LLPs incorporation & Annual Compliances

LLPs incorporation & Yearly Annual Compliances

www.carajput.com; LLP

www.carajput.com; LLP

LLPs incorporation & Annual event-based compliances

It is a tactful process and it includes a step by step process. LLP is an emerging small business entity practiced in India under a certain act known as the Limited Liability Partnership Act, 2008. The relaxation of the FDI rules which concerns Limited Liability Partnership has drastically increased the interest amongst certain NRIs and Foreign Nationals.

Limited Liability Partnership (LLPs) requirements at the time of Incorporation

Minimum Partners Two
Maximum Partners No Limit
Minimum Designated Partners  at least one designated partner shall be resident in India
Designated Partners Identification Number All the designated partners shall obtain Designated Partners Identification Number (DPIN) by filing E-Form no. 7 online on the Limited Liability Partnership Portal.
Filing Fee for E-Form no.7 Rs.100/-
Documents Required for obtaining DPIN 1) Proof of identity,2) Proof of residence,

3) Latest passport size photograph

4) Digital Signature Certificate

Digital Signature Certificate (DSC) Mandatory for all the Designated Partner
Financial year Financial year means the period from the 1st April to 31st March of the following financial year.
Reservation of Name of Limited Liability Partnership E-Form no.1 is filed for reservation of name of Limited Liability Partnership
Filing Fees for E-Form no.1 Rs.200/-
Registration/Incorporation Document E-Form no. 2
Filing Fees for E-Form no.2 (a) If a contribution does not exceed Rs. 1 lakh – Rs. 500(b) If the contribution is between Rs. 1 lakh to Rs. 5 lakhs – Rs. 2000

(c) If contribution is Rs. 5 lakh to Rs. 10 lakhs – Rs.           4000

(d) If the contribution is more than Rs. 10 lakh – Rs. 5000

Registration of Limited Liability Partnership Agreement E-Form no.3
Filing Fees for E-Form no.3 The difference between the fees payable on the increased slab of contribution and the fees paid on the previous slab of contribution shall be paid through E-Form no.3
Notice of Appointment of Partner/ assigned Partner and their consent E-form no.4
Filing Fees for E-Form no.4 (a) If a contribution does not exceed Rs. 1 lakh -Rs. 50(b) If the contribution is between Rs.1 lakh to Rs.5 lakhs – Rs. 100

(c) If the contribution is between Rs. 5 lakhs to Rs.10 lakhs – Rs. 150

(d) If the contribution is more than. 10 lakh – Rs. 200

Limited Liability Partnership Annual Compliances

Each Limited Liability Partnership registered pursuant to the requirements of the Limited Liability Partnership Act, 2008 is required to send the following forms to the Income Tax Portal/MCA Portal:

Yearly Limited Liability Partnership return – Form 11

  • With reference to Section 35(1) of the Limited Liability Partnership Act, 2008, all Limited Liability Partnership is expected to file Form 11 with the Registrar of Companies within 60 days of the end of the financial year, i.e. by 30 May 2019.
  • The number and information of the partners and the assigned partners must be entered.
  • Attachments: descriptions of the Companies/ Limited Liability Partnership’s where the Appointed Partner is the Partner/Director.
  • To be DSC signed by the Appointed Partner and approved by a licensed practitioner.
  • Penalities of Rs. 100/-per day for non-filing. There are also other penal regulations.

Yearly filling required for Account Statement and Solvency – Form 8

  1. With reference to Section 34(2) of the Limited Liability Partnership Act, 2008, each Limited Liability Partnership shall file Form 8 of the Account and Solvency Statement within 30 days from the end of the six months following the end of the financial year and, accordingly, the same shall be filed by 30 October 2019.
  • There is no specified format for preparing the financial returns of the Limited Liability Partnership and, therefore, the accounts are drawn up in the format given in Form 8.
  • Attachments: Report under the MSME Creation Act 2006, Audited Financial Statements (if applicable), and Declaration of Contingent Liability, where applicable
  • The form must be DSC signed by both the Appointed Partners, the Auditor (if any), and the practicing practitioner.
  • The penalty of Rs. 100/-per day for non-filing. There are also other penal provisions.

Notes:  Penalty for non-compliance:

The Limited Liability Partnership and it’s every partner shall be punishable with a fine of Rs 10000 & maybe extended to Rs 5,00,000.

 In the absence of a Limited Liability Partnership Agreement, Schedule I to the Limited Liability Partnership Act, 2008 is applicable.

 Every Limited Liability Partnership should mandatorily file E-Form no.3 and E-Form no.4 within 30 days of incorporation failing of which Rs.100/- per day will be charged as additional fees on each Form.

Income Tax Return Filing compliance by LLP– In the filling of ITR 5

Every Limited Liability Partnership Registered shall file ITR Return filling in ITR-5 within the below prescribed time limit:

PARTICULARS REQUIRED TO BE MADE DUE DATE OF Limited Liability Partnership 
All Registered Limited Liability Partnership which yearly Turnover of less than Rs. forty lakhs in the previous financial year or Limited Liability Partnership where the partner’s obligation of contribution is less than Rs. Twenty-five lakh. (not required to get their accounts audited) Required to file ITR on or before 31st July.
All Registered Limited Liability Partnership having a turnover of Exceed Rs. forty lakhs and/or partner’s capital contribution of exceeding Rs.Twenty-five lakhs. (required to get their accounts audited) Required to file ITR on or before 30th September.

 Limited Liability Partnership – Event Based Compliances

Head Section Compliance Penalty for Non-Compliance
Procuring Designated Partners Identification Number 7(6) Every Designated Partner should obtain a DPIN from the Central Government Every partner shall be punishable with fine which may extend to Rs 5000 and where the contravention is continuing one, with further fine, which may extend to Rs 500 for every day during which the default continues.
Consent and Particulars of Partner/assigned Partner 7(3) & 7(4) Filing of the consent of Partner/ Designated Partner to act as such with the ROC  in E-Form no.4 within 30 days of the appointment as the designated partner The Limited Liability Partnership and it’s every partner shall be punishable with a fine which shall not be less than Rs. 10,000 & maybe extend to Rs. 1,00,000
Vacancy of Designated Partner 9 Filing of a vacancy in Designated Partner within 30 days of vacancy and intimation of same to Registrar in E-Form no.4 and in case if no designated partner being appointed  then each partner shall be deemed to be the designated partner The Limited Liability Partnership and it’s every partner shall be punishable with fine which shall not be less than Rs. 10,000 but which may be extend to Rs. 1,00,000.
Change of Registered Office 13(3) File the notice of any change in the registered office with the Registrar of Companies in E-Form no. 15 and any such change shall take effect only upon such filing. The Limited Liability Partnership and it’s every partner shall be punishable with fine which shall not be less than Rs. 10,000 but which may be extended to Rs. 1,00,000.
Change of Name 1 Limited Liability Partnership may change its name registered with the Registrar by filing with the Registrar notice of such change in E-Form no. 5. A person guilty of an offense shall be punishable with a minimum of Rs.5000 to Rs.500000 and with a further fine which may extend to Rs 50 for every day after the first day after which the default continues
Name of Limited Liability Partnership on Invoice and official Correspondence 21(1) All invoices and official correspondence of the Limited Liability Partnership shall include  its name, address and registration number and a statement that it is registered with Limited Liability The Limited Liability Partnership shall be punishable with a fine which shall not be less than Rs 2000 but which may extend to Rs 25,000.
Limited Liability Partnership Agreement & Changes therein 23(2) Limited Liability Partnership Agreement and any changes made therein shall be filed with the Registrar in E-Form no. 3. A person guilty of an offense shall be punishable with a minimum of Rs 5,000 & maximums 5,00,000 and with a further fine which may extend to Rs 50 for every day after the first day after which the default continues.
Change in Partners 25(2) Where a person becomes or ceases to be a partner or where there is any change in the name or address of a partner, notice of the same signed by the designated partner and to be filed within 30 days to the Registrar in E-Form no. 4. The Limited Liability Partnership and every designated partner of the Limited Liability Partnership shall be punishable with a fine minimum of Rs 2000 & a maximum of 25,000.
Books of Accounts 34(1) The Limited Liability Partnership shall maintain proper Books of Accounts for each year on a cash basis or on an accrual basis and according to the Double Entry System of Accounting at its registered office and shall get them audited in accordance with the rules as may be prescribed The Limited Liability Partnership shall be punishable with fine minimum of Rs. 25,000 and maximum Rs 5,00,000 and every designated partner of such LIMITED LIABILITY PARTNERSHIP shall be punishable with fine minimum Rs 10,000 & maximum 1,00,000

Basic Event Based Compliances for LLP

S. No. Event Compliance
1. Resignation/Appointment of Partner/Designated Partner Required to be file Form 3 and Form 4 (As linked Forms)
2. In the case of Change in Name of LLP Required to be file Form 5
3. In the case of Registered Office address Change Required to be file Form 15
4. Changes in LLP agreement Required to be file Form 3
5. While Strike off name of the LLP Required to be file Form 24
6. While DIN Application Required to file DIR-3
7. In case the change in particulars of Director Required to file DIR-6

 Limited Liability Partnership – Annual Compliances

Head Section Compliance Penalty for Non-Compliance
Statement of Accounts & Solvency 34(2) The Limited Liability Partnership shall within a period of 6 months from the end of every financial year prepare and file a Statement of Account and Solvency with the ROC in E-Form no. 8. The Limited Liability Partnership shall be punishable with a fine minimum of Rs. 25,000 and maximum Rs 5,00,000 and every designated partner of such Limited Liability Partnership shall be punishable with a fine minimum of Rs10,000 & maximum Rs 1,00,000
Annual Return 35(1) The Limited  Liability Partnership to file Annual Return compliance to the ROC within 60 days of closure of the financial year in E-Form no. 11. The Limited Liability Partnership shall be punishable with a fine of a minimum of Rs 25,000 & maximum of Rs 5,00,000 and every designated partner of such Limited Liability Partnership shall be punishable with a fine of a minimum of Rs 10,000 & maximum of Rs 1,00,000

Notes:   1) Every Limited Liability Partnership has to file E-Form no.11 within 60 days from the date of closure of the financial year without any additional fee and later additional fees ofRs. 100/- per day of delay.

2) Financial year in relation to Limited Liability Partnership means the period from the 1st April to 31st March of the following financial year. Provided that in case of Limited Liability Partnership incorporated after the 30th day of September of a year, the financial year may end on the 31st March of the next following year

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)

CONVERSION OF LLP INTO COMPANY LIMITED BY SHARES.

www.carajput.com; LLP

www.carajput.com; LLP

LLP Act, 2008 does not cover the conversion of LLP into Company but in Companies Act, 2013 conversion of LLP into Company is covered in section 366.

Please note that recently MCA has notified Companies (Authorized to Register) Amendment Rules, 2018 which shall came into force on 16.02.2018 in which form URC–1 has been revised, which can be used for filling application by Company for registration under section 366.

COMPANIES CAPABLE OF BEING REGISTERED

The word “Company” for the purpose of this section shall include Partnership Firm (PF), Limited Liability Partnership (LLP), Co-operative Society but exclude Unlimited Company having more than and equals to 7 members, Company limited by shares, Company limited by guarantee.

According to Section 366 of Companies Act, 2013 read with rule 3 & 4 of the Companies (Authorized to Register) Rules, 2014:

SOME PRE-CONDITIONS FOR CONVERSION OF LLP INTO COMPANY LIMITED BY SHARES ARE AS FOLLOWS:.

  • Any Company registered under Indian Companies Act, 1882, Indian Companies Act, 1913 & Companies Act, 1956 shall not be allowed for taking registration under this Part.
  • The Company shall have at least 7 Members (i.e. a LLP shall consist of at least 7 partners at the time of conversion, if there are less than 7 then increase the number of partners first)
  • A Company having its liability limited by an act of Parliament shall not register as Unlimited Company or Company Limited by Guarantee under this part (i.e. a LLP can only convert into Company limited by shares).
  • Company shall before taking registration, take assent of all the members present & proxies (if allowed) in a general meeting summoned for this purpose.

PROCEDURE OF THE CONVERSION OF LLP INTO COMPANY LIMITED BY SHARES IS AS FOLLOWS:

Check whether number of members present is more than or equal to 7 or not (if not then increase the number of members first). Duly Conduct a meeting for this purpose and pass a resolution in this regard.

Obtain availability of name under section 4 of Companies Act, 2013 (record a ‘decision taken’ for this purpose).

Publish an advertisement in form URC-2 about such registration (seeking objections, if any within 21 days from publication), in English & Vernacular language newspaper circulating in the district in which LLP situate.

File form URC-1 and attach following documents in the form as per Rule 3 & 4:

  1. List showing names, address & occupation of all persons named as members with details of shares held, showing separately shares allotted for consideration in cash & for Consideration other than cash, also source of consideration. In case shares are numbered, each share by its number who on a day of seeking registration were partners in LLP.
  2. Affidavit from each proposed first directors that the proposed directors are not disqualified under section 164 to hold the position of the Director.
  3. List of names, address of partners of LLP.
  4. Copy of Limited Liability Partnership Deed (if revised then copy of past deed).
  5. Statement specifying Nominal share capital, No. of shares taken & amount paid, name of company with word limited/Pvt. Ltd.
  6. Consent/NOC from all secured creditors.
  7. Consent from majority of members whether present in person or in proxy (if allowed) in general meeting held for this purpose.
  8. Undertaking that proposed directors shall comply with requirements of Stamp Act.
  9. Statement of asset/liabilities certified by Chartered Accountant in Practice made for not earlier than 30 days from filling URC-1.
  10. Copy of latest Income Tax Return of LLP.
  11. Copy of notice published in Newspaper and proof of service to ROC.
  12. Declaration and statement of proceedings (if pending before any court/tribunal/ authority) shall be submitted with URC-1 that they have complied/filed all documents which are required to be filed under LLP Act & no any default persist till now.

Well enough! You have completed your part of duty now the part of duty of registrar begins……….Registrar shall within 30 days from filing the form, decide whether registration will be granted or not. If ROC satisfied with the documents presented then may issue Certificate of Incorporation (COI) in form INC-11.

With the issue of COI conversion is complete officially in all respect.

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)

PROFESIONAL UPDATES JANUARY 19, 2016

PROFESIONAL UPDATES JANUARY 19, 2016

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STARTUP INDIA: Hon’ble PM Modi launches Startup India Program on Sat, 16 JAN 2016 to boost innovation based business with many incentives and ease of doing business.

  • Income Tax exemption for First 3 years.
  • Fund of ₹ 10,000 Crore (with ₹ 2,500 crore each year) to be invested in Startups in next 4 years and a Credit Guarantee Fund for ₹ 500 crore each year for next 5 years.
  • Capital Gain exemption if Startups invest capital by selling their personal assets.
  • 80% Rebate in registering Patent.
  • Easy Exits in 90 days.
  • Self-certification compliances.
  • No kind of Inspection for first 3 years.
  • Incubation program to be started in 5 Lac Schools and setting up of 35 new Incubation Centres.
  • No Govt. intervention in Startups.
  • A scheme for Women Entrepreneur to be announced soon.
  • A group of lawyers to be setup who will help resolving Patent related problems for free.
  • 7 New Research Parks to be started with a fund of ₹ 100 crore each.
  • Organizing Startup Fest all over India and abroad regularly.
  • Mobile App based registration for Startups from April 1, 2016.
  • Atal Innovation Mission (AIM) for encouraging Innovation among Startups.

The following are the Conditions for taking benefits of Startup Scheme:

1)It must be an entity registered/incorporated as

2) Five years must not had elapsed from the date of incorporation/registration.

3)  Annual turnover (as defined in the Companies Act, 2013) in any preceding financial year must not exceed Rs. 25 crores.

4)Startup must be working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.

5)The Startup must aim to develop and commercialise:

  •   A new product or service or process;
  • A significantly improved existing product or service or process,  that will create or add value for customers or workflow.

6)The Startup must not merely be engaged in:

  • Developing products or services or processes which do not have potential for commercialization; or
  • Undifferentiated products or services or processes; or
  • products or services or processes with no or limited incremental value for customers or workflow

7)The Startup must not be formed by splitting up, or reconstruction, of a business already in existence.

8) The Startup has obtained certification from the Inter-Ministerial Board, setup by DIPP to validate the innovative nature of the business and

  • Be supported by a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator established in a post-graduate college in India; or
  • Be supported by an incubator which is funded (in relation to the project) from GoI as part of any specified scheme to promote innovation; or
  • Be supported by a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator recognized by GoI; or
  • Be funded by an Incubation Fund/Angel Fund/ Private Equity Fund/ Accelerator/Angel Network duly registered with SEBI* that endorses innovative nature of the business; or
  • Be funded by GoI as part of any specified scheme to promote innovation; or
  • Have a patent granted by the Indian Patent and Trademark Office in areas affiliated with the nature of business being promoted.

* DIPP may publish a ‘negative’ list of funds which are not eligible for this initiative.

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; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 9555555480

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)

CORPORATE AND PROFESSIONAL UPDATE JANUARY 01, 2016

CORPORATE AND PROFESSIONAL UPDATE JANUARY 01, 2016 

31DIRECT TAXES

Additions merely on the basis of statement – It seems that addition has been made merely on the basis of statement/presumptive basis and no corroborative material has been brought on record. Presumption cannot take the shape of evidence however strong it may be – D.S. AGENCIES AND ASSOCIATES & USHA DISTRIBUTORS Versus ADDITIONAL COMMISSIONER OF INCOME-TAX – 2015 (12) TMI 1459 – ITAT MUMBAI

Addition u/s 69B – unexplained investment – reference to the DVO without rejecting the books of account is bad and therefore the valuation report submitted consequent thereto cannot be relied on for making an addition – ACIT, Central Circle I, Kanpur Versus Smt. Nirmal Arora – 2015 (12) TMI 1454 – ITAT LUCKNOW

IT: MAT – Book Profit u/s 115JB – AO has no power to re-compute book profit even if the Auditor gave qualified report under Companies Act – Sri Hariram Hotels (P) Ltd. Vs CIT-III & ITO, Ward-12 (2), Bangalore (2015 (12) TMI 1419 – Karnataka High Court)

FinMin issues report of committee on revitalizing public private partnership model of infrastructure

IT: Where Income Tax Officer deputed two Inspectors to make personal service of notice under section 148 upon assessee but assessee refused to receive said notice and, thereafter notice was affixed at main door of assessee’s clinic, there was valid service of notice under section 148 upon assessee[2015] 64 taxmann.com 276 (Allahabad) Dr. Sheo Murti Singh  v. Commissioner of Income-tax

CBDT specifies procedure for handling ‘Limited Scrutiny’ cases

CBDT: Interest on FDRs made in the name of Registrar General of the Court or the depositor of the fund on the directions of the Court will not be subject to TDS till the matter is decided by the Court – Circular No. 23/2015, 28 Dec 2015.

CBDT: AO to issue a notice U/s 142(1) with the questionnaire containing details of specific documents / information / evidences etc. along with initial notice issued u/s 143 (2) for selection of case for scrutiny –Instruction No.19/2015, dt. 29 DEC 2015.

Benefit of LPG subsidy will not be available if the consumer or his/her spouse had taxable income of more than Rs Ten lakh in previous financial year

Now AOs to issue scrutiny notice along with questionnaire to convey compliance requirement

CBDT has further clarified the procedure for handling ‘Limited Scrutiny’ cases – Instruction No.20/2015, dt.29 DEC 2015. : 

  • Reasons for ‘Limited Scrutiny’ shall be communicated to the assessee.
  • Questionnaire shall remain confined to only specific issues.
  • Cases should be completed expeditiously in limited number of hearings
  • If there is a reason to believe that there is escapement of income exceeding upto 10 Lac, the case may be shifted to Manual Scrutiny with prior approval of CIT / Pr. CIT.\

INDIRECT TAXES:

Denial of CENVAT Credit – whether the appellant who has procured ethyl alcohol from M/s Andhra Sugars on payment of duty of excise can be disallowed the credit of the said duty on the ground that the supplier of the inputs should not have paid the duty – Held No- Aurobindo Pharma Ltd, Aurobindo Pharma Limited (Unit-V) Versus Commissioner of Central Excise, Customs And Service Tax Hyderabad-I – 2015 (12) TMI 1399 – CESTAT BANGALORE

CBEC – hereby specifies the class of goods, namely crude , imported and stored in underground rock caverns, in respect of which no interest shall be charged under the said section 61 – vide Notification No. 147/2015 – Dated 23-12-2015.

ST: Arbitrary quantum while doing best judgement assessment – the order fatally suffers from lack of analysis/discussion regarding the contentions and arguments of the appellant and makes a mockery of the quasi-judicial process in-as-much-as it is not merely non-speaking but also absurd in parts – M/s. Carlsberg India Pvt. Ltd. Vs. C.S.T., Delhi (2015 (12) TMI 1403 – CESTAT New Delhi)

DVAT hereby clarifies that only the persons who are providing e-portals/websites to other dealers for passing on the orders from customers to the dealers /other vendors are required to enrol and file the returns in terms of Notification dated 26/06/15 referred above vide Circular no. 33 dated 29/12/2015.

DVAT: Department Trade & Taxes, Delhi has restricted unauthorized Entry in the Building with ban on carrying more than Rs.25,000/- CASH.

FAQ ON COMPANY LAW:

Query: Please tell us the form which is required to be filed for changing Registered office of LLP from one state to another.

Answer: You are required to file LLP Form 15 enclosing Consent letter of all DP’s, Consent letter of all Secured Creditors, Copy of Board Resolution, Copy of Advertisement & Proof of New Registered Office Address (If Rented then Rent Agreement, Utility Bill on the name of Owner & NOC) with the ROC.

MCA News:

Today is the last date for annual filing forms (AOC-4, AOC-4 XBRL, AOC-4 CFS & MGT-7) and it has been clarified by the MCA that no further extension would be accorded after this date. All stakeholders are requested to complete their filing accordingly.

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; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 011-23343333

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)