Founders’ Agreement must be free from all the loopholes that might be exploited at a later stage. Also one must ensure that it must be detailed, thorough and water-tight.

A Founders’ Agreement is a legal document drawn at the time of the incorporation between the co-founders of a company stating the ownership, roles, duties, responsibilities, the initial investment, payments/ remunerations etc for each founder. It also sets forth the goals and projections of the co-founders.

Founders’ Agreement must be free from all the loopholes that might be exploited at a later stage. Also one must ensure that it must be detailed, thorough and water-tight.

What are the key issues upon which the co-founders must be in concurrence?

  • Share in equity
    The co-founders must be in agreement upon the equity held by each co-founder (may either be by percentage or the number of shares). It is the contribution provided and the role played by each co-founder that determines their share in equity.
  • Capital Raised
    The initial investment of each founder, as well as any additional contributions in form of finance that may be required in the future for operational and expansion purposes, which the founders provided.
  • Division of Roles and Responsibilities
    The roles of the founders should clearly be defined to avoid an unmanaged front of the business. The responsibilities may be divided as Sales, Marketing, Administration, Financing, Operations etc as per who brings what on the table.
  • Compensation
    The agreement should also specify the designation of the co-founders along with the remunerations, compensation, benefits and reimbursements to be provided to them.
  •  The exit of a Co-Founder and Restriction on Transfer of Shares
    This is another aspect that must be discussed and clearly provided in the Founders Agreement to protect the interests of the co-founders. There can be a lock-in period prescribed and a provision to deal with the rights of the exiting and other co-founders for an occasion where a co-founder desires to exit before the completion of the lock-in period. The fate of the shares held should also be mentioned clearly.
  • Other clauses that may be provided in the agreement are:
  • Intellectual property rights and assignment;
  • loans from founders;
  • Non-Compete;
  • Dispute resolution and governing laws;
  • Severability etc.

Thus we understand that Founders’ Agreement establishes clear terms of the relationship between the Co-Founders and their obligations towards the business. More importantly, being a governance document, it acts as a guiding document for the potential investors.

Source url - https://enterslice-32.webself.net/blog/2018/08/11/why-do-you-need-a-founders-agreement

Franchising, thus, is a modified form of licensing arrangement where the rights to use a proven business model supported by the rights to use the Intellectual property owned and associated with the franchisor’s

Franchising is the way by which an entity (franchisor) which has developed a particular manner of conducting business tried to expand its business by giving other entities, existing or newbie’s, the right to utilize their successful business process. It may be made for another location for a definite period of time and a prescribed ongoing fee.

Franchising, thus, is a modified form of licensing arrangement where the rights to use a proven business model supported by the rights to use the Intellectual property owned and associated with the franchisor’s business are given to another for the sole reason of expansion and earning profits.

The Franchise Agreement is a legally enforceable document that documents the relationship between the franchisor and franchisee. Most businesses which are popular in the franchising business and who know the goodwill and desirability of their name in the market have a standard form of draft Franchise Agreement prepared and rarely provide any scope of negotiations.

Franchise Agreement lays down the terms of the franchising including the following:

  • Details of the Franchisor and the franchisee,
  • Franchise Fee & Consideration,
  • Training, Supervision and Support to be provided by the franchisor,
  • Responsibilities of Advertising and Brand Promotion,
  • Terms of use of Trademark & Intellectual Property,
  • The time period for the validity of the Franchise Agreement,
  • Transfer or Assignment of Franchise,
  • Termination of Franchise Agreement,
  • Governing Law and Dispute Resolution etc

Sale deed consist the details of the owner of the property and the other details of the property. It is a valid proof of ownership. It is executed on the non judicial stamp paper

Sale deed is a very important document as it defines the ownership of the property. It is executed at the time of buying or selling property. It a very crucial document because it is an evidence for the actual owner of the property. It is executed at the time when parties are satisfied with the terms and conditions mentioned under sale agreement.

Sale deed consist the details of the owner of the property and the other details of the property. It is a valid proof of ownership. It is executed on the non judicial stamp paper. The value of the stamp paper shall be the value prescribed by the state government where the transaction related to the property has taken place.

The registration of sale deed will be as per the provisions of Registration Act, 1908. For registration, parties involved have to make their presence in the office of sub registrar for the signing of sale deed along with the requisite documents and two witnesses. After registration buyer shall have the legal rights on the property.

A Sale Deed signifies the transferring the title of the property from the seller to buyer. This title is not revocable. 

It is a very basic registration and government fee charged for IEC is also very minimal. As one is only required to pay 500 rupees for the same.

Importer Exporter Code (IEC) is basically import export license granted by the Directorate General of Foreign Trade (DGFT). Any person or body corporate who is willing to expand their business and explore the international market, are required to acquire IEC.

Anyone can make an application to the DGFT directly along with the necessary documents or one can apply for IEC code online and digitally attached all the required documents there.

It is a very basic registration and government fee charged for IEC is also very minimal. As one is only required to pay 500 rupees for the same.

Who can apply for IEC

Anyone engaged in any business, agriculture, manufacturing etc. can apply for Importer Exporter Code. Such person can be any of the following:

  • Individual / Proprietor
  • Partnership Firm
  • LLP
  • Private/ Public Limited Company, or any other entity.

Features of IEC

  • It is mandatory to apply for IEC before initiating import/Export. There is no concept of provisional registration for Importer Expo
  • IEC has lifetime validity, it does not have an expiry date unless surrendered.
  • IEC will be valid for all the divisions / units/ factories/ branches which are mentioned at the time of application. There is no need to acquire different IEC for different units or branches.

Is IEC mandatory for import/export

No, it is not a mandatory requirement to apply for IEC, there are certain exemptions to the same. Following are a few scenarios when it is not mandatory to get IEC registration:

Scenario 1: When we say that before importing and exporting you are required to apply for Import Export Code, it does not mean that all kinds of import / export attract this requirement. If the import or export is of personal nature and is not associated to any business, agriculture, manufacturing activity etc. then in such cases there is no liability to apply for IEC beforehand.

Scenario 2: If any import or export is affected by any government departments, ministries or any other notified charitable organizations, then they are not required to apply for IEC registration.

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MSME stands for micro small medium enterprises. In the same category there’s another term i.e SSI which stands for small scale industries. Both fall under the same category

In this article we will discuss what MSME Registration is, why you should do MSME Registration, the types of MSME Registrations and how can you do your MSME Registration. So let’s begin by knowing firstly what MSME is all about?

MSME stands for micro small medium enterprises. In the same category there’s another term i.e SSI which stands for small scale industries. Both fall under the same category. Now these businesses come under Udyog Aadhaar and are the foundation of economic growth and development making them the back bone of Indian economy.

The Indian government hence gives an array of benefits to them to encourage their number and progress. The benefits include things like lower rates of interests, some favouring rules regarding settlement of disputes with the distributors or promoters, more tax rebates etc. But to avail for these attractive benefits, all you need is an MSME Registration. The MSME Registration is not mandatory but it’s a good idea to get the Registration just to avail the benefits.

The laws related to MSME Registration.

The MSME Registration application is done under the MSMED act and the MSME businesses could be in both the sectors, either manufacturing or service. The MSME Registration has three categories depending on the type of work and the annual turnover or investments are put forth into that business.

Following are the three categories: -

Types of MSME Registration based on their size, Investment and turnovers

Micro Enterprises- This micro enterprise Registration category is the smallest of all three categories of MSME Registration. And the criteria for getting an MSME Registration under micro enterprise is: -

The Investment in manufacturing sector should not be more than the amount of Rs 25 lakhs.

The Investment in case your business is in service sector, should be not more than the amount of Rs 10 lakhs.

Small Enterprises-The small enterprise category is the middle one within the MSMEs and the Registration criteria for it is the following: -

The Investment for manufacturing sector of businesses should be more than the amount of Rs 25 lakhs but shouldn’t exceed the amount of Rs 5 crore.

In the service sector, the Investment must be more than the amount of Rs 10 lakhs but not exceeding the amount of Rs 2 crores.

Medium Enterprises-The very last category of the MSMEs for MSME Registration. And the criteria for it is as followed: -

The manufacturing category must have an investment more than the amount of Rs 5 crores but must not exceed the amount of Rs 10 crores.

The service sector must have an investment more than the amount of Rs2 crores and not exceed the amount of Rs5 crores.

What should you be prepared with for MSME registration application?

Government Registration frees

The MSME Registration application form.

Prescribed list of documents for submission at the registrar office.

Procedural steps for MSME/SSI Registration

Complete the MSME Registration application form or SSI Registration application form.

Prepare required documents for MSME Registration, this takes 1 to 2 days.

File the MSME Registration application along with all the arranged documents. Filing is to be done with the MSME registrar. This step takes 2 days.

Next, you submit MSME Registration application and it will get verified and your job for MSME Registration here gets complete. And you now just wait for the approval.

Now after approval, you will be granted MSME Registration certificate.

Now your MSME Registration is complete and you are eligible for availing for the government given benefits. But in case, you need the help of professionals then our reliable experts are 24/7 hr available to help you in every possible way. Dial our phone number or drop us an email anytime when you need.

An NGO can be formed as a Public Trust (charitable trust) for the benefit of the general public with a specific objective that can be related to education, health, sanitation, eradication of poverty etc.

Non-Government Organizations, NGO are those entities which work for charitable purposes without an aim for any profits for self. In India, NGOs can be registered as any of the following:

  • Trust under Indian Trusts Act, 1882

    1. Society under Societies Registration Act 1860
    2. Section 8 Company under Companies Act, 2013

An NGO can be formed as a Public Trust (charitable trust) for the benefit of the general public with a specific objective that can be related to education, health, sanitation, eradication of poverty etc.  It is different from the formation of a Private Trust where a particular group of individuals, a family or a specific class of people becomes the beneficiaries to the trust.

What are the guidelines for a Trust Registration?

  •  “Any person who is competent to contract under the applicable laws or has the power to transfer the property that is transferable can create a trust.” A Trust like all the organizations is required to be registered. Trust Registration is a fairly easy process.
  • Before starting the process of NGO Registration, few details are required  to be in place:
  • Name for the trust
  • A Registered Address for the trust
  • Objects of the trust which must be for the good of the public at large.
  • Two trustees of the trust
  • One settler of the trust
  • Property of the trust which may be movable or immovable.
  • Funds that shall be accepted: donations, grants, contributions etc
  • Next step is to draft a Trust Deed which shall mention the details as discussed above. Apart from those, the Trust deed shall also mention following
  • Powers with the trustees.
  • Bank details of the Trust
  • The procedure in event of dissolution/ winding up
  • May provide for the procedure of amalgamation with another NGO
  • A clause for Accounts and Audits of the Trust

The Trust Deed must be printed on stamp paper of requisite value as per the State.

The Trust Deed must be accompanied by one (1) passport size photograph & a copy of identity proof of each of the trustees, settler and the witnesses.

  • The Trust deed shall then be registered in accordance with the Indian Trust Act of 1882 with the local registrar of the state. Along with the Trust Deed, two (2) copies of the Trust Deed signed by the settler on all the pages have to be submitted.
    For the registration, the trustees, settler and the witnesses must be present at the Registrar office along with their identity proof in the original.
  • The registrar shall scrutinize the documents, the deed for all the required details and all the documents. Upon his satisfaction, the Registrar shall enter the details in the official record, keep one copy of the trust deed for the record and return the original Trust deed to the applicants.
  • The Trust Registration Process is now complete and the Public Trust can now be operated in accordance with the Trust Act. The Public Trust is now ready to be operating as a Non-Governmental Organization for charitable purposes.

Source url - http://enterslice.olanola.com/blog/43368246933/What-is-the-procedure-for-trust-registration

Rules & regulations regarding TDS are governed by the provisions of Income Tax Act, 1961. It is applicable on the income earned regularly or occasionally. It is not only limited to salary but also applicable on commission, interest, professional fees etc.

TDS stands for Tax Deducted at Source. It is a type of indirect form of advance tax which is deducted from the earnings of Individual or organization prior to the amount is credited in account. Through imposing tax on the income of individual/ organization, our government generates revenue.

Rules & regulations regarding TDS are governed by the provisions of Income Tax Act, 1961. It is applicable on the income earned regularly or occasionally. It is not only limited to salary but also applicable on commission, interest, professional fees etc.  As it is payable on the earnings of individual or organization therefore tax liability arise only in case when earnings takes place.  TDS deduction takes place at the time when cash, cheque or credit payment is made to the payee account. TDS is payable as certain percentage of overall amount.

Advantages of TDS imposition 

There are numerous advantages of TDS return filing. Some of them are as follows:

  • It prevents tax evasion.
  • Duly collection of tax and in timely manner.
  • Numerous people come under the tax bracket due to TDS.
  • For the government of India, TDS collection is a steady process.

TDS Return Filing 

TDS return is a detail of TDS transactions made during the quarter. It is a quarterly statement which is required to be submitted with the Income tax department by the deductor. TDS return statement consist the PAN details of deductor and deductee along with the details of tax payment made to the government as well as information of TDS challan. It is mandatory for deductors to file TDS return.

TDS return filing due dates 

Following are the TDS return filing due dates:

  • For the 1st quarter (1st April to 30th June) – 31st July
  • For the 2nd quarter (1st July to 30th September) – 31st October
  • For the 3rd quarter (1st October to 31st December) – 31st January
  • For the 4th quarter (1st January to 31st March) – 31st May

Provisions regarding late TDS Return Filing

As per the income tax provisions, late filing may attract penalty. There are penalty provisions regarding late filing of TDS return or when TDS return is not filed within the stipulated time as mentioned above. Fine penalty is imposed till the payment of TDS.

TDS Return Filing Forms 

There are various types of TDS return filing forms and it depends upon the eligibility criteria. Every deductor has to pay the tax liability within the stipulated time and in prescribed forms.

Following are the types of TDS return filing forms on the basis of nature of income on which tax is deducted.  

  • Form24Q- This is for TDS deduction on salary as per section 192 of the Income Tax Act, 1962.
  • Form 26Q- This is in case payments received other than salary as per section 193 and 194 of the Income Tax Act, 1961.
  • Form 27Q- This is in case payment made to NRIs and foreigners other than salary as per section 200(3) of the Income Tax Act, 1961.
  • Form 27EQ- This form shows the Tax Collected at Source (TCS) by the seller as per section 206C of the Income tax Act, 1961.

Forms are required to be furnished by the deductors with the Income tax Authority in due time.

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In case any business does not register itself for GST Regime, the business will have to pay heavily for the penalty in this case. The amount of penalty is 10% of the tax amount which has not been duly paid and the minimum subjected amount for this penalty is INR 10,000.

What Is GST Registration?

GST registration is an official regime in which the businesses whose turnover for the business is more than INR 2,000,000 (20 Lakhs) has to register themselves as normal taxable corporate entity. If the organization is not registered under GST regime it will be treated as an offence under the corporate laws and the business will be penalised heavily for it. The normal time period for a business to register itself under GST Regime is between 2-6 Working Days.

Businesses Which Should Register for GST:

  • Corporates and individuals who were registered under the pre GST laws like excise, VAT and Service Tax etc.
  • The businesses whose turnover exceeds the limit of INR 20 Lakhs.
  • Agents of a supplier and Input Service Distributor.
  • All the e- commerce aggregators.
  • The people who supply through e commerce aggregator.
  • People who are supplying the information of any kind of data from a place outside to someone in India, and that person is not a registered taxable person.

Documents Required for GST Registration:

  • The first and prime most important is the PAN of the Applicant without which no online GST registration can be done.
  • Then you need to show the Aadhaar card for the applicant.
  • The personal identity proofs of all the directors of the corporate entity to be registered.
  • The proof for address verification for the business location.
  • The bank account statements and also a copy of cancelled cheque is mandatory to have.
  • It is also required to produce the Digital Signature of the directors and applicants.

Penalty for not registering under GST Regime:

In case any business does not register itself for GST Regime, the business will have to pay heavily for the penalty in this case.  The amount of penalty is 10% of the tax amount which has not been duly paid and the minimum subjected amount for this penalty is INR 10,000. If the business is found to do this mistake voluntarily the amount of penalty can be even 100% of the taxation not paid duly.

Process of GST Registration:

The entire GST Registration procedure is divided here into following basic 11 steps for the better understanding to a common man and they are as follows:

  • You first need to visit the GST portal and click Register on it.
  • Then the second step requires you to fill the details like type of taxpayer, state and district of your location of business, name of the business along with the PAN of the business for which you want to register for GST. The email ID and mobile numbers for further communications and OTPs. Then click on Proceed.
  • You will now be asked to enter the OTP sent on that number you mentioned in the previous detail. Enter and Continue.
  • You will now get a Temporary Reference Number (TRN). Note it for further use.
  • Then you are required to again Go the GST portal and Click Register Now.
  • Choose TRN. Now enter the TRN provided to you over the mail and proceed it further.
  • Again you will get an OTP and you need to enter it and proceed even firther.
  • The status of the application will be shown as Drafts. Click on Edit option.
  • Then you need to fill all the details and submit relevant documents.
  • Then you need to verify the information submitted, go to the verification page and tick on declare and submit the application.
  • You will now get a message for successful registration and also the Application Reference Number.

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Purchase price and thereafter share purchase agreement is executed. There is a requirement to review stamp duty under the relevant jurisdiction. This agreement shall be signed by both the parties i.e. seller and purchaser.

A Share purchase agreement (SPA) is a type of agreement under which terms and conditions are set out in relation to sale and purchase of shares in a company. It is mainly a contract of sale and purchase of share capital of the company. Under this, buyer is liable to pay certain amount i.e. Purchase price and thereafter share purchase agreement is executed. There is a requirement to review stamp duty under the relevant jurisdiction. This agreement shall be signed by both the parties i.e. seller and purchaser. Share purchase agreement consist the clauses which deals with the purchaser’s rights & obligations in the capacity of shareholder.

Core Elements of Share Purchase Agreement

  • Description of the shares to be acquired
  • Purchase Price
  • Representation & warranties
  • Obligation regarding Confidentiality
  • Non-Competition

Why there is a need of Share Purchase Agreement?

Share purchase of a company constitutes that shareholders are the owners of the company. At the time shares are purchased, no existing contract is altered. In case shares are sold by the shareholder in a company then there is a break of relationship between the company and the shareholder.  Share Purchase Agreement defines the terms & conditions between the company and shareholder.

Following below mentioned matters will be dealt under share purchase agreement:

  • Parties to the Share Purchase Agreement 

This type of agreement comprises seller & acquirer.

  • Recitals 

Recital of an agreement defines the relationship among the parties. Object and roles of the parties are also defined there under.

  • Share Transfer

Whenever share transfer takes place in a company, ownership will pass to the transferee. There will be description of rights & liabilities of the transferee.

  • Condition Precedent 

There must be an exhaustive clause which will provide necessary permissions & permits. It should clearly state the person responsible for obtaining each.

  • Confidentiality 

There should be clause which will be regarding confidential information shared among the parties involved.

  • Force Majeure 

This clause is applicable in case of unwanted situation arise such as financial crisis. It strengthens the interest of parties involved in agreement.

  • Dispute Resolution 

In case of any dispute among the parties, it shall be referred in arbitration to resolve dispute.

  • Jurisdiction 

There will be an applicability of Indian laws where the registered office of the company is situated.

Advantages of Share Purchase Agreement 

  • No involvement of third party

Shares can be purchased without the intervention of any third party. Therefore the process of share purchase is much distinct in comparison to asset purchase.

  • No liability for debts

There will be no liability of seller of shares for the company’s debts. As company has a separate legal personality from its directors and shareholders. Whereas in comparison to asset sale, all the current liabilities will be kept by the seller, unless negotiations have been made with the buyer to take them over with the business

Disadvantages of Share Purchase Agreement 

  • Inheriting outstanding problems

Seller’s company will be inherited by the buyer which implies that problems will also be inherited which is in existence at the date of sale.

  • Risk

There is an involvement of greater risk in comparison to asset purchase as buyer inherits a company. Warranties are also there which are required to protect the buyer.

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These contracts are gaining importance as in this competitive world sharing confidential information is crucial in the process of securing investment, finding potential partners, hiring key employees or convincing potential clients etc.

Non-Disclosure Agreement

Any written agreement executed between two or more parties with an intention to restrict the parties from disclosing any kind of proprietary or sensitive information is known as Non-Disclosure agreement.

Such agreements have binding clause which are applicable on either one of both the parties named in the agreement.  Thus not only restricts them from sharing such information but also from making profits as a result of such additional knowledge.

These contracts are gaining importance as in this competitive world sharing confidential information  is crucial in the process of securing investment, finding potential partners, hiring key employees or convincing potential clients etc.

What is confidential information?

Any information can be confidential information based on the business activity undertaken by the organization. For example for a manufacturing company it could be the manufacturing procedure, for a food outlet it could be secret recipes, for software development company it could be codes etc. It basically represents the information which is viable for conducting the business in a profitable manner. 

Other than above mentioned business specific information, from a business point of view following information is considered as critical and must be protected:

  • List of clients
  • List of sales contacts
  • Financials of the company
  • List of suppliers
  • Trade Secrets
  • intellectual Property

Various Kinds of Non-Disclosure Agreement

Based on the nature and purpose of agreement, non disclosure agreement can be of various types. On the basis of nature, it can be classified into two categories i.e. Bilateral or unilateral.

When a single party to the contract is obligated not to share or profit from confidential information described in the contract, then it can be termed as a Unilateral Confidentiality Agreement.

On the other hand, if both the parties to the contract are obligated not to share or profit from confidential information described in the contract, then it can be termed as a Bilateral Confidentiality Agreement.

On the basis of activity non disclosure agreement can be of following types;

Inventor Confidentiality Agreement

Employee Non-disclosure Agreement

Interview non-disclosure agreement

Customer Confidentiality Agreement 

Standard non-disclosure agreement

Requirement of Non- Disclosure Agreement

To understand the requirements and benefits of a non-disclosure agreement for the business its benefits to the organization are to be understood.  These benefits include the following:

  • It protects the organization’s proprietary information. Such information is shared with employees and other external parties organization deals with in general business flow.
  • It imposes a liability on employees, clients, and consultants etc not to disclose such information to any outside party or any third party outside the contract.
  • This confidentiality agreement secures the key information of the organization from being misused with an intention to harm the organization or to make extra profits.
  • If these agreements are in writing, then they have the added advantage of being legally acceptable. Many a times an oral agreement is not recognized under the eyes of law. Thus, if one has a properly executed written document, then in case of any violation of such contract the organization can claim damages by taking legal actions.
  • Many a time’s a contract’s profitability is dependent upon the confidentiality of some strategically important information or knowledge. In absence of these non-disclosure agreements, such information can be easily leaked and lead to undermining the viability of such project.

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It is a non binding agreement which defines the terms of an understanding. It creates guidelines for each party on the basis of which they will perform.

A memorandum of understanding (MoU) is a formal agreement but less formal than contracts. It is executed between two (bilateral) or more (multilateral) parties. The main purpose of this agreement is to establish official/partnership relationships. It is not legally binding on the parties. There is an existence of mutual respect between parties executing MoU.

It is a non binding agreement which defines the terms of an understanding. It creates guidelines for each party on the basis of which they will perform. It is very simple and flexible in comparison to contracts as it is a written document which is less formal and made for mutual arrangement between the parties involved.

Its main purpose is to provide a mutually agreed framework on the basis of which both the parties will work and achieve their defined goals. It is also known as letter of intent. To make an effective memorandum of understanding, a lot of time and attention should be devoted. There is no need of legally enforceable promises like contract. Co-operative relationship between parties is defined under this, which are ready to work together. It gives the detail of parties, date of execution and purpose of MoU.

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As the name recommends, "Tax Deducted at Source" infers that the payee deducts the tax before making any payment to the receiver. TDS is pertinent to the wage that is earned consistently and furthermore on the wage that is earned occasionally or sporadically. Along these lines

As per the Indian taxation code, TDS is known for tax deduction at source. TDS is considered as a kind of proper tax which is deducted from the income of any individual or association before the cash is credited into their account. The government produces revenue by imposing TDS on the people and their organizations. The rules and regulations of TDS are controlled under the Income Tax Act of 1961 by the Central Board of Direct Taxes (CBDT).

As the name recommends, "Tax Deducted at Source" infers that the payee deducts the tax before making any payment to the receiver. TDS is pertinent to the wage that is earned consistently and furthermore on the wage that is earned occasionally or sporadically. Along these lines, TDS is appropriate for different livelihoods including however not constrained to Salary only, Rent, Commission, Professional Fees, and Interest.

Have a look on the benefits of TDS Return

TDS is payable on the profit so take note of that the obligation to pay TDS is liable in case of, income really occurring. TDS is deducted before making payments. The deductions are made when the payments are on cash, cheque or credit. The deducted TDS is additionally kept with different government offices. TDS Return filing has different points of interest which are as follows:-

  • Deducting TDS at source forestalls tax evasion.
  • A Tax deduction is done appropriately and in a timely manner.
  • Because of TDS, countless people come under the tax net.
  • Revenue generation is a steady source of government.

What is TDS Return?

A TDS Return is a rundown of the considerable number of transactions identified with TDS made amid a quarter. TDS Return is a quarterly statement which is submitted to the Income Tax Department by the deductor. The statement consists of all the summary of entries by the deductor for TDS filing to the Income Tax Department. The TDS Returns statement incorporates many details such as the PAN number of the deductor and the deductees. Apart from this, the TDS which is paid to the government and TDS Challan information is also maintained in the statement.

What Are the Due Dates For Filing TDS Return?

Have a look at the following chart to know the due dates of the financial year 2018-2019.

Quarter

Quarter Period

Last Date of Filing TDS Returns

1st Quarter

From 1st April 2018 to 30th June 2018

31st July 2018

2nd Quarter

From 1st July 2018 to 30th September 2018

31st October 2018

3rd Quarter

From 1st October 2018 to 31st December 2018

31st January 2019

4th Quarter

From 1st January 2019 to 31st March 2019

31st May 2019

 

What are the types of TDS Returns Form?

There are many types of TDS Return Forms that are applicable to different situations based on the income of the deductee and the type of deductee on which TDS is implied.

Type of TDS Return Form

Particulars of TDS Return Form

Form 24Q

Contains a statement of TDS from the salaries

Form 26Q

TDS on all payments apart from salaries.

Form 27Q

TDS on income received from interest, or any amount payable to non-residents.

Form 27EQ

Collection of TDS.

Get anytime help from the experts at Enterslice if you are applying online TDS Return. We being the reliable online legal service provider, offers relevant and precise solutions to our customers. Customer satisfaction is of utmost importance to us, we will feel glad to serve you in every possible ways.

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