Coronavirus – Precautionary Measures being taken by RWA and Guidelines to Prevent its Spread

Coronavirus – Precautionary Measures being taken by RWA and Guidelines to Prevent its Spread

India now has over  Many confirmed cases of COVID-19/Coronavirus. As we are all aware, it takes just one case of Coronavirus infection to put an entire community at risk. Minimizing the transmission risk requires every single person to take part in prevention. The basic principles of disease mitigation that have worked well are – maintaining hygiene and social distancing.

In light of this, we have taken some steps and measures to ensure safety of all our residents and staff. We have also reviewed and collated a list of suggestions/recommendations/precautions to be taken by all of us in order to keep ourselves and those around us safe and healthy. These are detailed below:

Precautionary measures are taken

Ø    Called off social gathering/community events such as Holi.

Ø    Closed commonly used amenities such as Gym/TT area.

Ø  Deferred opening of the Swimming pool till 15th April (as per Noida Authority regulation pools need to  remain shut till 15 April.) The opening of the pool will be decided based on the situation in April.

Ø   Increased frequency of cleaning and sanitizing of common areas, lifts, lift panels, stair railings, door handles, etc.

Ø    Stopped bio-metric attendance of all staff. Domestic staff/employee ID cards are not being handled right now.

Ø    Provided extra soap, soap strips to all society staff.

Ø    Ordered hand sanitizers for use by the staff who are most at risk due to interaction with several visitors throughout the day.

Ø    Provided masks to the security, maintenance, and housekeeping staff and gloves to the housekeeping staff.

Ø    Restricted the use of club-house for events.

Recommendations & Tips for Residents – General Precautions

Ø    Regularly and thoroughly clean your hands with soap and water or an alcohol-based (at least 60% alcohol) hand sanitizer.

Ø    Avoid touching your eyes, nose, and mouth with unwashed hands.

Ø    Disinfect your main door knobs/handles and calling bell switches frequently.

Ø    If you have to step out of the house for supplies, once back the first thing to do is thoroughly clean your hands and change the clothes immediately.

Ø    Do not use the gym, children playing areas, swimming pools or other common amenities.

Ø    Sensitise your domestic staff, drivers, and other employees about the issue and the precautions that need to be taken by them at work and at their homes.

Ø    Delivery products – ask delivery executives to leave the parcels at the gate and collect it personally (it will not be possible for the security staff to make doorstep deliveries!). If that is not possible, ask them to leave the package outside your door after ringing the doorbell.

Ø    It is the responsibility of each resident to protect themselves and seek medical help or report if they suspect they are infected.

Ø    If the resident has recently traveled to any of the Coronavirus hit countries/states/cities, please monitor your health very carefully and, if you have any signs or symptoms, seek medical help immediately and/or quarantine yourself for 15 days.

Ø    Boost your immunity with adequate sleep, Zinc, Vitamin-C, and other multivitamins.

Ø    Maintain an emergency contact list.

Government Helpline

Ø    The Ministry of Health & Family Welfare can be reached 24*7 at +91 11-23978046 or

We seek the cooperation and support of all residents to ensure these precautionary measures are implemented well. If anyone has additional suggestions or tips to help improve the measures being taken, please share it with all of us.


India Financial Consultancy Corporation Private Limited.

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Introduction for Types of Non Banking Financial Institutions

Introduction to Types of NBFC; Types of NBFC; Types of NBFC

Nowadays NBFC has become an integral part of the financial sector in India. RBI has mandated various types of NBFC carrying of different types of businesses based on their principal object. 

For carrying on different types of financial lending activities, the NBFC must fulfill the required criteria as provided by RBI.

NBFC Based on Liabilities

  • Deposit Taking NBFC (NBFC – D)

These include NBFC’s which are licensed to accept deposits from the depositors apart from doing the lending business activities.

  • Non – Deposit Taking NBFC (NBFC – ND)

These are the NBFC’s which are not licensed to accept any deposit. These kinds of NBFC can only do the lending business and they are not allowed to accept any deposit. Furthermore, these kinds of NBFC mandatorily need to pass a Board resolution at the first Board meeting of every financial year that the NBFC Neither holds any Public deposit nor it will accept any deposit in the future.

Activity-Based NBFC

  • NBFC – Investment and credit Company(ICC)

These are the NBFC which has the principal business activities of the Acquisition of securities or making lending by way of loans to its customers. This category has emerged after RBU has merged Loan Company and investment company into one category called NBFC – Investment and credit Company(ICC). 

  • NBFC – Infrastructure Finance Company (IFC)

An NBFC is called an Infrastructure Finance Company if it fulfills the following criteria

  1. At least 75% of total assets are deployed in infrastructure loan
  2. It has a minimum NOF of INR 300 Cr
  3. The credit rating of A or equivalent minimum
  4. CRAR of Minimum 15%
  • NBFC – Asset Finance Company (AFC)

An Asset Finance Company (AFC) is an NBFC whose principal business is to make financing for financing Physical assets like machinery, tractor, etc.

An NBFC is called an AFC if it’s financing the physical assets and income generated therefrom is not less than 60% of its total asset and income respectively.

  • NBFC – Infrastructure Debt Fund (IDF)

IDF-NBFC facilitates the long term debt flow into infrastructure projects. They are allowed to raise resources through the issue of Rupee or Dollar denominated bonds having a minimum maturity of 5 years. These can only be sponsored by IDF-NBFC.

  • NBFC – Factors

These are the Non-Deposit taking NBFC which is engaged in the business of factoring.

NBFC factors generate at least 50% of its income of total income from financing in Factor activities and it holds at least 50% of financial assets from total assets in the factoring business.

  • NBFC – Mortgage Guarantee Companies (MGC)

This kind of NBFC must have a minimum NOF of 100 Cr. An NBFC is fulfilling the criteria of Mortgage Guarantee Company if

  1. At least 90% of business turnover is from Mortgage guarantee business or
  2. At least 90% of business income is from the Mortgage guarantee business.
  • NBFC – Non-Operating Holding Finance Company (NOHFC)

This kind of NBFC is set up to allow the promoter/promoter group to set up a new bank.

This entity as setting up will hold the bank as well as other financial services comp[anise as required by RBI.

Non-Deposit taking  NBFC has been divided into the following

  • NBFC – ND Systematically Important

Non-deposit taking NBFC having asset size of more than 500 Cr. As per the last audited balance sheet of the NBFC are considered as Systematically important NBFC-ND. 

  • NBFC – ND Non – Systematically important

Non-deposit taking NBFC having an asset size of less than 500 Cr. As per the last audited balance sheet of the NBFC are considered as Non Systematically important NBFC-ND.

Frequently Ask Question-FAQ’s

Q 1 Is there any difference in criteria for applying for COR of different kinds of NBFC?

Ans. Yes, the criteria relating to NOF and other limits must be fulfilled in case of different kinds of NBFC License.

Q 2 Is there any additional compliances required to be done by systematically important NBFC?

Ans. Yes, Systematically important NBFC must comply with the additional reporting requirement as prescribed by RBI.

Q 3 Can Deposit-taking NBFC accept demand deposits?

Ans. Deposit-taking NBFC Can accept deposit other than demand deposit.

Q 4 Can mortgage guarantee company (MGC) can give other types of loans or guarantees?

Ans. Yes, but that should not exceed 10% of its total asset or income generated from those loans cannot exceed 10% of total income.

CS Akshay Gupta is a diligent and innovative qualified Company Secretary, striving in matters related to Corporate Law. Akshay takes a deep interest in corporate, NBFC and FDI matters and his specialization includes corporate Compliance, FEMA Compliances, and NBFC Registration. As a Company Secretary, Akshay is passionate about matters relating to corporate funding, NBFC, and its compliances.


India Finacial Consultancy Private Limited

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What is Systemically Important Non-Deposit Taking NBFC(NBFC – ND – SI)?

What is Systemically Important Non-Deposit Taking NBFC(NBFC – ND – SI)?; NBFC; NBFC

Non-Deposit taking NBFCs having an asset size of Rs. 500 Cr and more as per their audited balance sheet of last financial year are considered as a systemically important NBFC – ND (NBFC-ND-SI). 

Other NBFC’s having an asset size of less than 500 Cr. will not come under the purview of Systematically Important Non-Deposit taking NBFC’s.

Since these NBFC’s are quite important for our economy, so to avoid any kind of fraud or false activity in this sector, the reserve bank of India has introduced some additional compliance requirements on these Kinds of NBFC’s.

Regulatory Overview on Systemically Important Non-Deposit Taking NBFC(NBFC – ND – SI); NBFC; NBFC

Capital Adequacy Ratio 

MinimumCapital to Risk-weighted Assets Ratio (CRAR) as required to be maintained by NBFC–ND–SI shall be 10%.

Single / Group Exposure norms

RBI has advised NBFCs – ND – SI to have a policy w.r.t. exposures to a single or group entity.

Application for appropriate dispensation consistent with the spirit of the exposure limits can be made by Non-deposit-taking NBFC – SI not accepting public funds.

Filing of Return

Every NBFC-ND-SI is required to submit a statement of capital funds, risk asset ratio, etc. quarterly in Form DNBS – 03.

Reporting of Asset Liability Management (ALM)

NBFC-ND-SI are required to file return in Form DNBS – 4A Monthlyconcerning ALM Structural Liquidity statement and interest rate sensitivity.

Apart from reporting in Form DNBS – 4A, NBFC-ND-SI are also required to file Form DNBS – 4B for AML STDL quarterly.

Capital raising option for capital adequacy purposes

NBFC-ND-SI is allowed to issue Perpetual Debt Instruments (PDI)subject to a certain limit, which will form part of Tier I capital of the company of the previous accounting year.

Reporting of Ratings of NBFCs

In case the NBFC having an asset size of more than Rs. 100 Cr issues any financial product like commercial Paper, Debenture, which requires rating from the rating agencies, the NBFC must obtain the rating from the eligible rating agency and also report the change in the rating of the NBFC to the regional office of the RBI within 15 days of the change in the rating of the product.

Criteria for Non-Deposit taking – Systematically important Status

Non-deposit taking NBFC, whose asset size crossed the limit of Rs. 500 Cr. must comply with the Compliance requirements as applicable to the Systematically important Non-deposit taking NBFC (NBFC-ND-SI) as and when the asset size increases to Rs. 500 Cr. irrespective of asset size in the last balance sheet of the company.

Further, the asset size of the company may fluctuate due to change in a dynamic environment, and also the asset size of the Systematically important NBFC – ND may fall below Rs. 500 Cr., in that case, the company must continue to fulfill the compliance requirement of Systematically important NBFC –ND until the submission of the next audited balance with RBI and specific dispensation is received from the Bank in this regard from RBI.

Participation in Currency Options by Systematically important NBFC-ND

Systematically important NBFC-ND are allowed to participate in the designated currency options exchanges recognized by SEBI as clients to hedge their underlying forex exposures. Appropriate disclosures may be made regarding transactions undertaken in the Balance sheet, subject to RBI (Foreign Exchange Department) guidelines in the matter

Frequently Ask Question-FAQ’s

Q 1What is the minimum asset size required for systematically important Non-Deposit-taking NBFC?

Ans. The minimum Asset size Rs 500 Cr. required for systematically important Non-Deposit taking NBFC. (NBFC-ND-SI)

Q 2 Is there any additional compliances required to be done by systematically important NBFC – ND?

Ans. Yes, they are required to file certain additional returns and information with RBI apart from filing an annual return.

Q 3 In case the asset size of systematically important Non-Deposit taking NBFC falls below 500 Cr. at any time than whether it is required to comply with RBI Regulation as applicable on NBFC – ND- SI?

Ans. Yes, the systematically important Non-Deposit taking NBFC must comply with the regulatory requirement until the RBI gives the dispensation order to the NBFC.

Q 4 Does NBFC – ND – SI required to report on Asset Liability Management?

Ans. Yes, NBFC – ND – SI is required to make reporting on Asset Liability Management in Form DNBS – 4A and Form DNBS – 4B on a monthly and quarterly basis respectively.

CS Akshay Gupta is a diligent and innovative qualified Company Secretary, striving in matters related to Corporate Law. Akshay takes a deep interest in corporate, NBFC and FDI matters and his specialization includes corporate Compliance, FEMA Compliances, and NBFC Registration. As a Company Secretary, Akshay is passionate about matters relating to corporate funding, NBFC, and its compliances.


India Financial Consultancy Private Limited

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SECTION-92-ANNUAL RETURN OF COMPANY; Annual return; Annual return


The annual return is required to be filed by every company in Form No. MGT.7 which includes all the information of the company as of the closure of the financial year.

As per section 92 of Companies Act, 2013, an overview of all the annual returns given in Form No-MGT.9 forms part of the board report.


The annual return must include the following information about the company as at the end of the financial year;

  • The company’s registered office and principal operations, the details of the holding, subsidiaries and its associate’s company;
  • All descriptions of the company’s stock, debentures, other securities, and shareholding patterns;
  • Indebtedness of companies;
  • All the information of the members of the company and the debenture holders and all the improvements since the close of the preceding financial year;
  • All the information of company promoters, directors, key managerial personnel and adjustments after the end of the previous financial year;
  • All the member’s meeting or a class of members, the Board and all its different committees, along with attendance;
  • Details of all the remuneration on company executives and key managerial personnel;
  • The penalty levied on the company, its directors or officers, and complete information on the compounding of offenses on it.
  • all compliance certification issues, disclosures as may be prescribed;
  • Information on the shares owned by or on behalf of Foreign Institutional Investors and their names, addresses, countries of incorporation, registration, and percentage of the shares held by them.


The annual return is signed by the company’s director and the company secretary. If there is no company secretary of the company, then in such case the annual return is signed by the company secretary in practice.

In the case of a one-person company (OPC), private company (start-up), small company, if the company has appointed the company secretary, then the company secretary signs the annual return and if no company secretary is appointed by the company, then only the company director signs the annual return.

CERTIFICATION OF ANNUAL RETURN; Annual return; Annual return

As per section 92 of the Companies Act, 2013 the companies are expected to be approved their annual return by the business secretary in practice. The following company is required by the Company Secretary to certify their annual return—

  1. All listed company or
  2. A company having paid-up share capital of 10 crore rupees or more or
  3. A company having a turnover of 50 crore rupees or more

The certificate is displayed in form no. MGT.8 specifies that the company’s annual return discloses the facts accurately and correctly and that the company’s annual return is in compliance with all the provisions of applicable law.


The company shall maintain the annual return and all the documents relating thereto for a period of eight years from the date of filing by the registrar of the company.


A copy of the annual return must be submitted to the registrar. The copy must be submitted within 60 days of the date on which the company conducts the annual general meeting.

When a general meeting is not held, within 60 days of the date on which the company should have held the annual general meeting along with a declaration on the basis that the annual general meeting has not been submitted.

EFFECT OF NON-FILING OF ANNUAL RETURN; Annual return; Annual return

  1. No company shall hold its shares or other securities directly or indirectly unless the company complies with Section 92.
  2. No director who has not filed an annual return shall be liable for reappointment for a continuous period of 3 years by the same company or by any other company for a period of 5 years.
  3. No Nidhi is allowed to open a branch unless an annual return is submitted to the registrar.
  4. The company may be wrapped up on a tribunal appeal if the company has filed an annual return for the past five consecutive years.
  5. Changes in the name of a company shall not be approved until the company fails to file an annual return.


If the company fails to file an annual return, the company is punishable by a nominal fine of 50 thousand rupees and up to Rs. 5,00,000.

And any company official who is liable by default with imprisonment that will run up to 6 months and with a minimum of 50 thousand penalties and up to Rs. 5,00,000 or both.


Q1. What is the time period for an annual return to the registrar to be filed?

Ans. An annual return must be filed within 60 days from the conducting of  annual general meeting.

Q2. How long does the annual return record have to be maintained?

Ans. The annual return must be maintained with the registrar for at least 8 years from the filing period.

Q3. If no company secretary exists, then who would sign the company’s annual return?

Ans. If there is no company secretary in the company, then the company secretary in practice sign the annual return. In the case of a one-person company, a private (start-up) company, a small company, only the director signs the annual return.

CS Akshay Gupta is a diligent and innovative qualified Company Secretary, striving in matters related to Corporate Law. Akshay takes a deep interest in corporate, NBFC and FDI matters and his specialization includes corporate Compliance, FEMA Compliances, and NBFC Registration. As a Company Secretary, Akshay is passionate about matters relating to corporate funding, NBFC, and its compliances.


India financial consultancy private limited

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In and out of E-TDS Challan 280, 281,282, 26QB – I. Tax Dept.

E payment of Challan 280, 281,282, 26QB  – Income Tax Department

TDS is the abbreviated form for Tax Deducted Source, controlled by the CBDT. TDS Challan is required to pay the TDS sum deducted to the Tax dept. You can use TDS Challan 280, TDS Challan 281, or 282 as needed. Let’s check the complete understanding of TDS Challan in detail like the various forms of TDS Challan and how to check the status of the TDS Challan etc.

What’s the TDS and TCS Challan?

  • TDS Challan is a method used to deposit Tax Deducted Source (TDS) and Tax Collected at Source (TCS) to the Government.
  • TDS Challan was implemented in 2004 in order to reduce human error and promote online tax receipts, receipts,s, and refund transactions.
  • In the case of Challan for TDS, the person or payer responsible for making specified payments, such as wage, interest, rent, commission, and the like, is responsible for deducting the specified percentage of the amount before paying it to his or her payee or employee.
  • Any person making TDS payment claim 281 shall also be liable for the deposit of the TDS sum to the tax department.

Type of E-Tax Challan

Types of TDS Challan: CBDT has specified six challans or forms to be filled and submitted by Assess while depositing income tax online payment.

Challan Purpose
ITNS 280 TDS Challan 280 is specifically for depositing income tax like for making  depositing Income Tax, Wealth Tax, Corporation Tax
ITNS 281 TDS 281 Challan is specifically for TDS and TCS like for making depositing tax deducted at source  and tax collected at source
ITNS 282 TDS Challan 282 is for depositing gift tax, wealth tax, transaction or security tax, and similar other forms of indirect tax like for making payment of Gift Tax, Estate Duty, Expenditure Tax, other miscellaneous taxes
ITNS 26QB For payment of Tax Deducted At Source on sale of property
ITNS 286 Payment under Income Tax Declaration Scheme, 2016
ITNS 287 Payment under PMGKY (Pradhan Mantri Garib Kalyan Yojana) Scheme, 2016


To pay advance tax, self-assessment tax, and regular assessment tax, Challan 280 is used by the Assesse. You have the choice of paying income tax via Online Challan 280. Previously you could pay tax offline at authorized Bank branches but this alternative has been scrapped by most of the banks. You should have to a net banking account for any banks to make an online tax for income tax, corporation tax payments.


You can pay the due tax online by filling in the online way of Challan 280 and paying by your online bank site under the banking services. Go to the website https:/ to make online payments and press the online icon on the e-pay page button or pay taxes via an online link. TIN is the Income Tax Department’s new initiative to collect, process, monitor, and account for direct taxes by using information technology.


  • Quote your accurate Permanent account number along with your name and address used for the tax deposit on Challan.
  • For each and every transaction, use a different Challan and fill in the correct code number corresponding to the particular payment form.
  • Do not make errors when completing the respective Challan in the selection of Financial Year (FY) and Assessment Year(AY).
  • Never use the single challan to make payments of multiple tax forms such as advance tax, tax on self-assessment, etc.



The income tax department facilitates tax deducted at the source to be paid online by filling out Challan 281. Challan 281 is used by both non-corporate detectors and corporate for the payment of TDS under the head of income or TCS. For making TDS and TCS (Tax Collected at Source) payments, Challan 281 is used. The forms of payments covered by Challan 281 are as follows:

  • TAX DEDUCTED AT SOURCE / TCS paid by the taxpayer
  • TAX DEDUCTED AT SOURCE / TCS Request against regular assessment
  • Select the type of payment correctly from the following:
    • (100) Advance Tax
    • (102) Surtax
    • (106) Tax on Distributed Profit
    • (107) Tax on Distributed Income
    • (300) Self Assessment Tax
    • (400) Tax on Regular Assessment


  • The appropriate Ten digit Tax Deduction and Collection Account Number and name and address of the deductor are quoted on each challan used for tax deposit.
  • Always Using a separate challan in various parts to deposit the deductible tax. For instance –, to pay contractors and subcontractors, use Challan 94C for TDS, and to pay rent, use Challan 94I for TDS.
  • Identify the accurate code number for each payment type as specified.
  • Do not make an error when filling challan in suggesting AY (Assessment Year) and FY (Financial Year)
  • Each business division is expected to file only one TAN number with Challan. In case the deductor has a different TAN number for a specific business branch, he is recommended to file tax under one Tax Deduction and Collection Account Number (TAN) Number and surrender the other Tax Deduction and Collection Account Number (TAN) number


TDS 281 Challan is issued when a taxpayer deposits TDS and TCS, for which they must comply with the timelines specified for depositing tax.


  • Online TDS Challan payments excluding property purchase –7thof Next month.
  • Online TDS Challan for the property purchase –30thof Next month.
  • Online TDS Payment Challan 281 issued in March – 30th April of AY.

            The interest of 1.5% is charged per month if TDS payment challan 281 is delayed


  • Every taxpayer with TDS Challan shall be provided with the Tax Deduction and Collection Account Number.
  • Upon filing form No 49B (also can find on the TIN NSDL website) with fees, you will obtain a Ten digit number quoted as Tax Deduction and Collection Account Number.
  • Reference Ten Digit Tax Deduction and Collection Account Number for all correspondence with the IT department concerning Challan for TDS.
  • Failure to mention Tax Deduction and Collection Account Number for TDS is subject to a penalty of Rs 10,000.


In compliance with the provisions laid down in section 194-IA, where a buyer purchases an immovable property such as a house or part of a building other than agricultural land, it is required to deduct TDS on such property at 1% at the time of payment to the seller in case cost greater than Rs.50 Lakh. Corporate and non-corporate deductors may use the method.

List of Particular of the Information/ details to be required In Challan 26QBB

  • Deductor and deductee PAN category, whether it is corporate or non-corporate
  • Deductor and deductee Full name
  • Deductor and deductee address
  • Choice of more than one deductor or deductee
  • Information of the transferred property and full address of such property
  • Date of arrangement or reservation, consideration for sale, and payment type (lump sum or installment)
  • The amount that is paid or attributed
  • TDS number and other statistics, such as TDS rate, interest, charges, etc.
  • Mode of payment (net banking or e-payment by a bank branch visit)
  • Payment/credit date and tax deduction date

Protective measures while making the payment of Challan 26QB i.e TDS on property

  • One percent TDS on the gross sales consideration required to be deducted and paid to the income tax department, the buyer is allowed to deduct TDS. Only the buyer can deduct TDS, not the seller.
  • If sales consideration is less than Rs. 50 Lakh, No TDS will be deducted. If installments are charged, TDS will be deducted on each installment.
  • On the whole sales amount, tax is to be paid.
  • The buyer is not entitled to accept a TAN number (Tax Deductible Account Number).
  • The seller must have his PAN number, otherwise, 20 percent of the TDS would be deducted. The PAN number also requires to be provided by the buyer.
  • TDS shall be withheld at the point of payment or at the point of the seller’s credit, whichever is earlier.
  • Within 7 days after the end of the month in which TDS is deducted, TDS is to be deposited along with Form 26QB.
  • The buyer must give the TDS certificate to the seller after payment of the TDS to the government.

What is the Procedure to pay tax under property TDS via Challan 26QB?

  • Visit the website to pay for TDS by using Challan 26QB
  • After that, click on Challan 26QB and choose the taxpayer type:
    • Taxpayer for corporations: 0020
    • Non-firm taxpayer: 0021
  • Full information such as the Financial Year and Assessment Year, the name of the deductor and deductor, the address of the deductor and deductor, property descriptions, and the sum of tax deducted.
  • Pick the payment mode. Select e-tax payment for online payment directly, and e-payment for offline payment on corresponding days.
  • If you vote for online payment via net banking, By using the correct username and password, log in to your net banking account.
  • Thereafter The system will create printable acknowledgment after the correct payment, which consists of details such as TDS payment and banking details.
  • Take the print out of your acknowledgment slip if you want to pay offline. The slip of acknowledgment will be valid for Ten days after completion. By visiting the designated bank branch, you can pay tax via cheque or Demand Draft. You will get a copy of your Challan 26QB from the bank after making a successful payment.


  • Press on the e-pay tab or pay taxes online on the TIN NSDL website and choose the respective Challan. If you open the screen with the form, enter the following details:
    1. Permanent Account number
    2. Your Residential address
    3. year of Assessment for which the tax is to be paid
    4. Minor Head code
    5. Applicable Tax (income tax on salaried workers)
    6. Type of payment: You must pick 100 in the case of advance tax, 300 in the case of self-assessment tax and 400 in the case of daily assessment tax to make any payment only if the income tax department has increased the query.
    7. Choose a bank name from the drop-down list of banks
  • Click the Proceed button after filling in all the required details. The TIN system will display all the information entered by you along with your name in the income tax department database for the Permanent Account Number entered by you.

Note: Permanent Account Number is Compulsory for the payment of income tax. Paying of tax would not continue without a correct Permanent Account Number (PAN) number.

  • You will get an opportunity to check the information you entered. If you notice any errors, click on the Edit button to correct the details. If all the filled-in details are correct, tap submission. You will be directed to its net-banking site via the TIN system.
  • Log in with a user ID and password to your net banking account and enter the payment details. Your pay has to be split into separate elements such as income tax and education cess, etc.
  • Through debiting your account and on a satisfactory deposit, your bank will process the transaction online; a printable certification representing CIN (Challan Identification Number) will be created by the machine. The CIN number, payment information, and name of the bank from which the payment was made would be included in the Challan acknowledgment. Challan recognition is the evidence of payment being made. After a week of making payment, you can check the Challan status online in the Challan Status Enquiry section on the NSDL-TIN website using your CIN.

How to pay income tax using the offline Challan?

By visiting your particular bank branch, you can also pay income tax by using respective Challan offline. You may make payment by cheque or Demand Draft. A counterfoil containing the Corporate Identification Number (CIN) number and payment information will be provided by the bank during deposit. After a week of payment, you can check your Challan on the Tax Information Network (TIN) NSDL website.

Challan 287: Under Pradhan Mantri Garib Kalyan Yojana Scheme or PMGKY scheme, 2016 while making an income tax payment

Normally Challan 287 are using Under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) Scheme, 2016, for making tax payments by taxpayers preparing to planning to disclose income during the period From 17 December 2016 until 31 March 2017 under the PMGKY Scheme.

Pradhan Mantri Garib Kalyan Yojana Scheme or PMGKY, 2016

You could report all of declaring any of your disclosed income (either in the form of cash or deposit) to pay tax, cess, or penalty under the taxation and investment regime of PMGKY, 2016. under the Pradhan Mantri Garib Kalyan Yojana Scheme, 2016, the tax on such declare any of your disclosed earnings is to be deposited in government accounts with the help of  Challan 287 under the income tax.

How to make payment of tax under PMGKY?

Under Pradhan Mantri Garib Kalyan Yojana, 2016, you can pay tax on your disclosed income by following the steps below:

  • Declare income such as deposits and cash: under government PMGKY, 2016, you are expected to report your unaccounted deposits and cash.
  • Pay tax and make the deposit: As recommended by the Income Tax Department, you are expected to pay tax at a 50 percent rate on reported income. Afterward, in Pradhan Mantri Garib Kalyan Yojana, 2016, you are expected to pay 25 percent of the total declared amount. The money therefore charged will be blocked for four years by the state, and will be charged to you without interest.
  • Payment of income tax using Challan 287 and proof of payment: You are expected to pay tax using Challan 287 after completing the above steps and to receive a counterfoil in respect of the payment made. The counterfoil is seen as evidence of the payment you have made.

Protective measures while filing income tax

  • For filing taxes by using Challan 287, the PAN number is compulsory. If you do not have a PAN number, apply for the Permanent Account Number (PAN)number and the application date of the quotation, and the number of the certificate.
  • Make sure the bank counterfoil contains the following details:
    • Seven Digit BSR code of the branch of the bank via which the payment was made
    • Date of Challan’s deposit
    • Serial Number of Challan
    • CIN Number

Challan 286: For making the payment of Undisclosed income under the Income Tax Declaration Scheme 2016

The Finance Act, 2016 consists of the requirement under the Government’s Income Tax Declaration Scheme 2016, to pay taxes on undisclosed income received during the previous year. Challan 286 may be used to pay income tax on certain income to the state. As specified by the Income Tax Department, income tax on such undisclosed income is payable at a Forty-five percent rate. This Income Tax Declaration Scheme 2016 is effective as of June 1st, 2016.

Online Check the status of TDS Challan with the Tax Dept.

Check the status of your tax challan deposited in banks online. Taxpayers can verify the status of their verity either through the CIN or the TAN. Banks can verify the online status of the tax deposited in their banks by choosing either a bank branch or a nodal bank branch.

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Which Income Tax Return Form to file?

Income Tax Return; Income tax return; Income tax return

The tax return is a document that you are expected to file which includes information about your earnings as well as your tax liabilities. These tax return forms are necessary to file with the Income Tax Department. The Income Tax Act, 1961, allows the Indian citizen to send their Income tax returns at the end of each F.Y to the Income Tax  Department. With every person, though, it is not compulsory. There are various ITR form forms and each form is relevant to that certain category of assesses. It is important to file these forms at a defined due date. Only certain tax returns that are filed in the required manner and within the due date will be handled by the Income-tax department.

Which ITR Form to file; Income tax return; Income tax return

In fulfillment of this commitment, CBDT has now launched a simpler ITR 1 Form available only to individuals with incomes of up to Rs. 50,00,000. The finance minister has assured the individual taxpayer that he would make tax filing easier for them. But taxpayers may not apply for ITR-1 with dividend income of more than Rs. 10,00,000 or unexplained credit. The ITR-2A implemented in 2016 has now been discontinued and both the older ITR-3 and ITR-2 have been combined. Even so, all individual taxpayers will be entitled to issue only ITR-2 (except those who are entitled to use ITR-1 or that receiving business income).

As the individual taxpayer receiving income from business or profession is now expected to use ITR-3 because Old ITR-4 is now replaced by ITR-3. ITR-4S was supposed to be submitted by citizens opting for presumptive taxes, however now they are forced to submit ‘ITR-4 ‘ for presumptive incomes.



The ITR-1 form is to be used where the assesses have income around Rs. 50,00,000 and contains overall individual income;

  • Income from other sources (excluding lottery winnings, racing horses, foreign asset income, capital gains, business or profession, agricultural profits that exceed Rs. 5000).
  • Salary / Pension income
  • Income from One House Property (excluding situations where losses from previous years are taken forward)
  • Income from agriculture does not exceed Rs. 5,000.

This may only be applied in the case of clubbed Income Tax Returns, where a spouse or a minor is involved, where their income is not restricted to the above requirements.


  • Is an Indian resident and normally citizen, and has-
  • Any asset situated outside of India (including financial interest in any entity); or
  • Signing  authority for any account outside of India; or
  • Revenue from any source outside India.
  • Received income from capital gains or from a company or profession
  • Has income from more than one real estate property
  • Has losses from other sources under Head Profits
  • Total earnings over Rs 50,00,000
  • Has taxable dividend revenue above Rs 10,00,000 according to Section 115BBDA
  • Had an unexplained credit or investment taxable under Section 115BBE at 60 percent.
  • Has agricultural income in excess of Rs 5000
  • Has earnings from winning lotteries or horse races
  • If you are a director of an Indian company.



ITR form 2 is for individuals and HUFs who earn revenue rather than income from “Business or Profession profits and gains.” Individuals who have revenue from the following sources are also required to file Form ITR 2:

  • Salary / Pension income, housing properties, other sources exceeding Rs. 50,00,000
  • Housing property from one or more
  • Capital Gains / Loss on investment/property sales (both short and long term)
  • Additional sources (lottery, gaming, and other legal channels)
  • Being a partner in the business (for this, the ITD abandoned the form and merged into ITR 2 until there was independent ITR form 3)
  • Foreign Assets/incomes
  • Dividend earnings greater than Rs 10,00,000 taxable u / s 115BBDA
  • Unexplained taxable credit or unexplained investment at 60% u / s 68, 69, 69A, etc.
  • Share of a partner’s gains from a partnership business
  • Agricultural income in excess Rs 5,000


  • Any person or HUF who has a business or professional income
  • Individuals that apply to complete the ITR-1 Form



  • A person or a HUF is a partner in business AND
  • If income calculated under the head ‘Gains or profits of business or profession’ does not contain any revenue other than taxes by means of any interest, wage, incentive, reward or remuneration owed to or earned from, that activity.

In the event where the company’s partner has no income from the business by means of interest, wages, etc. and has only exempted the company’s benefit by means of a share of the business’s profits, the assesses shall use only that form, not Form ITR-2.


As the ITR-3 form is used for business returns, any person filing his / her personal income tax return, i.e. Salaried workers do not have to file ITR3 or register with ITR 1 form.

Income tax returns (ITR) are to be used for the 2021-22 assessment year for individuals receiving business revenue. The year of the assessment is the year subsequently after the financial year.

ITR 4, or generally known as Sugam, is to be filed under Sections 44AD, 44ADA, and 44AE of the Income-Tax Act, 1961, by individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive exemption scheme for income received from business and occupation during the F.Y. 2020-21.

The form has been updated for the assessment year 2021-22 to contain GST data along with comprehensive financial information. ITR-4 has been called the old ITR-4S tax form.

For those taxpayers who have opted for the presumptive revenue system as per se, the ITR-4 Form is the Income Tax Return Form for Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act. However, if the turnover of the undertaking referred to above reaches Rs 2,00,00,000, ITR-3 would have to be submitted by the taxpayer.



This Return Form is to be used by an individual / HUF / Partnership Business whose overall income for the 2020-21A.Y includes:

  • Business income if such income is measured in compliance with the special provisions referred to in sections 44AD and 44AE of the Act, for Company Income calculation.
  • Professional income where that income is calculated in compliance with the special requirements referred to in sections 44ADA; or
  • Salary / Pension; or
  • Income from One House Property (excluding situations where losses are carried forward or brought forward); or
  • Income from other sources (with the exception of lottery winning and racehorse income).


  • In the following situations, SUGAM cannot be used:-
  • 1. Income from more than one house property or where loss or damage to be taken forward under this head is taken forth.
  • 2. Income from lottery winnings or racing horses
  • 3. “Under the heading” Capital Gains “, – for example Short-term capital gains or long-term capital gains from the selling of houses, land, stocks, etc.
  • 4. Taxable on income under section 115BBDAA
  • 5. Income of the sort mentioned in section 115BBEBE
  • 6. Agricultural earnings in excess of ~5,000
  • 7. Speculative Business Income and other special incomes; or
  • 8. Income throughout the form of commission or brokerage by an agent business or income
  • 9. A person seeking international tax relief paid pursuant to Section 90, 90A or 91;
  • 10. Any citizen with any asset located outside India (including financial interest in any entity) or a signing authority on any account located outside India
  • 11. .Any resident with income from outside India



  • firm
  • LLP- Limited Liability Partnership
  • AOP-Association of Persons
  • BOI- Body of Individuals
  • Artificial juridical person under section-2(21)(vi))
  • Cooperative / registered society
  • Local Authority
  • persons referred to in section 160(1)(iii)(iv)



  • Companies can use ITR-6 for tax filing (other than a corporation claiming exemption under section 11).
  • Companies seeking exemption u / s 11 are those keeping their income for religious or social benefits arising from any property.


  • Individual,
  • HUF( Hindu undivided family),
  • The firm, Association of  Person (AOP),
  • Body of Individuals’ (BOI),
  • Local Authority and Artificial Judiciary person
  • Companies seeking exemptions under section 11 (property income kept for charitable or religious purposes)



  • Return in compliance with section 139 (4A), filing. Any person receiving income arising from property held in trust or other legal duty completely for, or in part solely for, charitable or religious purposes, or earning income in the form of voluntary donations where the gross income for which he is taxed as a qualified assesses reaches the permissible amount which is not subject to income tax.
  • Return under section 139(4B), in the event of revenue exceeding the maximum amount not taxable, the political party is expected to fill out the form.
  • Returns pursuant to section 139 (4C) are performed by such organizations, such as:
  1. Association for Scientific Research;
  2. Hospitals, funds, any Institution or university of education;
  3. Association or institution referred to in section 10(23A).
  4. New agency
  5. Institution referred to in section 10 (23B);
  • Returns under section 139(4D) to any college or university that is not required to have income or loss returns
  • Return under section 139(4D), any college or university that is unable to provide the return of income or loss under any other clause of this section is needed to fill out and is unable to supply
  • Return pursuant to section 139(4E), Any business trust which is not needed to filled income return or loss under any other law of this section shall return its income in lieu of its income or loss in the previous year, and all the provisions of this Act shall apply, to the degree that this may be the case, * if the return is necessary to be furnished In compliance with sub-section.
  • Return under section 139(4F) Any investment fund referred to in section 115UB which is not necessary to provide a return on its income or loss under any other clause of this section shall provide a return on its income or loss in any previous year and all the provisions of this Act shall, to the degree that they may be, apply as though it were a return needed to be supplied in compliance with sub-sub-paragraphs.


  • A person who does not claim an exception pursuant to Section 139(4A), Section 139(4B), Section 139(4C) or Section 139(4D) or 139(4E) or 139(4F) or 139(4F)


 India Financial Consultancy Corporation Private Limited

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Section 8 Online Registration of Company

Section 8 Online Registration of Company; Section-8 company; Section-8 company

We can start an NGO under Section 8 Company Registration Online, We can help you register Section 8 Company in India in just Rs.12899 in about 20 days.


According to the companies act, 2013 section 8 companies are one whose objective is to promote the field of art, commerce, science, research, charitable, social welfare. Section 8 Company is an entity licensed for charitable purposes; it can also be applied to as a Non-Profit Entity (NPO) or NGO. It is an association dedicated to the promotion of the arts, literature, trade, charity, education, environmental protection, science, social welfare, religion, study, sport, and seeks to make use of its revenues, if any, or any other benefit, in the promotion of its objects. Section 8 Companies act precisely as a limited liability company, in particular with regard to all rights and duties that come with limited liability companies.

While it differs from a limited liability company in one quite important element, it does not use the words “Limited” or “Section 8” in its name. The revenue of the Company shall be used exclusively for charitable causes, and the Company shall not be able to pay any benefit to its shareholders. The government shall grant a certificate of incorporation to all such corporations and shall also enforce certain conditions and restrictions. In the event that they do not meet them, the government will order them to close the Company. In the event that charges of wrongdoing are proven, legal action may be taken against all members of the Organization. Pursuant to Rule 8(7) of the Companies (Incorporation) Law, 2014, These come do not distribute the dividend to their members. The company also apply their profit in their objective promotion. Examples of section 8 company FICCI i.e federation of the Indian chamber of commerce include the terms Academy, Association, Chambers, Confederation, Council, Charities, Growth, Electoral Trust, Foundation, Federation, Platform, Organization, Society, and the like.

Features of incorporation of Section-8 company; features of Section-8 company; features of Section-8 company

These companies are incorporated for charitable purposes, not to motivate for earning profit and distribute it.

  1. These companies do not require any minimum paid-up share capital requirement.
  2. The liability of the members of the section 8 company is limited.
  3. Section 8 company only can work after obtaining a license from the government.

Process & Documents required for incorporation

INCORPORATION PROCESS OF U/S 8 COMPANY; Process of incorporation of Section-8 company; Process of incorporation of Section-8 company

Documents required for incorporation of Section 8 Company. 

  1. Documents required to file for incorporation of Company under section 8 of Company act
  2. Pan card of all the directors and shareholders.
  3. Id proof of all the directors and shareholders.
  4. Address proof to all the directors and shareholders.
  5. Photo ids of the same personnel
  6. Declaration of deposits
  7. Proof of registered place to serve as an office of section 8 company.
  8. Form DIR-2 with its attachments, i.e. PAN Card and address proof of the directors
  9. Consent letter of all the directors
  10. NOC in case the premises are rented or leased
  11. Interest in other entities of the directors
  12. An affidavit of all the director(s) cum subscriber(s) – INC-9
  13. With the help of filing of the above documents obtain DSC

Phase 1: Obtain your name approval in the RUN form

Applications to receive the name of the company and the DSC for the Directors must be submitted with the ROC. Once DSC has obtained to continue with the registration of a company as it has done with a private limited liability company Registration

3.File RUN application to get the name of your NGO (sec.8) approved.

Basic Documents required to be attached along with INC-12:

  • Draft MOA as per INC-13 type
  • Draft of the AOA
  • Declaration as per Form INC-14 (Declaration from Practicing Chartered Accountants)
  • Declaration as per Form INC-15 (Declaration from each person making the request)
  • Estimated revenue & expenditure for the next 3 years.

Each subscriber shall, in the presence of at least one witness, sign and add his name, address, and occupation to the subscription pages of the Memorandum and Articles of Association of the Company, together with a declaration of his name, address, and occupation. SPICE Type 32 with the ROC for incorporation, along with the following papers, for section 8 of the company registration Ministry of Corporate Affairs

  1. A draft memorandum of association and articles of association of your company along with other documents.

Phase 2: Submit to License & COI

Upload Form INC-12 with ROC after name approval to apply for a license for Section 8 Business has now been combined with SPICE 32 FORM.

  1. File an online application for registration which is in SPICE+ form.
  2. Then wait for application processing.
  3. Once your application is processed, you got the certificate of incorporation which indicates that your company is incorporated.

Advantages of section-8 company incorporation; Advantages of Section-8 company; Advantages of Section-8 company

  • No minimum paid-up share capital: The is no minimum paid-up share capital required for section 8 companies.
  • Several Tax Exemptions: Under Section 8 is non-profit, the Company benefits from an exemption from income tax under Section 80 G of the Income Tax Act as well as numerous other tax deductions and advantages.
  • Zero Stamp Duty: Section 8 corporations do not require to pay stamp duty on the MoA and AoA, unlike a private or public limited company.
  • Minimal share capital: More creditability than any NGO, trust unlike other limited companies, such as private, public, or one person, a company under Section 8 does not need a large amount of share capital to form an entity. Members may use the funds from their gifts or subscriptions instantly.
  • Separate legal entity: Section 8 companies get a separate legal status. Section 8 of the Company shall have perpetual succession and a legal person which implies the survival of the company shall be different from its members.
  • No Stamp duty: At the time of registration of section 8 company, there is no need to pay stamp duty and high fees.

Disadvantages of Section-8 company incorporation

Below are the shortcomings of Section 8 of the Company:

  • No distribution of profits: the members of Section 8 can not share the profits among themselves. Earnings used solely for the advancement of the company’s aspiration.
  • Change in MOA and AOA: If section 8 company wants to make any amendment in their memorandum and articles then this can only be done by central government approval.
  • Zero benefits: The officers and directors and any other employees of section 8 company do not get any benefit and They are only allowed to cover their out-of-pocket expenses.
  • Limited objective: The profit earned by the section 8 companies only uses in the furtherance of their objective or charity purposes. The main objective of Section 8 companies is to use the revenues and revenue of the Company for the purposes of supporting those fields only and not for other purposes.

Cancellation of the license of Incorporation Section-8 company ; cancellation of licence of Section-8 company; cancellation of license of Section-8 company?

Section 8 company license can be canceled by the central government on any of the following grounds-

  1. When a company violates the terms of the license.
  2. Company act in a fraudulent manner.
  3. When a company contravenes any provisions of section 8

FAQ- Frequently Ask Question

Q.1- can members of section 8 company get a share in the surplus profit?

Ans. –    NO, section 8 company only use the profit for their objective.

Q.2- Can the central government cancel the license of section 8 company?

Ans.- yes, the license of section 8 company can be canceled by the central government on violations of the terms.

Q 3. What is the exemption of tax for section 8 company Incorporation?

Ans. There is a popular misconception that a company under Section 8 does not have to pay taxes because they operate for the benefit of society. The corporation of Section 8, like all legal entities, is responsible for paying taxes. In order to assert an exemption from taxes, a business under Section 8 must be authorized, in specific sections 12 A, 80 G, etc., by the IT authorities.

Q 4. What is the Compliance of Section 8 Companies Registration as per Company act 2013?

Ans. Like all other kinds of companies incorporated under the companies act 2013, Section 8 Company is obliged to file compliance with the provisions of the Act.

  • Like all businesses, the business of Section 8 should comply with the annual enforcement criteria.
  • In the case of non – compliance, the Company will be run as a dormant company and will strike via the Register.
  • Section 8 also obliges the organization to comply with the CSR and to carry out its operations.
  • Section 8 Corporation is licensed for the promotion of sports, art, science, faith, charitable works, etc. These businesses are obliged to comply with the registrar of companies on a yearly and event-based (one-time) basis.


India Financial Consultancy Corporation Pvt Ltd.(IFCCL)

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We wish you & your family “A VERY HAPPY CA. DAY”

Happy Chartered Day Accountant!; CA Day; CA Day

Welcome to the 72nd day of CA DAY!

I would like to re-connect and to wish you a very happy CA day. I, as a co-professionals, wish to expand the partnership in IFCCL on this auspicious day.

COVID 19 moved us all across digital channels into virtual action. Yes, when we began developing IFCCL in 2007, we envisaged an integrated tax enforcement framework.

In 2012-2013, IFCCL began by becoming a massively electronic filing and in 2016 became a GSP licensed under foreign tax firms’ trust. In association with the AITC Group member, we started offering our Companies and CAs our Compliance Portal.

We conclude that practitioners must have a single dashboard for accounting, GST, TDS, ITS, and support services in this age of technological advancement. Alas, most solutions on the market do not provide a forum of this kind.

At IFCCL we want to give all CA professionals, whether they are CAs who start their practice or the existing CA firms, our comprehensive tax enforcement platform, and new startup companies.

We would like our strong digital enforcement experience in India to echo Chartered Accountants with PM Modi Ji’s Local-Pe-Vocal.

We have built over the course of the year our capacity to make the practice digital and truly global. We now invite interested CA to work with us to grow in the changing digital world.

Let our professional friends – the Chartered Accountants – share little of risk, prosperity, and happiness.

Take advantage of me in order to understand how you can take part in the growth of IFCCL.

Keep safe and healthy.


India Financial Consultancy Corporation Pvt Ltd.(IFCCL)

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