Board Meeting Minutes: A Guide

Board Meeting

The Board Meeting is a formal meeting of the top executives or directors of the company called to debate certain issues and problems and to make decisions. The meetings are to be held at definite times, at definite places.

Board Meetings require more planning and detailed preparation than the usual corporate events as such meetings are attended by the top corporate executives and leaders of the company. It must be distinguished from a general meeting, which is a meeting of the members (shareholders) of a company.

Number or Board Meetings

As per Section 173 (1) of the Companies Act, 2013, a newly incorporated Company must hold its first Board Meeting within a period of 30 days from incorporation.

Thereafter, a company is required to hold at least 4 Board Meetings in each financial year and ensure that the gap between two meetings does not exceed 120 days.

The quorum should be one-third of the directors or two directors, whichever is higher. Moreover, the participation of the directors by video conferencing or by other audio/visual means shall also be counted for the purposes of quorum.

Notice for Board Meeting

As per Companies Act Section 173 (4) a notice of at least seven days must be given in writing to every director at his/ her address registered with the company. Such notice shall be sent by hand delivery or by post or by electronic means.

A meeting of the Board may be called at shorter notice to transact urgent business subject to the condition that at least one independent director, if any, shall be present at the meeting. In case of absence of independent directors from such a meeting, decisions taken at the meeting shall be circulated to all the directors and shall be final only on ratification by at least one independent director if any.

Board Meeting Minutes

Minutes of a Board Meeting is a formal written record, in physical or electronic form. In short, board meeting minutes contain a summary of the matters discussed and decisions taken at such meeting. All companies registered in India, except OPC and Section 8 Company, are required to maintain minutes,

The minutes shall be maintained as per the manner prescribed in Section 118 of the Companies Act, 2013 and Secretarial Standard on Meetings of Board of Directors issued by the Institute of Company Secretaries of India (ICSI)

Minutes Book

Maintain a separate minutes book for each type of meeting. For instance, minutes book of Board Meetings, minutes book of General Meetings, etc.

Preserve the minutes permanently in the custody of the company secretary or any director duly authorized by the Board.

Board Meeting can be kept at the registered office or any other place as the Board may decide.

Content of the Minutes of Board Meeting

General Content

The Minutes shall contain:

  • Name of the company, serial number and type of meeting, date, day, venue and time of commencement of the meeting
  • Names of Directors present, whether physically or electronically, Company Secretary and invitees if any. In case the director is participating electronically, the location of such director
  • Record of the election of Chairman
  • Quorum of the meeting

Specific Content:

  • It shall contain a record of all appointments made at the meeting
  • Directors who sought and were granted leave of absence
  • Noting of the previous meeting minutes
  • Noting of the minutes of committee meetings, if any
  • Resolutions passed by way of circulation, if any, including dissent or abstention
  • The fact that an interested director did not participate or vote in the matter he/she was interested in
  • The views of the Directors particularly the Independent Director, if specifically insisted upon by such Directors
  • If any Director has not participated in any Agenda items
  • The fact of the dissent and the name of the Director who dissented from the Resolution or abstained from voting
  • Ratification by Independent Director or a majority of Directors, in case of Meetings held at a shorter Notice
  • Consideration of any other item than those included in Agenda
  • The time of commencement and conclusion of the Meeting

Recording of Minutes Board Meeting

  • Minutes shall contain a fair and correct summary of the proceedings of the Meeting.
  • Write minutes in clear, concise and plain language
  • Give a reference to any modified or superseded resolutions or decisions.
  • Minutes of the preceding meeting shall be noted at the Board Meeting held immediately following the date of entry of such Minutes in the Minutes Book

Finalization of Minutes of Board Meeting

Circulate the draft within 15 days of the conclusion of the meeting for comments of the Directors.

Minutes can be circulated by hand, speed post, registered post, courier, e-mail, or by any other recognised electronic form.

Entry in Minutes Book

  • Enter the minutes in the Minutes Book within 30 days from the conclusion of a meeting.
  • A Company Secretary or a person authorised by the Board shall enter the date of minutes.
  • Minutes shall not be altered except with the express approval of the Board.

Signing of Minutes of Board Meeting

The Chairman of the meeting or of the succeeding meeting shall initial each page of minutes book and sign and date the last page.

Moreover, the Chairman shall initial each page and sign and append date and place on the last page of the minutes.

Within 15 days of signing, minutes shall be circulated to all the Directors.

Points to remember

  • Consecutively number the pages of the Minutes Books shall.
  • Moreover, minutes shall not be pasted or attached to the Minutes Book or tampered with.
  • Minutes shall be written in third person and past tense. Whereas, the resolutions shall be written in the present tense.

Examples

Some items for which a Board Meeting is required to be held are:

What are the prerequisites for the board meeting?

The following are the prerequisites for a Board Meeting:
– The notice of the meeting shall provide all the necessary details of the meeting. Including the option available through video conferencing mode and other details that enable the directors to participate through video conferencing.
– If a director wishes to participate via video conferencing, then he/she should inform before-hand to the Chairperson or the Company Secretary of the company. This is done so that the company can make suitable arrangements for the same.

What is the frequency of the Board Meeting?

First board meeting: Every company is required to conduct its first board meeting within 30 days of incorporation
Subsequent board meetings: After this, the company is required to conduct at least 4 board meetings within 1 year. The time period between each meeting should not be less than 120 days.

What is the quorum of the Board Meeting?

1. In case the meeting is not held due to quorum (minimum number of members), then the meeting shall be held on the same date, same time, same place next week (not being a national holiday).
2. But if the number of directors is below quorum, then the remaining directors may hold the meeting for purposes given below:
a. To call a general meeting
b. To increase the number of directors
c. Or if the interested director exceeds or equals to 2/3rd of the remaining directors, then at least 2 should be the quorum

Fixed Cost

Cost can be classified in several ways such as fixed cost or variable cost, depending on its nature. One of the most popular methods is classification according to fixed costs and variable costs. Unlike variable costs, fixed costs are not dependent on the production or output of goods or services. Moreover, fix costs often relate to time period, and generally do not change over time.

What is a Fixed Cost

A fixed cost is an expense that does not change as production volume increases or decreases within a relevant range. In other words, fix costs do not change as long as operations stay within a certain size. Fixed costs are less controllable by an organization because they aren’t based on volume or operations.

As an example of a fixed cost, the rent on a building will not change until the lease runs out or is re-negotiated, irrespective of the level of activity within that building. Examples of other fixed costs are insurance, depreciation, and property taxes. Fixed costs generally incur on a regular basis, and so they are period costs.

Moreover, for marketing, it is important to understand how costs vary depending upon their nature i.e. variable or fix costs. This distinction is also essential in forecasting the earnings, preparing reports and budgets.

Difference Between Fixed Cost and Variable Cost?

  Fixed Costs Variable Costs
Meaning Fixed costs are expenses that remain constant for a period of time irrespective of the level of outputs. Variable costs are expenses that change directly and proportionally to the changes in business activity level or volume. 
Incurred when Even if the output is nil, fixed costs are incurred. The cost increases/decreases based on the output 
Also known as Fixed costs are also known as overhead costs, period costs or supplementary costs. Variable costs are also referred to as prime costs or direct costs as it directly affects the output levels.
Nature Fixed costs are time-related i.e. they remain constant for a period of time. Variable costs are volume-related and change with the changes in output level.
Examples Depreciation, interest paid on capital, rent, salary, property taxes, insurance premium, etc. Commission on sales, credit card fees, wages of part-time staff, etc.

Nature of Cost

As discussed, Fixed costs are not permanently fix but they change over time. Also they are fix by contractual obligation, in relation to the the relevant period. For example, a company may have unexpected and unpredictable expenses unrelated to production, such as warehouse costs.

Some fixed costs such as investments in infrastructure can not be substantially decreased in a limited time span are referred as fixed committed costs. While discretionary fixed costs depend on management decisions.

Examples of discretionary costs include spending on advertising, insurance premiums, machine maintenance, and research & development; the discretionary fixed costs can be excessive.

FAQs

Can a fixed cost change?

Yes. Fixed costs can change if the costs of operations changes. For example, if rent goes up, the fixed costs might be re-evaluated.

Is Depreciation a fixed cost?

Depreciation is the regular charge on tangible or intangible asset over the course of its useful life irrespective of output. Therefore, Its is considered as a fixed cost.

Is Advertising a Fixed Cost?

Advertising costs may fluctuate over time, as management may decide but advertising isn’t affected by sales or production levels so it is said to be a fixed cost.

Promoter of a Company

According to Companies Act 2013, A Promoter in Company refers to the person who:-

  • has been named in the Prospectus of the company or is identified by the company in its Annual Return.
  • directly or indirectly, has control over the affairs of the company.
  • Advises, instructs, or directs the Board of Directors of the Company.

Promoter- Meaning

A Promoter is a person who is engaged in promoting the formation and incorporation of the Company. He conceives the idea of setting up the business and took the steps for the formation of the Company. However, the persons who assist in the incorporation of the company are the Professionals and not the promoters.

Characteristics of a Promoter in Company

  1. Promoter conceives the idea for the formation of the Company.
  2. He takes all the preliminary steps for the formation of the company.
  3. A Promoter may be:-
    • Any Individual
    • Any Firm
    • Association of persons
    • A Company
  4. A Promoter is neither agent nor trustee of the Company.
  5. The promoter can be more than one person.
  6. He acts in a fiduciary position for the Company

Legal Position of a Promoter

A Promoter is neither an agent nor a trustee of the Company. He acts in a fiduciary position towards the Company. He takes steps for the formation of the Company and incurs the preliminary expenses for the Incorporation of the Company like Registration expenses, Stamp duty payment, professional fees, etc.

Functions of Promoters of a Company

  • He generates the idea for the formation of a company and explores the opportunities.
  • The promoter makes a feasibility study for the Business.
  • He drafts or gets drafted the Memorandum of Association, Articles of Association, and other required documents for the proposed company.
  • He arranges finance for the Company.
  • Promoter arranges for the Subscribers of the company.
  • He takes steps to make preliminary contracts for the proposed company.
  • He defrays preliminary expenses.
  • Promoter decides about the following
    • Name of the Company
    • Type of Company
    • Location of Registered Office
    • Amount and form of Share Capital

Rights of Promoter

  1. In the case of more than one Promoter, he has the right to recover the proportionate amount from the co-promoter if he pays the entire expenses.
  2. The promoter can enter into preliminary contracts on behalf of the company.
  3. Promoter has the right to receive remuneration. However, there must be a valid contract for remuneration.
  4. He has the right to receive legitimate preliminary expenses.

Duties of Promoter

The Promoter of a Company has certain duties and liabilities towards the Company and co-promoters.

  • The promoter should not make any secret profit from the company. However, if he makes a secret profit he should disclose them.
  • He should disclose all the material facts relating to the company.
  • Furthermore, it is the duty of the promoter to make good to the Company.
  • He must exercise due diligence and care.
  • He should not make any contract prejudicial to the interest of the proposed Company.
  • The promoter must consider the company’s interest prior to his personal interest in case any conflict arises between the company’s interests and his interests.

Remedies available to Company against Promoter

If the Company promoter acts against its duties, the Companies Act provides some remedies to Companies against the promoters. Those remedies are:-

  1. Rescission of Contract
  2. Recovery of secret profits
  3. Suit against promoter
  4. Cancel right of receiving remuneration by the promoter


FAQs

What is pre-incorporation Contract?

A pre-incorporation contract is that contract that is entered by the promoter prior to the incorporation of the company.

Is Company liable and be sued for the pre-incorporation Contract?

The company is not liable for the pre-incorporation contract as the Company was not in legal existence when the contract was made. Hence Third Party cannot sue Company for the pre-incorporation contract.
However in case the Company ratifies the contract along with the acceptance of the third party or the company novates the contract, then only Company can be held liable.

What is the difference between promoter and director?

A promoter is a person who takes steps for the formation of a company. However, the director is the person who controls the day to day affairs of the company. Both can be the same or different in a company.

IDBI Bank: Net Banking Registration, Login, Reset Password, Download Bank Statement, Tax Payment & e-verify ITR

The Government of India has built an infrastructure to collect tax filing and compliance process smooth online via net banking login from selected banks such as by IDBI Net banking. This article will guide you to:

This article will guide you on:

File Your Tax Return

On Time , Online on Quicko.com

Open Your Account Today

File Your Tax Return

On Time , Online on Quicko.com

Open Your Account Today

How to Register for IDBI Net Banking?

You will need to visit your nearest IDBI Branch for Net Banking registration. Refer to the following steps for Net Banking Online Registration:

  • Step 2: Scroll to the bottom and download the IDBI Net Banking Registration Form from the “How to Apply” section.
Net Banking Portal
  • Step 3: Fill up the IDBI online Net Banking Registration Form
IDBI Registration Form
  • Step 4: Submit this form in the Bank by visiting your nearest IDBI Branch.
  • Step 5: You will receive a “User ID” upon submitting the form, which can be used to login to your Net Banking account.
ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
[Rated 4.8 stars by customers like you]
ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
[Rated 4.8 stars by customers like you]

How to Login to IDBI Bank Net Banking?

Once you have effectively registered and activated Net Banking, you can login to your IDBI account using the following steps:

  1. Visit the IDBI online Login Portal.

    Navigate to the login page: IDBI Bank

  2. Fill in Login Details.

    Enter your User ID, Captcha Code & Password.

  3. Click on Login

    After clicking on login, you’ll be redirected to your IDBI online net banking account.

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

How to Reset IDBI Net Banking login using Forgot Password?

In case you forget your IDBI login password, you can regenerate it using the following steps:

  • Step 1: Visit the Bank’s Net Banking Page.
    IDBI Bank
IDBI forgot password
  • Step 3: Fill in all the mandatory fields such as Login ID and Account Number & click on continue.
Enter Details
  • Step 4: Enter your New Login Password and click on ‘Submit’.
ITR for Capital Gains from Investment in Stocks
CA Assisted Income Tax Return filing for Individuals and HUFs having income from sale of securities
[Rated 4.8 stars by customers like you]
ITR for Capital Gains from Investment in Stocks
CA Assisted Income Tax Return filing for Individuals and HUFs having income from sale of securities
[Rated 4.8 stars by customers like you]

How to Download IDBI Bank Statement?

Refer to the following steps to generate IDBI Bank Statement online:

  • Step 1: Visit and Login to your account from the bank’s Net Banking Page.
    IDBI Bank
IDBI login
  • Step 2: Go to the ‘Operative’ under Accounts section on the left-side pane and click on ‘Go’.
  • Step 3: On the page, select the Account for which you want to view the Statement.
  • Step 4: Select the transaction date range and the format of your account statement.
  • Step 5: Click on the ‘Statement’ button and you’ll receive your Bank Statement.

Sample IDBI Bank Statement

IDBI Bank Statement
Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
Explore
Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
Explore

How to make Direct Tax Payment through IDBI Net Banking Online?

The Income Tax department has built an infrastructure to collect taxes online via net banking/ Debit cards from selected banks. You can pay your direct taxes online using your IDBI Bank Account.

  • Step 1: Visit TIN-NSDL

    Visit the TIN-NSDL portal and hence, click on Services > e-Payment: Pay Taxes Online
  • Step 2: Select Challan as per Tax Liability

    Select the necessary challan as per your tax liability. Click on Proceed.
    Select the necessary challan by reading the following:

    TDS/TCS Section– Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) section refers to as:
    -Any tax collected while making any specified payments such as rent, commission, salary, interest, etc.
    -Any tax collected by the seller at the time of sale
    -If you have paid TDS or collected TCS then you need to look for challans under TDS/TCS Section

    Non-TDS/TCS Section- Challans that are not regarding TDS or TCS are found under Non- TDS/TCS Section. Any type of Tax that doesn’t involve TDS or TCS has to be paid by challans mentioned under the Non- TDS/TCS Section.

    Challan 280 of the Income Tax Department- Challan 280 is a much easy way to pay your advance tax, regular assessment tax, self-assessment tax, Surtax, etc. online in a few simple steps.  
  • Step 3: Enter the required details

    1. Type of Tax Applicable
    2. Type of Payment
    3. Mode of Payment (Net Banking or Debit Card)
    4. Select name of the Bank from a drop-down (IDBI)
    5. PAN Number
    6. Assessment year
    7. Address
    8. Email id
    9. Phone number
    Enter the captcha code and click on Proceed.
  • Step 4: Verify the details
    Your challan has been created. Verify the details inserted. Check the Tick box click on Submit to bank.
  • Step 5: IDBI Portal
    You will be redirected to the IDBI portal. Select the type of user and click on the mentioned link.
  • Step 6: Log in to the IDBI Account and verify Challan details
    Verify your Challan details and Payable amount. Click on Continue.
Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
Explore
Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
Explore

How to e-verify ITR using IDBI Net Banking?

The process of filing your Income Tax Return is not complete until you e verify your ITR. E-Verification should happen within 120 days of e-filing your ITR.

Here’s the step-by-step process to e verify ITR using net banking:

  • Step 2: Click on the “View Returns/Forms” option.
  • Step 3: Click on the “Returns pending for e-Verification” option.
  • Step 4: Click on the option to e verify the ITR.
  • Step 5: Generate an EVC through Net banking
  • Step 6: Select the IDBI Bank option and log in using the net banking credentials.
  • Step 7: Click on ‘Income Tax e-Filing’ in the Operating Account Section.
  • Step 8: Enter your Account Number & PAN with which you want to e verify ITR. After this click on the Submit button.
  • Step 9: Click on “Login into e-Filing
  • Step 10: You will be redirected to the income tax e-filing portal where a pop-up message will appear. Click on the option to continue.

Your ITR is successfully verified and you can download an attachment.

Return successful e-Verified ITR
Check Income Tax Refund Status
Track Income Tax Refund online using PAN. The Income Tax Department issues the refund once the ITR is processed. Check your ITR refund status.
Explore
Check Income Tax Refund Status
Track Income Tax Refund online using PAN. The Income Tax Department issues the refund once the ITR is processed. Check your ITR refund status.
Explore

File Your Tax Return

On Time , Online on Quicko.com

Open Your Account Today

File Your Tax Return

On Time , Online on Quicko.com

Open Your Account Today

FAQs

What are the documents required from my IDBI Bank account to file Income Tax Return?

To file your ITR you will need you Bank Account Statement from your Bank’s Net banking Account for the financial year.

What is the duration I need to select to download IDBI Bank statement pdf from Net Banking for ITR filing?

You will need your IDBI Bank statement pdf for the financial year. The financial year begins on 1st April and ends on 31st March. It is the year in which you earn the income / undertake the financial activity. For eg: if you are filing the ITR for the FY 2019-20m you need a bank statement from 1st April 2019 to 31st March 2020.

What are the ways to make e-Payment of taxes through IDBI?

The facility provides a platform to taxpayers to pay Income Tax payment online. You can use either Net banking login or through your IDBI debit card.

IDFC First Bank: Net Banking Registration, Login, Reset Password, Download Bank Statement, Tax Payment & e-verify ITR

You can pay your taxes online via net banking from selected banks such as by IDFC First net banking.

This article will guide you on:

File Your Tax Return

On Time , Online on Quicko.com

Open Your Account Today

File Your Tax Return

On Time , Online on Quicko.com

Open Your Account Today

How to Register for IDFC First Net Banking?

Refer to the following steps for IDFC First Net Banking Online Registration:

  • Step 2: Click on ‘create username’
IDFC First Registration Page
  • Step 3: Enter the mandatory information fields like Customer ID & Mobile number and click on next.
IDFC online login
  • Step 4: Here, enter your Account Number/ Debit Card Number/ Loan Account Number
  • Step 5: Enter the OTP you received on your registered mobile number
  • Step 6: Select a username and create your netbanking password and then click on submit
ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
[Rated 4.8 stars by customers like you]
ITR for Salaried Individuals
CA Assisted Income Tax Return filing for individuals having salary, one house property & income from other sources.
[Rated 4.8 stars by customers like you]

How to Login to IDFC First Bank Net Banking?

Once you have effectively registered for Net Banking, you can login to IDFC First using the following steps:

  1. Visit the IDFC First online Login Page.

    Navigate to https://my.idfcbank.com/start

  2. Fill in Login Details.

    Enter your Username & Password.

  3. Click on Login

    After clicking on login, you’ll be redirected to your IDFC net banking account.

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

How to Reset IDFC First Net Banking login using Forgot Password?

In case you forget your IDFC login password, you can regenerate it using the following steps:

  • Step 2: Click on ‘Forgot Username’.
IDFC forgot password
  • Step 3: Fill in all the mandatory fields such as Customer ID/Account Number and Mobile Number.
Enter Details
  • Step 4: Enter the OTP which you might have received on your Registered Mobile Number.
  • Step 5: Enter your New Login Password and click on ‘Submit’.
ITR for Capital Gains from Investment in Stocks
CA Assisted Income Tax Return filing for Individuals and HUFs having income from sale of securities
[Rated 4.8 stars by customers like you]
ITR for Capital Gains from Investment in Stocks
CA Assisted Income Tax Return filing for Individuals and HUFs having income from sale of securities
[Rated 4.8 stars by customers like you]

How to Download IDFC First Bank Statement?

Refer to the following steps to generate IDFC First Bank Statement online:

IDFC login
  • Step 2: Click on the ‘Accounts Statement’ option.
  • Step 3: On the page, select the Account for which you want to view the Statement.
  • Step 4: Select the Time Period.
  • Step 5: Choose the option of ‘Download the e-statement’

Sample IDFC First Bank Statement

IDFC First Bank Statement
Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
Explore
Income Tax Calculator
Calculate income tax liability for FY 2020-21. Compare tax liability as per New vs Old Tax Regime.
Explore

How to make Direct Tax Payment through IDFC First Net Banking?

You can pay your direct taxes online using your IDFC FIRST Bank Account.

  • Step 2: Select the challan ITNS 280 to pay your Income Tax.
  • Step 3: Fill in all your tax payment details and click on ‘confirm.’
  • Step 4: You will be now be redirected to the Bank’s net banking login page. Login using your username and password to pay your taxes.
  • Step 5: On successful payment, you will receive a transaction reference number as proof towards the tax payment. After your Tax payment is fully approved your account will be debited and payment will be processed.
Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
Explore
Track Your ITR Status
Check your Income Tax Return Status using the PAN and Acknowledgment number - which is allocated by the Income Tax Department after filing your ITR.
Explore

How to e-verify ITR using IDFC First Net Banking?

The process of filing your Income Tax Return is not complete until you e verify your ITR. e-Verification should happen within 120 days of e-filing your ITR.

Here’s the step-by-step process to e verify ITR using net banking:

  • Step 1: Visit the Income Tax e-Filing portal and login using valid credentials.
  • Step 2: Click on the “View Returns/Forms” option.
  • Step 3: Click on the “Returns pending for e-Verification” option.
  • Step 4: Click on the option to e verify the ITR.
  • Step 5: Generate an EVC through Netbanking
  • Step 6: Select the IDFC Bank option and log in using the netbanking credentials.
  • Step 7: Click on Payments & Transfer > Tax Center
  • Step 8: Click on the option to e-File.
  • Step 9: Enter the required details and click on the option to submit.
  • Step 10: Hence, you will be redirected to the income tax e-filing portal where a pop-up message will appear. Click on the option to continue.

Hence, your ITR is successfully verified and you can download an attachment.

Return successful e-Verified ITR
Check Income Tax Refund Status
Track Income Tax Refund online using PAN. The Income Tax Department issues the refund once the ITR is processed. Check your ITR refund status.
Explore
Check Income Tax Refund Status
Track Income Tax Refund online using PAN. The Income Tax Department issues the refund once the ITR is processed. Check your ITR refund status.
Explore

File Your Tax Return

On Time , Online on Quicko.com

Open Your Account Today

File Your Tax Return

On Time , Online on Quicko.com

Open Your Account Today

FAQs

What are the documents required from my IDFC First Bank account to file Income Tax Return?

To file your ITR you will need you Bank Account Statement from your Bank’s Net banking Account for the financial year.

What is the duration I need to select to download IDFC First Bank statement pdf from Netbanking for ITR filing?

You will need your IDFC First Bank statement pdf for the financial year. The financial year begins on 1st April and ends on 31st March. It is the year in which you earn the income / undertake the financial activity. For eg: if you are filing the ITR for the FY 2019-20m you need a bank statement from 1st April 2019 to 31st March 2020.

What are the ways to make e-Payment of taxes through IDFC First?

The facility provides a platform to taxpayers to pay Income Tax payment online. You can use either Net banking login or through your IDFC debit card.

Section 194LA : TDS on Payments of Compensation on Acquisition of certain Immovable Property

What is Section 194LA?

Section 194LA relates to the TDS provisions applicable on the payment of compensation at the time of acquisition of certain type of immovable property. Any person, who is responsible for paying to a resident, any sum, being in the nature of compensation or the enhanced compensation or the consideration or the enhanced consideration on account of compulsory acquisition, under any law for the time being in force, of any immovable property (other than agricultural land) shall, deduct TDS at the rate of 10%.

TDS Calculator
Tax Deducted at Source (TDS) is a part of Income Tax. TDS should be deducted by a person for specific payments made.
Explore
TDS Calculator
Tax Deducted at Source (TDS) is a part of Income Tax. TDS should be deducted by a person for specific payments made.
Explore

When to deduct TDS under Section 194LA?

The payer is liable to deduct TDS u/s 194LA if the aggregate amount of payment during the financial year exceeds INR 2,50,000. The payer shall deduct TDS within earlier of the below mentioned dates –

  • At the time of payment of the amount in cash; or
  • At the time of payment of the amount in cheque or draft or any other mode.
As per section 206AA if the deductee fails to provide the PAN to deductor then he would suffer deduction at higher of the rates of deduction as: At the rate specified in the relevant provision of the Act, or, At the rate or rates in force, i.e., the rate prescribed in the Finance Act (Finance Act 2019 for FY 2019-20), or At the rate of 20%
Tip
As per section 206AA if the deductee fails to provide the PAN to deductor then he would suffer deduction at higher of the rates of deduction as: At the rate specified in the relevant provision of the Act, or, At the rate or rates in force, i.e., the rate prescribed in the Finance Act (Finance Act 2019 for FY 2019-20), or At the rate of 20%

Rate of TDS

  • The Deductor is liable to deduct TDS @ 10% under section 194LA of the Income Tax Act, 1961.
  • No surcharge, education cess or SHEC shall be added to the above rate. Hence, TDS shall be at the basic rate.
  • The rate of TDS will be 20% in all cases, if PAN is not quoted by the deductee.
As per section 206AB, if the aggregate of TDS and TCS for deductee is INR 50000 or more in each of these two previous years and deductee has not filed the returns of income for two previous years immediately prior to the previous year in which tax is required to be deducted then he would suffer deduction at higher of the rates of deduction as: At twice the rate specified in the relevant provision of the Act; or At twice the rate or rates in force; or At the rate of 5%
Tip
As per section 206AB, if the aggregate of TDS and TCS for deductee is INR 50000 or more in each of these two previous years and deductee has not filed the returns of income for two previous years immediately prior to the previous year in which tax is required to be deducted then he would suffer deduction at higher of the rates of deduction as: At twice the rate specified in the relevant provision of the Act; or At twice the rate or rates in force; or At the rate of 5%

Cases where there is no need to deduct TDS under Section 194LA

TDS is not deductible under section 194LA in following cases when –

  • The person is paying an amount to a ‘non-resident’ person.
  • Aggregate consideration during the Financial Year is less than INR 2,50,000.
  • Payment is in respect of any award / agreement which is exempt from income tax.
  • The payee has filed an application in Form No. 13 to the Assessing Officer and has obtained a certificate for No / lower deduct of tax.
Residential Status Calculator
Taxability in India depends upon Residential Status. Know your Residential status from Resident, NRI or Resident but Not Ordinarily Resident(RNOR)
Explore
Residential Status Calculator
Taxability in India depends upon Residential Status. Know your Residential status from Resident, NRI or Resident but Not Ordinarily Resident(RNOR)
Explore

TDS Certificate

Deductors of tax shall issue TDS certificate to the deductee in Form 16A on Quarterly basis for TDS u/s 194LA. The due dates to issue of TDS certificates is 15 days from due date of filing TDS return. Deductor can download TDS Certificate from TRACES. The certificate shall be given on a quarterly basis. The due dates for receipt of TDS certificates are as below:

TDS For Quarter Due-Date
Q1 April to June 15th August
Q2 July to September 15th November
Q3 October-December 15th February
Q4 January to February 15th June
TDS Return (26Q) for Non-Salary Payments (Annual)
CA Assisted TDS return filing plan for employers, firms and companies making payment of Professional fees, Rent, Contracts, Commission, etc.
[Rated 4.8 stars by customers like you]
TDS Return (26Q) for Non-Salary Payments (Annual)
CA Assisted TDS return filing plan for employers, firms and companies making payment of Professional fees, Rent, Contracts, Commission, etc.
[Rated 4.8 stars by customers like you]

TDS Return

Filing TDS returns is mandatory for all the persons who have deducted TDS. TDS return is to be submitted quarterly and various details need to be furnished like TAN, amount of TDS deducted, type of payment, PAN of deductee, etc. In case of TDS on non salary payments TDS Return Form 26Q is to be filed. Due dates for TDS returns are as follows:

Quarter Due-Date
Q1 31st July
Q2 31st October
Q3 31st January
Q4 31st May

FAQs

What is a compulsory acquisition?

Compulsory acquisition is the power of government to acquire the land from its owner without the willing consent of owner in order to benefit the society.

How can I claim TDS refund?

You need to file a TDS refund claim when the deductor has deducted more tax than the actual liability. You can claim the difference amount by filing an income tax return.

Section 194D : TDS on Insurance Commission

What is Section 194D?

Section 194D covers the provisions relating to deduction of TDS on insurance commission. As per provisions of section 194D, the person who is responsible for making payment to a resident person, as remuneration/ rewards, by the way of commission or for the following purposes:

  • For Soliciting / procuring insurance business; or
  • For the continuance, renewal, or revival of an insurance policy.

TDS is required to be deducted only when the aggregate of the amounts of such income credited or paid or likely to be paid or credited during the financial year exceeds INR 15,000 (Applicable from June 1st 2016).

As per section 206AB, if the aggregate of TDS and TCS for deductee is INR 50000 or more in each of these two previous years and deductee has not filed the returns of income for two previous years immediately prior to the previous year in which tax is required to be deducted then he would suffer deduction at higher of the rates of deduction as: At twice the rate specified in the relevant provision of the Act; or At twice the rate or rates in force; or At the rate of 5%
Tip
As per section 206AB, if the aggregate of TDS and TCS for deductee is INR 50000 or more in each of these two previous years and deductee has not filed the returns of income for two previous years immediately prior to the previous year in which tax is required to be deducted then he would suffer deduction at higher of the rates of deduction as: At twice the rate specified in the relevant provision of the Act; or At twice the rate or rates in force; or At the rate of 5%

When is TDS deducted?

The deduction of tax on insurance commission under Section 194D shall be earlier of the following:

  • The credit of commission to the account of the payee(reciever), or
  • The actual payment in cash or cheque or in kind.

There are 2 instances when TDS is not deductible under Section 194D:

  • Commission paid does not exceed INR 15,000
  • Self-declaration under Form 15G/ 15H
As per section 206AA if the deductee fails to provide the PAN to deductor then he would suffer deduction at higher of the rates of deduction as: At the rate specified in the relevant provision of the Act, or, At the rate or rates in force, i.e., the rate prescribed in the Finance Act (Finance Act 2019 for FY 2019-20), or At the rate of 20%
Tip
As per section 206AA if the deductee fails to provide the PAN to deductor then he would suffer deduction at higher of the rates of deduction as: At the rate specified in the relevant provision of the Act, or, At the rate or rates in force, i.e., the rate prescribed in the Finance Act (Finance Act 2019 for FY 2019-20), or At the rate of 20%

Rate of TDS under Section 194D

If the provisions of section 194D of the Income Tax Act, 1961 is applicable, the Deductor shall deduct TDS at the following rates:

Particulars Rate of TDS
Domestic Company 10%
A Resident person other than Domestic Company 5%

The rate of TDS will be 20% in cases where the deductee has not quoted PAN.

TDS Calculator
Tax Deducted at Source (TDS) is a part of Income Tax. TDS should be deducted by a person for specific payments made.
Explore
TDS Calculator
Tax Deducted at Source (TDS) is a part of Income Tax. TDS should be deducted by a person for specific payments made.
Explore

TDS Certificate

Deductors of tax shall issue a TDS certificate to the deductee in Form 16A for tax deducted at source other than salary. You can download a certificate from here. The due dates for receipt of TDS certificates are as below:

TDS for the QuarterDue-Date
April-June15th August
July-September15th November
October-December15th February
January-March15th June
TDS Return (26Q) for Non-Salary Payments (Annual)
CA Assisted TDS return filing plan for employers, firms and companies making payment of Professional fees, Rent, Contracts, Commission, etc.
[Rated 4.8 stars by customers like you]
TDS Return (26Q) for Non-Salary Payments (Annual)
CA Assisted TDS return filing plan for employers, firms and companies making payment of Professional fees, Rent, Contracts, Commission, etc.
[Rated 4.8 stars by customers like you]

TDS Return

The Deductor liable to deduct tax under section 193 of the Income Tax Act shall file quarterly return in Form 26Q.

FAQs

What if TDS is not deducted?

The Deductor liable to deduct TDS as per provisions of section 194D fails to deduct the same, then, in such case the Deductor is liable to pay interest @ 1% per month from the date on which tax was deductible till the date TDS actually deducted.

Whether TDS u/s 194D is deductible on commission paid on reinsurance accepted by assessee?

No, TDS is not deductible on commission paid on reinsurance.

Can the payee request the payer not to deduct tax at source and to pay the amount without deduction of tax at source?

A payee can approach to the payer for non-deduction of tax at source but for that they have to furnish a declaration in Form No. 15G/15H.
Form No. 15G is for the individual or a person (other than company or firm) and Form No. 15H is for the senior citizens.

TDS u/s 193 : Interest on Securities

What is Section 193?

TDS on interest on securities is deducted under section 193 of the Income Tax Act. It requires to deduct TDS on interest on securities @ 10%. Let us first understand the meaning of interest on securities. Interest on securities means the interest on:

  • Any security of the Central Government or a State Government
  • Debentures or other securities issued by or on behalf of a local authority or a company or a corporation [established by a Central, State or Provincial Act]
TDS Calculator
Tax Deducted at Source (TDS) is a part of Income Tax. TDS should be deducted by a person for specific payments made.
Explore
TDS Calculator
Tax Deducted at Source (TDS) is a part of Income Tax. TDS should be deducted by a person for specific payments made.
Explore

Who shall deduct TDS on interest on securities?

The person who is responsible for paying interest on securities to a resident shall deduct the tax component from the interest amount at the time of payment or credit to the account of payee/deductee/receiver whichever is earlier.
TDS mechanism covers Payments made to non-residents. However, tax in such a case is to be deducted as per section 195. Further provisions of section 193 are not applicable to the non-resident.

As per section 206AA if the deductee fails to provide the PAN to deductor then he would suffer deduction at higher of the rates of deduction as: At the rate specified in the relevant provision of the Act, or, At the rate or rates in force, i.e., the rate prescribed in the Finance Act (Finance Act 2019 for FY 2019-20), or At the rate of 20%
Tip
As per section 206AA if the deductee fails to provide the PAN to deductor then he would suffer deduction at higher of the rates of deduction as: At the rate specified in the relevant provision of the Act, or, At the rate or rates in force, i.e., the rate prescribed in the Finance Act (Finance Act 2019 for FY 2019-20), or At the rate of 20%

Rate of TDS u/s 193

The payer shall deduct tax at the rate of 10% from the sum of interest. However, if the payee does not furnish his Permanent Account Number (PAN), then the payer has to deduct tax at the higher of the following:

  • Rate specified in the relevant provision of the Income-tax Act.
  • The rate or rates in force, i.e., the rate prescribed in the Finance Act.
  • At the rate of 20%.
As per section 206AB, if the aggregate of TDS and TCS for deductee is INR 50000 or more in each of these two previous years and deductee has not filed the returns of income for two previous years immediately prior to the previous year in which tax is required to be deducted then he would suffer deduction at higher of the rates of deduction as: At twice the rate specified in the relevant provision of the Act; or At twice the rate or rates in force; or At the rate of 5%
Tip
As per section 206AB, if the aggregate of TDS and TCS for deductee is INR 50000 or more in each of these two previous years and deductee has not filed the returns of income for two previous years immediately prior to the previous year in which tax is required to be deducted then he would suffer deduction at higher of the rates of deduction as: At twice the rate specified in the relevant provision of the Act; or At twice the rate or rates in force; or At the rate of 5%

Due Date to deposit TDS with Government

Particulars Time Limit to deposit TDS
If the amount is credited in the month of March On or before 30th April
If the amount is credited in the month other than March Within 7 days from the end of the month in which deduction is made.

Penalty on Late Remittance of TDS

  • Penalty u/s 201(1A) for late deduction/late payment of TDS
    • Late Deduction: If TDS has not been deducted then in that case interest will be levied @1% per month or part of a month on the amount of TDS from the date on which tax was deductible to the date of actual deduction
    • Late Payment: If TDS has been deducted but not deposited to the government in such case interest will be charged @1.5% per month or part of a month on the amount of TDS from the date in which TDS was deducted to the date in which TDS was deposited.

No TDS deduction u/s 193 under following cases:

The following are exempt from TDS deduction:

  • A National Defence Bond held by a resident, the rate of interest for which is 4.25%.
  • National Defence Loans availed during the period of 1968 or 1972, at an interest rate of 4.25%.
  • Interest payable on National Defence Loan.
  • Payment of Interest on 7-year National Savings Certificate.
  • Interest payable on debentures issued by a company wherein the public is substantially interested, provided that the sum of interest is confined to Rs 5000; and the company deposits the interest courtesy an account payee cheque (applicable for resident individual, resident or HUF).
  • Overdue interest on any security of the Central Government or State Government if the interest is not above Rs. 10,000 for a financial year [will not be applicable for 8% Savings (Taxable) Bonds, 2003].
  • Payment of Interest on certain notified debentures issued by any institution/authority, public sector company or any co-operative society.
  • Interest payable to certain companies established under the General Insurance Business Act or any other insurer.
  • Interest payable on dematerialized security issued by a company provided that the security is listed on a recognized stock exchange as per the regulations of the Securities Contracts (Regulation) Act, 1956.
  • Interest payable on 6.5% gold bonds, 1977 or 7% gold bonds, 1980 held by a resident individual if the total nominal value of such bonds is limited to a sum of Rs. 10,000 during the period to which the interest relates.
  • Payee, who is not a company or a firm, has issued Form no 15G/15H.
  • The payee is in the custody of a certificate that permits no deduction or less deduction of tax.

TDS Certificate

Deductors of tax shall issue a TDS certificate to the deductee in Form 16A for tax deducted at source other than salary. You can download a certificate from here. The due dates for receipt of TDS certificates are as below:

TDS for the Quarter Due-Date
April-June 15th August
July-September 15th November
October-December 15th February
January-March 15th June
TDS Return (26Q) for Non-Salary Payments (Annual)
CA Assisted TDS return filing plan for employers, firms and companies making payment of Professional fees, Rent, Contracts, Commission, etc.
[Rated 4.8 stars by customers like you]
TDS Return (26Q) for Non-Salary Payments (Annual)
CA Assisted TDS return filing plan for employers, firms and companies making payment of Professional fees, Rent, Contracts, Commission, etc.
[Rated 4.8 stars by customers like you]

TDS Return

The Deductor liable to deduct tax under section 193 of the Income Tax Act shall file quarterly return in Form 26Q within the following due dates:

Quarter Due-Date
April to June 31st July
July to September 31st October
October to December 31st January
January to March 31st May

FAQs

Is it mandatory to file TDS return by deductor?

Yes, the government considers it mandatory for the deductors of tax to specify the details of TDS payments made to the government in the form of a return. In addition TDS returns must be filed on a quarterly basis.

What is the TDS rate if PAN not available?

All transactions liable for TDS will have tax deduction at a higher rate of 20% if the Permanent Account Number (PAN) of the payees is not available.

Whether assessee liable to deduct TDS u/s 193 on provision of interest in case payee is not known?

In a case where a person who is to receive interest cannot be identified at a stage at which provision for ‘interest accrued but not due’ is made. In such case there was no obligation upon the assessee to deduct tax at source. Therefore there could not be any question of levy of penalty and interest under section 201 upon the assessee.

Expert Assisted GST Registration Plans

Goods and Services Tax is an indirect tax used in India on the supply of goods and services. Under the GST, a business needs to register under GST if the aggregate turnover is more than the threshold limit.

GST Registration

GST (Goods and Service Tax) Registration is the application for GST Number or GSTIN online on the GST Portal.

New GST Registration
Goods & Service Tax (GST) registration for startups, individuals, partnership firms.and companies.
[Rated 4.8 stars by customers like you]
New GST Registration
Goods & Service Tax (GST) registration for startups, individuals, partnership firms.and companies.
[Rated 4.8 stars by customers like you]

Amendment of GST Registration

Once the GST authority issues the GST registration certificate, the taxpayer might want to change registration details on the GST Portal. This is called the Amendment of Registration under GST – change in Core Fields and Non-Core Fields.

Only after the approval from the GST officer, the Core Fields can be changed. On the other hand, To change the non-core fields, taxpayer should do a simple verification.

Amendment of GST Registration
Amendment of GST Registration for startups, individuals,partnership firms and companies to change / update GST details.
[Rated 4.8 stars by customers like you]
Amendment of GST Registration
Amendment of GST Registration for startups, individuals,partnership firms and companies to change / update GST details.
[Rated 4.8 stars by customers like you]

GST Registration Cancellation

Cancellation of GST Registration means the GST Number or GSTIN of a registered taxpayer becomes inactive. The taxpayer will not have to pay or collect GST or file Returns, after the cancellation of GST Registration.

GST Registration Cancellation
CA Assisted Cancellation of GST Registration for startups, individuals, partnerships firms and companies registered under GST.
[Rated 4.8 stars by customers like you]
GST Registration Cancellation
CA Assisted Cancellation of GST Registration for startups, individuals, partnerships firms and companies registered under GST.
[Rated 4.8 stars by customers like you]

FAQ

What are the consequences of cancelling registration under GST?

The taxpayer will not have to pay GST anymore. For certain businesses, registration is mandatory. If the registration is canceled and business still continues, it will be considered as an offense and heavy penalties will apply.

How to change GST registration details?

In order to change the details of your registration, you need to visit the GST official portal. Go to Services > Registration > Amendment of Registration Non-Core Fields. Select the desired tab and make the necessary changes.

What are the ways to register on GST portal?

A person can register itself on GST portal in the following ways:
1) Taxpayer 2) Tax Deductor 3) Tax Collector 4) GST Practitioner 5) Non-Resident Taxable Person