Monthly Archives: April 2018

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THINGS SHOULDN’T BE MISS WHILE FILLING NEW ITR’S FORM

www.carajput.com; Tax return

www.carajput.com; Tax return

Increased focus on E-assessments to avoid tax evasion

The Government’s focus on e-assessments is an effort to use information technology to effectively assess tax returns and fix tax compliance issues. The new income tax return (ITR) forms for financial year (FY) 2017-18 attempts to digitally collect as much information as possible, to process the tax returns efficiently.

Tenant’s PAN mandatory

The new ITR-2 form requires tax payers to furnish the PAN of the tenant while providing details of income from house property, if available. Providing this detail was optional till FY 2016-17. This move should give more data to the Revenue Authorities to enable them to reconcile the PAN of the tenant and the landlord, where an exemption for House Rent Allowance (HRA) is claimed, since employees need to furnish PAN of their landlord to the employer.
The new forms also requires the PAN of the tenant to be furnished (in the TDS Schedule) by landlords, since individual tenants paying rent in excess of Rs 50,000 are required to deduct tax at source from FY 2017-18 onwards.

New ITR-1 (Sahaj) only for Ordinary Resident Of india

Similar to last year, Form ITR-1 (Sahaj) can be filed by individual taxpayers who have Income from salaries, one house property, other sources (interest etc.) and whose income is less than Rs 50 lakh. This is a simplified form, but can be used only by an Ordinary Resident (OR) in India. By removing Non-Resident (NR) and Not Ordinarily Resident (NOR) taxpayers from the scope of ITR-1, the Revenue Authorities have made sure that all the returns filed under ITR-1 are simple and have the same scope of income. This should help the authorities process these returns faster.

Additional details required in ITR -1- on ‘Income from Salaries’ and ‘Income from House Property’

The new ITR-1 seeks additional details on ‘Income from Salaries’ and ‘Income from House Property’ which were not required to be furnished last year. Tax payers would now be required to provide the breakup of salary, for example taxable allowances, value of perquisites, deduction for professional tax etc., and details of income from house property such as gross rent received, tax paid on property, interest payable etc. This would give a better picture of how income from these heads have been computed.

New ITR form Like ITR-2 and ITR-3

The new ITR-2 form can be used by individuals and Hindu Undivided Families (HUFs) who do not have any income from business or profession, unlike last year where information regarding partnership firm could be furnished in ITR-2 itself. This change has separated the taxpayers with any kind of income from business or profession, who would now be required to file either form ITR-3 or ITR-4-Sugam, which require extensive details to be furnished. Individuals qualifying as NR can receive their refund in a foreign bank account, by providing the details of any one foreign bank account in the new ITR-2 form, which specifically mentions the same.

Required to fill Schedule Foreign Assets

Applicability Of Schedule Foreign Assets: If an individual (not being a citizen of India) is in India for a business purpose, employment or student visa purposes and he acquires any asset during the previous year in which he was a non-resident, such asset shall not be required to be reported in Schedule FA – details of foreign assets and income if no income is derived from that asset during the current previous year. That means the requirement to fulfill schedule FA is only for Resident Indian who is having Income from any sources outside India, or signing authority in any account located outside India.

Report in Schedule ICDS?

Earlier there was two accounting standard for Income tax purpose:

  • Method of Accounting
  • Method of Valuation Of Stock

But from Current Assessment year 2017-18 Department introduced some new

Accounting standards and impact of these standards has to be disclosed by assessee while uploading return in schedule ICDS.

Effect of Income Computation Disclosure Standards on Profit (Reporting Under Schedule ICDS):

  • Accounting Policies
  • Valuation of Inventory
  • Construction Contract
  • Revenue Recognition
  • Tangible Fixed Assets
  • Change in Foreign Exchange Rates
  • Government Grants
  • Securities
  • Borrowing Cost
  • Provisions, Contingent Liabilities and Contingent Assets

Penalty for belated ITR

As per the Finance Act 2017, taxpayers would need to pay a fee of Rs 5,000, if their tax return is filed after the due date (i.e., 31 July) and before 31 December of the subsequent FY. The fee payable would be Rs 10,000 if the tax return is filed after 31 December of the subsequent FY. The new ITRs have appropriate space to capture this information wherever applicable. Taxpayers should be mindful of this change, as till FY 2016-17, there was no fee payable for delay in filing of tax return till the end of the subsequent FY (i.e., 31 March). This would ensure that tax returns are filed in a timely manner and the Revenue Authorities have adequate time to process the same.

Person signing the tax return needs to declare in what capacity he is filing the tax return,

Verification in the new ITR forms have added a new line, where the person signing the tax return needs to declare in what capacity he is filing the tax return and that he is competent to prepare the return and verify it. This puts more onus on persons preparing and filing the tax return by ensuring that they confirm the information submitted through the tax return. The previous forms only asked taxpayers to verify that the information submitted through the tax return is correct.

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

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corporate and professional updates 26th April 2018

Image result for corporate and professionalDirect Tax:

  • Andhra Pradesh HC confirms ITAT order, holds that allowances paid to employees deputed to UK by assessee (software developer) is taxable as perquisite u/s 17 (2) subject to tax deduction at source, disallows claim for exemption u/s 10(14); Notes that allowances represented lumpsum payment to employees by way of conferring additional advantage in order to meet the high cost towards accommodation and other personal expenditure, thus holds that such expenditure cannot be treated as having been incurred in connection with discharge of their duties within the meaning of Sec 10 (14). [TS-643-HC-2017(AP)]
  • Delhi HC reverses ITAT order to allow deduction of liquidated damages paid by the assessee for cancelling earlier agreement to sell immovable property, as expenditure incurred wholly and exclusively in connection with transfer u/s 48(i). [TS-198-HC-2018(DEL)]
  • Income tax department has asked country’s top lenders including SBI, HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank to pay tax that could run into thousands of crores, on ‘free services’ provided to customers maintaining a minimum account balance, with retrospective effect.

Indirect Tax:

  • CESTAT Delhi held that Excise not leviable on scrap not emerging due to a process of manufacture. M/s Varun Beverages Limited Vs. CCE&ST (CESTAT Delhi)
  • International fliers buying goods from duty free shops at Delhi’s IGI Airport will have to pay GST. Shops are within the territory of India under GST Act cited by Authority for Advance Ruling

 FAQ on E-WAY BILLS:

  • Query: If the vehicle, in which goods are being transported, having e-way bill is changed, then what has to be done?
  • Answer: The e-way bill for transportation of goods always should have the vehicle number that is physically carrying the goods. There may be requirement to change the vehicle number after generating the e-way bill or after commencement of movement of goods due to transhipment or due to breakdown of vehicle. In such cases, the transporter or generator of the e-way bill can update the changed vehicle number.

MCA update

  • MCA Forms CHG-1 and MGT-7 are likely to be revised on MCA21 Company Forms Download page w.e.f 13th April 2018. Stakeholders are advised to check the latest version before filing.
  • The IBBI has issued a Circular to clarify the situation when the Disciplinary Proceeding shall be treated as Commenced for the Insolvency Professional.

RBI updates

  • RBI recent crackdown on crypto currencies has left investors, traders, and crypto exchanges in a fix, prompting them to tap alternative means to convert their crypto currency into rupees and exposing them to the risk of losing their holdings.

SEBI updates

  • SEBI is once again caught on the wrong foot, and this time for one of its recent circulars that made public names of over 2,000 entities, which have defaulted on its dues.

Key dates:

  • GSTR-1 for the taxpayers with annual turnover up to Rs 1.5 cr for the January to March on Quarterly basis: 30.04.2018
  • Payment of TDS/TCS collected in March: 30.04.2018
  • E-filing of form 15G/H for March Quarter: 30.04.2018.

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

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Corporate and Professional Updates 23rd April 2018

Image result for corporate and professional

Direct Tax:

  • Bombay High Court held that income in respect of sale of flats by assessee, a builder and developer accrued when possession of flat was given and not when allotment letter was issued[TS-186-HC-2018(BOM)]
  • ITAT dismisses Revenue’s miscellaneous petition for AY 2010-11 claiming that ITAT did not adjudicate on ground relating to Information Technology Enabled Services (ITES); Notes that ITAT in original order had ruled upon the applicability of Related Party Transaction (RPT) filter relating to ITES segment; Thus, ITAT does not find merit in Revenue’s contention [TS-254-ITAT-2018(B ang)-TP]
  • ITAT dismisses, as withdrawn, Revenue’s appeal and Wells Fargo India’s cross appeals in light of resolution under APA for AY 2011-12; Considers letter submitted by AO to CIT(DR) that AY 2011-12 formed part of the rollback years for which APA was signed agreeing to operating margin of not less than 18% which assessee complied with for subject AY; Thus, ITAT states that “appeal of the Revenue as well as the Cross Objection of the assessee are dismissed as withdrawn” [TS-251-ITAT-2018(H YD)-TP]
  • ITR-1 form has been activated on the official e-filing portal of the Income Tax Department. The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website.
  • CBDT has issued a sternly worded directive dated 16th April 2018 stating that a number of complaints are being received in the Tax Payer Services Directorate regarding harassment, misconduct and high handedness of Officers and staff.
  • ITAT Delhi in Meenu Goel vs. ITO has held that capital gains from penny stocks cannot be assessed as unexplained cash credit u/s 68 if the assessee has produced documentary evidence to prove the source, identity and genuineness of the transaction and the AO has not found any fault with it.

INDIRECT TAX

  • CESTAT Delhi held the finished products which are different types of food preparations and are new marketable products and are liable to excise duty subject to due classification as available in the Central Excise Tariff.M/s Bharat Hotel Limited Vs CCE (CESTAT Delhi)
  • CBEC has issued a circular, regarding Reduction of litigation in Central Excise and Service Tax by amending instruction for legacy matters and approval to extend withdrawal on the basis of identical matters.
  • CBIC clarified that LUT shall be deemed to be accepted on Generation of ARN, No documents required to be physically submitted to Jurisdictional Office.

FAQ on E-WAY BILLS:

  • Query: What has to be done by the transporter if consignee is refusing to take goods or rejects the goods for quality reason?
  • Answer: There is a chance that consignee or recipient may reject to take the delivery of consignment due to various reasons. Under such circumstance, the transporter can get one more e-way bill generated with the help of supplier or recipient by indicating supply as ‘Sales Return’ and with relevant document details and return the goods to supplier as per his agreement with him.

Other updates

  • The Payment of Gratuity (Amendment) Bill, 2018 has come into force on 29th March, 2018. The Act has increased the maximum limit of gratuity for private and public-sector employees from Rs 10 lakhs to Rs 20 lakhs.

Key Dates:

  • Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores-GSTR-1– 30-04-2018
  • Turnover exceeding Rs. 1.5 Crores or opted to file monthly Return-GSTR-1- 10-05-2018
  • Due date for filling of GSTR-6– 31 . may . 2018
  • Due date for filling GST TRAN-2- 30.06.2018

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

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Corporate and Professional Updates 22nd April 2018

Image result for corporate and professional

Direct Tax:

  • ITAT Hyderabad held that Deduction u/s. 80C allowable on Principal Loan payment for residential flat irrespective of its use. It further held that they have gone through the certificate issued by the Bank of India and find that the loan is given for purchase of a flat. The nature of the said flat purchased by the assessee, is not mentioned in the certificate. It could be a residential flat also. In view of the same, they deem it fit and proper to remand this issue to the file of the assessing officer with a direction to verify the nature of the property, and if it is found to be a residential property purchased by the assessee against which the assessee has been given loan by the Bank of India, then irrespective of the use of the building, the claim of deduction under section 80C of the Act shall be allowed in respect of the repayment of the principal amount, of course subject to the maximum limit. {A. Ashok Simha Reddy Vs. DCIT (ITAT Hyderabad)}
  • ITAT Delhi held that  292B cannot save Assessment order passed without Notice u/s 143(2) [Income Tax Officer Vs. Sh. Neeraj Goel (ITAT Delhi)]
  • Income Tax Department warns salaried employees against filing wrong ITRs- Cautioning prosecution, employers also to be intimated.Press Trust of India.

Indirect Tax:

  • CESTAT Delhi held that Since the training courses conducted by IIPM do not result in award of any certificate/ Diploma/ Degree or any other educational qualification recognized by the law being in force, the activity will fall under the category of Section 65 (105) (zzc) of the Act and is a taxable service liable to payment of Service Tax. {C.S.T. Service Tax, Delhi Vs Indian Institute of Planning & Management (CESTAT Delhi)}
  • E-Way Bill system for intra-state movement of goods wef 20.4.18 in Bihar, Jharkhand, Haryana, Himachal Pradesh, Tripura & Uttarakhand.
  • GST: Procedure for interception, detention, release/seizure of goods & vehicle without e-way bill. E-way bill no. on Invoice sufficient. Its printout not must. Number available on sms or otherwise also valid. Circular 41/15/2018-GST of 13.04.2018.

FAQ on E-WAY BILLS:

  • Query:What has to be done, if the validity of the e-way bill expires?
  • Answer: If validity of the e-way bill expires, the goods are not supposed to be moved. However, under circumstance of ‘exceptional nature’, the generator of the e-way bill can generate another e-way bill, by entering the e-way bill number and part-B. Now, the system generates the new e-way bill with part-A information of previous e-way bill and new Part-B information.

RBI updates

  • RBI has issued a notification w.r.t Liberalised Remittance Scheme (LRS) for Resident Individuals and daily reporting of transactions. Currently, transactions under Liberalised Remittance Scheme (LRS) are being permitted by AD banks based on the declaration made by the remitter.

Other updates

  • DGFT has launched of facility to check status of Importer Exporter Code (IEC) application made to DGFT by the stakeholders. As IEC is ready for Import/ Export of goods only after IEC details get successfully registered at DGFT and accepted by ICEGATE (Customs).

Key Dates:

  • Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores-GSTR-1– 30-04-2018
  • Turnover exceeding Rs. 1.5 Crores or opted to file monthly Return-GSTR-1- 10-05-2018
  • Due date for filling of GSTR-6– 31 . may . 2018
  • Due date for filling GST TRAN-2- 30.06.2018

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

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Corporate and Professional Updates 19th April 2018

Image result for corporate and professionalDirect Tax:

  • Mumbai ITAT held that assessee was an amateur cricketer and was employed with a reputed company from whom he got salary, observes that “He played the game of cricket for India as his passion and the receipts of the net proceeds for the benefit match was only in the nature of appreciation of his personal achievements and talent and thus, cannot be brought to tax” the proceeds from benefit match were in the nature of award and not related to the assessee  profession, remarks that such receipts are specifically exempted by CBDT circular No. 477 dated 22.01.1986. [TS-182-ITAT-2018( MUM)]
  • ITAT remits issue of assessee’s claim of working capital adjustment back to AO/TPO for AY 2004-05; Notes that CIT(A) had allowed the working capital adjustment observing that in subsequent AYs, TPO himself had allowed assessee’s working capital adjustment claim while calculating the comparables’ average profit margins; Further, noting that assessee had no objection to Revenue’s contention to remit the issue back to AO/TPO, ITAT sets aside this issue back to the file of the TPO/AO for verification of the calculations given by the assessee for the working capital adjustment and decide the issue for claim of the assessee on account of working capital adjustment on the same lines as had been done in the subsequent assessment years. [TS-249-ITAT-2018( DEL)-TP]
  • CBDT invites comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5, for improving transparency in tax rulings on Permanent Establishment (PE).

Indirect tax

  • GST: No need for Composition Suppliers to furnish data of Inward supplies from registered persons(4A of Table 4 of GSTR-4). Press Release MOF, 17.4.18.
  • E-way bill no. on Invoice sufficient. Its printout not must. Number available on sms or otherwise also valid. Circular 41/15/2018-GST of 13.4.18.
  • GST: Procedure for interception, detention, release/seizure of goods & vehicle without e-way bill. Circular 41/15/2018-GST of 13.04.2018

FAQ on E-WAY BILLS:

  • Query:How to generate e-way bill for multiple invoices belonging to same consignor and consignee?
  • Answer: If multiple invoices are issued by the supplier to recipient, that is, for movement of goods of more than one invoice of same consignor and consignee, multiple EWBs have to be generated. That is, for each invoice, one EWB has to be generated, irrespective of same or different consignors or consignees are involved. Multiple invoices cannot be clubbed to generate one EWB. However after generating all these EWBs, one Consolidated EWB can be prepared for transportation purpose, if they are going in one vehicle.

MCA Update:

  • MCA informs that Forms 20B and DPT3 are likely to be revised on MCA21 Company Forms Download page w.e.f 18th APRIL 2018. Stakeholders are advised to check the latest version before filing.
  • MCA issues The Companies (Share Capital and Debentures) Amendment Rules, 2018. MCA Notification dated 10.04.2018.
  • The Government fixed minimum overseas capital requirement for certain class of unregistered and unregulated entities offering financial services under the foreign direct investment regime.

Key Dates:

  • Due date for filling of GSTR-4 (for composition dealers Quarterly Return)-18.04.2018
  • Due date for filling GSTR-3B  for March 2018- 20.04.2018

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at https://carajput.com/blog/For any query you can write to info@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 480)

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

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Corporate and Professional Updates 17th April 2018

Image result for CORPORATE AND PROFESSIONALDirect Tax:

  • Kolkata ITAT grants exemption u/s 54 to assessee (an individual) for AY 2010-11, rules that mere availing of housing loan from bank cannot justify denial of exemption u/s 54 when the primary conditions for exemption have been satisfied ; Revenue denied benefit u/s 54 on the ground that assessee had obtain house building loan and capital gains earned from sale of residential units were not invested in new residential unit; Notes that assessee sold his residential units during FY 2009-10 and purchased a new residential flat whose possession was received in June, 2010, thus clarifies that the transaction was well within time stipulated u/s. 54.  [TS-176-ITAT-2018(Kol)]
  • Allahabad High Court held that Deemed dividend u/s 2(22)(e) not attracted in absence of ‘actual’ payment. [TS-179-HC-2018(ALL)]

Indirect Tax:

  • Central Board of Indirect Taxes and Customs gives clarification on the queriesregarding processing of refund applications for UIN agencies.
  • E-Way Bill system for Intra-State movement of goods, has been implemented from 15.04.18 for the States of Andhra Pradesh, Gujarat, Kerala, Telangana & Uttar Pradesh.
  • Last date for submitting GSTR 3b and payment of taxes for March 2018 is 20th April 2018.
  • The Central Board of Indirect Taxes and Customs, inter-alia, lays down procedure for recovery of central excise duty / service tax and CENVAT credit thereof riasing out of proceedings under existing law, unless recovered thereunder, and that of inadmissible transitional credit, as “arrears of tax” under CGST Act. Circular No. 42/16/2018-GST DT 13/04/2018.
  • CBIC has issued Circular, clarifying the various procedures for interception of conveyances, etc. in the light on compulsory introduction of e-way for inter-state movement of goods w.e.f April 1, 2018 and intra-state movement of goods Circular No. 41/15/2018-GST dt 13/04/2018.
  • GST Rate of Rubber Wood is 18%: In an order by the Authority for Advance Ruling, ( AAR ) Kerala, the authority clarified that rate of GST on rubber wood as 18% under the HSN4403

FAQ on E-WAY BILLS:

  • Query: How to generate the e-way bill from different registered business places?
  • Answer: The registered person can generate the e-way bill from his account from any registered business place. However, he/she needs to enter the address accordingly in the e-way bill. He/she can also create multiple sub-users and assigned to these places and generate the e-way bills accordingly.

MCA updates

  • It is proposed to amend Companies (Registration Offices and Fees) Rules 2014 to levy additional fee @Rs.100 per day for filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013. Once notified, the additional fee @Rs.100 per day (beyond  the normal date of filing) shall become payable in respect of 23AC, 23ACA, 23AC XBRL, 23ACA XBRL, 20B, 21A, MGT-7, AOC-4, AOC-4 XBRL and AOC-4 CFS.

Key Dates:

  • Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)