDL as mentioned in point ‘V – Mode of Submission of Documents’ below.
• Applicant shall select appropriate mode of payment and fill relevant details in the application.

     ACKNOWLEDGMENT

On confirmation, and in case of credit card / debit card / net banking payment on successful payment an acknowledgment screen will be displayed. The acknowledgment consists of:

 

• A unique 14-digit acknowledgment number
• Status of applicant
• Name of applicant
• Contact details (address, e-mail and telephone number)
• Payment details
• Space for signature

Acknowledgment will also indicate fields in which change requested.

• Applicant shall save and print this acknowledgment.
• Signature / Left thumb impression should only be within the box provided in the acknowledgment. In case of applicants other than ‘Individuals’, the authorised signatory shall sign the acknowledgment.
• Left hand thumb impression, if used, should be attested by a Magistrate or a Notary Public or Gazetted Officer, under official seal and stamp.

KHANNA & ASSOCIATES is a full service Law Firm handling all legal matters on Civil, Criminal, Business, Commercial, Corporate, Arbitration , Labor & Service subjects in law, in all courts  as well  as Tribunals. An individualized service by members with decades of experience  to ensures  total satisfaction to the clients.

We Provide services are:

• Accounting Services
• Auditing & Assurance Services
• Advisory Services
• Business Services
• Corporate Services
• International Services
• Financial & Corporate Services
• Foriegn Exchange Services
• STPI Services
• Taxation Services
• Trademark & Copyright Related Services
• NRI Related Services
• Corporate Governance Services
• Service Tax

 

 

Contact Us:

• http://www.khannaandassociates.com
• http://www.cafirm.khannaandassociates.com
• http://www.bestdivorcelawyer.in
• http://www.domesticviolence.co.in

IN-+91-946160007

US-+1-80151-20200

• info@khannaandassociates.com
• cafirm.khannaandassociates@gmail.com

 

Chartered Accountant, cpa us, cpa india,ca injaipur,cafirm jaipur,cafirm in india,best cafirm in jaipur/rajasthan/india ,best chartered accountant, Income tax lawyer,Incometax advocate,tax advocate ,rectification under 154,intimation under section 143(1), Tax raid,External Commercial Borrowing,International Arbitration,Mystery Audit,Audit and Assurance ,44AD,Income tax return filing,Service tax return Filing ,VAT registration,Company registration,Partnership deed,Settlement Of accounts,Loan papers,Loan Facilitation ,Charitable Trust,Assessment procedure,TDS,Income from Other Sorces,Salary return,Investment ,Insurance,Foriegn Direct Investment,High Court Appeal Khanna & Associates LLP – Legal & Financial Consultants

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Best-Advisory-Portal-Of-Co-operative-Society-Audit-in-India, Best-Advisory-Portal-Of-Co-operative-Society-Audit-in-Jaipur, Best-Bank-Audit-Process-in-India, Best-Bank-Audit-Process-in-Jaipur, Best-Bank-Audit-Process-in-Rajasthan, Best-Bank-Audit-Provider-in-India, Best-Bank-Audit-Provider-in-Jaipur, Best-Bank-Audit-Provider-in-Rajasthan, Best-Bank-Audit-service-in-India, Best-Bank-Audit-service-in-Jaipur, Best-Bank-Audit-service-in-Rajasthan, Best-C-Excise-Duty-Taxtion- in-India, Best-C-Excise-Duty-Taxtion- in-Jaipur, Best-C-Excise-Duty-Taxtion- in-Rajasthan, Best-CA-Firm-For-Virtual-Accounting-Offshore-Accounting-Services-in-India, Best-CA-Firm-For-Virtual-Accounting-Offshore-Accounting-Services-in-Jaipur, Best-CA-For-Compliance-Auditing-in-India, Best-CA-For-Compliance-Auditing-in-Jaipur, Best-Chartered Accountant-For-Accounts-outsourcing-Process-India, Best-Chartered Accountant-For-Accounts-outsourcing-Process-Rajasthan, Best-Chartered-Accountant-External-Audit-in-India, Best-Chartered-Accountant-External-Audit-in-Jaipur, Best-Chartered-Accountant-External-Audit-in-Rajasthan, Best-Chartered-Accountant-Firm-For-Payroll-Services-Solution-in-India, Best-Chartered-Accountant-Firm-For-Payroll-Services-Solution-in-Jaipur, Best-Chartered-Accountant-Firm-For-Payroll-Services-Solution-in-Rajasthan, Best-Chartered-Accountant-For-Co-operative-Society-Auditing-Reporting-Process-in-India, Best-Chartered-Accountant-For-Co-operative-Society-Auditing-Reporting-Process-in-jaipur, Best-Chartered-Accountant-For-Compliance-Auditing-in-India, Best-Chartered-Accountant-For-Compliance-Auditing-in-Jaipur, Best-Chartered-Accountant-For-Compliance-Auditing-in-Rajasthan, Best-Chartered-Accountant-For-DTAA-Compliance-Provider-in-India, Best-Chartered-Accountant-For-DTAA-Compliance-Provider-in-Jaipur, Best-Chartered-Accountant-For-DTAA-Compliance-Provider-in-Rajasthan, Best-Chartered-Accountant-For-International-Ac-ounting-and-Cross-Border-Taxation-services-in-India, Best-Chartered-Accountant-For-International-Ac-ounting-and-Cross-Border-Taxation-services-in-Jaipur, Best-Chartered-Accountant-For-International-accounting-Trasfer-Pricing-compliance-law-in-India, Best-Chartered-Accountant-For-Payroll-Services-in-India, Best-Chartered-Accountant-For-Payroll-Services-in-Jaipur, Best-Chartered-Accountant-For-Payroll-Services-in-Rajasthan, Best-Chartered-Accountant-For-Virtual-Accounting-Offshore-Accounting-Services-in-India, Best-Chartered-Accountant-For-Virtual-Accounting-Offshore-Accounting-Services-in-Jaipur, Best-Company-Secretary-For-Compliance-Auditing-in-India, Best-Company-Secretary-For-Compliance-Auditing-in-Jaipur, Best-Company-Secretary-For-Compliance-Auditing-in-Rajasthan, Best-consultancy-in-India, Best-consultancy-in-Jaipur, Best-External-Audit-Portal-in-India, Best-External-Audit-Portal-in-Jaipur, Best-External-Audit-Reporting-in-India, Best-External-Audit-Reporting-in-Jaipur, Best-Firm-For-Co-operative-Society-Auditing-service-in-India, Best-Firm-For-Co-operative-Society-Auditing-service-in-Jaipur, Best-Firm-For-Co-operative-Society-Auditing-service-in-world, Best-firms-For-Financial-Corporate-Advisory-Services-in-India, Best-firms-For-Financial-Corporate-Advisory-Services-in-jaipur, Best-Firms-Internal-Audit-service-in-India, Best-Firms-Internal-Audit-service-in-Jaipur, Best-Firms-Internal-Audit-service-in-Rajasthan, Best-Provider-For-Corporate-Laws-Corporate-Advisory-Services-in-India, Best-Provider-For-Corporate-Laws-Corporate-Advisory-Services-in-Jaipur, Best-Provider-For-Corporate-Laws-Corporate-Advisory-Services-in-Rajasthan, Best-Reporting-Internal-Audit-Management-in-Inidia, Best-Reporting-Internal-Audit-Management-in-Jaipur, Best-Statutory-Audit-Advisory-in-India, Best-Statutory-Audit-Advisory-in-Jaipur, Best-Statutory-Audit-Reporting-in-India, Best-Statutory-Audit-Reporting-in-Jaipur, Best-Statutory-Auditing-service-in-India, Best-Statutory-Auditing-service-in-Jaipur, Best-Statutory-Auditing-service-in-Rajasthan, Best-Taxation-In-India, Best-Taxation-In-Jaipur, Best-Taxation-In-Rajasthan, BooKkeeping-Accounting-Services-in-Jaipur, BooKkeeping-Accounting-Services-in-Rajasthan, BooKkeeping-Accounting-Services-India, BooKkeeping-services-in-India, BooKkeeping-services-in-Jaipur, BookKeeping-services-in-Rajasthan, Center-Excise-Duty-Taxtion- in-India, Center-Excise-Duty-Taxtion- in-Jaipur, Center-Excise-Duty-Taxtion- in-Rajasthan, Central-Excise-Duty-and-Tax-Related-service-in-India, Central-Excise-Duty-and-Tax-Related-service-in-Jaipur, Central-Excise-Duty-and-Tax-Related-service-in-Rajasthan, Co-operative-Society-Auditing-Reporting-Process-Advisory-in-India, Co-operative-Society-Auditing-Reporting-Process-Advisory-in-Jaipur, Co-operative-Society-Auditing-service-in-india, Co-operative-Society-Auditing-service-in-Jaipur, Co-operative-Society-Auditing-service-in-Rajasthan, Compliance-Auditing-Services-in-India, Compliance-Auditing-Services-in-Jaipur, Compliance-Provider-for-IA-and-CBT-in-India, Compliance-Regarding-Authority-For-Advance-Rulling, Compliance-Services-In-India, Compliance-Services-In-Jaipur, Compliance-Services-In-Rajasthan, Corporate-Laws-Corporate-Advisory-Services-in-India, Corporate-Laws-Corporate-Advisory-Services-in-Jaipur, Corporate-Laws-Corporate-Advisory-Services-in-Rajasthan, Cross-Border-Taxation-and-Trasfer-Pricing-Services-in-India, Custom-tax-consultancy-in-India, Custom-tax-consultancy-in-Jaipur, Custom-tax-Service-in-India, Custom-tax-Service-in-Jaipur, Digital-Signature-certification-Apply-in-Jaipur, Digital-Signature-Certification-in-India, Dispute-Resolution-By-Arbitration-in-India, Double-Taxation-Avoidance-Agreement-DTAA-Compliance-law-in-India, Double-Taxation-Avoidance-Agreement-DTAA-in-India, Double-Taxation-Avoidance-Agreement-DTAA-in-Jaipur, Double-Taxation-Avoidance-Agreement-DTAA-Process-in-India, Double-Taxation-Avoidance-Agreement-DTAA-Process-in-Jaipur, Double-Taxation-Avoidance-Agreement-DTAA-Related-Services-in-India, DSC-Application-in-Jaipur, DSC-Application-Precedure-in-India, DSC-Application-Precedure-in-Rajasthan, DSC-Certifiacation-in-India, DSC-Certifiacation-in-Jaipur, DSC-Certifiacation-in-Rajasthan, DSC-Registration-in-India, DSC-Registration-in-Jaipur, DTAA-Compliance-Provider-in-India, DTAA-Compliance-Provider-in-Jaipur, ECBs-Related-service-in-india, ECBs-service-in-India, ECBs-service-in-Jaipur, ECBs-service-in-Rajasthan, Excise-Duty-Managememt-in-Jaipur, Excise-Duty-Management-in-India, External-Audit-Compliance-in-India, External-Audit-Compliance-in-Jaipur, External-Audit-Process-in-India, External-Audit-service-in-india, External-Audit-service-in-Jaipur, External-Audit-service-in-Rajasthan, EXTERNAL-COMMERCIAL-BORROWINGS-Related-Services-in-Jaiur, Formation-of-OPC-in-India, Formation-of-OPC-in-Jaipur, Formation-of-OPC-in-Rajasthan, Good-and-Service-Tax-( GST)-in-India, Good-and-Service-Tax-( GST)-Portal-in-India, GST-Law-in-India, GST-Learning-service-in-India, GST-Learning-service-in-Jaipur, GST-service-in-India, HOW-Bank-Audit-Process-in-India, How-to-Calculate-Excise-Duty-in-India, How-to-Deal-with-Custom-tax-in-India, How-to-Deal-with-Custom-tax-in-Jaipur, How-to-Managet-Custom-tax-in-India, How-to-Managment-Custom-tax-in-Jaipur, How-to-pay-Excise-Duty-in-India, How-to-pay-Excise-Duty-in-Jaipur, Hw-to-Calculate-Excise-Duty-in-Jaipur, IA-and-Cross-Border-Taxation-services-in-India, IA-Compliance-Provider-in-Jaipur, IA-Compliance-Provider-in-Rajasthan, IA-Service-Provider-in-India, IA-Service-Provider-in-Jaipur, Incorporation-OPC- in-India, Incorporation-OPC- in-Jaipur, Incorporation-OPC- in-Rajasthan, Internal-Audit-service-in-India, Internal-Audit-service-in-Jaipur, Internal-Audit-service-in-Rajasthan, Internationa- Accounting-&-Taxation-Services-in-India, Internationa- Accounting-&-Taxation-Services-in-Jaipur, International-accounting-and-Applicable law-in-india, International-accounting-and-Cross-Border-Taxation-services-in-India, International-accounting-and-Cross-Border-Taxation-services-in-Jaipur, International-accounting-and-Taxation-in-india, International-accounting-Applicable-Law-Advisory-in-India, International-accounting-Applicable-Law-Advisory-in-Jaipur, International-Accounting-compliance-in-India, International-Accounting-compliance-in-Jaipur, International-Accounting-Compliance-Provider-in-India, International-Accounting-Compliance-Provider-in-Jaipur, International-Accounting-Compliance-Provider-in-Rajasthan, Managment-Custom-tax-in-India, Managment-Custom-tax-in-Jaipur, Payroll-Service-Portal-in-India, Payroll-Service-Portal-in-Jaipur, Payroll-Service-Provider-in-India, Payroll-Service-Provider-in-Jaipur, Payroll-Service-Solution-in-India, Payroll-Service-Solution-in-Jaipur, Payroll-Service-Solution-in-Rajasthan, Practices-Regarding-to-Arbitration-in-India, Practices-Regarding-to-Arbitration-in-Jaipur, Registration-OPC- in-India, Registration-OPC- in-Jaipur, Registration-OPC- in-Rajasthan, Reporting-Internal-Audit-Provider-in-Inidia, Reporting-Internal-Audit-Provider-in-Jaipur, Reporting-Internal-Audit-Provider-in-Rajasthan, Service-for-TP-in-India, Services-Provider-for-ECBs-in-Jaipur, Startup-in-India, Startup-in-Jaipur, Startup-in-Rajasthan, Statutory-Audit-Reporting-MG-in-India, Statutory-Audit-Reporting-MG-in-Jaipur, Statutory-Auditing-service-in-india, Statutory-Auditing-service-in-Jaipur, Statutory-Auditing-service-in-Rajasthan, Tax-Management-Services-for-ECBs-in-india, Tax-Managment-Services-for-ECBs-in-India, Taxation-Related-service-In-India, Taxation-Related-service-In-Jaipur, Taxation-Related-service-In-Rajasthan, Taxation-Related-service, Virtual-Accounting-Offshore-Accounting-Services-in-India, UK-Taxation, US-Taxation, Victim-of-498a-misuse, ,

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