Angel Tax

However, it is time for startups to breathe at ease as angel tax is about to be a thing of past. As per media reports, the income tax department has notified about 120 startups that they are exempted of angel tax.

Business daily Livemint reported that about 150 firms had applied for tax relief of which 120 have received the tag of ‘startup’. The intimation was sent to startups in the last few days under a new scheme announced in February which brings an end the much talked about angel tax in the startup community.

On February 19 this year, the Department for Promotion of Industry and Internal Trade (DPIIT), in an announcement, broaden the definition of a ‘startup’ and exempted investors and entrepreneurs from the so-called ‘draconian’ angel tax. As per the new norms, an entity is a startup up to 10-years of its establishment and its turnover hasn’t exceeded INR 100 crores.

Anuj Golecha, Co-Founder, Venture Catalysts says with the relaxation of angel tax norms, the government has given a major relief to startups. Earlier there were a lot of redundancies, stretched timelines, and red-tapism due to the procedures, which will now be eliminated.

“This move will further ensure a conducive environment and enable quick processes for budding entrepreneurs. These numerous measures have widened the scope of startups and eased investment in startups across the network, which is a very positive development,” he said.

Even though the government has addressed the problem, investors are now keen to understand if they could implement the notification smoothly. Anil Joshi from Unicorn Ventures is sure these reforms will evolve and the government will actively keep making changes as system demands.

“However, if they are not implemented properly then I fear that angels may dissociate themselves from investments as no one wants to get into scrutiny for investment from tax paid income,” he added.

What Next?

Now that angel tax will have been relaxed and it will haunt fewer startups, can India truly be startup nation? Well, honestly – there is a long way to go.

Presently, India stands tall among the top countries as a startup nation. However, at the ground, the government and ecosystem have a lot of work to do to truly call India a startup nation.

From StartupIndia to DigitalIndia, there have been several initiatives that have been kicked off by the central government while on the other side even states have tried to nurture entrepreneurship in their regions. But often while discussing regulator related issues, we often forget to seek Indian Inc’s participation to develop the ecosystem.

“We need active participation from corporates to make the ecosystem more vibrant.  They need to actively involve with startups for a solution and also actively scout for acquisition,” Joshi says.

On the other hand, Lakshmi Potluri-CEO, DCF Ventures says the efforts of both the state and central government have started to show. Having said, rural and non-tech entrepreneurs still need a lot of nurturing and handholding to grow into scalable businesses.

“Entrepreneurs outside tier I cities with great ideas are yet to be tapped and nurtured as access to information/mentors is limited or nonexistent. The ecosystem should look at creating opportunities to showcase a variety of startups to the industry in different domestic, industry shows, global platforms, etc.  Lastly, more cross border best practices exchange from successful ecosystems such as Israel, Germany etc., will be a wonderful opportunity and insight for those who are running such startup/entrepreneurship facilitation ecosystems,” she adds.

Source : Press Reports

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Legal Complainces for StartUps

Startups are prone to go haywire in terms of delivery, execution, and setup costs. Amongst everything, it gets taxing to think and execute tasks related to tax. But this is an important financial element that one can not afford to overlook. A startup may incur losses in initial years and those go unaccounted. But then there are chances to save a new business from further financial losses by shielding it with tax benefits.

Here are five important tax tips for startups useful at many levels – from starting to each stage of progress.

1. Compliance With Tax Norms Makes Life Easier

As a startup, you would want to focus all your efforts and energies in offering better solutions to your customers. The entire concept of compliance is to set you free from other legal requirements and do what you do best – focus on core business. Tax norms help businesses to get clarity on implications of tax in the finances. Once done, the aim should be to have better financial planning by keeping in mind the applicable taxability and other compliance-related expenditures.

2. Hire/Consult Tax Professionals

Professionals in the industry can help you to execute all the necessary formalities, ensuring completion of all those nitty-gritty of the subject matter involved. For some, you will also need advice from tax experts on how to plan your finances by incorporating the tax implications concerned.

Opt for business professional services to ensure complete control over tax-related compliance. Having a professional consultant on-board will also help you prepare for any unforeseen contingencies. Expert opinion in the case of compliance is recommended in case of tax-related compliance queries.

3. Learn About the Broad Norms

Awareness plays a major role when it comes to knowing the legalities involved in running a business. And since the tax is one of the core concerns that new businesses have, an overall & general know-how becomes indispensable. It is essential that startups get acquainted with the applicable laws and provisions. Complying with such standards may prove to be a daunting task given the wide scope and comprehending deeper aspects involved. The Income Tax Act of India, 1961, allows legal authorities to strictly govern income tax along with rigorous checks and harsh penalties imposed upon defaulters.

4. Know Your Rights and Benefits as a Taxpayer

Tax regulations will certainly impact your business as it has its own set of implications that your business cannot escape from. The best thing is to know the rights that you enjoy as a taxpayer. For example, 100per cent tax exemption on profit gains for the first three years with the exception of Minimum Alternate Tax (MAT, 18.5per cent). Then there are exemptions on capital gain tax, the abolition of angel investment tax, and SEBI directed Funds of Funds. Such benefits must be observed and startups should leverage plenty such tax laws and regulation. Doing so will also improve the acceptability levels with VCs, investors, and banks.

5. Deeper Insights for Future Planning

Allocating resources is the key to the streamline all the other business activities and accordingly channelize the finances for the team. For better returns and future financial goals, avoiding taxation can prove disastrous. Startups should dwell deeper to gain important insights that will help those at the helm of affairs to take right decisions. You will learn to allocate resources – channel your finances for better returns – envision financial goalkeeping taxability in mind. There are chances that your future launch may get affected by the tax norms and other requirements. Ensure a tight watch over every minuscule change in the tax regime and align it for your business requirements.

Most of the new startups are stringent with taxation but they lack clear information since the subject has many branches associated with it. Startups should also ensure a pervasive compliance management system with Chartered Accountants, lawyers and tax professionals mentoring it. Try incorporating technology to manage all the compliances with utmost diligence to ensure timely tax payments and completion of all legal formalities pertaining to it.

Source : Press Reports

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Govt plans 3 days registration process for companies

The government is working on a plan to further simplify the process and shorten the time period for the incorporation of a company.

Under the new system, a single clearance with seamless registration of Permanent Account Number, Tax Account Number, Goods and Services Tax, Employee Provident Fund Organisation and Employee State Insurance Corporation, will lead to the completion of the process in flat three days.

With these measures, the Department for Promotion of Industry and Internal Trade (DPIIT) hopes the country shall scale up in the Ease of Doing Business ranking to enter the top 50, says a report appearing in ET.

There are, however, some teething issues which have to be taken care of. There are glitches in name reservation that is being sorted out by the MCA. Here the involvement of multiple agencies delays the clearance process. A seamless process is being proposed for registration with all central agencies being brought under a single layer.

Also, an alternative to authentication in place of digital signatures is proposed as a step to speed up registration.

In the World Bank ease of doing business index released in October last year, India had jumped 23 points to occupy 77th place. In the last two years, the country has climbed 53 notches as the government put special efforts in removing bottlenecks for businesses.

India’s effort in the direction also led to World Bank recognising India as one of the top improvers for the year. But it has a long way to go before it can catch up with China which is ranked at 46 place, the US (4) or even Singapore (2).

The indicators for the ranking that are taken into consideration by World Bank are starting a business, getting electricity, dealing with construction permits, getting credit, paying taxes and trading across borders.

The DPIIT has to cover a lot of ground in insolvency framework, ease of property registration, payment and refund of taxes and enforcement of contracts before it can really look forward to improving India’s ranking further.

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Statutory Registers prescribed – Companies Act, 2013

The Companies Act, 2013 (the Act) and the rules made there under (“the Rules”) lays down that every Company incorporated under the Act has to maintain Statutory Registers(“the Registers”).

The Registers need to maintained and updated eventually and should be kept at the Registered Office of the Company.  Section 128 of Companies Act states that, “every company shall keep at its registered office books of accounts and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of affairs of the company including that of its branch office and offices, if any, and explain the transactions effected both at the registered office and its branches and such books shall be kept at accrual basis and according to the double entry system of accounting.”

Following is a list of Books and Statutory Registers that a company is statutorily required to keep at its Registered Office –

Sr. No.	Relevant Section & Rules	Register
1.	Section 88 (1) and Rule 3 (1) of the Companies (Management and Administration) Rules, 2014	MGT-1: Register of Members
2.	Section 88 (1) and Rule 4 of the Companies (Management and Administration) Rules, 2014	MGT-2: Register of Debenture holders
3.	Section 88 (2) and Rule 6 of the Companies (Management and Administration) Rules, 2014	Index of Members
4.	Section 88 (2)	Index of Debenture Holders
5.	Section 88(3)	Register and Index of Beneficial Owner
6.	Section 88(4) and Rule 7 of the Companies (Management and Administration) Rules, 2014	MGT-3: Foreign Register of Members, Debenture holders, other security holders or beneficial owners residing outside India
7.	Rule 6 of the Companies (Share Capital and Debentures) Rules, 2014	Form SH-2: Register of Renewed and Duplicate Share Certificate
8.	Section 54 and Rule 8 (14) of the Companies (Share Capital and Debentures) Rules, 2014	Form SH-3: Register of Sweat Equity Shares
9.	Section 62 and Rule 12 (10)	Form SH-6: Register of Employee Stock Options
10.	Section 68 and Rule 17 (12) of the Companies (Share Capital and Debentures) Rules, 2014	Form   SH-10: Register of Shares or Securities Bought Back
11.	Section 170(1) and Rule 17 of the Companies (Appointment and Qualification of Directors) Rules, 2014	Register of Directors and KMPs
12.	Section 73 and Rule 14 of the Companies (Acceptance of Deposits) Rules, 2014	Register of Deposits
13.	Section 85 and Rule 7 of the Companies (Registration of Charges) Rules, 2014	Form CH-7: Register of Charges
14.	Section 186 and Rule 12 of the Companies (Meeting of Board and its Powers) Rules, 2014	Form MBP-2: Register of Loans/Guarantee/Security and Acquisition by Company
15.	Section 187 and Rule 14 of the Companies (Meeting of Board and its Powers) Rules, 2014	Form MBP-3: Register of Investments not held in its own name
16.	Section 189 and Rule 16 of the Companies (Meeting of Board and its Powers) Rules, 2014	Form MBP-4: Register of Contracts or Arrangements in which Directors are interested

Inspection and Maintenance of the statutory registers

The statutory registers are required to be open for inspection during business hours under the Companies Act, 2013.

The register of members has to be kept open for inspection by any member, debenture holder, other security holder or beneficial owner without payment of fees or by any other person on payment of fees not exceeding INR 50 for each inspection. The register of charges has to be kept open for inspection by any member or creditor without any payment of fees and by any other person on the payment of fees. The register of investments not held in its own name by the company has to be kept open for inspection by any member or debenture holder without any fee during business hours.

Such inspection powers are subject to any reasonable restrictions as the company may impose, by way of its articles of association. These may be in the nature of restrictions on business hours during a working day or notice requirements before such inspection. The Companies Act, 2013 specifically mentions that the reasonable time for inspection of the Register of Members cannot be less than two hours on every working day.

Electronic register

Under the Companies Act, 1956, the companies had no requirement to maintain the statutory registers in an electronic form. The Companies Act, 2013 now requires the following companies to mandatory maintain the statutory registers in an electronic form:

1. • Listed companies and
2. •  Companies having not less than 1,000 shareholders, debenture holders and other security holders

Companies not meeting the above criteria can choose to maintain the statutory registers in physical or electronic form.

All companies that maintain the statutory registers in electronic form are required to follow the guidelines prescribed under the Companies (Management and Administration) Rules, 2014. Broadly, these include the electronic statutory registers to be readable, retrievable and reproducible in printed form; statutory registers to be dated and signed digitally wherever required; statutory registers to be capable of updating; and adequate measures for the protection and security of the electronic statutory registers.

Penalty for non-compliance

Penalty for not maintaining the statutory registers have been prescribed under the Companies Act, 2013, wherein the company and every officer in default is punishable with the fine prescribed. The penalty for non-maintenance of the statutory registers varies. This fine can extend from INR 25,000 to INR 25,00,000. For certain statutory registers, if the failure to maintain the same is a continuing one, the fine can extend to INR 1,000 for every day, after the first during which the failure continues. The failure to maintain the following statutory registers could also attract imprisonment for every officer of the company who is in default:

1. • Register of shares or other securities bought-back: imprisonment for a term which may extend to three years
2. • Register of charges: imprisonment for a term which may extend to six months
3. •Register of loans, guarantee, security and acquisitions made by the company: imprisonment for a term which may extend to two years and
4. •Register of investments not held in its own name by the company: imprisonment for a term which may extend to six months

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TDS Certificate

TDS certificates are issued by the deductor (the person who is deducting tax) to the deductee (the person from whose payment the tax is deducted). There are mainly two types of TDS certificates issued by the deductor.

1. Form 16: which is issued by the employer to the employee incorporating details of tax deducted by the employer throughout the year, and

2. Form 16A: which is issued in all cases other than salary.

As TDS is collected on an ongoing basis, it can be difficult to keep track of deductions by an individual. As per Section 203 of the ITA, the deductor has to furnish a certificate of TDS payment to the deductee/payee. This certificate is also offered by banks making deductions on pension payments etc. The certificate is typically issued at the deductor’s own letterhead. Individuals are advised to request for TDS certificate wherever applicable, and if not already provided.

The employee has a right to obtain the TDS certificate in form 16 from his employer. The certificate details should be filled in return of income, since no credit for TDS can be given without it. In case your employer fails to issue the TDS certificate, he shall be liable to a penalty of Rs. 100/- for each day of default.

Fees for delay in furnishing the statements: (section 234E of Income Tax Act)

Effective from 1st July 2012, any delay in furnishing the eTDS statement will result in a mandatory fees of Rs. 200 per day, the total fees should not exceed the total amount of TDS made for the quarter. The late filing fee should be paid before filing such delayed eTDS statement.

Penalty for failure to furnish statements and furnishing incorrect statements: (section 271H of Income Tax Act)

Failure to file eTDS statement delaying more than an year or furnishing incorrect details in the statement filed like PAN, Challan and TDS Amount etc, will result in a penalty ranging from Rs. 10,000 to one lac.

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TDS Returns

TDS return filing is mandatorily required every quarter by all persons and entities who have deducted tax at source.

TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. Tax deducted at source (TDS) ensures that the Government’s collection of tax is proponed and the responsibility for paying tax is diversified.

Tax Deducted at Source or TDS is a source of collecting tax by Government of India at the time when a transaction takes place. Here, the tax is required to be deducted at the time money is credited to the payee’s account or at the time of payment, whichever is earlier.

In case of payment of salary or life insurance policy, tax is deducted at the time of payment. The deductor then deposits this TDS amount to the Income Tax (I-T) department. Through TDS, some portion of your tax is automatically paid to the I-T department. Thus, TDS is considered as a method of reducing tax evasion.

Tax is deducted usually over a range of 1% to 10%.

The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government – quoting the TAN number. Individuals who are salaried are not required to obtain TAN or deduct tax at source.

However the persons responsible ( i.e., a Proprietorship Business, Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payment like salary, payments to contractor or sub-contractors, payment of rent exceeding Rs.1,80,000 per year, etc.

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TDS on Savings

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. But did you know, TDS is also levied on your income from national savings schemes. For your information, a 10% TDS each is deducted from your government notified saving scheme.

Here’s the list of government notified national saving schemes.

1. Post Office Saving Account – A citizen can open the account in his own name individually or jointly with an adult person. Under this, a zero balance account for beneficiaries of MNREGA and other Govt. Schemes. Notably, interest earned up to Rs 10,000 in a financial year qualify for deduction from Income under section 80TTA of Income Tax Act.

2. National Saving Time Deposit Account – This scheme is for short as well as long-term deposits with rate of interest compounded quarterly but paid annually. Interest is notified by the government from time to time on quarterly basis. One can open an account with minimum Rs 100 without any maximum limit.

3. National Saving Recurring Deposit Account – This scheme supports investors to form a capital to meet the future needs. One of the gem in this scheme is that, you can open an account with  Rs. 10/- and any amounts in multiples of Rs. 5/- can be opened.Withdrawal to the extent 50% of the amount of existing balance is permissible after one year of the opening of account.

4. National Saving Monthly Income Account – It is an ideal scheme for retiring persons and also those who want steady flow of regular income.Amount can be deposited in multiples of Rs 100/- subject to a maximum limit of Rs 4.5 lakh in single account and Rs 9 lakh in joint account.

5. National Savings Certificate – Under this, not only initial deposit but also the accrued interest for first 4 years enjoys the benefit of section 80-C of I.T. Act. Loan facility available by pledging with the banks. Interest accrual on investment of `100/- and in proportion for other denominations, on yearly basis for income tax purpose.

6. Senior Citizen Saving Scheme – This scheme is for those who have retired either from service, to provide security in old age. An individual who has attained the age of 60 year or above on the date of opening of an account or an individual who has attained the age of 55 years or more but less than 60 years and has retired under superannuation or otherwise. The deposit in the account shall be in the multiples of 1000/- and not exceeding Rs. 15 lakh.

7. Public Provident Fund (PPF) – An individual can open the PPF account in her/his own name or on behalf of a minor. This means, you can also use this scheme to give a financial gift to your child. The PPF investment has a lock-in period of 15 years. However, you can get loans on behalf of your investment after certain years.

8. Kisan Vikas Patra – One can make a minimum investment of Rs 1000 in KVP and further in the multiples of Rs 1000. There is no upper limit. For example, if you buy KVP for Rs 1 lakh today, You can get Rs 2 lakh by January 2028. Currently, the maturity period of KVP is 112 months (nine years and four months) as per the current rate of interest. The maturity duration changes as per the interest rates prevailing in the market.

9. Sukanya Samriddhi Yojana – An Indian citizen can open a bank fixed deposits in any financial institution, irrespective of age and gender. On the other hand, an account under SSY can only be opened for a girl before she turns 10.

According to section 194EE of IT Act, the person responsible for paying to any person any amount referred to in clause (a) of sub-section (2) of section 80CCA shall, at the time of payment thereof, deduct income-tax thereon at the rate of [ten] per cent.

Hence, a 10% TDS is deducted from the above mentioned scheme.

But here’s the catch, the section also explains that, no deduction shall be made under this section where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than two thousand five hundred rupees.

However, if your gains are above Rs 2,500 in a financial year, then TDS will be deducted.

8. Kisan Vikas Patra – One can make a minimum investment of Rs 1000 in KVP and further in the multiples of Rs 1000. There is no upper limit. For example, if you buy KVP for Rs 1 lakh today, You can get Rs 2 lakh by January 2028. Currently, the maturity period of KVP is 112 months (nine years and four months) as per the current rate of interest. The maturity duration changes as per the interest rates prevailing in the market.

9. Sukanya Samriddhi Yojana – An Indian citizen can open a bank fixed deposits in any financial institution, irrespective of age and gender. On the other hand, an account under SSY can only be opened for a girl before she turns 10.

TDS! 

According to section 194EE of IT Act, the person responsible for paying to any person any amount referred to in clause (a) of sub-section (2) of section 80CCA shall, at the time of payment thereof, deduct income-tax thereon at the rate of [ten] per cent.

Hence, a 10% TDS is deducted from the above mentioned scheme.

But here’s the catch, the section also explains that, no deduction shall be made under this section where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than two thousand five hundred rupees.

However, if your gains are above Rs 2,500 in a financial year, then TDS will be deducted

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Karnataka Shops & Establishment – Important Aspects

Aspects Regulated by Shop and Establishment Act:-

The Shop and Establishment Act regulates a number of aspects relating to the operation of a shop or commercial establishment. Some of the key areas regulated by the shop and establishment act include:

Hours of work

Interval for rest and meals

Prohibition of employment of children

Employment of young person or women

Opening and closing hours

Close days

Weekly holidays

Wages for holidays

Time and conditions of payment of wages

Deductions from wages

Leave policy

Dismissal

Cleanliness

Lighting and ventilation

Precautions against fire

Accidents

Record keeping

Shop and Establishment Act License:-

Any shop or commercial establishment that commences operation must apply to the Chief Inspector for a Shop and Establishment Act License within the prescribed time. The application for license in the prescribed form must contain the name of the employer, address of the establishment, name of the establishment, category of the establishment, number of employees and other relevant details as requested. On submission of the application and review by the Chief Inspector, the shop or commercial establishment will be registered and a registration certificate will be issued to the occupier. The registration certificate must be prominently displayed at the shop or commercial establishment and renewed periodically, as per the act.

In case the shop or establishment would like to close down the business, the occupier should notify the Chief Inspector in writing within fifteen days of the closing. The Chief Inspector after reviewing the request for closure can remove the shop or commercial establishment from the register and cancel the registration certificate.

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Karnataka Shops & Establishment – Important registers to be maintained under the Rules

Important registers to be maintained under the Rules

(a) Register of leave with wages Form–F

(b) Visit book

(c) Appointment order in Form –Q

(d) Notice to be exhibited on weekly holidays in Form P

(e) Registration certificate to be exhibited in Form C

Documents required for registration along with Form A

• Incorporation Certificate of Company
• MoA & AoA
• Rental Agreement/ Lease Agreement of Company
• Company PAN Card
• Address Proof of Director – Lease / Rental Agreement
• ID Proof of Director – Pan Card / Election Card/ Passport/ Driving License
• List of Directors

Information required for filling up of Form A

• Name of The Company
• Postal Address
• Telephone No
• eMail Address
• Details of Director/ Managing Director/ Proprietor  – Address, Ph.No, eMail ID
• Details of Authorized Signatory (in case whose is signing in the place of Director)
• Nature of Business
• Date of Commencement of Business
• No. of in the Company (Male & Female to be mentioned separately)
• Weekly Holiday

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Karnataka Professional Tax

What is Professional Tax?

Professional Tax is collected by the State Government from individuals working in government, private and non-government organizations (NGOs). The highest amount of professional tax charged in India is Rs. 2,500. A state cannot charge more than Rs. 2,500 as professional tax per year. Professional tax is determined by the income level of an individual and subject to a minimum income level. Professional tax slab rates differ from states to states. In India, professional tax is levied as per the Article 276, Clause 2 of the Indian Constitution.

All working and self-employed professionals whose monthly income is above Rs.1000 need to pay professional tax in Karnataka. Professional earning less than Rs.10000 need not pay any professional tax to the Karnataka Government. A maximum amount of Rs.2400 is payable as professional tax in Karnataka. Professional Tax in Karnataka is managed by Karnataka Tax on Profession, Trade, Callings and Employment Act, 1976.

Who pays Professional Tax in Karnataka?

Both salaried and self- employed individuals need to pay professional tax which is collected by the Karnataka State Government. For salaried employees, professional tax is levied by employers whereas non-salaried professionals need to pay it to local authorities appointed for collecting professional tax. Doctors, lawyers, chartered accounts and any other individuals engaged in private professions are liable to pay professional tax in Karnataka. Professional Tax in Karnataka is applicable for the following categories:

• Corporations
• Hindu undivided family (HUF)
• Firms
• Company and other Corporate bodies
• Society
• Club or Association

How to pay Professional Tax in Karnataka?

For salaried employees, their employers will deduct professional tax from their salary per month and deposit it to the concerned authority. Self-employed professionals who dont work with any organization need to pay this tax by contacting locale PT offices established for collecting tax.

Professional Tax Rates in Bangalore

In case of Salaried or Wage Earner

Salary/Wages	Rate
Below Rs. 15,000/- Per Month	No Professional Tax
Above Rs. 15,000/- Per Month	Rs. 200 Per Month

In the case of Professionals

Professional tax schedule is prescribed by the Karnataka Government.

Note: Maximum Professional Tax in Karnataka is Rs. 2500/ Per Annum.

Who has to pay Professional Tax in India?

The following has to pay Professional Tax:

• A person employed in a public /private establishment
• A person engaged in trade activity
• A professional
• A businessman

In Karnataka, for the purpose of professional tax, the definition of person is very wide. Followings are considered as “Person”:

• Company
• HUF (Hindu Undivided Family)
• Corporation/ Firm
• Co-operative Society
• Club or Association
• Other Corporate Bodies

Note: For the purpose of tax liability, every branch will be treated as a separate firm.

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